News
NAICOM Boss Urges Operators to Strategise for Effective Management of N14tn Annuity Premium

Mr. Sunday Thomas, the commissioner for Insurance, has charged insurance industry operators to strategies on how best to effectively manage the existing N14 trillion pension assets, which will through life annuity plan be transferred to insurers as annuity premium by pension fund operators.

Thomas, who stated this in Lagos during a visit to Mutual Benefit Assurance Plc retail office, said time has come for insurance to take its rightful place in the scheme of things in the economy.
He charged insurance operators to brace up to the challenge of effective management of stream of premium that will flow into the industry especially through annuity plan as stated by the law.
The Pension Reform Act 2014, which established the on-going Contributory Pension Scheme (CPS) says that at retirement, a contributor into the scheme is at liberty to continue receiving the remaining part of his contributed fund after the initial lump sum pay on monthly basis from his Pension Fund Administrator (PFA) under programme withdrawal for 18 years or purchase life annuity from a licensed life insurance company to whom the retiree’s pension fund manager transfers the fund to and who takes over payment of Benefit to him for life.
Initially, contributors into CPS were confused on the choice to make between annuity plan and programme withdrawal but with time, majority now prefer buying life annuity which has the advantage of paying benefits to them for life instead of 18 years.
This means that the pension assets belonging to this greater number of contributors will automatically be transferred to life insurers as annuity fund.
Speaking to the retail insurance marketers and management of Mutual Benefit Assurance Plc, he said insurance business in Nigeria is no longer business as usual and that days were gone when insurance was described as poor cousin of the bank.
He said even before now, the above statement was misconception of what insurance does pointing out that most of the assets used today in Abuja was insurance fund.
“Before now, insurance was owned by banks but now it is not like that. Insurance firms own some banks and more banks will be taken over by insurance firms. Even some of the monumental assets in Abuja is owned by insurance industry look at Nicon Hilton, Sheraton Hotel, all were built with insurance funds. Abuja itself was built by insurance money and without insurance, Abuja wouldn’t have come to be,” Thomas stated.
The insurance commissioner said the N14 trillion pension fund will be emptied into insurance treasury as annuity fund to be managed by insurers adding that insurance managers have been assigned the responsibility of managing the fund by the regulation that established the prevailing Contributory Pension Scheme.
He said this is in addition to the existing N500 billion annual premium income in their coffers.
Section 4, subsection one of insurance Act 2014 on contributors’ retirement benefits says “A holder of a retirement savings account upon retirement or attaining the age of 50 years, whichever is later, shall utilise the balance standing to the credit of his retirement savings account for the following benefits-
“programmed monthly or quarterly withdrawals calculated on the basis of an expected life span; annuity for life purchased from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments; and a lump sum from the balance standing to the credit of his retirement savings account, Provided that the amount left after that lump sum withdrawal shall be sufficient to procure an annuity or fund programmed withdrawals that will produce an amount not less than 50 percent of his annual remuneration as at the date of his retirement.”
Initially, insurance and pension fund managers had clash over sale and management of the annuity fund but later came up with a document they tagged Revised Regulation on Retiree Life Annuity Pursuant to the Pension Reform Act 2014 Jointly Issued by the National Insurance Commission and National Pension Commission (NAICOM).
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
News
NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.
Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.
“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.
Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.
“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.
He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.
During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.
Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.
“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.
The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.
In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.
Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.
The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.
News
NRS Takes Over Mineral Royalties Collection Under New Tax Laws

Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS
The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.
Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.
NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.
Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.
The move aims to streamline revenue collection while fostering mining growth.
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