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E-Financial

NAICOM Considers N1trn GPI Benchmark for Q1

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The National Insurance Commission (NAICOM) may consider the first quarter of this year to meet the N1 trillion Gross Premium Income (GPI) benchmark in the industry.

The commission, in collaboration with industry stakeholders, had planned to accomplish the benchmark before the end of 2023, from N729.1 billion but failed owing to the inflation rate and some other economic headwinds.

The commission is hopeful it would attract expressed optimism that according to progress reports of the sector in 2023, it is on track to attain the long- expected N1trillion GPI target and likely kick-off date for risk-based capitalisation (RBC) this year.

These came to the fore when the Insurers Committee in Lagos at their last meeting in 2023. In the meeting, it was also disclosed that the commencement of risk-based capitalisation depends on the completion of risk-based supervision in the industry.

Speaking on the RBS, the chairman of the publicity sub-committee of the Insurers Committee, Ebelechukwu Nwachukwu, said the significance of continuous improvement in risk-based supervision for the growth of the insurance industry and the implementation of risk-based pricing.

Nwachukwu noted that the committee’s transformation roadmap includes proposals for increased awareness, enhanced market conduct, insurer partnerships with telecommunications and non-insurance channels, digitalisation improvements and the deepening of the talent pool within the insurance sector.

In the same vein, Rasaq Salami, the Head of Corporate Communications and Market Development, NAICOM, assured industry players that the finalization of Risk-Based Supervision (RBS) is progressing, emphasizing the exhaustive nature of the exercise.

He clarified that the commencement of risk-based capitalization depends on the completion of RBS.

Also speaking on the outstanding claims in the industry, Salami said NAICOM has mandated the Nigerian Insurers Association (NIA) to publish details on outstanding claims in prominent newspapers.

This initiative, he said, aims to facilitate policyholders in claiming their settlements. The NIA is given a two-week timeline to execute the publication, with a three-month monitoring period to assess improvements. If progress is lacking after three months, regulatory action may be taken.

According to the report from the underwriting companies, some of these outstanding claims are not as if the companies are not ready to pay, but the policyholders of them have not come up with the appropriate documentation to conclude the process.

“The other improvement and the addition today is that the NIA has been mandated to do this publication within the next two weeks for the next three months, we will monitor and watch, take statistics of what has been done, if after three months there are no improvements then we take it up as the regulator, that is when we can now ask the insurance companies to go out there and do their publication,” he said.

Salami reaffirmed NAICOM’s resolve to the passage of the consolidated insurance bill, assuring that the industry is aligned in this regard.

He commended improvements in claims payment and highlighted ongoing digitalisation, the creation of new products, and increased engagement between operators and customers as signs of positive changes and dynamic insurance landscape.

 


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E-Financial

Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

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Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.

The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.

Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.

According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.

“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”

Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.


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E-Financial

FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

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Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.

The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.

At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.

Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.

The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.

The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.

Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.

Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.

Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.

In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.

This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.

To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.

Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.

The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.

Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.

These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.

By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.


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