General News
NAICOM Poise to Enhance Insurance Status in 3years
Notwithstanding the few giant steps that insurance has taken in the past few years, especially its performance at the stock market and other market indicators, the sector still ranks abysmally low among its peers. Rising from a critical stakeholders forum, aimed at taking insurance to the next level, the National Insurance Commission (NAICOM) and key industry players have given themselves a 3-year target to change the face of insurance in Nigeria. According to Fola Daniel, commissioner for insurance, the slow pace of development is not in best interest of the industry. He expressed dismay that smaller countries without the enabling environment as Nigeria are developing faster than us. The insurance commissioner stressed that “smaller countries like South Africa, Morocco, Malaysia and Egypt are doing far better than us in insurance” He therefore declared that this ugly “situation would have to be reversed within the next three years” Corroborating the slow pace of development, Nkechi Nwogbo, Chairman, Senate committee on Banking, Insurance and other Financial Institution had also stated that the insurance sector has not risen to global challenges to develop along the expected lines. She stressed that under the Financial Services Sector (FSS) insurance contribution to the economy was still a far cry from what other sectors like banks are doing. The committee chairman used the forum to call for sober reflection among the operators with a view to moving the industry forward. Industry watchers believe that much can still be done to change the situation especially if there is sincerity of purpose among the operators. Adulphus Nwaize, managing director of Trinity Consulting Group, stated that it was regrettable that even with “Nigeria’s population of over 150 million people, the number of the insured is less than 20 million and the industry’s contribution to the Gross Domestic Product (GDP) is less than 5 per cent” He stated that at the current pace of development, the N1 trillion premium projection by the year 2020 would merely be a paper projection” Nwaize explained that the Fola Daniel regime has been more purposeful in the annals of reforms that the industry has witnessed over the years. He challenged insurance firms to embark on credible and long lasting measures that will put insurance on the front burners in Nigeria and Africa at large. More importantly, government must set the pace by complying with the relevant sections of the Insurance Act which makes certain insurances compulsory. “Government should encourage Nigerians to take insurance by making sure that all government agencies and parastatals do so, while also adequately funding the sector to bring it to acceptable international standard.”
According to Nwaize, that the industry has performed below expectation is a function of government which over the years has failed to build on the colonial blocks that started insurance in Nigeria. He however appreciated the fact that the profession is evolving and operators are also learning fast along the line of the developed economies. But, if they must succeed, he warned, the operators must strategise to change public perception of Nigerians on insurance.. It would be recalled that the insurance industry has recorded significant growth in the past decade. For instance between 2001- 2008, the industry recorded an average growth rate of 42.77 percent. Leading in this pack is General insurance which contributed about 25 per cent to total premium, followed by Life which stood at about 20 per cent. According to figures released by the Nigeria Insurers Association (NIA) the sector recorded 49.33 percent growth with a total premium income of N150, 259,567, excluding reinsurance premium. It added that in 2007, was also not too low of expected projection, standing at about N161 billion.
Chinonso Akujobi, former staff of Access Bank in Lagos, has been remanded in Ikoyi prison after she was arraigned on a five-count charge bordering on stealing to the tune of N294.5m.
Akujobi who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) was arraigned before Justice I.O. Ijelu of the State High Court sitting in Ikeja, Lagos.
EFCC alleged that Akujobi stole the money between January and December 2025 while under the employment of Access Bank Plc.
As stated in one the charges, the defendant stole the money through unauthorized payments from the general ledger of Access Bank to her account number 0036668871 with the name Chinonso A., Uchechi A. and Florence A., thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.
The defendant pleaded “not guilty“ to the charges when they were read to her.
In view of this, S.M.Yabo, prosecution counsel, asked the court for a trial date and also prayed for the remand of the defendant in a Correctional centre.
Justice Ijelu, thereafter, adjourned the case till October 8, 2026, for the hearing of the bail application and the commencement of trial.
The Judge also ordered that the defendant be remanded in the Ikoyi correctional Centre.
The Nigerian Safety Investigation Bureau (NSIB) says the flight captain of the VMO Aero aircraft that landed on a roadway near Asaba Airport in Delta State told investigators that the observer pilot mistakenly identified the paved road as the runway before touchdown.
The bureau disclosed this in a preliminary report released on Thursday on the June 10 incident, which prompted the Nigeria Civil Aviation Authority (NCAA) to ground the private jet.
The aircraft had seven people on board, including the pilot-in-command (PIC), second-in-command (SIC), an observer pilot, a cabin crew member and three passengers.
According to the report, the aircraft was cleared by Air Traffic Control (ATC) to approach Runway 11 at Asaba Airport after the crew requested a right orbit.
The crew initially discontinued the approach, executed a missed approach and repositioned for a second landing attempt.
NSIB said the crew reported that the aircraft’s navigation systems indicated it was correctly established on the published RNAV Runway 11 approach.
“The PIC and SIC reported that the observer pilot identified the paved surface ahead as the runway,” the report stated.
However, the observer pilot gave investigators a different version of events.
According to NSIB, he said the aircraft remained inside cloud until late in the approach and that the Ground Proximity Warning System (GPWS) repeatedly issued “TERRAIN, TERRAIN, PULL UP” alerts.
He also said he observed a telecommunications mast directly ahead and instructed the flight captain to abandon the approach and climb immediately.
The bureau further disclosed that a cabin crew member reported that one of the passengers became concerned after overhearing discussions among the pilots and asked whether one of them was undergoing training. The passenger was reportedly reassured that all three pilots on board were experienced captains.
NSIB said no abnormal events were reported in the cabin before touchdown.
The aircraft eventually landed at about 8:57 a.m. on an under-construction paved roadway near Asaba Airport instead of the designated runway.
The bureau said its investigation into the incident is ongoing, while the preliminary report highlights conflicting accounts among the cockpit crew over the circumstances that led to the erroneous landing.
Federal High Court in Abuja has adjourned the Federal Government’s alleged tax evasion case against Binance Holdings Ltd. cryptocurrency exchange, until September 24, 2026, to allow both parties more time to pursue an out-of-court settlement.
Justice Emeka Nwite fixed the new date on Thursday after Moses Ideho, counsel to the Federal Government, informed the court that discussions aimed at resolving the dispute amicably were still ongoing.
Ideho, a deputy director of Legal and Prosecution at the Nigeria Revenue Service (formerly the Federal Inland Revenue Service), told the court that the matter, which had been scheduled for a report on settlement or continuation of trial, could not proceed.
According to him, one reason for the delay was the reported elevation of Justice Nwite to the Court of Appeal, while the second was the continued reconciliation efforts between the parties.
“The parties are still exploring settlement in the charge that led to this case,” Ideho told the court.
Sunday Agaji, counsel to Binance, did not oppose the application for adjournment, following which Justice Nwite postponed proceedings until September 24 for either a report on the settlement discussions or continuation of trial.
The case was previously adjourned on May 12 after both the Federal Government and Binance informed the court that negotiations were underway to settle the matter outside the courtroom.
Binance had first indicated its willingness to pursue an amicable resolution on March 24.
The cryptocurrency company was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
Ayodele Omotilewa, Nigerian representative, pleaded not guilty on behalf of the company.
The re-arraignment followed the removal of Binance executive Tigran Gambaryan and his colleague, Nadeem Anjarwalla, from the charge after the Federal Government amended the case to make Binance Holdings Ltd the sole defendant.
Justice Nwite had, on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla after the prosecution filed the amended charge.
Binance is also facing a separate criminal prosecution by the Economic and Financial Crimes Commission (EFCC), which accuses the company of laundering about $35.4m.
In addition, the Nigeria Revenue Service is pursuing a separate civil suit against Binance before another judge of the Federal High Court, seeking approximately $79.5bn in alleged economic losses linked to the company’s operations in Nigeria.
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