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The National Insurance Commission (NAICOM) has dismissed allegations that it deliberately targeted or ‘witch-hunted’ insurance operators in the course of the recapitalisation exercise, insisting that every regulatory action was taken in the interest of policyholders and the stability of the industry.

NAICOM Commissioner for Insurance, Olusegun Omosehin, said the Commission would ‘never witch-hunt any operator’, stressing that its responsibility was to protect policyholders while ensuring that insurance companies complied with the regulatory requirements governing the industry.

His position followed questions from journalists over the cancellation of licences of some operators that failed to meet the recapitalisation requirements, amid allegations by some affected companies that the regulatory process was unfair.

Omosehin, however, maintained that the Commission’s decisions were not arbitrary, explaining that operators went through a structured process before their applications for recapitalisation clearance could be approved.

According to him, the process involved self-assessment by the operators, review by NAICOM, independent verification by one of the Big Four audit firms and final consideration by the Commission’s Governing Board.

The independent verification was conducted by firms including PricewaterhouseCoopers (PwC), KPMG, Deloitte and Ernst and Young (EY), providing an additional layer of scrutiny before the regulatory decisions were taken.

The Commissioner said NAICOM’s concern throughout the exercise was not simply whether an operator appeared to have raised the required capital, but whether the requirements had been genuinely and satisfactorily met.

He stressed that the regulator’s actions should therefore be viewed against its statutory responsibility to ensure that only financially sound and properly governed operators remain in the market to serve policyholders.

The development comes against the backdrop of allegations surrounding the recapitalisation exercise, including claims of irregularities involving the process and the amounts reportedly raised by some operators.

Omosehin’s defence effectively places the burden on the regulator to demonstrate that the cancellations were based on verifiable deficiencies rather than regulatory discretion or hostility towards particular companies.

He said NAICOM remained committed to a transparent and rules-based regulatory environment, insisting that the Commission’s overriding objective was to build a stronger insurance industry capable of meeting its obligations to policyholders.

The Commissioner also reiterated that the recapitalisation exercise was designed to strengthen the industry’s financial capacity and improve confidence in insurance, rather than to punish operators.

He said the Commission would continue to engage stakeholders while enforcing the rules necessary to protect the integrity of the industry.

For operators whose licences were affected by the exercise, however, the central issue remains the basis upon which their individual applications failed to secure regulatory clearance.

NAICOM’s position is that the rigorous multi-stage verification process provides the basis for its decisions, with the Commission insisting that its regulatory actions were taken to safeguard the industry and its policyholders.

NASD Plc is positioning for its next phase of growth by expanding beyond traditional securities trading into a broader capital-formation ecosystem.

Chairman, NASD Plc, Olayimikah Bolo said the company is creating diversified and recurring revenue streams that will deliver sustainable long-term value to investors.

Bolo said the strategy reflected a growing need for private capital to finance Nigeria’s next phase of economic development across critical sectors including agriculture, energy, infrastructure, manufacturing, technology, real estate and the creative economy.

Speaking at the company’s 13th annual general meeting, Bolo said NASD’s 2026 priorities would focus on market deepening, enterprise development, capital formation, digital innovation, increased investor participation and strategic partnerships.

‘The company would continue to strengthen governance, enterprise risk management and operational resilience as it builds the platform for its next stage of development,’ Bolo said.

According to her, the company’s recent market performance provides a strong foundation for this strategy.

During the review period, market capitalisation increased by 105.83 per cent to N2.12 trillion, while trading volume surged 370.81 per cent to 14.03 billion shares. The NASD Securities Index also gained 18.02 per cent to 3,543.74, while admitted securities increased from 44 to 46.

However, revenue remained broadly flat at N1.12 billion, while profit after tax declined by 36 per cent to N263.4 million, reflecting the need to translate the significant expansion in market activity into stronger and more diversified earnings. Fees and commission income declined by 15% to N915.9 million, although interest income rose sharply by 237 per cent to N206.9 million, providing support to overall revenue.

Against this backdrop, NASD is pursuing initiatives designed to strengthen its earnings base and capture greater value from the expanding market. The Company is also preparing to undertake a Rights Issue, which is expected to provide additional capacity to execute its growth strategy, deepen market liquidity and support the development of a more diversified business model.

In her statement in the 2025 Annual Report, Acting Managing Director Chinwendu Ekeh said, ‘NASD is building additional channels through which that enlarged market can be monetised while the Company is also targeting expansion in Commercial Paper and Digital Securities.’

The Company’s growth agenda is therefore centred on converting market expansion into sustainable commercial opportunities. By broadening its product offering and strengthening its role across different stages of the capital-raising cycle, NASD aims to reduce its reliance on traditional transaction-based income and build a more resilient and scalable earnings model.

Shareholders at the AGM expressed confidence in the ability of the Board and Management to execute the strategy, grow the Company’s revenue base and position NASD for sustainable profitability.

In the course of the meeting NASD also announced the appointment of a Managing Director, who would operate in an acting capacity until the approval of her appointment by the Securities and Exchange Commission (SEC). Bolo noted that the appointment followed a rigorous and competitive executive search process conducted by PwC, as part of the Board’s commitment to strengthening NASD’s leadership for its next phase of growth.

Following the conclusion of the process, Arese Ugwu was announced as the new Managing Director of NASD Plc, subject to ratification by the Securities and Exchange Commission (SEC). Ugwu said her immediate focus would be on translating NASD’s significant market growth into stronger commercial performance by attracting quality issuers, deepening liquidity, expanding distribution and increasing investor participation.

‘Nigeria has extraordinary businesses that need capital and investors searching for opportunities to create wealth. NASD has an opportunity to become one of the country’s most important platforms for connecting the two. Our market has grown significantly; our job now is to ensure that the economics of NASD grow with it,’ Ugwu said.

Bolo, who stepped down as Chairman after helping to stabilise the Board during the stipulated transition period, encouraged shareholders to participate in the forthcoming Rights Issue and support the new leadership as NASD enters its next phase of development.

‘I am still on the Board. I only stepped down as the Chairman,’ Bolo said, while announcing Dr. Ore Sofekun as acting Chairman..

Shareholders ratified the appointments of four Non-Executive Directors: Dr Ore Sofekun, Obiageli Chikia-Ijegbulem, Abiola Adedniran and Zahab Zainab Sanusi Monguno, while Fatumaota Soukounao Coker was re-appointed.

‘With a significantly deeper market, strong growth in trading activity and expanding opportunities across new products, NASD is well positioned to evolve beyond its traditional securities-trading role and become a more diversified capital-formation platform. If effectively executed, the strategy has the potential to unlock new and recurring revenue streams, strengthen profitability and create sustainable long-term value for shareholders,’ a Market Analyst said.

Accord chieftain Dr. Gbenga Olawepo-Hashim, has declared that no administrative action by the Independent National Electoral Commission (INEC) can extinguish his candidacy for the 2027 presidential election.

Hashim was reacting to his exclusion from the final list of presidential candidates published by INEC at the weekend.

In a statement in Abuja, yesterday, Hashim described the development as a matter that remains subject to judicial determination, insisting that he remains the duly nominated presidential candidate of the Accord.

‘I am the candidate of the Accord. No one can exclude me from the 2027 presidential election. The court will do justice,’ he said.

Hashim said Nigeria’s constitutional democracy does not confer on INEC an overriding power of ‘finality’ over disputes concerning who emerges as a political party’s candidate.

According to him, the adjudicatory powers vested in the courts exist precisely to prevent administrative decisions from becoming instruments of impunity or a means of foreclosing legitimate political rights.

‘Our democracy does not give INEC any right of finality over who stands as the candidate of a political party. Where there is a dispute over the emergence or exclusion of a candidate, the adjudicatory functions of the courts are provided precisely to prevent impunity and to ensure that no administrative process becomes a pre-planned mechanism for keeping particular candidates off the ballot.

‘We have seen this before. In the last Osun governorship election, the courts intervened in circumstances where candidates initially excluded from INEC’s processes were subsequently restored to the ballot. That is why nobody should assume that an administrative publication by INEC is the final word in a matter that is before the courts.’

Hashim has taken the matter before the Federal High Court in Abuja, seeking, among other reliefs, an order compelling the Accord to recognise him as its presidential candidate and transmit his name to INEC. The case has been heard and reserved for judgment.

His case is based on his contention that he was the winner of Accord’s presidential primary conducted on May 30, after paying the prescribed nomination fee, with the exercise monitored by INEC officials.

Hashim said his legal battle, therefore, goes beyond his personal political ambition, describing it as a test of the integrity of political party primaries, internal democracy and the constitutional right of Nigerians to freely choose their preferred presidential candidate.

He called on his supporters and Nigerians who believe in democratic choice to remain calm, assuring them that he would continue to pursue the matter through constitutional and legal means.

‘We will not be intimidated, we will not be distracted and we will not surrender a legitimate democratic right because somebody has published a list.

‘The court will speak, and when it does, we will abide by the judgment.’

The Accord had disputed Hashim claim, saying he did not conduct any presidential primary and could not have had a presidential candidate.

The party added that the nomination fee paid by Hashim after nomination had closed, was returned to him.

During its National Executive Committee (NEC) meeting hosted by Osun State Governor Ademola Adeleke in July, the NEC of Accord reaffirmed that the party had no presidential candidate.

Nigeria’s Ezekiel Nathaniel and Udodi Chudi Onwuzurike ended their campaigns at the World Athletics Ultimate Championships in Budapest with top-eight finishes in the men’s 400 metres hurdles and 200 metres respectively.

Nathaniel finished sixth in a highly competitive 400m hurdles final, clocking 48.23 seconds after entering the medal race on the back of an impressive performance in the semi-finals.

The Nigerian had run 47.75 seconds in the semi-final to secure his place among the finalists, but could not reproduce that time when the medals were decided.

Brazil’s Alison dos Santos claimed the world title with a brilliant 45.98 seconds, while American Rai Benjamin took silver in a season’s best 46.40. Norway’s Karsten Warholm completed the podium in 46.78.

Germany’s Emil Agyekum finished fourth with a national record of 47.10, while Qatar’s Abderrahman Samba was fifth in 47.78, just ahead of Nathaniel.

In the men’s 200m, Onwuzurike also competed in the final but finished eighth in 20.45 seconds.

He had produced a stronger performance in the semi-final, clocking 20.16 to book his place in the championship decider.

American Kenneth Bednarek dominated the final, winning the world title in a world-leading 19.52 seconds.

Botswana’s Letsile Tebogo secured silver with a season’s best 19.76, while another American, Courtney Lindsey, took bronze in 19.79.

South Africa’s Sinesipho Dambile finished fourth in 19.91, followed by Canada’s Andre De Grasse in 19.92, Jamaica’s Bryan Levell in 20.07 and Canada’s Aaron Brown in 20.23.

Although Nigeria missed out on medals in both events, Nathaniel and Onwuzurike reaching their respective finals ensured the country had representation among the world’s best in two highly competitive men’s track events.

The Federal High Court sitting in Uyo, Akwa Ibom State, has convicted and sentenced nine of 19 persons arrested by the Department of State Services (DSS) for crude oil theft.

Delivering judgment on Monday, the presiding judge, Justice Joy Ikpeme, found the nine convicts guilty on a two-count charge of conspiracy and tampering with an oil pipeline, contrary to Section 1(7) of the Miscellaneous Offences Act.

Justice Ikpeme sentenced each of the convicts to five years’ imprisonment on count one and 10 years on count two, without an option of fine.

The sentences are to run concurrently.

The convicts, alongside 10 other suspects, were arrested earlier in the year following an intelligence-led operation by the Nigerian Navy and the DSS.

They were caught stealing crude oil from an oil wellhead identified as ASABO-D in Ibeno Local Government Area of the state.

”The conviction marks another milestone in the Navy’s sustained campaign against crude oil theft and illegal bunkering activities along Nigeria’s maritime and riverine areas, which have continued to drain the nation’s oil revenue and damage the environment in host communities,’ a security source declared.

José Mourinho believes Real Madrid forward Vinicius Jr will produce his best form when he starts scoring more goals.

The Portuguese manager acknowledged the Brazilian’s contributions through assists and his work rate but said goals remained an important part of his game.

‘There is another Vini Jr who eliminated us with Benfica last season, with incredibly good performances in which he scored,’ Mourinho said.

Mourinho added that Vinicius could produce even better performances by combining his creativity and hard work with regular goals.

The comments came as Vinicius continues to play a key role for Real Madrid, with Mourinho challenging the Brazilian to rediscover his scoring form.

The Independent Media and Policy Initiative has challenged opposition presidential candidates to present Nigerians with alternative economic blueprints capable of growing the economy to $1trillion within four years.

The think-tank said presenting such plan ahead of the 2027 presidential election would be a better campaign strategy for opposition parties than engaging in mudslinging, personal attacks and criticism of the government.

In a policy brief by its Chairman, Omoniyi Akinsiju, IMPI advised the presidential candidates to focus on economic policies that could be subjected to measurable and verifiable tests rather than what it described as populist rhetoric.

The organisation said the candidates should make a $1trillion economy a central commitment in their manifestos.

It said, ‘We challenge the larger political class, especially presidential candidates, to headline their manifestos with a commitment to growing Nigeria’s economy to $1 trillion over the next four years.

‘This is the only logical path forward for Nigeria. It ensures that any candidate who wins the 2027 presidential election will move the country past the era of managing scarcity and distributing handouts.’

According to the IMPI, achieving a $1trillion economy would expand national production and help transform Nigeria’s growing population from an economic burden into a major productive asset.

The group said meeting the target would, however, require clearly defined sectoral milestones rather than wishful thinking.

‘To demonstrate true readiness for national leadership, alternative presidential candidates must anchor their economic agendas to a single, measurable, and uncompromised destination: propelling Nigeria into a $1 trillion economy by 2031,’ it said.

The IMPI argued that any manifesto that failed to provide a pathway to the target would amount to an intention to manage poverty rather than create sustainable wealth.

The think- tank said the administration of President Bola Tinubu had already set a target of achieving a $1trillion economy and challenged opposition candidates to explain how they would achieve a better outcome.

‘Having officially anchored the administration’s current medium-term target around a highly realistic $1 trillion economy by 2030, the federal administration has shown clarity, execution capacity, and the momentum to scale national wealth.

‘Therefore, the burden of proof now shifts entirely to the opposition,’ the IMPI said.

It also challenged the candidates to identify the productive sectors they would reform and explain how they would do so without dismantling what it described as critical foundations, including unified foreign exchange windows and improved fiscal discipline.

IMPI also enjoined Nigerians to reject presidential candidates who fail to provide a clear pathway towards building a larger economy within four years of assuming office.

‘Any alternative candidate who refuses to commit to a $1 trillion manifesto headline admits a lack of vision to lead a modern Nigeria, and an intention to govern through fiscal rationing and poverty distribution rather than systemic wealth generation,’ it said.

‘Nigeria cannot afford another election cycle dominated by tribal sentiments, personal grievances, or vague manifestos. If the opposition truly represents a better alternative for the Nigerian people, they must step up, show their calculations, and give us a granular roadmap to a $1 trillion economy,’ the IMPI said.

A member of the House of Representatives representing Ilaje/Ese-Odo Federal Constituency of Ondo State, Donald Ojogo, has called on his constituents to support President Bola Tinubu’s re-election bid in the 2027 general elections.

Ojogo, who made the call while distributing 4,500 bags of rice to residents of his constituency over the weekend, said supporting President Tinubu would help sustain the reforms and development initiatives of his administration.

The distribution, held at Teachers Hall, Okoga, Igbokoda, was attended by political leaders, traditional and religious leaders, youth and women groups, students, artisans and other stakeholders from the constituency.

Ojogo, who is also seeking a re-election under the platform of the All Progressives Congress (APC), said President Tinubu deserved the support of Nigerians to consolidate his ongoing reforms and deliver more development to the country.

According to him, continued support for the President would enable his administration to consolidate its reforms and development programmes.

He appealed to the people of Ilaje and Ese-Odo to continue supporting the All Progressives Congress (APC) and President Tinubu ahead of the 2027 elections.

However, he disclosed that the gesture was aimed at providing relief to households amid the economic challenges facing many Nigerians.

He also urged beneficiaries and other constituents to use the rice to support their families and communities.

The Chairman of the event, Hon Victor Kolade Akinjo described the intervention as a demonstration of concern for the welfare of constituents, saying food support had become important amid growing household needs.

Akinjo, a former two-term member of the House of Representatives who represented the constituency, lauded Ojogo for his genuine act of kindness and an expression of legislative responsibility.

‘Interventions that directly affect the lives of constituents should be encouraged,’ Mr Akinjo said.

He added that the exercise was part of broader efforts to ensure that government interventions and opportunities facilitated at the federal level reached people at the grassroots.

Among the beneficiary groups were the Niger Delta Youth Movement (NDYM), Ilaje Patriots (GWAMA), National Association of Ilaje Students (NAIS), Federation of Ese-Odo Local Government Students (FELGOS), Amalgamated Commercial Motorcycle Owners and Riders Association of Nigeria (ACOMORAN), National Union of Road Transport Workers (NURTW), Arogbo-Ibe Ijaw Youth Council (AIIYC) and Apoi Youth Council (AYC).

Others included the National Union of Local Government Employees (NULGE), Federation of Ugbo Youth, Mahin/Aheri Etikan Youths, artisans, religious and traditional leaders, market women, persons living with disabilities and Niger Delta women.

A joint four-man delegation from FIFA and CAF has arrived in Abuja for a two-day assessment mission to address the governance crisis within the Nigeria Football Federation. NationSport can report.

The visit follows a formal directive issued on September 7, 2026, by FIFA’s Chief Member Associations Officer, Elkhan Mammadov, which indefinitely halted the NFF electoral process and suspended the planned September 27 Elective Congress in Lafia, Nasarawa State. This intervention stems from mass resignations on August 27, 2026, including former NFF President Ibrahim Musa Gusau, former General Secretary Dr. Mohammed Sanusi, and key Executive Committee members, creating an administrative vacuum.

To manage operations and coordinate the delegation’s logistics during the interim period, FIFA and CAF designated NFF Deputy General Secretary Dr. Emmanuel Ikpeme as the primary point of contact. This mission builds on earlier consultative talks held on September 1, 2026, at the Home of FIFA in Zurich, which included representatives from the Federal Government of Nigeria, the National Sports Commission and NFF leadership.

It was gathered that the delegation would open its itinerary today with a meeting with the leadership of the National Sports Commission which is most likely to followed by talks with NFF management and staff .

During the mission, the delegation is also expected to hold round-table sessions with representatives of the NFF administration, key congress members, the federation’s electoral committee and senior government officials. Separately, the NFF has named 27 representatives drawn from state Football Association chairmen, the coaches’, referees’ and players’ associations, and club officials from the NPFL, NWFL, NNL and NLO to attend a related meeting with the delegation at the Abuja Continental Hotel.

In the interim, FIFA and CAF said Dr Ikpeme, as the official point of contact, will continue to coordinate administrative affairs and logistics for the visiting team.

In order to recover the financial state left by the previous government, Britain’s current government has needed to commit to some significant changes. The last prime minister, Sir Keir Starmer, and his office were accused of moving too slowly and not doing enough to bring about growth.

So, in comes Andy Burnham, the new prime minister, who has been seen touring the country to get the details he needs to make some big fiscal calls. Response to his most recent announcement could be graded as mixed at best. He proposes an uncapped tourist tax on hospitality.

Source: Unsplash

As the former mayor of Manchester and culture secretary, Andy Burnham oversaw a few economic plans go down. One of the most prominent was the decision to back out of a super-casino in Manchester. In the years since, casino gaming has become very popular.

People now enjoy online Vegas slot games, though, rather than at a super-casino in Manchester. Of course, back then, the availability of such a site couldn’t have been foreseen. Featured slots like Langley St 23, jackpots like Game of Thrones, and even classics like Bonanza have evolved well beyond the confines of a casino hall.

The venue would have provided a very different experience to the popular online gaming format, though. It would have needed to adapt quickly to compete with the online offering, but could have been a huge draw for tourists. Burnham has, seemingly, been keen to get more out of the tourism industry in other ways.

Back in November 2025, months before being named the new prime minister, the mayor of Manchester welcomed plans for a new tourist tax. He said that such a tax would help to fund local projects, especially as mayors would be given the power to impose what was then labelled as a ‘modest’ charge. Now in charge, he’s gone a step further.

At the end of August, just a couple of weeks before the latest announcement, Burnham was being praised for his action on business rates. Sentiment in the hospitality sector became more positive, with charts showing a ‘Burnham bounce’ of optimism. Even so, there were still calls to get further tax relief to help the up-against-it sector.

On 10 September, Burnham announced his plans to implement a tourist tax without a limit. It’d allow mayors to set the levy as a percentage of the cost of accommodation on people who stay overnight. This way, they say, it will protect budget holidays as the percentage charge should keep costs comparatively low.

This didn’t go over well with hospitality sector leaders. Many have cited that jobs will be at risk as a result, citing the effects of the tourism tax in Edinburgh. To counter, many places in Europe levy a similar tax, with some in the most tourist-reliant areas being rather high but not a hindrance to their tourist flow.

Some in the hospitality sector have said that previous discussions led them to believe that the levy would be capped. Now, it’s being reported that mayors of the governing party are eyeing up a five per cent tax. The resilient sector has weathered much in recent years, so some are assuming that it’ll be able to adjust to this change, too.

Given the backlash, there may yet be some amendments made to the plan. For now, though, Burnham isn’t exactly winning over hospitality heads.