Delta: Police rescue 48-year-old woman, arrest 54 suspected cultists

The Delta State Police Command has confirmed the rescue of a 48-year-old woman who was kidnapped on Wednesday in Ovade Forest, Oghara, Ethiope West Local Government Area of the state.

It also confirmed the arrest of 54 suspected cultists in Eku, Ethiope East; Obiaruku, Ukwuani; and Ubulu-Uku, Aniocha South Local Government Areas, for cult-related activities.

Spokesman of the command, SP Bright Edafe, in a statement on Thursday, said that, acting on a distress call regarding the kidnap of the woman (name withheld), the Divisional Police Officer in Oghara led operatives of the division, the Quick Response Squad, vigilantes and hunters into the forest to rescue her.

‘During the operation, about four suspected kidnappers engaged the team in a gun duel but were forced to retreat, abandoning the victim, who was rescued unhurt.

‘The operatives pursued the fleeing suspects, during which one unidentified suspect was found lifeless, while another, Abubakhar Sani, was apprehended with gunshot injuries.

‘Both of them were later confirmed dead at the hospital.

‘One dagger, a NIN slip, OPay Verve card, Tecno mobile phone and other personal effects were recovered.’

Edafe said the victim was stable and undergoing debriefing, while efforts to apprehend the other fleeing suspects were ongoing.

The statement further revealed that on September 19, 2026, operatives of the Abraka Division, supported by personnel of the State Intelligence Department (SID) and local vigilantes, stormed a suspected cult initiation gathering in Eku and arrested 30 suspects, including one female.

It said preliminary investigation indicated that the gathering was allegedly connected with the initiation of new members into the Black Axe Confraternity.

‘The suspects were transferred to the Command Anti-Cult Unit (CACU), Sector 2, Ozoro, for further investigation.’

According to the statement, further intelligence developed from the investigation led the Commander, CACU Sector 2, Ozoro, and his operatives to Obiaruku the following day, where 20 additional suspects, comprising 15 males and five females, were arrested over suspected cult-related activities.

In another development, four male suspected members of the Supreme Vikings and Eiye confraternities were arrested in Ubulu-Uku on September 20, 2026, in connection with a suspected cult-related killing.

The suspects, Okwudili Ozah, 34; Chekwube Onwuka, 18; Onyebe Emmanuel, 19; and Ozoremenem Izuchukwu, 21, have been handed over to operatives of the Command Anti-Cult Unit (CACU), Asaba, for further investigation.

Edafe disclosed that one locally made single-barrel cut-to-size gun, one live cartridge and a quantity of substance suspected to be cannabis were recovered during the operation, while the victim was taken to a medical facility, where he was confirmed dead. His remains were deposited at the mortuary for autopsy.

Edafe further said investigation was ongoing to establish the circumstances surrounding the killing and the individual involvement of the suspects.

Meanwhile, the state Commissioner of Police, Samuel E. Erale, commended the operatives and other security stakeholders involved in the operations.

He reiterated the command’s resolve to sustain intelligence-led operations against kidnapping, cultism and other violent crimes, warning criminal elements to desist or face the full weight of the law.

He assured residents that the command would continue to dismantle criminal networks, recover illegally held weapons and bring perpetrators of violent crimes to justice.

UNGA 81: Defence Minister seeks greater African ownership, funding of regional security

The Minister of Defence, Gen. Christopher Musa (rtd.), has called for greater African ownership and funding of regional security operations to end terrorism and cross-border crimes.

He said countries on the continent must increasingly take responsibility for sustaining mechanisms established to combat terrorism and other transnational threats.

Musa said this at a high-level security discussion organised by the Ministry of Defence on the margins of the 81st United Nations General Assembly (UNGA 81) High-Level Week in New York.

The discussion, titled ‘Confronting Nigeria’s Multidimensional Security Challenges: A Whole-of-Society and Partnership-Based Approach,’ brought together diplomats, security practitioners and representatives of the United Nations, African Union and ECOWAS.

The panel also examined homeland security and early warning, economic security, cybersecurity, artificial intelligence and the need for African countries to develop security solutions suited to their specific circumstances.

The call for greater regional ownership formed part of a broader discussion on Nigeria’s multidimensional security challenges, with participants advocating stronger intelligence cooperation, improved border management, economic recovery in conflict-affected communities and greater investment in indigenous security capabilities.

In a statement on Thursday, his Media Adviser, Leah Katung-Babatunde, stressed the need for African member states to provide increased funding and support for regional mechanisms such as the Multinational Joint Task Force (MNJTF), even as Nigeria continues to value defence cooperation with international partners.

Musa said although the MNJTF had benefited from support from foreign partners, including the European Union, African countries must ensure that the regional security architecture does not become overly dependent on external assistance.

He said, ‘While regional mechanisms like the MNJTF receive support from foreign partners like the EU, African member states must increasingly finance and sustain their security frameworks to guarantee regional ownership.’

Musa said Nigeria’s security challenges had national, regional and global implications, making sustained cooperation among countries and international organisations essential to confronting terrorism, banditry and other emerging threats.

‘Our recognition that we cannot address these challenges alone is not a statement of dependence; rather, it is an acknowledgement of the multidimensional character of modern security threats and the importance of collective action,’ the minister said.

Musa also reaffirmed Nigeria’s commitment to eradicating terrorism and banditry, while commending what he described as productive defence cooperation with international partners, including the United States.

The Minister said sustainable security could not be achieved through military operations alone, stressing the importance of resilient communities, effective institutions, inclusive development and good governance.

‘Sustainable security requires resilient communities, effective institutions, inclusive development, and good governance,’ Musa said.

He said the objective of the engagement was to move beyond discussions towards concrete cooperation and clearly defined responsibilities.

‘Our objective should be straightforward,’ he said. ‘We should not merely reaffirm our understanding of the challenges; we should seek to identify concrete areas of cooperation, clear responsibilities, and practical next steps.’

The Defence Minister highlighted the Federal Government’s measures to strengthen national security, including increased military recruitment, Army restructuring, state police and forest guards, unified intelligence operations, enhanced domestic defence production, drone technology for surveillance and IED detection, and a national criminal database.

Other speakers at the event called for stronger intelligence fusion, community-based border security, protection of critical national infrastructure and measures to disrupt terrorist taxation and financial networks.

Maj.-Gen. Adeyinka Famadewa (Rtd.), Special Adviser on Homeland Security, advocated integrated response capabilities and citizen-reporting protection systems to improve early warning and enable authorities to anticipate emerging threats.

A former Force Commander of the MNJTF, Maj.-Gen. Khalifa Ibrahim (Rtd.), called for revitalising the regional force, implementing the Office of the National Security Adviser’s Border Management Strategy, and using community-based approaches to securing Nigeria’s borders.

Ibrahim also advocated stronger action against terrorist taxation and financial networks, which he identified as critical to weakening the operational capacity of terrorist groups.

Former Central Bank of Nigeria Deputy Governor, Dr. Kingsley Obiora, described economic stability as a core component of national security and proposed designated economic zones to accelerate recovery in conflict-affected areas.

Prof. Ibrahim Gambari, former Chief of Staff to the President and Minister of External Affairs, who moderated the discussion, recalled Nigeria’s concentric-circles foreign policy and stressed the need for Africa to position itself as an active contributor to global frameworks, particularly in Artificial Intelligence (AI).

Prof. Mvemba Phezo Dizolele of Johns Hopkins University urged African countries to develop security solutions suited to their local realities rather than relying on externally designed models, while cybersecurity expert Omosigho Ozo-Eson warned against excessive dependence on foreign artificial intelligence systems.

Mbah to Enugu voters: Don’t be deceived, vote APC from top to bottom

Enugu State Governor, Dr Peter Mbah, has urged Enugu voters, especially members of the All Progressives Congress (APC) and supporters of his administration, to vote for the party’s candidates across all positions in the forthcoming local government elections in the state and the 2027 general election.

Mbah cautioned voters against what he described as attempts by some political actors to persuade them to split their votes by supporting APC candidates in some positions and candidates of other parties in others, insisting it must be APC from top to bottom.

The governor gave the charge on Thursday at Amagunze, headquarters of Nkanu East Local Government Area, during a well-attended APC grand rally jointly organised by Nkanu East and Nkanu West councils ahead of Saturday’s September 26 local government council election in the state.

‘Let no one lie to you. Let no one deceive you about splitting your votes by voting different candidates of different political parties for different positions. It is all lies. Vote APC all the way, from top to bottom. There is no room for vote sharing,’ Mbah said.

He urged APC supporters to turn out en masse on Saturday and support the party’s candidates, saying the performance of the APC-led administration in the state and those of the local government councils were made possible to a large extent by the support and reforms of the President Bola Ahmed Tinubu-led federal government.

‘You have to vote in the coming local government elections because of what you see around you. If our opponents ask you why you should vote APC, tell them to look around. It is as clear as daylight.

‘Remember, don’t take anything for granted. It is not over until it is over. Come out on Saturday and thumbprint for APC,’ he stated.

The governor said his administration recognised that rural communities remained a critical area requiring greater attention, stressing that sustainable poverty reduction must begin at the grassroots.

‘We recognise that our weakest link is our rural areas and that is why we are paying serious attention to providing infrastructure in our rural areas – roads, Smart Green Schools and Type-2 Primary Healthcare Centres, among others,’ he said.

According to him, local government chairmen have been encouraged to compete in delivering projects such as boreholes, rural roads and health facilities to their communities.

He said increased funding to states and local governments had created greater fiscal space for the implementation of development projects, adding that some of the projects would not have been possible without federal support.

The Chairman of the Association of Local Governments of Nigeria, who is also the Council Chairman of Nkanu East Local Government Area, Hon. Sydney Okechukwu Edeh, welcomed the governor to his local government area and pledged the continued support of the people to the APC and Mbah’s administration.

Edeh described the forthcoming council election as an opportunity for the people to demonstrate their support for the APC and all its candidates ahead of the 2027 general elections.

Similarly, the Chairman of Nkanu West Local Government Area, Chief John Ogbodo, commended Mbah for the Smart Green Schools and other development projects across the council.

The member representing Nkanu East/Nkanu West Federal Constituency in the House of Representatives, Hon. Nnoli Nnaji, also commended Mbah for his development initiatives.

Nnaji said federal lawmakers from Enugu East Senatorial District had been working to complement the efforts of the state government, citing the provision of electricity transformers to each of the 14 wards in Nkanu East Local Government Area, as well as mobility support (vehicles) for party officials and the Neighbourhood Watch in the Federal Constituency.

The rally was attended by the Senator representing Enugu East Senatorial District, Senator Kevin Chukwunwike; APC Deputy National Chairman, South, Dr Ben Nwonye; South East APC Zonal Woman Leader, Dr. Oby Ajih; APC Enugu State Chairman, Dr Martin Chukwunwike; members of the National and State Assemblies, among other party leaders and supporters.

Missing six-year-old Anambra pupil found dead

The six-year-old pupil swept away by floodwaters on Nibo-Isiagu Road in Awka, Anambra State has been found dead, thereby ending the search and rescue launched by the police and community members.

The deceased, Success Ezenwafor, a primary school pupil, was on his way to school on Tuesday when the school bus conveying him and other occupants was trapped by floodwaters.

Nine other occupants of the vehicle, seven schoolchildren and two adults, were rescued by operatives of the state Police Command, in collaboration with some residents.

They were taken to Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (Amaku), Awka, where they are recovering.

Success, however, was carried away by the flood and remained missing until his remains were recovered yesterday morning.

A message by the family described the incident as painful.

‘Every other occupant of the vehicle was rescued and taken to Amaku where they are recovering well except for Success, whom the flood carried away.

‘With total submission to God, we announce that our little son, Success Ezenwafor, has joined the Church triumphant,’ the statement read.

The family said arrangements were being made to move his remains to their hometown, Ula, Ekwulobia.

Earlier, Police spokesperson, Tochukwu Ikenga, had confirmed that the command’s Safe School Operatives rescued nine victims after receiving a distress call about the incident.

OML 30 host communities give firm two weeks to address concerns

The OML 30 Flow Stations Presidents-General Forum has given Heritage Energy Operational Services Limited (HEOSL) two weeks to respond to concerns raised by the host communities over payments to indigenous contractors, employment opportunities, scholarships and Host Communities Development Trust (HCDT) projects.

The Forum, which represents host communities in OML 30, made the demands in a letter addressed to the Managing Director and Chief Executive Officer of HEOSL.

The letter was signed by the Presidents-General of the affected communities and copied to the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Delta State Government, the Commissioner for Oil and Gas, security agencies, traditional rulers, OML 30 HCDT, relevant Petroleum Industry Act (PIA) authorities and other stakeholders.

According to the Forum, it had raised the issues in previous communications concerning payments to traditional rulers and other stakeholders, the review and implementation of scholarship programmes, employment opportunities for qualified indigenous graduates, the award of contracts to qualified indigenous contractors and community projects under the HCDT.

The Forum requested clarification and action on outstanding payments it said were due to indigenous contractors, as well as adherence to agreed contractual payment timelines.

It also called for appropriate mobilisation arrangements for future contracts, where applicable, and greater consideration for qualified contractors from OML 30 host communities in the award of projects.

On education and employment, the Forum requested a review of the scholarship programme and increased opportunities for qualified graduates from the host communities.

It said the scholarship programme had, in its assessment, not been implemented over the past year and called for engagement with relevant stakeholders on the matter.

The Forum also raised concerns about payments to traditional rulers and other stakeholders, describing the issue as an important aspect of relations between operating companies and host communities.

On contracts, the Forum said some indigenous contractors had experienced delays in receiving payments after completing their contractual obligations.

It therefore called for the review and resolution of outstanding payment issues and adherence to agreed contractual timelines.

The group also urged HEOSL to give greater consideration to qualified indigenous contractors in projects within OML 30, saying increased local participation could support employment, skills development and economic activity in the host communities.

The Forum further requested the implementation and award of contracts for community projects it said had already been scoped under the OML 30 HCDT.

It urged the relevant HCDT authorities to progress the projects and provide opportunities for qualified community contractors to participate.

The Forum said it preferred dialogue, consultation and partnership with HEOSL and other stakeholders in addressing the issues.

It nevertheless requested that the relevant authorities engage with the communities within the two-week period to work towards resolving the matters raised.

The Forum also called for compliance with relevant provisions of the Petroleum Industry Act concerning benefits accruing to host communities.

Atiku: 67.4% of Nigerians want petrol subsidy restored

Former Vice President Atiku Abubakar has cited a recent SBM Intelligence survey as evidence of growing demand for relief from high petrol and living costs.

He said 67.4 per cent of respondents favoured restoring petrol subsidy.

Atiku, in a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the survey showed that petrol was the second-most cited national concern and the worst-rated policy issue of the administration, with a score of 1.69 out of four.

He said the findings reflected the impact of high fuel and transportation costs on households, workers, farmers and businesses, arguing that the government should respond to the concerns raised by the survey.

According to him, petrol was identified as the primary concern by 32.4 per cent of rural respondents, compared with 11.7 per cent of urban respondents.

He also cited figures of 30.5 per cent in the Southwest and 29.1 per cent in the Southsouth.

Atiku said the findings reinforced his opposition to the removal of petrol subsidy without what he described as adequate measures to protect household incomes, transportation and domestic production.

He said his proposed alternative would not restore the former subsidy regime but introduce a transparent production subsidy for petroleum products refined in Nigeria and sold domestically.

Under the proposal, he said imported products would not qualify, while the scheme would have a fixed spending limit, National Assembly approval and independent audits.

Atiku said the objective would be to reduce fuel costs, support domestic refining, create jobs and improve purchasing power.

He also called on President Bola Tinubu’s administration to provide immediate relief to Nigerians, arguing that economic reforms should ultimately be measured by their impact on living standards.

Shettima, Oduwole, Sanwo-Olu, others to advance global trade, job creation opportunities at UNGA 81

Some top high-ranking public officers led by Vice President, Kashim Shettima, Lagos State governor Babajide Olusola Sanwo-Olu, his counterpart from Niger State Mohammed Umaru Bago, Governor of Niger State; Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment would be a part of an interface and discussion session as the Hire From Nigeria campaign goes on the margins of the 81st session of the United Nations General Assembly (UNGA 81) in Manhattan, New York, today.

The Hire From Nigeria campaign launched in Abuja last month is Nigeria’s public-private sector driven initiative connecting the country’s talent and technology-enabled services to global employers.

The event, themed ‘Impact Sourcing As A Driver Of Global Trade And Inclusive Job Creation,’ will run from 9:00am and bring together senior Nigerian government officials, state governors, private-sector and technology leaders before an audience of international employers, investors and partners gathered in New York for UNGA week.

Nigeria’s Vice President, His Excellency Sen. Kashim Shettima, GCON will deliver a keynote address on the theme, ‘Setting the global trade and impact sourcing context; Nigeria’s positioning as the next outsourcing frontier.’

The New York event builds directly on the campaign’s national launch in Abuja on 31 August 2026, where government and private-sector leaders committed to connecting Nigerian talent across white- and blue-collar roles with global demand.

The UNGA side event marks the campaign’s first major push onto the international stage, during one of the world’s most important annual convenings.

Speaking ahead of the event, the Host Minister, the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, said: ‘Our priority is to translate Nigeria’s talent into greater participation in global trade. Through Hire from Nigeria, we are working with the private sector to connect Nigerian professionals and service providers with international demand. We want these connections to deliver commercial opportunities, expand services exports and create jobs in Nigeria.’

Confirmed speakers include His Excellency Babajide Olusola Sanwo-Olu, CON, Governor of Lagos State; His Excellency Mohammed Umaru Bago, Governor of Niger State; Dr. Jumoke Oduwole, MFR, Honourable Minister of Industry, Trade and Investment; Dr. Maruf Tunji Alausa, CON, Honourable Minister of Education; Bisoye Coker Odusote, Director General of the National Identity Management Commission (NIMC); Luqman Edu, Co-Founder and Executive Chairman of Itana; Rosy Fynn, Country Director, Mastercard Foundation Nigeria; Joel Ogunsola, Co-Founder and President of Tech4Dev; and Sam Immanuel, CEO of Semicolon Africa.

Hire From Nigeria is a public-private sector collaborative campaign championed by the Federal Ministry of Industry, Trade and Investment, through the National Talent Export Programme (NATEP), the Federal Ministry of Education, the Federal Ministry of Information and National Orientation, the Federal Ministry of Labour and Employment, the Ministry of Foreign Affairs, the Bank of Industry (BOI) through the iDICE programme, the Mastercard Foundation, and Semicolon.

Nigeria, Africa’s most populous country, is already building a strong and diverse talent base from which to compete in the global economy.

Across professional, technical, skilled and service-based occupations, Nigerian workers are contributing capabilities that are increasingly relevant to businesses and employers beyond the country.

Joel Ogunsola, Founder and President, Tech4Dev, said: ‘Nigeria has an opportunity to move from being recognised for the size of its talent pool to being recognised for the value that talent creates globally. Hire From Nigeria is about making that value visible and connecting Nigerian capabilities to the businesses and markets that need them.’

By connecting this talent and service capacity to international demand, Hire From Nigeria will contribute to services exports, foreign exchange earnings, business growth and job creation, while helping Nigerian companies and professionals participate more actively in global value chains.

The Manhattan side event will provide a platform for Nigerian public- and private-sector leaders to engage directly with the international business community and discuss the commercial opportunities emerging from Nigeria’s talent and services capacity.

Beyond the UNGA engagement, Hire From Nigeria will continue to facilitate conversations and connections with global businesses interested in Nigerian talent, services and capabilities, with a focus on turning international interest into sustained commercial relationships.

The global launch therefore marks the next phase of the campaign: moving from building awareness of Nigeria’s talent advantage to creating the relationships and opportunities that can translate that advantage into greater participation in the global economy.

Why I started ‘Curiosity Made Me Ask’ – Isbae U

Content creator Adebayo Ridwan Abidemi, popularly known as Isbae U, has revealed how he came up with his viral interview series, Curiosity Made Me Ask.

Isbae U spoke during an interview with Morayo Afolabi-Brown on The Morayo Show, which was published on YouTube.

The skit maker said he had tried different forms of entertainment, including acting, singing and rapping, before finding his niche.

According to him, he did not want to be boxed in as just another skit maker and wanted something that would set him apart.

‘I was just finding myself. I was in that process. Before that, I was singing; before that, rapping. I was just finding myself,’ he said.

He added, ‘There was a day I said to someone that I was done being mediocre, being average. I wanted to do something different. I didn’t want to just be considered part of them, part of the skit makers, one of them.’

Isbae U said he drew inspiration from American comedian Zach Galifianakis’ interview show, Between Two Ferns.

‘I saw a show that I used to watch a long time ago. It’s called Between Two Ferns by Zach Galifianakis. So when I saw the show, I loved it. I thought, ‘Oh, this is something I can do.’ Even though the guy didn’t even do it as much as I’m doing it now,’ he explained.

Since launching Curiosity Made Me Ask, Isbae U has interviewed several high-profile personalities, including former President Olusegun Obasanjo, veteran actor Pete Edochie and entertainer Charly Boy.

He said the show aims to reveal a different side of celebrities beyond conventional interviews.

‘The idea of Curiosity Made Me Ask is to show you another part of this celebrity you’ve not seen,’ he said.

Isbae U admitted he still gets nervous before interviewing older, more established figures, but noted they have been welcoming.

‘Every time. Especially when it comes to people that are way older than me,’ he said when asked if he gets nervous.

He added that while many think he has stopped creating other forms of content, he has been writing stories for other creators behind the scenes and plans to explore more content formats in the future.

‘A lot of people thought or think I have stopped creating and just doing Curiosity Made Me Ask. But low-key, there are people I write stories for, people I help with their stories,’ he said.

NAICOM, NIA urge industry to leverage recap cash for growth

The Nigerian insurance industry must now demonstrate that the N1.079 trillion raised through recapitalisation can translate into stronger underwriting capacity, faster claims settlement, innovation and greater public confidence, the Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, and Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, have said.

They spoke yesterday at the BusinessDay Insurance Conference 2026 in Lagos, where industry stakeholders gathered to examine the next phase of the sector following the completion of the recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The conference with: ‘From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector’ as theme, provided the backdrop for both the regulator and the industry body to shift attention from how much capital had been raised to what the new financial strength would deliver.

Omosehin said recapitalisation should not be regarded as an achievement in itself, arguing that the real value of capital would be determined by its ability to strengthen the industry’s capacity to serve policyholders and support Nigeria’s economic development.

‘Capital without capacity is merely a number on a balance sheet,’ he said.

According to him, the industry must now ask whether the additional capital has strengthened underwriting, improved claims-paying ability, enhanced customer satisfaction and increased public confidence.

He said Nigeria’s growing population, expanding infrastructure, entrepreneurial economy, digital economy, agricultural opportunities and emerging middle class offered enormous opportunities for insurers, but operators must have the capacity to take advantage of them.

Omosehin said capacity should translate into the ability to underwrite major infrastructure and complex risks, retain more risks within the domestic market, develop products for emerging risks and extend insurance protection to underserved Nigerians.

Mrs Nwachukwu agreed that recapitalisation was only the beginning, saying the industry must now demonstrate its value to policyholders.

‘The value of recapitalisation will be judged by what it delivers to policyholders, not by what it says on a balance sheet,’ she said.

She asked whether businesses would now find it easier to insure larger risks locally, whether families would experience faster and fairer claims settlement and whether Nigerians outside the traditional insurance market would begin to see insurance as relevant to their lives.

Nwachukwu said the recapitalisation had produced an industry with capital in excess of N1.079 trillion, while 50 insurance and reinsurance companies successfully met the new capital requirements.

She said the exercise had also attracted domestic and foreign investment, reflecting investor interest in a stronger regulatory environment and the growth opportunities in the sector.

But she cautioned operators against allowing stronger balance sheets to encourage undisciplined growth.

‘More capital gives us room to write bigger risks and grow faster. It must go hand in hand with sound underwriting, prudent risk management and adequate pricing,’ she said.

Both speakers also identified innovation as critical to expanding the market.

Omosehin said the expectations of insurance consumers had changed, with customers demanding the convenience, speed, transparency and simplicity offered by digital banks, technology companies, e-commerce platforms and telecommunications providers.

He urged insurers to deploy data analytics, artificial intelligence and digital platforms responsibly to simplify insurance, improve service delivery and develop affordable products.

Nwachukwu similarly called for greater use of technology, InsurTech partnerships, digital distribution channels and products targeted at underserved segments as part of efforts to deepen insurance penetration.

But beyond capital and technology, the two speakers converged on one issue: trust.

Omosehin described trust as the ‘invisible foundation’ of the insurance industry, while Nwachukwu called it ‘the currency of our industry.’

The Commissioner said the most visible demonstration of insurance value was at the point of claims, stressing that every prompt and fair settlement strengthened confidence, while delayed claims and unresolved complaints could damage it.

NAICOM, he said, would continue to prioritise consumer protection and claims settlement as part of its regulatory agenda.

Nwachukwu said the NIA would also work with NAICOM to promote stronger market conduct and claims practices, including claims excellence and greater disclosure of claims payments.

She said the association would support capacity development in specialised areas including energy insurance, climate-related insurance, agricultural insurance, reinsurance, risk management and governance.

Omosehin also stressed the importance of human capital, saying the industry would require professionals with new skills to manage increasingly complex risks ranging from cyber threats and climate change to artificial intelligence, supply-chain disruptions and geopolitical uncertainties.

He said the insurance industry had a strategic role to play in Nigeria’s economic development by supporting entrepreneurship, investment, financial inclusion and resilience.

Nwachukwu urged stakeholders to ensure that the opportunities created by NIIRA were not lost to complacency, saying the next phase required disciplined execution and collaboration among insurers, reinsurers, brokers, regulators, investors, technology providers and the media

The NIA Chairman said the association would continue to provide advocacy, regulatory guidance and capacity-building support to help operators convert stronger capital into better service, faster claims settlement and deeper market penetration.

Omosehin, meanwhile, said the journey from capital to capacity required collective responsibility, with regulators providing oversight, insurers driving innovation and operational excellence, brokers strengthening advisory services and the media continuing to educate the public.

He said the industry’s next chapter should be measured by its ability to convert capital into capacity, capacity into innovation and innovation into trust.

‘If we remain committed to this vision, future generations will look back on this period not merely as an era of reform, but as the moment when the Nigerian insurance industry truly came of age,’ Omosehin said. Sent from Yahoo Mail for iPhone

BSP tightens rules on digital-centric banks

The Bangko Sentral ng Pilipinas (BSP) is tightening capital and prudential requirements for thrift, rural and cooperative banks that are shifting toward digital banking models, seeking to ensure that faster-growing lenders maintain adequate safeguards.

Under Circular No. 1240 dated Sept. 21, existing thrift, rural and cooperative banks that the BSP determines are operating under a business model similar to that of a digital bank will be required to meet the P1-billion minimum capital requirement for digital banks, among other prudential standards.

The banks will have six months from receipt of the BSP’s notice to comply.

The same P1-billion minimum capital requirement will apply when a proposed acquisition is intended to transform a thrift, rural or cooperative bank into a technology-driven business model. The bank must also meet the prudential standards applicable to digital banks.

The BSP may impose additional safeguards, including enhanced supervisory reporting, restrictions on certain activities or new digital products and services, and stronger risk-management and internal-control systems.

The rules will apply to banks that meet either of two sets of conditions, according to the circular.

The first covers banks operating under a business model similar to that of a digital bank, as well as those whose capital and risk-management systems are no longer commensurate with their stated business model and risk profile.

The second covers banks that use digital platforms to deliver financial services while recording significant growth in their loan or deposit balances.

The new requirements were pushed through despite industry concerns that tighter rules could stifle innovation. The BSP said the updated rules are intended to ensure that these banks can adequately manage risks arising from the nature, scale, complexity and risk profile of their operations.

The circular also allows the BSP to issue additional digital bank licenses, including through the conversion of existing thrift, rural and cooperative banks, subject to the applicable licensing framework. A digital banking license would allow them to market their digital services to a broader customer base, including customers outside their usual geographic areas of operation.