Category: Business Day

The organised labour in Osun State has congratulated Governor Ademola Adeleke on his re-election, attributing his victory to his administration’s workers-friendly policies and improved welfare of pensioners.

The labour unions made the assessment on Monday at a victory rally held for Adeleke at the Osun State Government Secretariat, where they urged the governor to use his renewed mandate to address outstanding concerns affecting workers and pensioners.

Christopher Arapasopo, the state Chairman of the Nigeria Labour Congress (NLC), described Adeleke’s victory as a reward for his commitment to the welfare of workers, pensioners and residents of the state.

Arapasopo said the outcome of the election represented a collective victory for workers, pensioners and the people of Osun, noting that the governor’s attention to workers’ welfare had earned him the support of organised labour and other residents.

‘This victory is not just a victory; it is victory for all and freedom from the oppressors as far as Osun State is concerned.’

He urged Adeleke not to relent in fulfilling the promises made during the electioneering campaign, stressing that workers and pensioners expected the administration to do more in its second term.

The NLC chairman also commended President Bola Ahmed Tinubu for what he described as allowing a free and fair election in Osun, saying the outcome demonstrated that the people’s votes were allowed to count.

‘The President has demonstrated that truly he is the son of the soil. We are proud of him because he has demonstrated that, yes, he is the father of the nation,’ he said.

He said the Osun labour movement was proud of the President and declared its support for his second-term bid, arguing that allowing the people’s votes to count demonstrated Tinubu’s commitment to democracy.

Also speaking, Comrade Olamilekan Adediran, the Chairman of the Osun State Joint Labour Congress (JLC), said the relationship between Adeleke’s administration and workers had been favourable, describing the governor’s record on workers’ welfare as significant.

Adediran said ‘We have not been having it so good like this for decades. If you talk of Adeleke’s government, the regime is so sweet and he is okay with the workers. He is taking good care of the workers and the pensioners.’

He added that the jubilation that followed the election reflected the satisfaction of workers and residents with the governor’s performance.

Also, Abimbola Fasasi, the Chairman of the Trade Union Congress (TUC), Osun State Council, described Adeleke’s victory as an act of God and a testament to the goodwill the governor had built during his tenure.

Fasasi said the enthusiasm witnessed across the state during the election showed that residents were responding to what he described as the governor’s good works.

He, however, urged Adeleke to consolidate his achievements by addressing outstanding welfare concerns affecting workers and pensioners.

Fasasi called for the establishment of workers’ housing schemes to enable civil servants to own homes and have decent accommodation even after retirement.

He also appealed to the government to settle outstanding minimum-wage-related obligations to pensioners and ensure timely promotion of workers as the new minimum wage takes effect.

Fasasi further urged Adeleke to remain among the first governors to adopt and implement any new national minimum wage, noting that ‘the current minimum wage has been eroded by the kind of inflation in Nigeria, in the country and the world over.’

Odu’a Investment Company Limited has announced that GCR Ratings has assigned the Group a *national scale long term issuer rating of AA-(NG) and short term issuer rating of A1+(NG), with a Stable outlook, in recognition of the company’s strong portfolio and conservative financial profile.

This inaugural rating underscores the Group’s robust financial profile, high-quality investment portfolio and disciplined capital management.

Commenting on the rating, Tola Kasali, the Group Chairman, said ‘the rating is a strong endorsement of the Group’s five decade legacy of prudent stewardship and value creation, affirming the resilience of its investment model, which combines strategic holdings in listed equities with growing contributions from its operating subsidiaries.’

He noted that the AA-(NG) rating reflected the Group’s conservative leverage, strong liquidity, and the quality of its underlying assets, even as it navigates the complexities of frontier markets, and added that the Group is particularly encouraged by GCR’s recognition of its governance standards, which remain free from undue shareholder influence despite its state governments ownership structure.

But, Abdulrahman Yinusa, Group Managing Director, expressed delight at the outcome of the rigorous assessment, highlighting that ‘GCR’s rating confirms the Group’s strong liquidity coverage of approximately 2x over the next 24 months, supported by a liquid listed portfolio valued at over NGN80 billion and unencumbered cash of NGN4.8 billion.

He emphasised that the balance sheet remains largely ungeared and the modest NGN 3 billion bond at the subsidiary, Wemabod Limited, is well within servicing capacity.

Looking ahead, Yinusa disclosed that the Group is executing a deliberate strategy to deploy up to USD 200 million over the next three to five years into hospitality, real estate, logistics, and power – sectors that will broaden diversification and enhance long term earnings.

He further expressed confidence that the Stable outlook provides a solid platform to pursue these growth initiatives while maintaining conservative financial discipline.

GCR’s assessment highlighted that portfolio quality is a positive factor due to the liquidity of listed investments and stable cash flows from operating subsidiaries, with most equity investments publicly listed and benefiting from transparent valuations and active secondary markets.

The Stable outlook reflects GCR’s expectation that the Group will maintain significant investments in such financially strong and liquid securities, complemented by growing earnings contributions from its operating subsidiaries.

The rating also noted that low leverage is a strength, supported by an ungeared balance sheet across most of the review period and robust debt servicing capacity, while liquidity sources exceed uses by approximately 2x over the 24 month horizon, even after applying a 25% stress-test to listed holdings to reflect frontier market risks.

The Group’s governance was assessed as neutral to the ratings, reflecting a well defined corporate structure, appropriately constituted boards, transparent financial reporting, and a consistent history of clean audit opinions and dividend payments.

Heirs Insurance Group (HIG) recorded a sharp expansion in its insurance business in 2025, with combined gross written premiums rising 88.5 percent to N115 billion, as the group significantly increased claims payments despite a challenging macroeconomic environment.

The group’s combined gross written premium (GWP) rose from N61 billion in 2024 to N115 billion in 2025, while earned insurance revenue increased 70 percent to N53.4 billion, according to its audited financial results for the year ended December 31, 2025.

The performance underscores the rapid expansion of the group’s insurance operations, particularly its life business, as it continues to push deeper into Nigeria’s retail and corporate insurance markets.

However, the strong top-line growth did not translate into higher group earnings, as combined profit before tax declined to N9.53 billion from N11.2 billion in 2024.

The decline was largely attributed to macroeconomic pressures, particularly foreign exchange volatility, which significantly affected investment income and profitability at Heirs General Insurance.

Despite the pressure on earnings, the group’s balance sheet strengthened substantially. Combined total assets rose 83 percent from N89 billion in 2024 to N169.7 billion, reflecting the expansion of its underwriting operations and investment base.

More significantly for policyholders, HIG paid N19.4 billion in claims during the year, an 87 percent increase from N10.4 billion paid in 2024.

The sharp rise in claims payments came alongside the group’s aggressive premium growth, suggesting that its expansion was accompanied by a larger financial commitment to settling policyholder obligations.

Heirs Life Assurance was the biggest driver of the group’s growth, with gross written premiums doubling from N44.22 billion in 2024 to N88.59 billion in 2025.

Its insurance revenue increased 80 percent to N27.2 billion, while profit before tax rose 38 percent to N7.6 billion from N5.5 billion.

The company also recorded a significant improvement in investment income, which surged 430 percent from N4.6 billion to N24.8 billion.

That investment performance helped support earnings at a time when the wider economy was characterised by elevated interest rates, currency volatility and significant changes in asset valuations.

Heirs Life’s claims payments, however, also increased substantially, rising 121 percent to N14.4 billion from N6.5 billion.

Total assets more than doubled to N136.2 billion from N66.2 billion, reinforcing the rapid scale-up of the company’s operations.

The figures point to a business model increasingly built around scale, with premium mobilisation, investment income and a growing customer base supporting the expansion of the life insurer.

Heirs General Insurance also recorded strong growth in its core underwriting business, although foreign exchange pressures weighed heavily on its bottom line.

The general insurer’s GWP increased 57 percent to N26.6 billion from N16.9 billion, while insurance revenue rose 67 percent to N23.9 billion.

Claims paid increased 22 percent to N5 billion, while total assets grew 25 percent to N33.5 billion.

Heirs Insurance Brokers recorded a more measured but consistent performance, with revenue rising 19 percent from N1.97 billion to N2.34 billion.

Profit before tax increased from N1.21 billion to N1.35 billion, reflecting improved operational efficiency and cost discipline.

The performance of the broking business also strengthens the group’s integrated insurance model, providing it with capabilities across life insurance, general insurance and broking.

The financial performance comes as Heirs Life Assurance and Heirs General Insurance gain international recognition for their rapid expansion.

Both companies were named among the Financial Times’ Africa’s Fastest-Growing Companies 2026.

Heirs Life ranked seventh among the 130 companies recognised across sectors, while Heirs General Insurance ranked 41st.

The recognition places the two Nigerian insurers among the continent’s fastest-growing businesses and provides an international marker of the pace at which the group has expanded since entering the market.

Beyond financial performance, HIG is positioning technology as a major driver of insurance penetration.

The group recently introduced Prince AI, a WhatsApp-powered generative artificial intelligence chatbot that allows customers to transact insurance through their mobile phones in 11 local and international languages.

The initiative reflects the growing shift within Nigeria’s insurance industry towards digital distribution as insurers seek to reduce barriers to access, simplify transactions and reach customers beyond traditional physical channels.

Africa grows about 70 percent of global cocoa yet it captures only a fraction of the value of $150 billion chocolate market.

Experts who spoke during the LEAF AFRICA webinar, highlighted the opportunities and structural gaps across Africa’s cocoa value chain.

They also noted that the continent can move beyond exporting raw beans to building globally competitive value chains to benefit from the potential of the commodity.

Uzoamaka Igweike, founder of Loom Craft Chocolate, identified weak infrastructure as one of the major constraints limiting value addition.

‘A batch of chocolate can take anywhere between 18 hours to 60 hours of stable electricity to run effectively,’ she said. She also emphasised the lack of developed cold-chain logistics for distribution.

Poor power supply is a major challenge to Africa manufacturers and this has forced them to rely heavily on diesel and gas to power their factories, and the prices of both commodities have surged over 100 percent in recent months owing to the Iran war.

Energy accounts for 30-40 per of production costs for manufacturers like cement, steel, and food processing. That makes African goods more expensive than imports from Asia, the U.S., and Europe.

Nigerian manufacturers spent N1.4 trillion on power generation in 2025, underscoring the heavy cost burden it continues to impose on the sector.

Nkechi Amangbo, CEO of Thamani Invest Limited, said low quality beans and high cost of capital are other constraints Africa’s chocolate makers battle with. She added that interest rates of between 30-40 percent make manufacturing projects difficult to finance across the continent.

She also stressed that processors cannot afford interruptions caused by unreliable supply of quality beans.

Speaking on opportunities, Amangbo pointed that the challenges highlighted by operators creates opportunities for investors and entrepreneurs.

‘These are outright business opportunities,’ she said. ‘I would be willing to finance businesses that impacts the real sector and creates employment,’ she said

She also identified equipment leasing as a viable model. ‘Instead of requiring processors to purchase every machine, specialised firms could acquire and lease equipment, with financiers structuring the capital around proven demand.’

Speaking on the shifting demands of the international market, Ahmed Adeagbo,managing director of Rosad Nigeria Limited noted that buyers now want clear information on the origin of cocoa and the conditions under which it was produced.

‘Global buyers are placing greater emphasis on traceability. They want to know where it’s coming from. They want to know how sustainable it is,’ he said.

‘The European Union has introduced a regulation known as the EU Deforestation Regulation (EUDR). Under this rule, cocoa that comes from land deforested after 2020 would be rejected.’He explained.

‘About 90 per cent of Nigeria’s cocoa is sold to the European market, exporters must now prove that their beans meet these requirements.’

‘This means they have to map the farms, collect data on each plot, and provide a statement confirming that the cocoa was produced without deforestation.’

He added that the cost of mapping farms and meeting these requirements currently falls largely on the exporters.

Niger Gas, one of the leading gas companies in the eastern region, has resumed production after 35 years of inactivity.

Amos Ejisi, chief executive officer and managing director of the renovated company, located at the Emene Industrial Layout in Enugu State, disclosed this during an inspection tour of Governor Peter Mbah’s projects by members of the Nigeria Union of Journalists (NUJ), Correspondents’ Chapel, Enugu State.

Ejisi said the company was now better positioned to produce a wider range of industrial and medical gases, attributing the development to the state government’s determination to revive the company and ensure adequate gas supply to various industries.

According to him, Niger Gas is currently producing three types of gas, with plans to expand production as operations become fully established.

‘What we are producing as of today is acetylene, which welders use. We are also producing oxygen, which welders use, as well as another special type of oxygen called medical oxygen,’ Ejisi said.

He explained that medical oxygen was used in hospitals to support patients requiring respiratory assistance, adding that the company had the facilities and capacity to produce other gases, including argon, nitrous oxide and hydrogen.

‘We have the potential to produce other gases-argon, nitrous oxide and hydrogen. We have the facilities to do that, but we are starting one step at a time,’ he said.

Ejisi further disclosed that the company would soon expand its operations to include cooking gas and other products as part of its growth plans.

He said the revival of Niger Gas would also create significant employment opportunities for residents of Enugu State and the wider region, noting that the company had the capacity to employ more than 1,500 workers when operating at full capacity.

The development, he said, is expected to boost industrial activities in the state, improve access to locally produced industrial and medical gases, and contribute to the economic development of the South-East.

Governor Babagana Zulum of Borno State has approved the immediate implementation of promotion salaries and payments of leave grants for civil servants across the state.

The implementation of the payments was conveyed in an executive approval granted by Governor Babagana Zulum following a closed-door meeting with the leadership of the Nigerian Labour Congress (NLC), the Trade Union Congress (TUC), and the National Union of Local Government Employees (NULGE), held at the Government House, Maiduguri, on Monday.

Zulum issued the directive following the submission of a service proposal by the Directorate of Establishment, Office of the Head of Service, which provided a critical analysis and concrete recommendations for the statewide implementation of the national minimum wage policy across different strata of the state public service.

After an interactive discussion with stakeholders and to ensure the efficient and sustainable implementation of the wage reform, Zulum approved the Immediate implementation of the 2023/2024 and 2024/2025 promotional benefits for all civil servants in the state.

Other approvals made include immediate payment of leave grants for all entitled civil servants for 2025 and a review of salary arrears for secondary and tertiary education, with a view to implementation by September 2026.

The governor also established and directed a task force, headed by the Commissioner for the Ministry of Local Government and Emirate Affairs, Sugun Mai Mele, to review and submit a proposal for the implementation of the new salary scale and gratuity scheme for local government staff.

Zulum charged the Task Force to consult widely with all stakeholders, review extant regulations, examine existing state-wide local government workforce, and propose viable and sustainable options for a full-scale, state-wide implementation of the enhanced salary scheme for local governments in the state.

The Committee was directed to submit its report in two weeks for speedy consideration.

The Governor also directed the Directorate of Establishment to submit a blueprint for new employment and recruitment into the civil service, based on an internal review of the existing workforce, gap analysis, and need assessment, especially for critical professions and expertise that have been depleted due to retirement and capacity flight.

The Musical Copyright Society Nigeria Ltd/Gte (MCSN) has warned the general public and all who exploit music in their businesses not to pay imposters for licence for the use of music.

According to a statement issued by MCSN, the warning is necessary now as a certain organisation and individuals are defrauding unsuspecting users of music in the name of granting them licence, which they have no authority or approval to do so.

The statement further disclosed that the defunct Copyright Society of Nigeria (COSON) is the organisation being used by a certain individual to defraud the public in the name of granting licence for the use of music.

It stated also that COSON’s licence to operate as a Collective Management Organization (CMO) has expired since 2018 when it (the licence) was suspended and it eventually expired by effluxion of time. Aside from the expiration of the licence, the Federal High Court on March 25, 2020, in a judgment by Justice Saidu ordered the Corporate Affairs Commission (CAC) to strike off the name of COSON from the companies register in Nigeria. The judgment and consequential order of the Court of June 24, 2020, refusing the stay of execution of the judgment are still subsisting. The Federal High Court had also on June 21, 2021 ruled that COSON has no approval or licence to operate as a CMO, a ruling, which COSON went on to challenge at the Court of Appeal.

It noted that the Court of Appeal on July 6, 2026 in a unanimous decision affirmed the ruling of the Federal High Court and stated clearly that COSON had no licence in the first place before coming to court to seek injunction. ‘Only an existing and valid licence could be revoked and that there was no basis for granting an injunction restraining the Nigerian Copyright Commission (NCC) from revoking a licence that no longer existed’.

It has since come to the notice of MCSN that COSON is all over the place defrauding innocent Nigerians of their hard-earned money in flagrant disobedience of the laws of the country.

In line with the above, MCSN has warned the public not to pay any monies to the defunct society as doing so will amount to sheer waste of resources as MCSN being the only approved Society to licence musical works for exploitation will come after any hotel, lounge, event centre, cinema, discotheque, bar, radio and television stations, telcos, digital and online platforms and any other entity that exploit music for its business without a licence from it (MCSN).

‘It has come to the notice of MCSN that an illegal body, COSON is all over the place defrauding unsuspecting Nigerians under the guise of licensing them for the exploitation of music. The public is hereby warned that COSON is an illegal body as its licence to operate as a CMO has expired since 2018 without a renewal. So, anybody or institution that deals with it, does so at its own risk,’ the statement concluded.

The Osun State Police Command has warned individuals and groups against any attempt to forcefully take over the affairs or premises of local government areas in the state, saying such action would constitute a serious breach of the peace and security of the state.

Samuel Etaifo Erale, Commissioner of Police (Election), gave the warning in a statement issued by Abiodun Ojelabi, police public relations officer of the command, on Monday.

The command said it had noted reports of plans by some individuals or groups to forcefully take over the affairs and premises of local government areas, despite the matter being before the court.

Srale said, ‘the Police Command wishes to state clearly that no individual, political group, or association has the right to resort to self-help or the use of force to assume control of any Local Government Area or public institution while judicial proceedings are ongoing.’

He urged all parties to exercise patience and allow the courts to determine the matter in accordance with the law.

The police warned that any attempt to forcibly occupy or disrupt local government facilities would be viewed as a serious breach of the peace and dealt with decisively, including the arrest and prosecution of those found culpable.

‘Parents, community and traditional leaders, political and youth leaders, and other stakeholders are enjoined to counsel their supporters against acts capable of undermining the peace and security of the State,’ the statement reads.

Erale called on residents to remain calm, respect the rule of law and allow the judicial process to run its course, assuring that the police would continue to protect lives and property and maintain peace and public order across the state.

Dr Najeem Salaam, the governorship candidate of the African Democratic Congress (ADC) in the just-concluded governorship election in Osun State, has congratulated Governor Ademola Adeleke on his re-election, saying the choice of the people must prevail in a democracy.

Salaam, in a congratulatory message to Adeleke, said voters had exercised their democratic right by choosing their preferred candidate, adding that their decision deserved respect and support.

He said the outcome of the election was a reminder that every political contest must produce a winner, stressing that political differences should not threaten peace, unity and brotherhood in the state.

‘As Omoluabi, we must understand that politics is not a do-or-die affair. Political differences should never become reasons to threaten our peace, unity or brotherhood,’ he said.

The ADC candidate urged Adeleke to use his second term to reflect on areas where his administration might have fallen short, improve on them and consolidate the gains already recorded.

He said, ‘Your Excellency, as you commence another term in office, I urge you to use this mandate as an opportunity to reflect on the areas where your administration may have fallen short, improve upon them and consolidate on the gains already recorded.

‘Governance is a continuous process, and every administration has areas that require reflection, correction and improvement.

‘Osun belongs to all of us. Beyond party lines and political differences, our collective responsibility is to build a state where every citizen can live with dignity, security and hope for a better future.

‘Once again, congratulations, Your Excellency. May your second term bring greater development, peace and prosperity to the good people of Osun State.

‘Politics is not a do-or-die affair. The people have spoken; democracy has prevailed,’ he stated.

FIFA chief operating officer Kevin Lamour has left the world governing body less than three weeks after publicly criticising President Gianni Infantino’s controversial World Cup sell-off plan to private investors.

FIFA confirmed that Lamour’s working relationship with the organisation ended on Monday, August 17, 2026, but declined to comment on reports that he had been dismissed.

‘FIFA can confirm that the working relationship between FIFA and Kevin Lamour as Chief Operating Officer has ended on 17 August 2026,’ a FIFA spokesperson said.

‘FIFA thanks Kevin for his two years of service and wishes him the best of luck for the future.’

According to reports, FIFA staff were informed of Lamour’s departure in an email from Secretary General Mattias Grafström on Monday evening.

Lamour criticised Infantino’s plan

Lamour’s departure comes after he launched a strong criticism of Infantino’s abandoned FIFA Forward Enterprise (FFE) proposal last month.

The scheme sought to create a commercial subsidiary to manage and attract private investment into FIFA’s major competitions, including the World Cup and Club World Cup.

Lamour described the project as ‘the project of one person’ and said football’s political leaders needed to ‘ask themselves the right questions and make the right decisions’.

He also claimed FIFA’s administration had been ‘deceived’ over the project.

‘Our mission – the mission of the hundreds of passionate, dedicated, and exemplary FIFA employees – is to serve football,’ Lamour said.

He argued that FIFA’s leadership should unite the organisation rather than deepen divisions.

‘A president must bring people together, unite them, and inspire them. Today, we are experiencing the opposite,’ he said.

Lamour acknowledged that he had a duty of loyalty to FIFA but added that he also had a responsibility to uphold certain values and support his colleagues.

‘If that means I lose my job, then so be it,’ he said. ‘I will understand and respect that decision. At least I’ll sleep well tonight.’

Former UEFA executive leaves FIFA

Lamour joined FIFA in November 2024 after serving as UEFA’s deputy general secretary. He had previously worked closely with Infantino during his time at European football’s governing body.

His departure is therefore particularly notable given his previous relationship with the FIFA president and his senior position within the organisation.