Category: Daily Trust

The Nigerian Insurers Association (NIA) described the outcome of the recapitalisation exercise as a significant milestone for the industry, commending the National Insurance Commission (NAICOM) for implementing what it called a fair, transparent and well-structured recapitalisation process.

Speaking in a statement on Thursday, NIA Chairman, Mrs. Ebelechukwu Nwachukwu, said NAICOM’s clear regulatory guidelines, systematic verification process, defined timelines and effective supervisory oversight provided operators with a credible framework to successfully navigate the exercise.

She said the recapitalisation marks a new phase in strengthening the financial capacity, stability and competitiveness of Nigeria’s insurance industry while reinforcing public confidence in the sector.

‘The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy,’ Mrs. Nwachukwu said.

‘A well-capitalised insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth.’

The Association congratulated the 43 insurance and reinsurance companies that met the new minimum capital requirements, praising their resilience, professionalism and commitment to aligning with evolving regulatory standards.

Nwachukwu also expressed confidence in the eight insurance companies currently undergoing final verification and regulatory review, noting that NAICOM’s 14-day verification window demonstrates its commitment to due process and regulatory fairness.

She reaffirmed the Association’s commitment to supporting all member companies throughout the transition, stressing that the NIA would continue to provide a platform for advocacy, collaboration and constructive engagement with the regulator.

According to her, the industry is emerging from the recapitalisation exercise significantly stronger, more resilient and better positioned to deepen insurance penetration, inspire consumer confidence and contribute more meaningfully to Nigeria’s economic development.

First City Monument Bank (FCMB) has invested N20 billion to finance private healthcare businesses in Nigeria, targeting a critical sector in need of affordable, long-term capital.

According to the bank, the N20billion Healthcare Fund, announced at the bank’s inaugural healthcare summit in Lagos, will target businesses including hospitals and clinics, diagnostic centres, pharmaceutical companies, pharmacies, maternity homes and other healthcare enterprises.

The financing will support expansion, medical equipment purchases, infrastructure, working capital and technology investments.

The bank’s Managing Director and Chief Executive Officer, Yemisi Edun, represented by Executive Director, Corporate Services and Service Management, Felicia Obozuwa described healthcare as a social imperative and an economic priority.

‘Building a strong healthcare system requires capital that is patient, affordable and long-term,’ she said.

She stressed that the fund will form part of a broader healthcare financing offering that combines lending with advisory support and partnerships intended to help businesses strengthen operations and attract capital.

‘The initiative comes as Nigeria seeks to expand healthcare capacity and boost local production of medicines and medical devices. The government is targeting local production of 70% of medicines and medical devices by 2030 under its Presidential Initiative for Unlocking the Healthcare Value Chain,’ she said.

The president of the Healthcare Federation of Nigeria, Njide Ndili said access to finance remains a major constraint for private healthcare operators.

Ndili cited experience from HFN’s partnership with the PharmAccess Medical Credit Fund, saying that small and medium-sized healthcare businesses can achieve strong repayment performance when financing is combined with technical support, capacity building, and quality standards.

‘HFN will work with FCMB to develop a framework for pre-qualifying healthcare facilities and helping businesses become investment-ready.

‘The federation has more than 400 member organisations and 4,000 professionals. The initiative also addresses a broader challenge for lenders: ensuring that healthcare businesses have the governance, financial reporting, management capacity and growth plans needed to deploy capital effectively,’ she said.

The Minister of State for Health and Social Welfare Iziaq Salako said the federal government has increased public funding for healthcare in recent years.

He added that over N339 billion has been disbursed through the Basic Healthcare Provision Fund over the past 12 years, including N235 billion in the last three years under the Health Sector Renewal Investment Initiative.

He stressed that N32.9 billion was recently disbursed to support more than 8,300 primary healthcare centres, with plans to expand coverage to about 13,000 facilities nationwide.

He called for greater mobilisation of private and public capital and urged healthcare operators to strengthen corporate governance, improve financial reporting and use blended-finance structures to fund growth.

It is no longer a secret to Nigerians and the international community that the lingering Boko Haram insurgency in Nigeria’s North-East has dented the country’s image in global affairs. The conflict has claimed the lives of thousands of innocent people, destroyed critical infrastructure and crippled economic activities across the six states in the region.

Although the insurgency has not been completely subdued, attention at home and abroad is now increasingly focused on how to stabilise and rebuild a region that has suffered not only from years of insurgency but also from decades of neglect, abuse of public trust and corruption.

Institutions, it is often said, do not fail on their own; values too remain intact until they are abused. When people speak about the collapse of governance, governance itself does not collapse. Rather, it is weakened by negative human actions, particularly corruption. Consequently, good governance produces positive outcomes, while bad governance inevitably leads to underdevelopment.

While discussions in recent weeks have centred on promises, realities and human capital development in the North-East, the issue of recovery and peacebuilding-which remains a long and difficult journey-has taken centre stage.

Since 2009, violent attacks by Boko Haram have left widespread devastation across the North-East. The destruction has compounded the effects of years of neglect, corruption and abuse of office, all of which contributed to weakening governance structures in many states across the region.

The insurgency further deepened existing development challenges in a region already characterised by poverty, weak governance, poor social and economic outcomes, inequality, perceived social injustice, low accountability, fragile state institutions, inadequate infrastructure, climate change and environmental degradation.

Against this backdrop, several recovery frameworks have been developed, including the Recovery and Peace Building Assessment (RPBA), the Buhari Plan, the Revised Buhari Plan and the North-East Stabilisation and Development Master Plan. Together, these initiatives provide a coordinated framework to support conflict-affected communities across Borno, Yobe, Adamawa, Gombe, Taraba and Bauchi states.

The RPBA recognises that achieving lasting peace requires addressing not only the consequences of the insurgency but also the structural and underlying causes of conflict. It therefore provides an overarching framework for stability, peacebuilding and long-term recovery across the region.

The Humanitarian Response Plan for 2016 requested $248 million to support conflict-affected populations, although only eight per cent of the funding requirement had been met as of March 5, 2016. More than 60 humanitarian partners provided assistance ranging from food, water, sanitation and healthcare to shelter, education, protection services and livelihood support. National civil society organisations and local NGOs also played significant roles, particularly in areas inaccessible to international agencies.

On August 21, 2015, the federal government requested support from the European Union, the United Nations and the World Bank to assess peacebuilding and recovery needs in the North-East. The assessment, conducted under the 2008 Joint EU-UN-World Bank Declaration on Crisis Assessment and Recovery Planning, culminated in a workshop held in Abuja in January 2016 with over 250 participants representing federal and state governments, development partners, civil society organisations and internally displaced persons.

At the onset of the crisis, the government’s response focused largely on security operations and humanitarian interventions. Long-term development projects received limited attention, largely because of the severity of the insurgency and the urgent humanitarian needs created by the conflict.

Former President Goodluck Jonathan established the Presidential Initiative for the North East (PINE) in 2014 to provide emergency assistance, mobilise resources for economic recovery and lay the foundation for long-term regional development. The administration of former President Muhammadu Buhari intensified military operations against Boko Haram while reviewing existing intervention mechanisms. This eventually led to the establishment of the North East Development Commission (NEDC), which was mandated to assess the region, develop a comprehensive master plan and coordinate reconstruction and development efforts.

As both a coordinating and development institution, the NEDC was designed to integrate humanitarian response, peacebuilding, stabilisation and long-term development. Buhari’s administration also introduced a comprehensive recovery framework aimed at addressing the humanitarian and economic consequences of the insurgency.

However, despite these interventions, it cannot be said that all the objectives have been fully realised. Many communities across the North-East continue to grapple with insecurity, unemployment and widespread poverty.

The framework acknowledges the resilience of communities in the region, noting that despite years of violence, many have continued to support victims, preserve livelihoods and resist extremist influence. To strengthen coordination, the North-East states also developed the North East States Transformation Strategy (NESTS), which became an important reference point for subsequent recovery initiatives.

International development partners equally contributed to these efforts. Under the leadership of the World Bank, several assessments were conducted, culminating in the publication of a recovery strategy in April 2016 to guide post-conflict reconstruction.

The Buhari Plan drew from these states, national and international initiatives and integrated them into programmes implemented by the Muhammadu Buhari administration. Government officials maintained that the plan was not only designed to end the insurgency but also to drive sustainable recovery and development while serving as a model for national reconstruction.

Although the plan seeks to guide interventions in infrastructure, education, healthcare, livelihoods and economic empowerment, stakeholders must not lose sight of the warning contained in the French Development Agency-supported research titled Crisis and Development: The Lake Chad Region and Boko Haram. The report cautioned that the North-East could become another Niger Delta if reconstruction efforts become avenues for elite enrichment while the underlying causes of the conflict remain unresolved.

That warning is even more relevant today given how corruption and abuse have undermined several well-intentioned intervention programmes across Nigeria. As more regional development commissions are established to address developmental challenges across the country, transparency, accountability and effective implementation must remain central to achieving meaningful and lasting results.

Operatives of the Edo State Police Command have rescued four victims abducted by suspected kidnappers along the Lagos-Benin Expressway.

The victims were rescued by the police in collaboration with members of the Vigilante Group of Nigeria (VGN), local hunters and other sister security agents.

The command spokesperson, Eno Ikoedem, in a statement, said the police received information that armed men, numbering about three and dressed in vigilante uniforms, had blocked the Ugbokun axis along the Lagos/Benin Expressway with logs of wood and leaves, attacked motorists and abducted some occupants into the forest.

She said upon receipt of the report, the Divisional Police Officer, Okada Division, immediately mobilised a combined team of police operatives including vigilante, local hunters and other security partners to the scene.

According to her, the operatives swiftly embarked on an aggressive bush-combing operation enhanced by drone technology to search and aid the rescue mission.

She said following the sustained pressure mounted on the criminals, they abandoned the captives and fled, leading to the rescue of the victims.

The spokesperson, who gave the names of the victims as, Muritala Babatunde, Bello Aminat, Otor Prince, and Yeiyah Gift, said they had been reunited with reunited with their families.

She disclosed that operations were ongoing to apprehend the fleeing suspects and bring them to justice.

A former Chairman of the National Assembly Service Commission (NASC) Dr. Adamu Mohammed Fika, is dead.

He was 84.

Fika, who held the traditional title of Zarma Kura of Fika, died at a hospital in Abuja, according to a statement by the Special Adviser on Media to the Emir of Fika, Alhaji Mohammed Abubakar (Chokalin Fika).

The statement said funeral prayers for the deceased would be held on Friday, August 7, at the National Mosque, Abuja.

The late Fika was the pioneer Director-General and Clerk Designate to the National Assembly, where he played a key role in laying the administrative foundation of Nigeria’s legislature at the beginning of the Fourth Republic in 1999.

He later served as Chairman of the National Assembly Service Commission (NASC), where he contributed to strengthening the administration and management of the National Assembly.

Until his death, he was the Chairman of the Board of Trustees of the Council of Retired Clerks and Secretaries of the National Assembly.

Born in Fika, present-day Yobe State, in 1942, Dr Fika attended Primary School in Fika before proceeding to Provincial Senior Primary School.

He later studied at Barewa College, Zaria, and Government College, Keffi, where he obtained his Higher School Certificate.

He earned a Bachelor’s degree in History from Makerere University Uganda in 1966 before pursuing postgraduate studies in History at the School of Oriental and African Studies (SOAS), University of London, where he obtained his doctorate.

He began his career as a lecturer in History at the Abdullahi Bayero College, then a campus of the Ahmadu Bello University, before joining the Civil Service in the former North-Eastern State in 1974.

During his public service career, he served in several strategic positions, including Permanent Secretary in different ministries in the former Borno State, where he was involved in public administration and policy implementation.

Dr Fika also served at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State, where he contributed to leadership development and public policy research.

Widely regarded as one of Nigeria’s foremost legislative administrators, he was respected for his contributions to institution-building, public sector reforms and legislative administration.

Beyond public service, he was a prominent traditional title holder in the Fika Emirate, serving as the Zarma Kura of Fika, and remained an influential voice on governance and national development.

His death has been described by associates as a huge loss to the Fika Emirate, Yobe State and the country.

Mourning his death, the Emir of Fika and Chairman of the Yobe State Council of Traditional Rulers, Alhaji Dr Muhammad Ibn Abali Muhammadu Idrisa, described Fika’s passing as a great loss to Yobe State and Nigeria.

In a statement signed by his media aide, Mohammed Abubakar (Chokalin Fika), the emir described the late Fika as a complete gentleman, humble and approachable, who related freely with people from all walks of life.

He said the deceased’s passing had created a huge vacuum in the Fika Emirate and Yobe State, noting that his contributions to public service and national development would be greatly missed.

The emir prayed for Allah to forgive the late elder statesman, grant him Aljannatul Firdaus and reward him abundantly for his good deeds.

An agricultural firm, Al-Qaryah Agro Allied Ltd has tabled a landmark $1.295 billion Public-Private Partnership (PPP) proposal to the Hadejia-Jama’are River Basin Development Authority (HJRBDA) to convert the Challawa Gorge Dam into Nigeria’s flagship agro-industrial hub.

The company’s management team, led by Chief Executive Officer Abubakar M. Nagwamatse, presented the plan at HJRBDA headquarters in Kano to Managing Director Engr. Rabiu Suleiman Bichi and his technical team.

Nagwamatse explained that the initiative seeks to deploy modern aquaculture and floating agriculture methods already in use across Asia to maximise the dam’s underutilised water body.

‘We plan to introduce crop production on water surfaces, alongside aquaculture and irrigation farming. This project will create at least 10,000 jobs and significantly boost food supply, which in turn will lower prices and open export opportunities,’ he said.

He lamented that the arrangement will help maximise the dam, which he said is presently not being put to its maximum capacity, leaving it only to subsistence small-scale farming.

He said the project is multi-dimensional and will integrate deep-water cage aquaculture, aquaponics, hydroponics, rice-fish farming, duck farming, aquatic plant cultivation, floodplain irrigation, and land-based infrastructure, including a 150,000 metric tonne per year feed mill and a 50-million-fry hatchery.

Al-Qaryah stressed that the investment aligns with national food security goals, the Special Agro-Industrial Processing Zones (SAPZ) programme, and the Komadugu-Yobe Basin SAP.

Responding, Engr. Bichi welcomed the proposal, noting that the Authority had long awaited private sector participation in PPP ventures.

He described the plan as a major step toward unlocking the socioeconomic potential of Northern Nigeria’s water infrastructure.

The Dangote Petroleum Refinery delivered over 400,000 tonnes of jet fuel to Europe in July.

Disclosing this in its latest data, a global commodities intelligence firm Kpler, said shipment accounted for about 20% of the continent’s total jet fuel imports for the month.

The development comes on the heels of a record 466,000 tonnes exported to Europe in June – the month Nigeria first overtook the United States as Europe’s leading supplier of imported aviation fuel.

According to the firm, the back-to-back performance signals a major milestone for the refinery, proving it can consistently meet the stringent quality standards of one of the world’s most demanding fuel markets.

Europe imported approximately 2.06 million tonnes of jet fuel in July, with Dangote accounting for the single largest share of those imports, ahead of traditional suppliers from the United States and the Middle East.

Industry observers say the refinery is rapidly reshaping established Atlantic Basin fuel trade flows by offering a competitive alternative to long standing suppliers. While European buyers have traditionally relied on refiners in the United States, the Middle East and Asia, Dangote’s strategic location on Nigeria’s Atlantic coast, combined with its scale, modern technology and export capability, has enabled it to become an increasingly important source of aviation fuel for European markets.

The refinery’s export momentum has been supported by steadily rising production. Jet fuel loadings at Dangote’s Lekki export terminal reached a record 550,000 tonnes in June, while crude deliveries to the refinery climbed to an all time high of 660,000 barrels per day, providing the throughput required to sustain growing exports of refined petroleum products to international markets.

The company said the latest figures come at a time of shifting global energy flows.

Although Europe received limited volumes of jet fuel from Kuwait, the United Arab Emirates and Oman in July, market disruptions around the Strait of Hormuz and evolving geopolitical dynamics have encouraged buyers to diversify supply sources. Against this backdrop,

Dangote Refinery has emerged as a reliable and competitive supplier, reinforcing Nigeria’s growing importance in global refined products trade against this backdrop.

David Bird, MD/CEO, Dangote Petroleum Refinery and Petrochemicals, noted that: ‘Beyond aviation fuel, the refinery has continued to expand exports of diesel, gasoline and other refined petroleum products to destinations across Europe, Africa and other international markets, further strengthening Nigeria’s position as a net exporter of high value petroleum products.’

The Minister of Education, Dr Maruf Tunji Alausa, has charged the newly inaugurated Governing Board of the National Board for Technical Education (NBTE) to lead a practical skills revolution that will strengthen Nigeria’s industrialisation, youth employment and global competitiveness.

Alausa gave the charge in Abuja while inaugurating the board, describing Technical and Vocational Education and Training (TVET) as a strategic national priority under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

He said the government was repositioning the education system away from an overdependence on paper qualifications towards producing competent, innovative and highly skilled graduates capable of driving industrialisation, entrepreneurship and national productivity while stressing that TVET should no longer be regarded as an alternative to university education, noting that industrialisation required a strong pool of technicians, technologists, artisans, fabricators, automation specialists, machine operators and other skilled professionals.

The minister tasked the board with providing strategic leadership, sound policy direction and effective oversight, while allowing the NBTE Executive Secretary and management to handle the agency’s daily administration.

He also directed the board to accelerate the implementation of the Recognition of Prior Learning (RPL) framework in collaboration with the Industrial Training Fund and other stakeholders.

According to him, the initiative would enable skilled artisans to have their competencies formally recognised and certified under the National Skills Qualification Framework, improving employability, access to finance and government contracts, as well as labour mobility across the ECOWAS region.

Alausa called for comprehensive curriculum reforms through Outcome Based Education, with programmes aligned with Industry 4.0 and incorporating artificial intelligence, automation, digital technologies, green technologies and advanced manufacturing systems.

He further urged NBTE-regulated institutions to strengthen applied sciences, engineering, technology and innovation, while encouraging polytechnics to phase out non-technical programmes outside their statutory mandate.

Responding, the board’s Chairman, Prof Babatunde L. Salako, pledged support for the government’s TVET reforms and said changing the perception of technical education as a second-choice option would remain a priority.

NBTE Executive Secretary, Prof Idris M. Bugaje, described the inauguration as a landmark, noting that the board was constituted after more than five years without one.

The fixtures draw for the 2026/2027 Nigeria Premier Football League (NPFL) season will be held today, August 7, on the sidelines of the league body’s Annual General Meeting (AGM) in Ibadan, Oyo State.

The AGM serves as the official business assembly of the NPFL, where the board and club leadership review the concluded season and ratify the policy direction for the incoming campaign.

The gathering will be held at the Professor Theophilus Ogunlesi Events Hall, opposite the University College Hospital in Ibadan.

Over the past four seasons, NPFL Chairman Gbenga Elegbeleye has steadied the affairs of the top-flight league, establishing a reliable calendar that sees the season kick off in August and conclude in May.

Reflecting on this progress, Elegbeleye noted, ‘Our modest achievement includes putting the NPFL on a stable calendar since the 2023/2024 season. It is a major shift from the era of never knowing when the season will be concluded.’

He also highlighted his initial promise to ensure live broadcast coverage of the league, stating, ‘We have succeeded to a large extent in this direction, but still have much more work to do.’

Meanwhile, during the AGM, Chief Operating Officer (COO) Davidson Owumi will present the technical and operations report, while GTI Asset Management will present the financial report.

Following the conclusion of these presentations and the earlier announcement of the official kick-off dates, the highly anticipated fixtures draw for the 2026/2027 season will take place.

The United Kingdom High Commission and the Peoples Democratic Party (PDP) faction led by Kabiru Tanimu Turaki held extensive discussions regarding the state of Nigeria’s democracy in Abuja on Thursday.

The High Commission’s delegation was led by Dr. Fortune Aldred, Senior Political Adviser, and Stephen Asek, Political Adviser (Cameroon).

Comrade Ini Ememobong, the party’s National Publicity Secretary, stated that the meeting deliberated on the health of Nigeria’s democracy and the role and relevance of the opposition within the democratic process.

According to Ememobong, the interactive session centered on the ‘current asphyxiation of the opposition, the prolonged state-sponsored leadership crisis in the PDP, the potential candidature of former President Goodluck Jonathan for the 2027 elections, and the general outlook for the 2026 elections.’

In his presentation, Turaki reiterated the party’s position on the ‘need to ensure the survival of multi-party democracy and the opposition, which remain critical pillars of a thriving democratic system.’

He further argued that the current ‘state capture’ disposition of the APC-led Federal Government has directly contributed to heightened political tension, a trend he described as unhealthy for Nigeria’s democracy.

‘The political temperature of the country has risen to fever-pitch levels, traceable majorly to the actions and inactions of the APC-led Federal Government, who are relentlessly provocative in their desire to forcefully capture every part of our country,’ Turaki stated.

Responding on behalf of the delegation, the team leader, Dr. Fortune Aldred, thanked the party leadership for the engagement and assured them that the issues raised would be conveyed through the Commission’s established reporting channels.

Dr. Aldred further noted that while Nigeria is a sovereign nation and its internal politics remain a domestic affair, the Commission has a responsibility to monitor political developments and communicate its observations through established diplomatic avenues.