Asianet Pakistan Private Limited

Consolidated Hallmark Holdings Plc secured an operational license for CHI Life Assurance Limited on March 10, 2025, further positioning the Group as a one-stop financial services organization in Nigeria. Eddie Efekoha, chairman of CHI Life and group CEO of the holding company, shares insights into the rationale behind the new subsidiary and plans to grow its market share in the life insurance sector. Modestus Anaesoronye reports.

Consolidated Hallmark Holdings Plc recently achieved a milestone of securing a Life Assurance licence, what does this mean for the Group’s broader vision, and what is your expectation in making this new investment?

Yes, we received with great delight, the operational licence from the industry regulator, the National Insurance Commission (NAICOM), precisely on 10th March 2025. And we are grateful to them for finding us worthy of the licence. For us all at Consolidated Hallmark Holdings Plc, and the subsidiaries, it was indeed a dream come true. We aspired to become a one-stop shop for insurance and other financial services and we are now very well on the verge of attaining that. You would recall that we have since had a micro insurance licence with national coverage of operations. This was, however, limited in scope to a sum assured of N2 million maximum per individual. With this new licence, therefore, this limitation has been removed and our market expanded. I would like to let you know that arrangements are now in top gear for a formal launch of CHI Life in the next couple of weeks.

Life insurance holds a big potential for the insurance industry, but the challenge has been the environment as well as strategy of operating companies, what are you going to do differently to make a mark?

Opportunities abound and remain to be fully tapped, for both operators in Life Assurance business and individuals who are yet to take advantage of the benefits inherent in the service offerings of operators. Of course, beyond the provision of the simple death benefit, which a lot of people are aware of, the products offered helps to build savings for individuals while enabling operators create a pool of funds for long term investment and grow value. CHI Life Assurance has a background. It is coming from a family with a formidable reputation built on professionalism and exceptional service delivery. We are poised to fully leverage on these to grow value for all stakeholders. With a formidable team at the helm of our new subsidiary, we aim to launch out shortly with unique product offerings. These products have reached an advanced stage of development. We are optimistic of their acceptance by discerning customers and prospects alike, who truly look forward to deriving value through investment-linked products even while alive. Deepening insurance penetration in Nigeria, in the first instance, ensure we rank amongst the top in Africa, so requires a multi-pronged approach in product innovation, financial literacy, and easier accessibility through improvement of distribution channels.

How does the company plan to differentiate its life insurance offerings in a competitive market, especially in terms of customer value, technology, and accessibility?

The market is quite competitive, no doubt, but it remains largely untapped as we are not anywhere near where we should be. Recent data of the 2024 Insurance Industry premium which you are familiar with for instance indicates that of the N1.56 trillion generated, life business component was only N470 billion while non-life accounted for N1.1 trillion. This can be significantly improved upon especially the life component, which provides an avenue for pooling of premium for long-term investments.

The massive investment in technology, which we regularly embark upon as an organisation is geared towards easing accessibility. All our member companies embrace the tool to enhance sales, from our finance company to the health maintenance organisation to the general insurance company and now the full-fledged life assurance subsidiary. With the development of unique product offerings, which is a departure from the generic, deployment of technology and drive towards digital sales, CHI Life is here to make a difference.

Nigeria Insurance Industry Reform Act (NIIRA) 2025 was recently signed into law by President Bola Tinubu, flagging off the new minimum capital requirement for insurance companies. What is your plan for CHI Life Assurance Limited?

The NIIRA 2025 is a good development that has since been awaited in the industry and portends good tidings for all players. The benefits of the Act, if fully explored, are capable of taking the industry to greater heights. The Act raises the minimum capital base of life insurers from N2 billion to N10 billion, while that of general business underwriters was raised from N3 billion to N15 billion. Before the increase, while setting up CHI Life, we have proactively raised well above the prevailing capital at that time with N8 billion fully paid up. At the Group level, our total profit attributable to shareholders was N22.5 billion and we are currently operating with shareholders’ funds of over N34 billion. We can therefore say that we are comfortably on track.

We are however favourably disposed towards further boosting our capacity through measures including but not limited to acquisitions of smaller organisations, details of which shall gradually emerge as the regulator and shareholders approve our plans. Beyond this, the Act also seeks to ensure prompt claims payment, digitization of operations and collaboration at the sub-regional level for underwriting of risks.

We are nearing the last quarter of 2025, as an investor in the Nigerian economy, how would you describe the economy so far, and what is your expectation for the remaining part of the year? The Nigerian economy in 2025 has shown a welcome measure of resilience and relative stability compared to the turbulence of recent years. Key indicators, particularly the exchange rate have steadied, with the naira trading in the N1, 500-N1,600 band against the U.S. dollar for much of the year. While this is still some distance from the sub N1,000 levels that many businesses would consider ideal, it represents a significant improvement in predictability and provides a more reliable basis for planning and investment decisions.

Inflation, though elevated, has moderated from last year’s highs as the government implements tighter monetary policies and structural reforms. Interest rates remain on the high side, but the clarity of the Central Bank’s direction and the steadying currency have given both local and foreign investors greater confidence. We are also witnessing encouraging signs in sectors such as agriculture, financial services, and technology, which continue to attract investment and create employment despite global headwinds.

From a business and investment standpoint, this relative macro-economic stability is crucial. It allows companies to forecast cash flows, manage costs, and deploy capital with a higher degree of certainty. For long-term investors like us at CHI Life Assurance, this environment supports strategic growth, whether in product development, customer outreach, or expansion of our investment portfolio because it reduces the unpredictability that previously hindered medium- to long-term planning.

Looking ahead to the final quarter of the year, we expect this stability to be sustained, provided current fiscal and monetary policies remain consistent. We are cautiously optimistic that continued reforms in the energy sector, infrastructure development, and targeted social programmes will further support consumer confidence and economic activity.

In summary, while challenges such as inflationary pressures and structural bottlenecks remain, 2025 has so far marked a turning point towards a more predictable and investible Nigerian economy. If the current policy trajectory is maintained, the remainder of the year should consolidate these gains and lay a stronger foundation for inclusive growth in 2026 and beyond.

The CHI Group financial performance in 2024, one year after consolidation was bracing, given the challenges in the business environment, what did you do differently and how do you plan to sustain it in the current year?

True. Our financial performance in 2024 was an all-time high as reported during our Annual General Meeting held recently. Significant growth was recorded in both top lines and bottom lines with a profit of up to 404 percent. These results were achieved through a combination of factors especially the implementation of our Group Strategic Initiatives. The pivots of these are anchored on accelerated innovation, enhanced customer engagement and deeper market penetration. We are geared towards sustaining this, part of the reason we have now also ventured into full life assurance business.

Back to the life business, how do you see the current economic climate such as inflation, interest rates, and employment trends impacting the demand for life insurance products in your target market?

The current economic environment in Nigeria, though challenging, presents unique opportunities for forward-thinking individuals and families to secure their financial future. Inflation has moderated slightly over the past five months, and while interest rates remain relatively high, we expect a gradual softening in the medium term as government policies to stabilise prices begin to take effect. Employment trends are also evolving, with more Nigerians seeking multiple streams of income and exploring ways to protect their wealth.

These dynamics underscore the relevance of life assurance as an essential financial planning tool rather than a discretionary purchase. Life insurance provides stability in uncertain times: it allows individuals to set aside a portion of their earnings to protect their loved ones, create intergenerational wealth, and meet long-term goals. Our products, including endowment plans, child education policies, legacy policy and retirement solutions are designed to help customers preserve value and build financial security regardless of short-term economic fluctuations.

In fact, economic pressures often heighten awareness of the need for protection and disciplined savings. When people realise that inflation erodes the value of idle cash, they look for structured, reliable avenues to safeguard and grow their resources. Life assurance is uniquely positioned to meet that need.

At CHI Life Assurance Limited, we see these conditions as an opportunity to deepen public education and financial literacy. We are committed to engaging more Nigerians, especially young professionals and emerging entrepreneurs, on the importance of early planning and the peace of mind that life assurance brings.

Ultimately, no matter the economic climate, the fundamental need to protect one’s family, plan for retirement, and create a legacy remains constant. With the right awareness and tailored solutions, the demand for life assurance will not only endure, but also continue to grow.

The Future of Jobs report 2025 by Lagos state employment trust fund (LSETF) reveals that 65 percent of Nigerian employers cite skill gaps as a major barrier to organisational transformation.

In addition to the skills gap, half of employers report difficulty attracting talent, resistance to organisational change, and regulatory inflexibility. Limited investment capital further compounds the challenge.

As global labour trends accelerate, driven by technological disruption, demographic shifts, and the green transition, experts say that Nigeria must urgently invest in human capital to remain competitive.

Nigeria mirrors many global trends but faces unique challenges. Artificial Intelligence (AI), machine learning specialists, data analysts, and sustainability experts are the top growth roles, with net increases of 82 percent, 41 percent, and 33 percent respectively.

Digital transformation is also reshaping employer priorities. Network and cybersecurity skills are in highest demand, with 87 percent of Nigerian employers identifying them as critical, well above the global average of 70 percent. Other sought-after competencies include AI and big data proficiency, systems thinking, customer service, and global citizenship.

The World Economic Forum’s Future of Jobs report 2025 also notes that 170 million jobs are expected to be created globally over the next five years, with 92 million jobs displaced, and over a billion will evolve in form and function. These projections, based on a survey of over 1,000 large enterprises across 55 economies, signals a shift in the nature of work. Across international markets, roles such as big data specialists, fintech engineers, AI and machine learning experts, and software developers are surging in demand. The green economy positions autonomous vehicle engineers, environmental scientists, and renewable energy experts are also climbing the ranks.

Conversely, traditional roles like bank tellers, postal clerks, and administrative assistants are experiencing steep declines. Employers globally are prioritising analytical thinking, cybersecurity, and digital literacy, alongside soft skills like creativity, adaptability, and lifelong learning. Nigeria’s labour landscape: Opportunities and challenges

Based on the report, 73 percent of Nigerian employers advocate for increased government funding, while 40 percent stress the need for improved transport infrastructure to support workforce mobility.

Organisations must also play their part by embedding upskilling into corporate culture and strengthening change management strategies. Without such commitment, Nigeria risks falling behind in the global race for talent.

The report notes that public-sector investment in reskilling is vital. Stakeholders across government, industry, and education must collaborate to ensure Nigerian talent is future-ready. While the CV may still hold relevance, the future belongs to those who can adapt, learn, and lead in a world defined by change.

The skills gap is not merely statistics, but a barrier to growth, innovation, and inclusion.As technological disruption, climate imperatives, and economic uncertainty reshape the global labour market, Nigeria must act decisively.

Former President Goodluck Jonathan, ex-Vice President Yemi Osinbajo and former Kano State Governor Rabiu Kwankwaso are among top Nigerian leaders expected to meet for a national dialogue on electoral reforms.

The event will also feature Peter Obi, Labour Party’s 2023 Presidential candidate and Attahiru Jega, former INEC Chairman, who will join other political figures, labour leaders, and civil society members in the discourse.

Scheduled for October 1st, the dialogue is part of activities marking Nigeria’s 65th Independence Anniversary. The meeting is being convened by the National Consultative Front (NCFront), Labour and Civil Society Front (LCSF), the Nigeria Electoral Reforms Coalition (NERCO) and other partners.

Invited participants include NLC President Joe Ajaero, TUC leader Festus Osofo, ex-Education Minister Oby Ezekwesili, former Rivers Governor Rotimi Amaechi, political economist, Pat Utomi and ex-Senator, Shehu Sani.

Also expected are key government officials such as the Secretary to the Government of the Federation, the chairman of the Nigeria Governors’ Forum as well as leaders of the National Assembly Committees on electoral reforms.

According to organisers, the session will push for constitutional changes and policy reforms to ensure credible polls in 2027.

The Ogun State Government has debunked alleged complicity over a dead body found in Arakanga River suspected to be a pupil of Ilugun High School located in Elega Area of Abeokuta North Local Government.

A lifeless body of a teenager suspected to be a pupil of Ilugun High School (Junior) was found in Arakanga River at the weekend as rumour was rife that the victim and others were chased away by the School Principal (Junior) with the support of local security agents, prompting their resolve to swim through the river located at the back of the School.

Reports have it that one of them was unlucky as he was swept away by the rising river tides. The dead body of the victim was later found some days later, causing people in the area to concoct different versions of a story that led to the death of the pupil.

But, speaking at a Press Conference held in Abeokuta on Tuesday, Abayomi Arigbabu, Professor and Commissioner for Education, Science and Technology, confirmed that the principal engaged in illegal collection of fees against the Government’s directive, but disowned the victim as one of the pupils of the School. He said, ‘Preliminary investigations reveal that the young man who lost his life was not a bonafide student of the school, with evidence pointing to an illegal enrolment.

‘The deceased was found to have been using three different names; Babalola Ayornide, Salako Jimoh and Afolabi Babalola. None of which appeared in the State’s Education Database, OGSERA.

‘In addition, we also discovered that the Principal of Ilugun High School (Junior) had been involved in the collection of illegal fees. In light of these findings, Government has decided to place both the Junior (Alaba Olukoga) and Senior (Temitope Ladipo) Principals of Ilugun High School on suspension while we conduct a thorough investigation into the immediate and remote causes of this unfortunate incident.

‘Let me assure the good people of Ogun State that the Administration of His Excellency, Prince Dapo Abiodun, CON remains unshaken in its commitment to provide free education for every school-age child in this State, irrespective of where they live, their gender, economic status, religious belief, or political affiliation’.

Kylian Mbappe scored a hat-trick as Real Madrid thrashed Kairat 5-0 in the group stage of the UEFA Champions League in Kazakhstan on Tuesday.

Xabi Alonso’s side bounced back emphatically from their derby humiliation against Atletico Madrid on Saturday, travelling over 7,000 kilometres to secure a dominant victory on the road.

Mbappe opened the scoring from the penalty spot after 18-year-old goalkeeper Sherkhan Kalmurza fouled Franco Mastantuono in the box.

The Frenchman added two more to complete his treble, while Eduardo Camavinga and Brahim Díaz rounded off the scoring to send Madrid provisionally top of the group. Despite his hat-trick and a tally of 13 goals in nine games this season, Mbappe admitted he wanted even more.

‘My work is helping the team, doing what I can so that the team wins,’ he told Movistar. ‘If I have five chances, I want to score five goals, that’s why Real Madrid bought me. I’ll work to be better and more efficient in front of goal.’

Kairat, competing in the group stage for the first time after eliminating Celtic in qualifying, struggled badly, particularly with their teenage stand-in goalkeeper forced into action because of injuries to three senior shot-stoppers.

Real Madrid, however, looked every bit the European giants, led once again by Mbappe’s brilliance.

The Federal Government has launched the 2025 nationwide mass anti-rabies vaccination campaign, with a pledge to eliminate dog-mediated human rabies deaths in Nigeria by 2030 in line with global targets.

Speaking at the flag-off in Abuja to commemorate World Rabies Day (WRD),Idi Mukhtar Maiha minister of Livestock Development, described rabies as ‘one of the deadliest yet most preventable zoonotic diseases, stressing that the campaign reflects government’s commitment to protecting lives and strengthening public health.

‘This year’s theme, ‘You, Me, and the Community,’ reminds us that rabies elimination cannot be achieved by government efforts alone. It requires the active involvement of citizens, policy makers, veterinarians, dog owners, hunters, teachers, parents, and indeed the whole community,’ Maiha said. He disclosed that 26,000 doses of anti-rabies vaccines have been procured for immediate deployment, particularly in eight frontline states with the highest reported rabies cases in the last six months – Lagos, Kano, Gombe, Bauchi, Plateau, Cross River, Osun and the FCT.

Veterinary teaching hospitals and colleges will also receive allocations, while the COBO tool application will be deployed to capture real-time data on vaccinated animals. ‘Rabies continues to claim thousands of lives globally, with Africa and Asia bearing the greatest burden. Most victims are children under 15 years. Yet rabies is entirely preventable through vaccination,’ the Minister said.

He added that the campaign would enlist private veterinarians, veterinary students, and even retired professionals, likening the fight against rabies to a ‘war’ requiring mobilisation of all available expertise. ‘We are launching, but we are not retreating. We will only retreat when the last rabies virus has been killed and buried,’ Maiha declared.

George Uzaga, national coordinator of the Rabies Control Programme, said Nigeria continues to record rabies outbreaks, citing a recent case in Borno where an infected dog bit 30 schoolchildren.

‘Rabies is the most deadly zoonotic disease in the world. Once symptoms appear, there is no cure. That is why vaccination of dogs and cats is our best weapon,’ Uzaga said.

The Manufacturers Association of Nigeria (MAN) has said that the success of the ‘Nigeria First Policy’ hinges on its deliberate and inclusive implementation to ensure equitable benefits for all stakeholders.

As the policy aims to strengthen local industries and promote economic growth, MAN’s input highlights the importance of careful planning and execution to achieve its objectives.

Francis Meshioye, president of the Manufacturers Association of Nigeria (MAN), who made this known on Tuesday at a press briefing on the association’s upcoming 53rd Annual General Meeting in Lagos, said the Nigeria First Policy is a turning point for the nation as it seeks to foster economic self-reliance, industrialisation, and national pride.

According to him, by mandating all Ministries, Departments, and Agencies (MDAs) to patronize made-in-Nigeria goods and services that can be sourced locally, the federal government has signalled its resolve to place local industries at the heart of economic transformation.

He noted that the country’s economic environment has remained challenging, but it is marked by renewed hope, as bold policy steps are being taken to reposition the economy for growth.

‘The Nigeria First Policy is more than a policy directive; it is a call to action to strengthen our industries, deepen local value chains and reposition Nigeria from being a consumer-driven economy to a productive economy,’ Meshioye said.

‘We must, however, emphasize that while the policy holds immense promise, its success depends on inclusive and deliberate implementation,’ he added, while calling on manufacturers, SMEs, policy makers and Nigerians to play their part. He noted that the task ahead requires addressing long-standing structural challenges, infrastructure, regulations, financing gaps, and capacity building, saying that only through coordinated action, sustained investment and accountability can Nigeria unlock the policy potential.

Speaking on MAN’s upcoming AGM, the president said that the event provides an excellent platform to deepen conversation on the Nigeria First Policy.

He said the theme for this year’s AGM is ‘Nigeria First: Prioritizing Patronage of Made in Nigeria,’ explaining that it underscores Nigeria’s unwavering belief that prioritizing local production is the surest path to sustainable growth, employment generation and national development.

He announced Aliko Dangote, Africa’s renowned industrialist, as the distinguished guest for the event, describing his entrepreneurial story as an epitome of the Nigeria first spirit.

‘He has built one of Africa’s largest Conglomerates, spanning cement, sugar, salt, fertilizers and oil refinery. His investment has redefined Nigeria’s industrial landscape, created thousands of jobs and reduced dependence on imports.’

‘His business decisions, over the past decades, capture the very essence of our theme and his presence will inspire our discussions as we navigate the next phase of Nigeria’s Industrial growth.’

Meshioye said the three-day event, scheduled to hold from Tuesday, 14th to Thursday, 16th, at the Lagos Oriental Hotel, Victoria Island, Lagos, features a line-up of activities that is rich and impactful.

Nigerian striker Victor Osimhen was the hero at Rams Park on Tuesday night as his penalty fires Galatasaray to a 1-0 victory over Premier League champions Liverpool in the UEFA Champions League.

Osimhen smashed home from the spot in the 26th minute after Dominik Szoboszlai struck Baris Alper Yilmaz in the face inside the box. The goal not only sealed a famous win for the Turkish champions but also saw Osimhen become the first Nigerian to reach 10 goals in the Champions League proper, surpassing Obafemi Martins.

Liverpool manager Arne Slot opted for a surprising line-up, deploying Dominik Szoboszlai at full-back and pushing Jeremie Frimpong further forward, while Mohamed Salah was left on the bench. Despite dominating possession, the Reds failed to break down a disciplined Galatasaray side, with Hugo Ekitike and Florian Wirtz seeing efforts saved by Ugurcan Çakir.

At the other end, Osimhen’s pace unsettled Virgil van Dijk and Ibrahima Konaté, and the hosts pressed with relentless energy, buoyed by a raucous Istanbul crowd.

The defeat marked back-to-back losses for Liverpool in Europe, raising concerns for Slot, who admitted his side’s performance was as troubling as the result.

For Galatasaray, the win ended a dismal run of one victory in their previous 18 Champions League group games and none in their last seven European ties.

Coach Okan Buruk’s men showed grit and passion to revive their European campaign and hand their fans a night to remember.

Presidency on Monday said it welcome former President Goodluck Jonathan to the 2027 Presidential race.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated this while reacting to a statement credited to Jerry Gana, former Minister of Information, who revealed that the former President would contest the 2027 Presidential election on the platform of the People’s Democratic Party (PDP).

Onanuga noted that there are premature desperation of the opposition ganging up against President Bola Tinubu despite his glaring giant economic strides.

‘We are once again regaled with a cacophony of voices, most of them full of sound and fury, signifying nothing, to paraphrase inimitable Williams Shakespeare in one of his classic works, Macbeth.’

Presidency stated that the’former Minister of Information and National Orientation, moving to draft former President Goodluck Jonathan into the 2007 Presidential race, affirmed that the former president would contest the coming election the platform of the discredited People’s Democratic Party (PDP), which bequeathed a legacy of economic ruins, after 16 years of bad governance.’

He stated that’Gana even deluded himself, asserting that the former President would defeat President Tinubu to reclaim power after 12 years.

‘Gana of the defunct MAMSER fame is free to delude himself and engage in his usual comedy; after all, Jonathan’s entering the race would provide another job for the Niger State-born former university don.’

Onanuga however cautioned former President Jonathan to be wary of the PDP sugar-coated cheerleaders.

The Presidential Spokesman said Politicians of Jerry Gana’s ilk merely want to lure Jonathan into the race to satisfy their personal, political, religious, and ethnic interests, but added that ‘They will abandon him midstream, as they did in 2015, and leave Gentleman Jonathan in the lurch.

‘Don’t get us wrong: President Jonathan reserves the right to run if he wishes.

‘It is his inalienable right to contest the presidency again. President Tinubu will wholeheartedly welcome him if he decides to enter the race.

‘But Jonathan will have his date in the court of the land. Indeed, the jury will determine whether Jonathan, who was sworn in twice as president, satisfies the constitutional requirements and is eligible to contest the presidency and be sworn in, if successful, for a third term in office.

‘Some of all those selfish considerations for which some PDP big guns find his candidacy appealing, President Jonathan will also have his encounter with the people as to whether he has anything new to offer after his disastrous six years, for which they voted him out in 2015. Onanuga, while speaking about Jonathan’s record in office, said Nigerians cannot forget in a hurry how ‘his regime, devoid of any clear economic agenda, engaged in frivolous spending, ran the economy aground and put the country in dire straits.

‘The nation’s economic downturn, which President Tinubu is working very hard to overcome, actually began under President Jonathan.

‘The Jonathan administration severely damaged the economy, and all key indicators declined under his watch. Under him, the so-called business moguls allocated foreign exchange to import fuel, simply pocketing the dollars without importing anything. Some of those big men still have court cases on the issue today.

‘Jonathan and his National Security Adviser, Col. Sambo Dasuki (rtd), freely distributed security funds to friends and cronies.

He also recalled that in ‘2010, President Jonathan inherited a total of $66 billion, of which $46 billion was in foreign reserves and $20 billion in the noble-but-abused Excess Crude Account.

‘By 2015, when the people democratically removed him from office, the foreign reserves had fallen below $30 billion, and the Excess Crude Account had been depleted to $2 billion, despite generating record revenue from crude oil sales that the country had never achieved in more than 25 years combined.

‘It is on record that between 2010 and 2013, crude oil sold for an average of $100 per barrel. By December 2014, however, the Jonathan-led Federal Government could no longer pay salaries to Federal Civil Servants. At least 28 states across the country owed workers huge salary arrears’

Presidency said in contrast, President Tinubu has taken bold decisions over the last 28 months to reset the economy, removing the ruinous fuel subsidy and abolishing multiple exchange rates, which paved the way for arbitrage to flourish.

‘The President has stabilised the economy in slightly over two years in office. In 2025 Q2, the Gross Domestic Product grew by 4.23%, the highest in four years, outpacing the 3.4% projected by the International Monetary Fund. Inflation decreased to 20.12% in August 2025, the lowest level in three years.

‘ The foreign reserves stand presently at $42. 03 billion. The Naira has virtually stabilised. Investor confidence in our economy has been restored, and investors are betting on Nigeria.

Onanuga said the nation has turned the corner, and our people have started reaping the gains of the bold reforms instituted by the Tinubu administration.

He cited road infrastructure being boosted, while old roads are being reconstructed while new ones, like the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, among others, are springing up. The government is addressing security issues in some parts of the country.

‘We can go on and on, reeling out the many macroeconomic gains of the Tinubu administration. However, the point is that the PDP and Jerry Gana’s co-travellers broke the economy; President Tinubu is fixing it.

‘President Jonathan and others are welcome to the 2027 race. They broke the economy before, but millions of Nigerians who will not easily forget the recent past will not allow them to return to run it down again.’

Business recovery and insolvency stakeholders have called for the strengthening of insolvency institutions to enhance practitioners’ effectiveness and align Nigeria’s frameworks with global best practices.

This was made known at the 2025 Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) conference in Lagos. The two-day event focused on deepening the use of insolvency tools to resolve chronic indebtedness and financial distress facing businesses.

Justice John Tsoho, Chief Judge of the Federal High Court, represented by Justice Akintayo Aluko, told participants that practitioners, regulators, and the judiciary all play critical roles in restructuring and insolvency processes, especially during periods of economic turbulence. He urged professionals to uphold integrity, independence, impartiality, and transparency while avoiding personal gain from sensitive corporate information.

‘The role of an insolvency practitioner in the life of a company under distress is significant. Insolvency does not necessarily signal the end of a business,’ Tsoho said. ‘Practitioners must carefully adopt tools such as receivership, administration, mergers and acquisitions, or bankruptcy in the best interest of both creditors and debtors.’ Chimezie Ihekweazu, BRIPAN President, said this year’s theme, ‘Deepening Insolvency Tools for Resolving Commercial and Financial Challenges of Businesses’, was timely given Nigeria’s exposure to economic headwinds, geopolitical shifts, and technological disruptions.

‘In Nigeria and across Africa, it has become imperative to sharpen and deepen the tools at our disposal for business rescue, debt restructuring, and sustainable recovery,’ he said. Justice Victoria Nwoye, also speaking at the conference, stressed that insolvency frameworks should serve as ‘economic stabilisers,’ not punitive measures. She warned that many regimes worldwide remain inaccessible to businesses that need them most, leaving both small enterprises and multinationals vulnerable during financial crises.

‘Be it small enterprises or multinational corporations, the ability to navigate distress is no longer a peripheral concern; it is central to survival and growth,’ she noted.

The conference concluded with a consensus that Nigeria must strengthen its insolvency institutions, enforce ethical codes for practitioners, and improve access to restructuring mechanisms to safeguard businesses and the wider economy.