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The Director General of the Nigeria Employers Consultative Association (NECA), Adewale-Smatt Oyerinde, has reaffirmed the association’s commitment to partnering with the Federal Government and stakeholders in implementing migration reforms that will engender dignity and economic growth.

Oyerinde stated this during the Stakeholders’ Sensitization Workshop on Expatriate Quota Reform, New Visa Regime and Post-Amnesty Programme held in Kano recently.

According to him, the association remains committed to fostering an economy where law, enterprise, and opportunity coexist.

He noted that the association was open to collaborating with stakeholders to transform the post-amnesty process into a model of structured inclusion, turning compliance into confidence and sustainable development for Nigeria and the wider African continent.

He disclosed further that the post-amnesty programmeintersects meaningfully with the objectives of the African Continental Free Trade Area (AfCFTA) by allowing for more unrestricted making the freer, more unrestricted movement of goods, services, and persons across Africa.

Thus, transparent and efficient migration systems become the backbone of economic integration.

‘Nigeria, the continent’s largest economy, must lead by example, demonstrating that lawful mobility and economic opportunity can coexist within a secure and predictable policy environment. For the private sector, the post-amnesty programme is both timely and necessary.

‘It ensures employers operate within clear legal parameters, protects enterprises from liability, and enhances workforce integrity.

‘It also contributes to enterprise sustainability by aligning workforce planning with national immigration frameworks.

NECA stands ready to collaborate with the Nigeria Immigration Service (NIS) in providing continuous engagement, capacity-building, and advocacy to ensure that this policy achieves its intended goals,’ he said.

Applauding the foresight of the Minister of Interior and the diligence of the NIS Comptroller-General in driving the reform agenda with balance and purpose, he stated that the post-amnesty programme convened by the Ministry demonstrates that migration can be managed in a way that protects national interest, promotes human dignity, and strengthens economic growth.

‘I must commend the Minister of Interior, Dr. Olubunmi Tunji-Ojo, whose visionary leadership continues to redefine the administration of internal security and migration in Nigeria.

His results-driven approach has positioned the ministry as a model of reform and accountability.

‘I also want to acknowledge the steady and pragmatic leadership of the Comptroller-General of Immigration, Kemi Nanna Nandap, mmis, fsm, whose commitment to operational excellence and humane enforcement is giving new credibility to the Nigeria Immigration Service,’ he said.

He described the ministry’s ambitious reforms, including the post-amnesty enforcement sensitisation, as a reflection of the federal government’s determination to move towards global realities and practices with fairness, clarity, and firmness.

‘We align with the ministry’s and NIS’s various initiatives because we are convinced that they are not punitive but restorative.

It offers foreign nationals who may have fallen out of compliance with immigration regulations a lawful path to regularisation, reinforcing Nigeria’s sovereignty and adherence to the rule of law.

This is what effective migration governance looks like, firm on standards yet humane in execution,’ he said.

He stressed that when governed by clear rules and strong institutions, migration remains a source of national strength.

He also emphasised the need for regularisation of the process to help create visibility within the system, enabling the government to plan better, employers to comply confidently, and migrants to contribute productively.

Advancing the economic benefits of migration, he noted that properly documented people are more likely to work lawfully, pay taxes, and participate in the formal economy, thus enhancing social cohesion and reducing vulnerabilities linked to irregular status.

He explained that some of the bold steps taken by the Ministry on migration align totally with international labour and migration standards and conventions.

By anchoring thesensitisation process on such principles, the NIS is positioning Nigeria as a regional example of humane and structured migration management.

‘Globally, countries that have implemented similar regularisation exercises, such as Spain, Portugal, and Argentina, have recorded tangible socio-economic benefits, from improved labour compliance to expanded tax bases and better national security outcomes. Nigeria’s post-amnesty programme has that same potential.

He said that effective implementation can strengthen border management, support legitimate business operations, and enhance the country’s reputation as a rule-governed destination for investment and skilled migration,’ he said.

Governor Ademola Adeleke of Osun state has appealed for renewed diplomatic engagement between Nigeria and the United States of America over the recent security situation in the country.

In a statement issued by spokesperson, Mallam Olawale Rasheed, over the recent threat of security and diplomatic actions against Nigeria by President Donald Trump, Governor Adeleke threw his weight behind diplomatic solutions within the context of decades of productive and rewarding Nigeria-American diplomatic partnership.

‘I appeal to the Presidency of the United States of America to support Nigeria to fully implement the recently developed national security strategy. The new strategy is comprehensive and capable of taking on the monster of banditry and terroristic killings in many parts of the country.

The governor who commiserated with families of victims across the northern region said the American intervention is a wake up call to rigorously implement new security measures and forceful counter- terrorism actions in partnership with diplomatic allies, adding that ‘we need help from the United States and others to solve the terrorism challenge.

‘Nigeria suffers from unfortunate killings across Northern Nigeria which has claimed lives of many innocent citizens. We believe a high-powered engagement at the presidential level will particularly open to the American government the ongoing security operations, successes and challenges Nigeria is facing in the fight against terrorism.

‘We need our international partners to expand their support for the Nigerian security agencies and its political leadership to face national security challenges. Peaceful interface between Abuja and Washington holds the key rather than military intervention by the American government’, the Governor was quoted as saying.

Governor Adeleke who drums support of the political class for the Nigerian government over the ongoing face-off, further lauded the Presidency for its diplomatic moves to douse the tension and address genuine concerns of western partners especially the United States of America.

‘This is the time to unite as a nation to support the national leadership to frontally address internal and external threats for the protection of the citizenry. This is the time to back the President to enforce the letters and spirit of the constitution in all facets of national life. We need peace, not war to deepen our democracy and protect our citizens’, the governor said.

Nigerian Breweries Plc, Nigeria’s foremost brewing company, continues to progress its ambition to achieve net-zero carbon emissions in production by 2030 across its operations nationwide. The Corporate Affairs Director, Nigerian Breweries Plc, Uzodinma Odenigbo, stated this during a media parley/engagement session on Friday, October 10, 2025.

Odenigbo explained that the company has made significant investments in renewable energy solutions such as biomass, solar and energy-efficiency projects across its breweries to reduce carbon emissions across its breweries and have signed power purchase agreements to this effect.

He explained that over the last few years, the company had signed many power purchase agreements with different renewable energy firms to reduce its dependence on non-renewable energy sources.

He disclosed that the company has spent over N2.5 billion supporting its carbon reduction ambition across its operations as part of the Brew a Better World sustainability strategy.

In addition, he noted that the company has committed considerable resources by contributing to water-replenishment projects in water-stressed areas, including support for the Olokomeji reforestation initiative, where over 300,000 trees have been planted in Ogun State, Nigeria, through external partnerships to support local watershed restoration.

‘As a company, we are advancing sustainability outcomes through our Brew a Better World initiatives. Over the past few years, we have made notable investments in renewable energy as part of our transition toward net-zero operations that many people are unaware of. We are also signing power purchase agreements to further reduce our national carbon footprint and progress toward our long-term net-zero ambition,’ he said.

He stated that the company will continue to empower its host communities by investing in capacity building for its people and expanding its operations to create employment opportunities. He disclosed that the company recently invested over N200 million in skill acquisition and constructed a cassava milling plant in Kaduna and Awo-Omamma, respectively.

He noted that the company, in collaboration with other members of the Beer Sectoral Group (BSG) and in partnership with the FRSC, continues to implement its annual advocacy campaign promoting responsible alcohol consumption among commercial drivers, with potential to reach up to a thousand drivers by December 2025.

Reiterating the company’s commitment to promoting environmental sustainability and responsible production practices across its value chain, the Corporate Affairs Director emphasised the significance of the company’s long-standing investment in reusable glass packaging, which supports packaging circularity and aligns with global sustainability practices.

NIGERIAN banks have further strengthened their positions among Africa’s financial heavyweights, cementing dominance in the Top 300 Banks in the World ranking, even as regulators across the continent push for higher capital thresholds to safeguard stability amid rising economic headwinds.

The latest ranking, compiled by The Banker magazine, showed that Nigerian financial institutions, including Zenith Bank, Access Holdings, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), and First Bank Holdings, continue to lead their African peers in capital strength, profitability, and asset growth.

Experts attributed the resilience of Nigerian banks to ongoing reforms by the Central Bank of Nigeria (CBN), strong regional diversification, and a growing digital banking ecosystem that has boosted non-interest income. ‘Nigerian banks have shown remarkable adaptability in a volatile macroeconomic environment,’ said financial analyst Bismarck Rewane. ‘They have leveraged technology, scale, and cross-border expansion to maintain profitability despite currency pressures and inflation.’

Across Africa, regulators in Nigeria, Kenya, and other jurisdictions are demanding tougher capital buffers in response to currency depreciation, loan concentration risks, and global monetary tightening. The CBN’s recent directive for banks to raise fresh capital – aimed at fortifying balance sheets and supporting credit expansion – is expected to spur a new wave of mergers and recapitalisation.

Industry observers said the sustained global recognition of Nigerian banks reflects their growing role in continental finance and their ability to withstand systemic shocks. ‘This ranking confirms that Nigerian banks remain the anchor of Africa’s financial system,’ noted Uche Uwaleke, professor of capital market studies.

With the CBN’s recapitalisation drive underway, analysts predict that Nigerian banks are well-positioned to consolidate further gains and expand their continental footprint in the coming years.

INVESTOR confidence in Nigeria’s debt market remained strong as participants maintained robust interest in long-dated Federal Government of Nigeria (FGN) Bonds during the October auction conducted by the Debt Management Office (DMO). The auction, which opened the trading week, saw the DMO offer ?260 billion across two tenors – August 2030 (5-Year) and June 2032 (7-Year) bonds.

Despite the challenging macroeconomic environment, demand for the instruments was overwhelming, with total subscriptions reaching ?1.27 trillion, representing more than four times the amount on offer. The 5-Year bond received ?212.66 billion in bids, while the 7-Year paper attracted a massive ?1.06 trillion, underscoring investors’ preference for longer-term maturities.

Following the strong interest, the DMO allotted ?87.80 billion and ?225.97 billion for the 5-Year and 7-Year bonds, respectively – a total of ?313.77 billion, exceeding the initial offer size. The oversubscription reflects both liquidity in the financial system and growing confidence in the federal government’s debt strategy, which continues to emphasize transparency and consistency in funding fiscal obligations.

Interestingly, stop rates declined slightly compared to the previous auction. The 5-Year bond cleared at 15.83%, down from 16.00%, while the 7-Year bond settled at 15.85%, lower than 16.20% recorded earlier.

Analysts interpreted the drop in rates as a sign of sustained investor optimism and expectations that yields have peaked amid the Central Bank of Nigeria’s (CBN) continued tightening stance.

Market experts attributed the heightened demand to attractive real returns relative to inflation expectations and the DMO’s consistent issuance pattern, which has helped build investor confidence. ‘The oversubscription signals the depth of demand for government securities, particularly among institutional investors seeking safe and stable returns,’ one fixed-income analyst told BusinessDay.

The success of the auction also suggests that investors are taking a long-term view of Nigeria’s fiscal and monetary policy outlook, especially as the government intensifies efforts to stabilize inflation and exchange rate volatility.

With the DMO expected to maintain its issuance calendar into the last quarter of 2025, analysts anticipate continued strong performance in the bond market, supported by robust participation from pension funds, asset managers, and foreign investors looking to lock in favorable yields on Nigerian sovereign debt.

Overall, the October auction reaffirms the resilience of Nigeria’s domestic debt market and the sustained investor appetite for long-term FGN Bonds despite ongoing economic headwinds.

FIRSTHOLDCO Plc has sustained its growth momentum across core business segments, reporting a 17.1 percent year-on-year increase in gross earnings to ?2.64 trillion for the nine months ended September 30, 2025, compared to ?2.25 trillion in the corresponding period of 2024.

According to the unaudited results released by the Group, interest income rose sharply by 40.4 per cent to ?2.29 trillion from ?1.63 trillion in September 2024, reflecting improved asset yields and loan book expansion. Net interest income also climbed 71.7 per cent year-on-year to ?1.5 trillion, buoyed by stronger core banking operations.

However, non-interest income declined 49.2 percent to ?296.9 billion, while impairment charges for credit losses surged 68.6 percent to ?288.9 billion, reflecting prudent risk provisioning in a volatile operating environment.

Operating income rose 23.2 percent to ?1.80 trillion, though profit before tax slipped 7.3 percent to ?566.5 billion, down from ?610.9 billion a year earlier. Profit after tax also fell by 15.5 percent to ?450.9 billion, largely due to reduced fair value gains and higher operating costs, which jumped 39.3 percent to ?942.7 billion.

Despite the profit decline, the Group maintained balance sheet stability, with total assets at ?26.4 trillion, marginally lower than ?26.5 trillion as of December 2024. Customer deposits rose 4.2 percent year-to-date to ?17.9 trillion, while net loans and advances increased by 9 percent to ?9.6 trillion.

Key performance ratios show that FirstHoldCo maintained a post-tax return on average equity of 19.9 per cent and a post-tax return on assets of 2.3 percent. The Group’s cost-to-income ratio stood at 52.4 per cent, compared with 46.4 percent a year earlier, while the non-performing loan (NPL) ratio improved to 8.5 per cent from 10.2 percent in December 2024.

Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a reflection of the Group’s underlying resilience and commitment to sustainable growth.

‘FirstHoldCo has once again demonstrated solid earnings capability,’ Oyedeji said. ‘Our interest and operating income grew strongly by 40.4 percent and 23.2 percent, respectively, supported by a 26.9 percent rise in fees and commission income. The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives.’

He noted that the Group’s strategic risk management measures were already yielding results, as seen in the improved asset quality.

On the recapitalisation of FirstBank, Oyedeji disclosed that the first phase of its private placement capital raise had been successfully executed and is awaiting final regulatory approvals.

‘We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with the new minimum capital requirements by year-end,’ he said. ‘Subsequent capital raising rounds will further enhance our financial solutions and support value-accretive initiatives.’

Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, noting that FirstHoldCo remains well-positioned to deliver stronger shareholder value through operational scalability and prudent capital management.

NIGERIA’S exit from the Financial Action Task Force (FATF) grey list has triggered a wave of renewed optimism across the country’s financial markets, with the naira surging to its strongest level in nearly a year, external reserves crossing the $43 billion mark, and investor confidence returning to levels not seen since 2019.

The development, analysts said, is both a vote of confidence in Nigeria’s reform path and a validation of the Central Bank of Nigeria’s (CBN) deliberate strategy to restore stability and transparency to the foreign exchange (FX) market.

Last week, the naira rallied to ?1,444.42/$ at the official market, its best performance in ten months as dollar holders rushed to offload their positions amid rising liquidity and optimism. At the parallel market, the local currency strengthened further to ?1,465/$, gaining about 15 percent since December 2024 when trading commenced on the CBN’s Electronic Foreign Exchange Matching System (EFEMS).

At the same time, Nigeria’s foreign reserves climbed to $43.1 billion as of October 28, 2025, up from $40.5 billion recorded in July, reflecting improved inflows from foreign portfolio investors (FPIs), international oil companies (IOCs), and rising oil earnings.

Expectedly, the market responded to the new confidence shift. The positive market sentiment has been underpinned by Nigeria’s formal removal from the FATF’s list of countries with strategic deficiencies in anti-money-laundering and counter-terrorist-financing regimes.

Dr. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), described the FATF’s decision as ‘a massive confidence booster that has removed tension and uncertainty from the financial markets.

‘The exit from the FATF grey list has restored trust, reassured investors, and induced calm in the market. The impact is visible as the naira appreciates against the dollar and the gap between official and parallel rates continues to narrow,’ Gwadabe said.

CBN Governor Olayemi Cardoso hailed the milestone as a validation of Nigeria’s ongoing structural reforms. ‘The FATF’s decision to delist Nigeria is a strong affirmation of our reform trajectory and the growing integrity of our financial system. It reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains and strengthen confidence further,’ Cardoso said.

The FATF, based in Paris and backed by the World Bank and the International Monetary Fund (IMF), is the world’s leading inter-governmental watchdog against money laundering and terrorist financing. The body sets international standards and monitors compliance among its 40 member nations.

Nigeria was placed on the grey list in February 2023 following gaps identified in supervision, enforcement, and transparency in financial transactions. The delisting, alongside that of South Africa, Mozambique, and Burkina Faso signals significant improvement in Nigeria’s compliance regime.

The FATF noted that by strengthening regulatory oversight and tightening enforcement against illicit financial flows, these countries have met the global standards required for delisting, improving their reputational standing among international lenders and investors.

For Nigeria, the removal carries far-reaching implications: it paves the way for easier cross-border transactions, improved credit ratings, lower cost of borrowing, and stronger global partnerships. Businesses are also expected to experience fewer restrictions in opening foreign bank accounts and conducting dollar-denominated transactions.

Nigeria’s renewed momentum is closely tied to the CBN’s policy reforms aimed at rebuilding confidence and restoring balance to the FX ecosystem. Since assuming office in October 2023, Governor Cardoso has prioritised key reforms, including unifying multiple exchange rates, clearing FX backlogs, introducing the FX Market Conduct Code, and launching the Electronic Foreign Exchange Matching System (EFEMS), a digital trading platform designed to enhance transparency and eliminate arbitrage opportunities.

The CBN has also lifted restrictions on 41 import items previously barred from accessing FX at the official window, a move that has improved liquidity and boosted investor confidence.

Cardoso said these steps were necessary to ‘restore transparency and fairness’ and eliminate the distortions that plagued the FX market for years. ‘We have cleared over $7 billion in outstanding foreign exchange obligations, giving businesses, from manufacturers to airlines, the confidence to plan and invest. Our next focus is to deepen reforms that make the FX market more efficient and credible,’ he noted during the recent Monetary Policy Committee (MPC) meeting.

The results are becoming evident. Nigeria’s current account balance recorded a surplus of $5.28 billion in Q2 2025, up from $2.85 billion in Q1, reflecting stronger non-oil exports, improved remittances, and rising oil receipts.

Foreign portfolio investors have started re-entering the market, encouraged by improved liquidity, a more transparent FX framework, and macroeconomic reforms. These inflows, along with CBN interventions, have helped stabilise the naira and reduce speculative activities.

In Lagos’ financial hub, Bureaux De Change operators confirm a noticeable shift in trading behaviour. ‘Many dealers are now selling at a loss because the rate is appreciating faster than they expected. Speculators who hoarded dollars earlier in the year are now offloading them, which is further strengthening the naira,’ said Garuba Sarki, a trader based in Marina.

Analysts at Commercio Partners attributed the market’s stability to a mix of improved reserve accretion, reduced speculative trading, and renewed investor optimism. Head of Research, Ifeanyi Ubah, noted that ‘Nigeria’s current rally appears more sustainable than previous cycles of temporary gains, given the healthier reserve position and stronger macroeconomic coordination between monetary and fiscal authorities.’

The introduction of the Nigeria Foreign Exchange Market Conduct Code, popularly known as the FX Code, has been one of the CBN’s most impactful reforms. The framework mandates ethical conduct, transparency, and sound governance in FX transactions, aligning Nigeria’s practices with international standards.

The Code rests on six core principles: ethics, governance, execution, information sharing, risk management and compliance, and settlement discipline. It empowers the CBN to enforce standards and penalise infractions in line with the CBN Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020.

Cardoso described the code as ‘a decisive step toward ending opaque practices and restoring discipline to the market,’ adding that ‘violations will attract strict penalties.’

Gwadabe of ABCON said the FX Code has also curtailed unethical behaviour among dealers and fostered stability:

‘It’s a game-changer. It enhances transparency and accountability, making the market more predictable and stable.’

Despite the upbeat outlook, experts caution that sustaining the gains will require consistent macroeconomic discipline, improved oil production, and continued focus on diversifying export earnings. They stress that the CBN must maintain tight surveillance on FX operations, deepen coordination with fiscal authorities, and continue to engage market operators to ensure reforms remain credible and transparent.

For now, however, Nigeria’s financial markets appear to be entering a new phase of confidence and stability. The naira’s rally, rising reserves, and positive investor sentiment underscore the tangible benefits of structural reform and policy consistency of the CBN.

As Nigeria consolidates its FATF delisting and continues to strengthen its financial integrity framework, the country may well be laying the foundation for a more stable, open, and globally trusted economy, one that finally converts reform rhetoric into measurable economic resilience.

Despite the challenges which have continued to retard the growth of the nation’s manufacturing sector, the Manufacturers Association of Nigeria (MAN) has expressed the optimism that the sector would experience a 3.1 per cent growth, from the 1.6 per cent recorded in Q2 of 2025; and also up its contribution to 10.2 per cent, from 7.81 per cent, recorded same period.

The association, in its recently-released MCCI Report, also called on the federal government to approve the N1 trillion stabilisation fund for manufacturers, and direct the CBN to increase the capital base of the Bank of Industry (BOI) , to enable it to meet the credit demand of industries.

The study hinges its optimism of a better fortune for the sector in the coming year on the effective execution of incentives under the new tax laws, the operationalisation of the National Single Window Project, and purposeful implementation of the Nigeria Industrial Policy.

The Report, which reflected the views of 500 member- Chief Executives, about the sector, also projected a further appreciation of the Naira to N1,300-N1,400/$, a development, it stated, would be driven by global oil price recovery, stronger external reserves, robust export earnings, increased foreign investments and remittance inflows.

Another soothing news from the study is its prediction of a deceleration of headline inflation, at 18.02 per cent in September, 2025, to 14 per cent in 2026.

‘The CBN is anticipated to implement further cuts in the benchmark interest rate to about 23 per cent , in line with the disinflationary trend and to stimulate credit expansion and output growth,’ it stated.

The study noted that further reduction in lending rates and completion of the bank recapitalisation exercise would enhance credit availability to manufacturers, strengthen investment and capacity utilisation.

It however identified the decline in oil productions, as witnessed in August and September, this year, as one of the biggest threats to the hard-won stabilisation in the economy.

While commending the apex bank’s recent benchmark interest rate cut, describing it as signalling a ‘welcome policy shift’, the study would however want a further reduction in the benchmark interest rate by at least 200-300 basis points, over the next two quarters, to make credit affordable for manufacturers.

‘High average lending rates of 36.6 per cent, reduction in credit access to N7.72 Trillion and rising unsold inventories of N1.04 trillion continue to limit performance,’ the study noted.

Speaking on2025 MAN Think-tank and MAN CEO’s Confidence Index (MCCI), the association’s President, Otunba Francis Meshioye, described it as a strategic platform, designed to x-ray manufacturing performance, identify binding constraints and co-creating a robust roadmap that will positively influence the sector’s narratives in the years ahead.

A few days ago, we had some friends over for lunch in our home. Of course, this meant spending some time in the kitchen. Since my wife and I live alone (all our children are grown up, and they are all in their spaces), I had to help her in the kitchen. She wanted to make some ‘moin-moin’ (bean cake) and soaked the beans she was to use. When I saw that she had so much to do, I offered to help with blending the beans. I decided to use the smoothie machine instead of our regular blender. After pouring the beans into the blending container, I covered and clicked it into place, expecting to hear the loud whirl of the grinding blade. Nothing happened. I removed it and clicked it in place again. Still nothing. For a moment, I thought the machine was spoilt. Then my eyes alighted on the wire. It was unplugged. Disconnected from the power source. It was as if a light bulb came on in my brain. Even though the machine had the inherent potential to blend because that was the purpose it was created to serve, that capacity was crippled without the deployment of power. And power could not be deployed without a connection to the source of that activating power. Then it made sense. Power is the currency of potential. But for latent energy (potential) to become kinetic (manifested power), a connection is essential.

Power serves purpose. The aberration of power is when it is deployed outside purpose. If I had plugged in the power without a need to deploy the blender’s purpose, the power would be potently available, alright, but it would be dormant and of no meaningful use at that time. Even if I clicked the container on without filling it with anything, the machine would still kick off, but it could damage the motor because it was not designed to run empty. Power finds definition, meaning and relevance in the purpose that it serves.

Your purpose is bigger than your ego because its design and intent are bigger than you.

Power is a component of the tool kit of identity, the progenitor of purpose. I used that machine instead of regular blender because as a smoothie machine, its motor is more powerful, and blends faster and smoother than that of the regular blender. Knowing WHO you are signposts what you were designed to do. The barking of a dog is an alarm system that indicates that something is amiss, like the presence of a stranger on the premises. But when a dog barks needlessly, we know something is wrong, but with the dog, not its surroundings.

To appreciate and effectively deploy power, first be rooted in your identity: ‘WHO am I?’ If you don’t know who you are, how will you know WHAT you are wired to do?

A pen is called so because it writes. The ink in it is the power that enables it to do that, thereby legitimizing its cognomen. No matter how beautiful the pen is, when the ink is dry, the pen is useless. Of what use is a hawk that cannot hunt chickens? No animal would fear a lion that neither roars nor hunts. A soldier’s honour is not so much from the uniform he wears as it is in his battle exposure and experience. Nobody thinks much of a soldier who has never been exposed to the field of combat.

Power abuse is what happens when the one wielding power has not found an alignment between his identity and his purpose. Where there is a misalignment, the pursuit of power is always driven by a competitive desire that just wants to prove a point or make a social statement. Deployed in that mindless manner, power is capable of destroying many things around it or even the one deploying it for a purpose outside of its design. You may have heard the statement, ‘the best form of revenge is success’. Wrong. The power that godly success gives was never given as a weapon of vengeance but as an instrument to honour God and serve people.

The identity crisis is resolved in the purview of the original owner, custodian and dispenser of power, God. Look at identity as the socket and purpose as the plug. To activate power, there must be a connection. What was designed to be operated by electric power dispensing over 1000 watts cannot be successfully run with a car battery, even though the battery also generates power. Power is always commensurate with the assignment it was designed to deliver. If you connect electricity directly from the transmission lines into a house, you may end up burning down an entire community. Homes are powered with power drawn from transformers that have tempered the force of energy from the overhead transmission lines.

To be effective, power plays the tune of the source that produced it. All power is therefore deployed by PERMISSION. Everything on earth has a SOURCE. Only a connection with the source of power gives you access to it. Books and literacy give you access to intellectual power, with the school system as the connecting wire. Politics gives you access to political power. Diligent enterprise is the legitimate connection to financial power. However, whether you get it by education, politics, wealth, social or religious acclaim, power can never resolve your identity crisis. This is why several people regarded by society as highly successful in these areas are still miserable and lonely, with the lives of many of them falling apart while the world applauds them on the outside. The source of anything determines capacity and limits of function and in contemporary parlance, creates an operating manual around the product. With those in place, the manufacturer puts a warranty on it. The warrantee covers a period of time within which, if anything happens to the product in the course of usage according to specifications, the manufacturer has the responsibility to fix it. Acts of negligence or willful damage are excluded under the warranty.

God is your Maker. Your life comes with His warranty. Granted, you may have voided the warranty through misalignment. This is where GRACE steps in when you choose to reconnect to His plan and purpose for YOU. Whatever or whoever gives you instruction can also give you directions. When the connection is right, and the source is active, neither the socket nor the plug wonders where the power will come from because the connection naturally activates power. Whether you believe it or not, God is the power grid of creation. Christ is the transformer. His grace and your faith are the wires that make connection easy.

You are not powerless. You are just disconnected. Reconnection is not by some legalistic display of hollow piety. God’s power is plug and play, activated on demand, but through Christ, the transforming connection between identity, purpose and power. Find yourself and your purpose in God’s redemption plan, and power becomes your servant, not your master; a tool to be deployed, not a cause to be pursued.

Remember, the sky is not your limit. God is!

THE Corporate Affairs Commission (CAC)’s firm pledge of support for the National Insurance Commission (NAICOM) in implementing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 marks a significant boost to ongoing efforts to strengthen and reposition Nigeria’s insurance sector. With both agencies aligned, stakeholders see a renewed opportunity to build a more resilient, transparent, and investor-friendly industry capable of playing a greater role in the nation’s economic transformation.

At the heart of this reform is a bold 12-month recapitalisation timeline that seeks to strengthen the solvency, resilience, and credibility of the insurance sector. For an industry long regarded as underperforming despite its vast potential, the backing of CAC could mark a turning point in efforts to build a stronger, more reliable market that commands the trust of Nigerians and investors alike.

During a courtesy visit to the CAC headquarters in Abuja, the Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, and his team outlined NAICOM’s roadmap for implementing NIIRA 2025. The discussions centred on the role of the CAC in facilitating recapitalisation, which will require insurance operators to significantly boost their financial base within a one-year window. The CFI expressed gratitude for the warm reception from the Registrar-General of the CAC, Barr. Hussaini Magaji, and underscored the importance of the Commission’s collaboration in achieving the objectives of the reform law. According to him, the recapitalisation exercise is not merely an administrative requirement but a strategic imperative for the insurance industry to emerge stronger, more competitive, and better positioned to serve the Nigerian economy.

In response, Magaji commended NAICOM’s determination to drive reform and pledged that the CAC would provide full institutional support to ensure a seamless transition. He explained that the CAC would issue guidelines to facilitate the recapitalisation process, enhance data exchange between both agencies, and offer concessions as well as expedited clearances to support insurance firms through the transition period. He reaffirmed that these steps align with President Bola Tinubu’s broader vision of building a resilient economy and creating a stronger financial services sector. He also highlighted the long-standing collaboration between the CAC and NAICOM in promoting corporate governance, market growth, and institutional reforms.

The issue of recapitalisation has long been a sore point in Nigeria’s insurance landscape. Previous attempts by regulators to compel operators to raise capital to globally competitive levels have met stiff resistance, often stalling due to litigation, policy reversals, or lack of political will. For years, analysts have argued that the low capital base of many Nigerian insurance companies has limited their capacity to underwrite large risks, weakened their ability to promptly settle claims, and eroded public confidence in insurance as a safety net. With insurance penetration still hovering below one percent in one of Africa’s largest economy, stakeholders have consistently maintained that only a stronger, better-capitalised industry can reverse the trend.

The NIIRA 2025 is therefore being hailed as a bold attempt to finally address these structural weaknesses. For NAICOM, the success of the recapitalisation effort is not just about compliance with regulations but about fundamentally reshaping the industry’s role in Nigeria’s financial system.

Omosehin, who assumed office with a clear mandate to deepen market confidence and boost insurance penetration, has repeatedly emphasised that recapitalisation will equip operators with the financial strength to settle claims promptly, expand into new product lines, and attract the confidence of both domestic and foreign investors. The Commission’s firm stance on the 12-month deadline signals a new resolve to ensure the process is not derailed.

Industry experts note that the CAC’s involvement is crucial because recapitalisation requires corporate restructuring, mergers, acquisitions, and fresh equity injections, all of which must pass through the CAC’s regulatory purview. By pledging to streamline processes, offer concessions, and enhance data collaboration, the CAC is effectively reducing the bureaucratic bottlenecks that often frustrate such exercises. Observers say this synergy could be the decisive factor in ensuring that NIIRA 2025 does not go the way of previous failed reforms.

The insurance industry itself is watching closely. For larger, well-capitalised firms, recapitalisation presents an opportunity to consolidate market share and attract new lines of business. For smaller operators, however, the short timeline may prove daunting. Some may need to seek mergers, attract strategic investors, or exit the market altogether.

Already, there are talks in the industry about possible consolidations, with stronger players potentially absorbing weaker ones to meet the new requirements. While this could reduce the number of operators, proponents argue that it would lead to a more stable and credible market, better able to shoulder large risks in critical sectors such as oil and gas, aviation, infrastructure, and agriculture.

Beyond the balance sheets, recapitalisation has wider implications for Nigeria’s economic development. Insurance is widely recognised as a key pillar for mobilising long-term funds, protecting businesses, and driving investment. A strong insurance sector is critical to achieving the federal government’s ambitions for industrialisation, infrastructure renewal, and inclusive growth. By building stronger insurers, NIIRA 2025 could help unlock new financing for critical projects, provide reliable risk cover for small and medium enterprises, and offer Nigerians more innovative insurance products that resonate with their daily lives.

Yet, despite the optimism, the path ahead is not without challenges. Raising capital in Nigeria’s current economic environment, marked by inflationary pressures, currency volatility, and tight liquidity may prove difficult for many operators. Investor confidence has been shaken in recent years by policy inconsistencies and a sluggish business environment. For recapitalisation to succeed, experts argue, NAICOM, CAC, and other stakeholders must provide a clear, transparent, and supportive framework that reassures investors and encourages long-term commitments.

Another challenge is communication. Many Nigerians still view insurance with skepticism, often citing delayed or denied claims. For recapitalisation to translate into real market growth, insurers must pair stronger capitalisation with a renewed focus on customer service, product innovation, and timely claims settlement. Without this, higher capital bases may not necessarily translate into higher trust or increased penetration.

However, for Barr. Magaji, the opportunity outweighs the obstacles. He reiterated that the CAC is committed to aligning with NAICOM to ensure that the reform delivers its intended impact. He stressed that the insurance industry must seize the moment to reposition itself as a credible, trustworthy, and indispensable component of Nigeria’s financial system. His assurance that the CAC will issue tailored guidelines, enhance data exchange, and expedite clearances reflects a pragmatic approach to smoothing the recapitalisation journey.

For NAICOM, the meeting with CAC represents more than just another stakeholder engagement. It signals a new era of institutional collaboration aimed at strengthening Nigeria’s financial system. With CAC’s backing, NAICOM has secured an ally that wields significant influence over the corporate restructuring processes that recapitalisation will demand. Together, both agencies appear committed to ensuring that NIIRA 2025 sets the stage for a stronger, more resilient insurance industry that contributes meaningfully to Nigeria’s economic transformation.

The coming months will therefore be critical. Insurers will need to roll up their sleeves, engage potential investors, restructure where necessary, and demonstrate to regulators that they can meet the 12-month deadline. For consumers, the expectation is that recapitalisation will translate into better service delivery, quicker claims payments, and more innovative products. For the government, success would mean a stronger insurance industry capable of mobilising funds, protecting businesses, and driving growth.

The insurance industry in Nigeria has long been described as a sleeping giant. With the NIIRA 2025 reform, the 12-month recapitalisation push, and the support of the CAC, there is now a rare chance to awaken that giant. Whether the industry seizes the opportunity or allows it to slip through its fingers will be determined in the months ahead. What is clear, however, is that the stakes have never been higher.