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The federal government has taken decisive steps to reform the nation’s deficient addressing system, long hampered by poor institutional coordination, inter-agency friction, and a lack of synergy among key state actors.

?At a meeting of the National Addressing Council (NAC), participating institutions ratified a preliminary framework designed to align operations and realise Nigeria’s vision of a digitised, modern national addressing infrastructure.

?Stakeholders observed that the National Addressing Policy of 2017 had become obsolete due to sweeping institutional, statutory, constitutional, and technological shifts. The previous framework focused narrowly on mail delivery, postcodes, and traditional postal infrastructure, fostering significant institutional misalignment.

?Under the outgoing arrangement, citizen address verification fell under the purview of the National Bureau of Statistics, whilst business address verification was entirely excluded. Furthermore, outdated council structures anchored in defunct ministry frameworks failed to reflect contemporary governance realities.

?Executive leadership pushes transition from crisis management to unity

?Under the restructured framework, the Federal Ministry of Science, Technology and Innovation will provide the secretariat to enhance administrative efficiency and inter-agency coordination.

?Vice President Kashim Shettima, who chairs the NAC, convened key public and private sector stakeholders to launch the revamped system. He urged the council to move away from reactive crisis management and operate as a unified entity to establish a standardised addressing architecture for the country.

?Addressing the council, Vice President Shettima charged members to build a platform that simplifies location tracking for every community, supports commerce without administrative barriers, and strengthens governance without compromising citizen privacy.

?’Our objective should be simple: wherever a citizen lives, wherever a business operates, wherever help is required, Nigeria should find the address. This is the standard before us, and I am confident that the council will deliver,’ Senator Shettima noted.

?He added: ‘An address is more than just a description of where a person lives or where a business operates. It is a point of connection between the citizen and the state, between enterprise and opportunity, and between identity and service. A country that cannot consistently locate its people and businesses carries an avoidable weakness into planning, commerce, security, and social protection.’

?He warned that geography must never result in economic invisibility, emphasising that every Nigerian household and legitimate enterprise should be identifiable within a trusted national matrix.

?’Our digital addressing framework must connect intelligently with other digital identity registries, government databases, and wider digital public infrastructure,’ Vice President Shettima stated. ‘When a verified identity can be linked securely to a verified address, the gains extend across financial inclusion, social interventions, logistics, planning, and emergency response.’

?Clear institutional mandates assigned across government tiers

?The Federal Ministry of Science, Technology and Innovation, serving as the council’s secretariat, will guide technical implementation, systems integration, interoperability, and technical standards.

?Within the collaborative network, the National Identity Management Commission (NIMC) carries essential responsibility for individual address verification and authentication, whilst the Corporate Affairs Commission (CAC) will verify business addresses. The Nigerian Postal Service (NIPOST) remains central to postcode administration and physical postal infrastructure.

?Implementation at the grass-roots level will rely on state and local governments operating through the Nigeria Governors’ Forum (NGF) and the Association of Local Governments of Nigeria (ALGON). Simultaneously, bodies including the National Information Technology Development Agency (NITDA), the Nigeria Data Protection Commission (NDPC), the Office of the National Security Adviser (ONSA), the Central Bank of Nigeria (CBN), the Nigerian Communications Commission (NCC), and the Organized Private Sector (OPS) will align their respective mandates to support the rollout.

?Cabinet ministers and industry leaders endorse structural overhaul

?Minister of Interior Olubunmi Tunji-Ojo assured stakeholders that executive leadership under the Vice President would secure measurable outcomes and lay a firm foundation for broader economic expansion. He highlighted that a functional addressing system is fundamental to unlocking the potential of Nigerian entrepreneurs and restoring foreign investor confidence.

?’If news of this initiative spreads, it will generate significant investor interest, signalling that it is no longer business as usual, but business unusual,’ Minister Tunji-Ojo added.

?Minister of Innovation, Science and Technology Kingsley Udeh stated that the Vice President’s leadership is steering the council away from fragmented crisis management towards harmonious inter-agency collaboration, resolving long-standing coordination challenges.

?Echoing these sentiments, NIMC Director-General Abisoye Coker-Odusote identified historical inter-agency disagreements as a primary bottleneck and commended the presidency for successfully harmonising stakeholder operations.

?ALGON President Bello Lawal noted that the initiative will enhance national security, refine citizen identification, deepen financial inclusion, and improve local-level spatial planning and revenue generation.

?The meeting drew key leadership across sectors, including NDPC Chief Executive Officer Vincent Olatunji; NITDA Director-General Kashifu Inuwa Abdullahi; NGF Director-General Abdullateef Shittu; PalmPay Managing Director Chika Reginald Nwosu, representing the Fintech Association of Nigeria; OPay Managing Director Maxwell Loko; OPay Vice President Olabode James; and Digital Addressing Platform Managing Director Olusola Ayoola.

Nigerian billionaire businessman Tony Elumelu is set to receive another $14.45 million from Seplat Energy this week, taking his total dividend income from the energy company to about $35.3 million in 2026.

Elumelu, who is the incoming chairman of Seplat Energy and also chairs Heirs Holdings and Transcorp Group, is due to receive the payment on Friday, August 28, following the energy company’s declaration of a second-quarter interim and special dividend.

The latest payout will further strengthen the returns from his 20.07 percent stake in Seplat Energy, acquired through Heirs Energies in December 2025.

Seplat Energy declared an interim dividend of $0.05 per share and a special dividend of $0.07 per share for the second quarter of 2026, bringing the total payout to $0.12 per share and the company-wide distribution to approximately $72 million.

Based on his stake, Elumelu is expected to receive $14.45 million from the August 28 distribution, subject to applicable withholding tax.

The payment comes less than three months after he received $10.8 million from Seplat Energy on June 19 and follows a $9.99 million final dividend paid to him on May 29.

Together, the three payments will lift Elumelu’s dividend earnings from Seplat Energy this year to approximately $35.3 million.

The growing income stream highlights the financial significance of the stake acquired by Heirs Energies and the increasing cash returns being generated from the investment.

Elumelu’s exposure to Seplat Energy increased significantly on December 31, 2025, when Heirs Energies acquired a 20.07 percent interest in the company from Maurel and Prom for $496 million.

The stake has since risen in value to more than $1 billion, while continuing to generate substantial dividend income for Elumelu.

The investment has therefore delivered both capital appreciation and recurring cash returns within less than a year of the acquisition, underscoring the growing importance of Seplat Energy within Elumelu’s energy portfolio.

The stake also places the businessman among the largest individual beneficiaries of Seplat Energy’s dividend distributions.

The latest dividend comes as Seplat Energy reports a sharp improvement in financial performance during the first half of 2026.

The dual-listed independent energy company recorded net income of $164 million in the six months to June, representing a 498 percent increase from $27.4 million recorded in the corresponding period of 2025.

Revenue climbed 30 percent to $1.82 billion from $1.4 billion, driven by higher production and improved pricing across its operations.

Gross profit increased 68 percent to $816 million from $484.6 million, while adjusted EBITDA rose 28 percent to $938.6 million from $735 million.

Seplat Energy said stronger production, favourable commodity prices and lower operating costs supported the significant improvement in profitability during the period.

The company realised an average oil price of $94.13 per barrel, $7.47 above the Brent benchmark, further supporting earnings growth during the period.

The Forum of 37 APC State Youth Leaders has pledged its total support for the appointment of Ayodele Olawande as the Director of Youth Mobilization of the Presidential Campaign Council ahead of the 2027 general elections.

The Forum described the appointment as strategic and well-deserved, expressing confidence in Ayodele’s experience, grassroots connection and proven capacity to mobilize young people across the country.

A statement signed by its Chairman, Zaka Nehemiah and made a copy available to newsmen in Akure on Monday, also congratulated Abdul’Aziz Yari, on his appointment as Director-General of the Presidential Campaign Council.

The Forum particularly welcomed Ayodele’s appointment, noting that his experience as a former Youth Leader in Ondo State has equipped him with a strong understanding of grassroots mobilisation, youth engagement and political coordination.

According to the Forum, the appointment further underscores the importance of young people in the political process and reflects a commitment to giving youth leaders a meaningful role in the mobilisation and coordination of the 2027 campaign.

The Forum, which said it has a structure comprising more than 19,533 youth leaders across 17,802 wards, 1,548 Local Government Areas, 109 Senatorial Districts, the 36 states and the Federal Capital Territory, pledged its full support and cooperation with Olawande in the discharge of his responsibilities.

It assured that its members would deploy their grassroots structures and networks towards effective youth mobilisation and the broader objectives of the Presidential Campaign Council.

The Forum expressed confidence that the combination of Senator Yari’s leadership and Ayodele’s youth mobilisation experience would contribute significantly to a well-coordinated, inclusive and victory-oriented campaign ahead of the 2027 elections.

Niger’s military government has transferred a major uranium mining permit previously held by French nuclear company Orano SA to state-owned Tsumco SA, deepening a dispute that has strained relations between Niamey and one of its biggest foreign investors.

The permit covers the Somaïr uranium operation in the In Aouza area, which Niger took control of in June 2025 after accusing Orano of extracting more uranium than allowed under its operating agreement. Orano has rejected the takeover and is challenging Niger’s actions through several commercial courts.

The latest decision was approved at a cabinet meeting on Friday, according to minutes of the session, and gives the state greater control over one of the country’s most important uranium assets.

Orano previously held about 63 percent of Somaïr, while Niger’s state mining company held the remaining stake. The transfer to Tsumco marks another step in the military government’s effort to reshape the mining sector and increase state control over the country’s natural resources.

Uranium is strategically important because it is used to fuel nuclear power plants, making Niger’s mining industry significant beyond its borders. The country has long been an important uranium producer and supplier, particularly to European markets.

The dispute with Orano reflects the broader shift in Niger’s approach to foreign mining companies since the military took power three years ago. The government has increasingly sought greater control over natural resources and a larger share of the revenue generated from them.

Orano has not accepted the loss of Somaïr. The French company has launched legal proceedings against Niger in several commercial courts, leaving the future ownership and operation of the mine unresolved.

The government also awarded another uranium permit during Friday’s cabinet meeting. Madaouela Mining Co. received a permit covering the Madaouela project after agreeing to pay a fixed $10 million upfront fee.

The permit was previously revoked by Niger in July 2024. Its former holder, Canadian company GoviEx Uranium Inc., subsequently began arbitration proceedings against the government over the cancellation.

The two decisions reinforce a clear policy direction in Niger’s mining industry: greater state involvement and tighter control over strategic mineral assets.

For investors, that shift brings both opportunities and risks. Greater state participation could allow Niger to retain more value from its uranium resources, but disputes with foreign operators and the possibility of further changes to mining rights could make the country a more difficult investment environment.

The outcome of Orano’s legal challenges will be important. A ruling in favour of the French company could alter the government’s plans for Somaïr, while a decision supporting Niger could strengthen Niamey’s position in its push for greater control of the uranium industry.

For now, the transfer of the Somaïr permit signals that Niger’s military government is moving beyond rhetoric on resource nationalism and putting greater state ownership into practice.

Nigeria’s push to expand broadband access is facing a fresh hurdle at the state level, with some governments imposing application fees of up to N700,000 on telecom operators despite a national policy designed to make fibre deployment cheaper.

The charges are undermining the impact of the Federal Government’s N145-per-linear-metre right-of-way (RoW) policy, which was adopted by states following a 2020 directive of the National Economic Council to reduce the cost of laying fibre infrastructure across the country.

Data from the Nigerian Communications Commission (NCC) on the ease of doing business shows that compliance with the N145 benchmark remains uneven, with states applying additional fees or maintaining RoW charges far above the agreed rate.

Ekiti has adopted the N145-per-metre RoW charge but imposes an application fee of N700,000, the highest identified in the data. Taraba charges N350,000, while Cross River collects N250,000 despite also applying the N145 rate.

Adamawa, which has removed its RoW charge, still requires operators to pay N100,000 per application. Oyo adds N50,000 to the N145-per-metre charge, while Yobe imposes N25,000. Gombe, one of the lower-cost states, charges N10,000 in addition to the standard RoW fee.

The result is that the headline RoW rate no longer tells the full story of the cost of deploying fibre in many states.

The problem is even more pronounced in states that have not aligned with the N145 benchmark. Kano charges N2,754 per linear metre, Delta N2,706, Rivers N2,256, Akwa Ibom N2,000 and Osun N1,500. Ogun has the highest listed RoW charge at N6,600 per metre.

For telecom operators, the additional costs come at a time when fibre networks are becoming more important to Nigeria’s digital economy. Fibre provides the backbone for mobile networks, fixed broadband, data centres, cloud services and other digital infrastructure.

Higher deployment costs can therefore affect not only telecom companies but also the speed and economics of expanding connectivity into underserved areas.

Gbenga Adebayo, chairman of the Association of Licensed Telecom Operators of Nigeria, said some states have replaced formal RoW charges with other levies, making their apparent concessions less meaningful.

‘Some states, for example, will tell us right-of-way is zero, but you have to pay a developmental levy per linear meter,’ Adebayo added. He listed educational, environmental, effluent discharge, capital deployment and application fees among other charges operators may face.

The issue is particularly significant for states seeking to attract digital infrastructure investment. Fibre projects require large upfront capital, while returns can take years to develop, especially in areas with low population density or limited purchasing power.

That makes government-imposed costs an important factor in deciding where operators deploy first.

A state that charges N145 per metre but requires hundreds of thousands of naira in application fees may still be cheaper than one charging thousands of naira per metre. But when multiple levies are added to permits, inspections and other approvals, the difference between the states can become substantial.

The fragmented system also raises the risk that operators will concentrate investment in commercially attractive locations rather than expand evenly across the country.

Adebayo said some states have become commercially unattractive because of both the cost of RoW and the way approvals are handled.

The Federal Government’s original N145 policy was intended to remove one of the biggest barriers to fibre deployment by creating a predictable national framework. Six years later, the data suggests that the challenge has shifted from the headline RoW rate to enforcement, additional charges and state-level implementation.

For Nigeria, the stakes are larger than the cost of individual fibre projects. Broadband expansion depends on dense fibre networks, and the cost of those networks ultimately affects the economics of extending reliable internet services to more households and businesses.

‘Unless the federal and state governments can align the full cost of access, rather than only the headline RoW rate, the N145 policy risks delivering a cheaper price on paper without producing a proportionate reduction in the actual cost of building Nigeria’s digital infrastructure,’ Adebayo affirmed.

Anita Zugwai Chukwu, Presidential candidate of the Young Progressives Party (YPP), has withdrawn from the 2027 presidential race following concerns over the worsening security situation in parts of Nigeria.

Egbeola Wale-Martins, the YPP National Publicity Secretary, disclosed this in a statement on Monday, saying Chukwu formally communicated her decision to the party’s leadership in a letter dated August 12, 2026.

The clarification followed what the party described as rumours and misleading reports about the circumstances surrounding her withdrawal.

BusinessDay reports that Chukwu was elected the YPP presidential candidate at the party’s 3rd Elective National Convention and Presidential Primary on May 30, 2026, where members unanimously endorsed her to fly the party’s flag in the 2027 general election.

However, the party said she later reconsidered her decision after consultations with members of her immediate and extended family.

‘According to her, the decision was reached after extensive consideration of advice from members of her family concerning the prevailing security situation in several parts of the country,’ the statement said.

The YPP said her family was particularly concerned about the extensive travelling, movements and public exposure that would come with a nationwide presidential campaign.

According to the party, Chukwu therefore voluntarily stepped aside, while keeping open the possibility of serving the country at a safer opportunity in the future. The YPP also rejected claims that she was pressured into withdrawing.

‘The YPP wishes to state categorically that Mrs Anita Zugwai Chukwu’s decision was freely and voluntarily taken. There was no coercion, intimidation, pressure or undue influence from the party or any individual,’ it said.

Following her withdrawal, the party said it attempted to replace her with another qualified female aspirant but was unsuccessful. It subsequently conducted a fresh presidential substitution primary on August 21, 2026, producing Peter Agada as its new presidential candidate.

The party said Chukwu remained an important member of the YPP and that her withdrawal did not diminish its commitment to gender inclusion. The party urged its supporters and the public to disregard what it called unfounded narratives surrounding her decision.

Bello Muhammad Goronyo, the minister of State for Works, has opened a fresh political front ahead of the 2027 elections, publicly urging Seyi Makinde,Oyo State Governor to abandon his presidential ambition on the Allied Peoples Movement platform and join the ruling All Progressives Congress (APC) to bring Oyo closer to President Bola Tinubu’s government.

Goronyo made the call on Monday during the flag-off of the dualisation of the Ibadan-Ijebu Road in Ogun State, where Tinubu was represented by Ogun State Governor Dapo Abiodun.

Makinde, who is positioning himself for the 2027 presidential election on the APM platform, was absent from the event.

The minister described joining the APC as a ‘natural giant step’ that would enable Oyo State to align fully with the Federal Government and benefit from Tinubu’s Renewed Hope Agenda.

‘I therefore warmly welcome and openly invite His Excellency the Governor of Oyo State, Mr Engineer Seyi Makinde, to take the natural giant step into the All Progressives Congress, the APC,’ Goronyo said.

‘Come and align Oyo State fully with the centre under the Renewed Hope Agenda of President Asiwaju Bola Ahmed Tinubu.’

Goronyo also praised Abiodun for his contributions to infrastructure development in Ogun State and the wider South-West, saying the APC-led government was accelerating development through major infrastructure projects.

‘The central train of development is moving fast under our progressive banner,’ the minister said.

The invitation comes as political calculations intensify ahead of the 2027 general election, with parties and politicians increasingly seeking new alliances and platforms.

Makinde has remained one of the prominent figures associated with the opposition camp and is seeking to build a national platform for his presidential ambition.

His potential movement to the APC would represent a major political realignment in the South-West, given Oyo’s strategic importance in the region.

The Ibadan-Ijebu Road dualisation project is expected to improve connectivity between Oyo and Ogun states, reduce travel time and facilitate the movement of people and goods across the South-West.

The project is also part of the Federal Government’s broader infrastructure programme aimed at strengthening road networks and supporting economic activity.

Dignitaries at the ceremony included Minister of Works Dave Umahi, the Olubadan of Ibadan, Oba Rasheed Ladoja, Ogun State Deputy Governor Noimat Salako, and Sharafdeen Abiodun Ali, the APC governorship candidate in Oyo State.

Goronyo’s appeal adds a new dimension to the growing political realignments ahead of 2027, as the ruling party seeks to consolidate its influence across key states and regions.

The average fare for bus journeys within Nigerian cities rose to N1,431.25 in May 2026, up 38.63 percent from N1,032.46 a year earlier, according to data from the National Bureau of Statistics.

Okada fares rose even faster, increasing 52.45 percent year-on-year to N1,072.51, underscoring the growing cost of last-mile movement for businesses and consumers.

For online merchants, the increases add pressure to an already difficult operating environment. Businesses that depend on riders to move individual orders must either absorb higher delivery costs, pass them on to customers or find ways to reduce the number of trips required to fulfil orders.

The challenge is particularly important for small and medium-sized businesses, where delivery expenses can quickly erode profits on lower-value orders.

Against this backdrop, Nigerian technology company ChamsAccess is betting that coordinating multiple deliveries within the same area can help businesses reduce the cost of getting products to customers.

Its MarketRide platform brings consumers, merchants and riders into a single digital ecosystem through MarketRide User, MarketRide Merchant and MarketRide Go.

The logistics arm, MarketRide Go, uses a multi-order delivery model that allows riders to fulfil several orders within the same area during one trip. The approach is designed to reduce unnecessary mileage and fuel consumption while increasing the number of orders a rider can complete on a trip.

The model shifts the focus from simply adding more riders to improving how existing delivery capacity is used.

For riders, completing multiple orders on a single route could create an opportunity to increase earnings without a proportional increase in fuel consumption or travel distance. For merchants, fewer separate trips could potentially reduce the logistics cost attached to individual orders.

MarketRide Go also provides GPS tracking, OTP-based delivery verification, rider training, branded equipment and prompt payment settlement, according to ChamsAccess.

The company is entering a market where digital connectivity is already broad enough to support large-scale online commerce. Data from the Nigerian Communications Commission showed 154.35 million active internet subscriptions on mobile networks in April 2026.

But a large connected population does not automatically translate into an efficient delivery network.

The economics of multi-order delivery depend on density. MarketRide will need sufficient numbers of merchants, customers and riders operating within the same locations to ensure that several orders can be grouped into efficient routes.

That makes scale one of the biggest tests for the platform as it seeks to expand beyond individual transactions and build a network effect around delivery.

On the merchant side, MarketRide Merchant provides order management, automated rider dispatch, sales monitoring and customer insights.

ChamsAccess says merchants will pay commissions ranging from five percent to 15 percent, depending on the service and category. The company says this compares with platforms where commissions and related charges can exceed 30 percent, although a broader market comparison would be required to establish how its pricing compares across Nigeria’s delivery industry.

The pressure created by transport costs, meanwhile, extends beyond delivery companies.

Higher fares can increase the final price consumers pay for products purchased online, particularly when merchants are unable or unwilling to absorb the additional logistics expense. That creates a potential feedback loop in which higher delivery costs discourage purchases, while lower order volumes make it harder for delivery networks to achieve the density needed to reduce costs.

For Nigerian online businesses, the issue is therefore becoming less about whether delivery is available and more about whether it can remain affordable as transportation costs rise.

Olayemi Odufeso, chief executive officer of ChamsAccess, said MarketRide was built to connect entrepreneurs with consumers while addressing inefficiencies in digital commerce logistics.

‘We built MarketRide to close the gap between ambitious entrepreneurs, and consumers ready to embrace digital commerce. This is not just for Lagos, but for every urban centre where inefficient logistics is holding back economic growth,’ Odufeso stated.

The bet reflects a broader shift in Nigeria’s delivery market: as transportation becomes more expensive, businesses have a greater incentive to make each trip carry more economic value.

For platforms such as MarketRide, success will ultimately depend on whether that coordination can translate into lower costs for merchants and consumers while giving riders enough orders on each route to make the model commercially sustainable.

With bus fares up almost 39 percent and Okada fares rising more than 52 percent in a year, the pressure to achieve more from every delivery trip is becoming harder for Nigerian businesses to ignore.

Fortis Global Insurance Plc is moving into a new phase of growth after successfully strengthening its capital base, settling legacy obligations and restoring stability to its operations, with management now turning its attention to expanding premiums, improving customer service and using technology to deepen insurance penetration.

Bode Akinboye, group managing director of Fortis Global Holdings, said the insurer had completed much of the difficult work required to stabilise the business and was now focused on translating its stronger financial position into sustainable growth.

Akinboye said the company had stabilised its capital, revalued its assets, injected additional cash into the business and addressed long-outstanding obligations, giving it a stronger platform to compete in the market.

‘We have stabilised the capital of the company, revalued the assets, injected additional cash into the business, and also paid off the long-outstanding debt,’ he said.

The successful recapitalisation has shifted the company’s immediate focus from survival and balance-sheet repair to growth, with management identifying human capital, technology, product development and distribution as the key drivers of the next phase.

‘If it’s capital, we have the capital. If it’s knowledge, we have knowledge. But the more people you have, the better the knowledge and the resources. You need people to turn institutions around,’ Akinboye said.

He said Fortis Global was strengthening its workforce through training and motivation while also reviewing its products and pricing to make them more responsive to customers and market opportunities.

The company is also placing claims settlement at the centre of its strategy to rebuild customer confidence. Akinboye said Fortis Global had paid almost N700 million in outstanding pension benefits and had sustained monthly payments to pensioners, while also settling substantial obligations relating to investment-linked policies, group life and other claims.

In total, he said, the company had exceeded N2 billion in payments to stabilise retail customers.

‘We are now at the point where anybody who calls to ask for their claim, we just reconcile that, verify, and pay,’ he said.

For Akinboye, the ability to pay genuine claims promptly is the foundation on which an insurer’s reputation must be built.

‘The only reason an insurance company is a business is to pay claims. If you are not paying claims, you have no story to tell,’ he said.

With the clean-up largely completed, Fortis Global is now preparing to pursue more aggressive premium growth. Akinboye said the company had previously been unable to focus fully on growing its top line because management was occupied with resolving legacy issues.

‘We are done with house-cleaning. We are now out to engage with our customers,’ he said.

The company’s growth strategy will increasingly rely on technology and partnerships to expand distribution and reach customers at scale. Rather than depending solely on traditional one-on-one policy sales, Fortis Global plans to develop distribution models capable of bringing insurance to larger groups of customers.

‘We are looking at a creative way of selling insurance on a large scale,’ Akinboye said.

He said technology would serve as an enabler, while partnerships with other sectors would help the insurer reach customers more efficiently and deliver faster and more agile services.

The strategy reflects a broader challenge facing Nigeria’s insurance industry after the recapitalisation exercise. Stronger capital positions alone will not expand the market unless insurers can convert financial capacity into products that customers understand, distribution channels they can access and claims services they can trust.

Akinboye said the industry’s next task should therefore be to move closer to customers, understand their needs and develop products around those needs.

‘Now that we have raised money and have a new face, so to say, for the industry, what we need to do is to engage more with the customers, to understand their needs and to build insurance products and to serve them better,’ he said.

He argued that Nigeria now has a stronger foundation for insurance-led economic development, pointing to the enabling regulatory environment and greater government understanding of insurance as an instrument for savings, investment and economic growth.

For the industry, however, the opportunity will depend on whether operators can work with regulators and other sectors of the economy to build trust and expand insurance coverage.

Akinboye said insurers must work cooperatively rather than destructively if insurance is to become a stronger engine of economic growth.

He also identified compulsory insurance as an important potential catalyst for market expansion, arguing that effective implementation could bring more Nigerians into the insurance system and create opportunities to sell additional products.

‘If well implemented, it will act as a major push for all other insurance products,’ he said.

He called on insurers to develop creative ways of making compulsory insurance work and deliver value to the public rather than treating it simply as a regulatory requirement.

The bigger opportunity, he said, is to build larger pools of insurance premiums that can support investment and economic activity.

‘The bigger the pool, the bigger the potential of money to be used for investment,’ Akinboye said.

The United States (US) has announced plans to revoke the non-immigrant visas of foreign nationals who file for asylum after entering the country on short-term visas.

According to Internal State Department documents and US officials, up to 200,000 business and tourism visa holders could be affected.

This marks the latest escalation in a sweeping immigration policy shift targeting both undocumented and legal entry.

The update was confirmed by a spokesperson by the State Department spokesperson who confirmed that federal authorities are coordinating with the Department of Homeland Security to identify and invalidate the visitor credentials of individuals who enter on short-term travel authorization but subsequently submit asylum claims to secure permanent residency.

If executed at this scale, the policy would represent the largest mass revocation of US visas in history.

The target parameters focus specifically on B1 and B2 non-immigrant visas issued between 2016 and 2026 to individuals who have applied for or are currently awaiting decisions on asylum claims. Officials noted that an immediate revocation would not trigger automatic deportation.

Applicants with pending claims would primarily undergo status recategorization, stripping them of their formal standing as accredited business or tourism visitors while their legal proceedings run their course.

The policy shift aligns with broader administration efforts to curtail systemic delays within the immigration court system.

Christopher Landau, US deputy secretary of State framed the intervention as a necessary defense against a processing pipeline overburdened by non-meritorious filings. The step follows a broader push that has already seen the State Department cancel more than 175,000 visas belonging to foreign nationals, alongside the introduction of higher fee structures for business and technical work permits.

The administration maintains that these strict measures are essential to bolstering national security and enforcing existing statutory limits.

However, international civil rights organizations continue to challenge the legal basis of the crackdown, arguing that broad revocations undermine due process standards and create systemic risk for legal travelers and asylum seekers alike.