Author: Salisu Sani-Idris

  • NYAN elects new leaders, vows to support security agencies against bandits

    NYAN elects new leaders, vows to support security agencies against bandits

    By Salisu Sani-Idris

    The newly elected members of the Fifth Northern Youth Assembly of Nigeria (NYAN) have pledged to support security agencies to eliminate banditry and other security challenges ravaging the region.

    The News Agency of Nigeria (NAN) reports that the election was held in Keffi, Local Government Area of Nasarawa State.

    The elected members are; Speaker, Malam Faruq Dangi, Deputy Speaker, Itodo Godswill, Clerk of the Assembly, Faisal Maiha, Minority Whip, Aminu Onipe and the Deputy Minority Leader, Afolabi Godwin.

    Others are; Majority Leader, Okiti Emmanuel, Deputy Clerk, Muhammad Nuru-Isah, Public Relations Officer, James Jako, Minority Leader, Mohammed Hassan Baba, Deputy Chief Whip, Abdullahi Mukhtar Coma, Director of Genders Affairs, Ohiani Nana Hauwa, Blessing Sonje-Deputy, Majority Leader.

    The elected State Speakers are; Ingule Mathew Sughter- Benue State, Sidi Mini- Nasarawa State, Rabiu Mohammed- Kogi State and, Ohiani Nana Hauwa- Clerk Kogi State.

    In his acceptance speech, the Speaker of the fifth assembly, Dangi, who hailed from Katsina State, expressed readiness of the northern youth to partner with the security agencies on intelligence gathering.

    This, according to him, is with a view to ending insurgency in the North-East and curbing all forms of criminality in the 19 northern states and the country at large.

    He commended President Bola Tinubu’s administration for what he described as “concerted efforts” to rid the country of insecurity and improve the nation’s economy.

    “Today is not a personal victory. Today is a collective decision by the youth of Northern Nigeria to rise with one voice, one vision, and one future.

    “I have accepted this mandate with deep humility, a strong sense of responsibility, and an unshakable commitment to serve,” the speaker said.

    He stressed the need for the new assembly to stand as a true parliament of Northern Youth, not divided by ethnicity, religion, or political interest, but united by purpose, justice, and shared destiny.

    “We will amplify the voices of young people who feel unheard. We will engage government, institutions, and stakeholders constructively but fearlessly, always guided by integrity and the rule of law.

    “I pledge to lead a speaker’s office that is transparent, accountable, and accessible. This assembly will not belong to a few, however, it belongs to all,” Dangi assured.

    Earlier, the outgoing speaker of the fourth assembly, Malam Ibrahim Mohammed-Lawal, applauded the efforts of President Tinubu for his genuine commitment to addressing security challenges across the Northern region.

    He also appreciated Gov. Abdullahi Sule of Nasarawa, for his giant strides in promoting sustainable peace and security within the state.

    “The Sule-led administration has performed commendably in the area of security, and these achievements made it possible for Nasarawa State to host this important convention,” he noted.

    Mohammed-Lawal commended the National Convention Committee for conducting a transparent election.

    “The election process was peaceful, orderly, and conducted with high level of maturity.

    “The election marked the conclusion of my tenure as Speaker of the 4th Assembly of the Northern Youth Assembly of Nigeria,” he said. (NAN)(www.nannews.ng)

  • My Year Working With Vice President Shettima: A Personal Reflection

    My Year Working With Vice President Shettima: A Personal Reflection

    By Stanley Nkwocha

    It’s 2:47am, and the study lamp is still on in the Vice President’s library at home. I know this because I have just received an email, the second for the night, with detailed comments on a subject matter that is due for consideration at the National Economic Council meeting scheduled for later that day. “Stanley, reach out to him, let them send the final copy to the secretariat first thing in the morning and that would be my final copy” the message reads.

    This is Senator Kashim Shettima, a man who doesn’t just work for Nigeria but wrestles with the nation’s challenges through the quiet hours while most of the nation sleeps.

    As the year ends, I find myself reflecting not on the policies, programmes, or public engagements that have defined 2025, but on the man I’ve had the privilege of working with. The cameras capture the Vice President mounting the podium, in the council chambers, and at state functions. But they don’t capture the 11pm phone calls to check on a staff member whose parent fell ill, or the way he insists on knowing the names of every visitor or official that comes to the office with genuine interest.

    There is a common joke among those of us who work closely with His Excellency. We keep wondering if his official residence has a bedroom or if the library simply swallowed it whole. I’ve arrived for an early morning meeting to find him exactly where I left him hours earlier, surrounded by books and papers scattered across the table, including a biography of some historical figure juxtaposed with policy documents.

    “Stanley, have you read Nelson Mandela’s ‘Long Walk to Freedom’?” He asked me one morning, eyes still glued to his notes. “There’s a passage here about reconciliation that applies perfectly to what we’re trying to achieve in the Middle Belt. Listen to this…” And there, at dawn, before a day packed with activities such as the National Economic Council meetings and other stakeholder engagements, he read aloud about the power of bringing adversaries to the table.

    His library is not just a collection of books; it’s his situation room, his meditation space, his strategic planning centre. I have seen volumes of books ranging from Adam Smith’s economic theories, Chinua Achebe’s reflections on Nigeria, agricultural journals to texts on conflict resolution. Each dog-eared page, each underlined passage, represents his relentless pursuit of knowledge that contribute to unlocking solutions to Nigeria’s complex challenges. “Knowledge without application is just intellectual decoration,” he once told me.

    Working with Vice President Shettima means recalibrating your understanding of work-life balance, fully aware that for him, work and family is the life. I have watched him review MSME grant applications at midnight, personally reading through cases to ensure deserving businesses weren’t overlooked. I’ve seen him demand revision after revision of policy documents not out of perfectionism for its own sake but because “these policies affect real people, Stanley; real mothers trying to feed their children, and real farmers staking their livelihoods on our decisions.”

    During the rollout of MSME Clinics across the states in 2025, he insisted on receiving daily reports, not sanitised summaries, but real data. When we discovered that women-owned businesses in rural areas were struggling with documentation requirements, he convened a virtual meeting to redesign the process.

    “If our policies don’t work for the woman selling tomatoes in Benue or the young tailor in Borno, then our policies don’t work,” he said vehemently. By morning, we had a simplified application process, and within weeks, the number of women beneficiaries increased significantly.

    I have accompanied the Vice President to many places to know that his calendar is not just a schedule but a map of Nigeria’s pain points and possibilities. Whether it is a conference in Abuja at dawn or a stakeholder meeting in Kano by evening, he shows up. But it’s not him showing up that strikes a chord in me; it’s the impact of his presence.

    When clashes erupted in Benue State, he was on a plane within hours, not for a photo opportunity, but to sit with community leaders from both sides. I watched him employ what I now recognise as his signature approach: he doesn’t pick sides; he stands with Nigeria. “You’re both right to be angry, and you’re both wrong to be fighting,” he told them. “But while you fight each other, your children go hungry, and those who wish Nigeria ill are celebrating. Is that what you want? We are all united by our common heritage of poverty and destitution. We should be fighting poverty,” he said.

    I cringe at press releases because they neither capture the humanity in his activities or the human side of his officialdom. We just issue some soulless, formalistic media statements dictated by journalistic standards and not the true spirit of human nature.

    If there’s one quality that defines Senator Shettima’s approach to leadership, it is his fervent commitment to reconciliation. I’ve seen him spend time on phone calls mediating between feuding political leaders, not because it’s his job, but because he believes that Nigeria’s diversity is a strength only when we choose unity over division.

    I can recall a moment that captured everything about working for Vice President Shettima. It was during preparations ahead of one of his recent international engagements. We had been working for days, writing drafts upon drafts, and everyone was exhausted. When he came out and saw many of us sitting and facing our computers in the meeting room, he asked, palpably surprised: “Why are you all still here?”

    “Your Excellency, we’re finalising plans of activities for your departure,” the Director of Protocol explained. He looked at us and said, “Go home now. That’s an order. The planning can wait until morning. Your families can’t.” When we protested that the deadline was tight, he smiled and said, “I’ve been in office long enough to know that exhausted people don’t do excellent work; they just do exhausted work. Go home and come back fresh. Nigeria needs your best, not your burnt-out.”

    But don’t mistake his humanity for softness. Vice President Shettima demands excellence with the intensity of a man who believes that mediocrity is a betrayal of national duty. I have had documents returned with more red ink than black text. I have been in meetings where he has dissected presentations with surgical precision, questioning every assumption, and challenging every conclusion. He has taught me that excellence is not about perfection; it’s about relentless improvement.

    During preparations for the financial inclusion initiative, he rejected the first presentation. And the second. And the third. “This reads like we’re doing people a favour,” he explained. “Financial inclusion is not charity; it’s justice. People have a right to economic participation. Rewrite it within that perspective,” he had instructed the aide in charge. When it was rewritten and finally gotten right, his smile was worth the six drafts.

    Perhaps what strikes me most about working with Senator Shettima is his unshakable belief in Nigeria. Not a naive belief that ignores our problems, but a clear-eyed faith that believes our possibilities are greater than our challenges. “Stanley, do you know why I do this?” He asked me one evening as we flew back from another state visit. “It is not about legacy or history books. It is because I have seen what Nigerians can do when given half a chance. I have seen farmers triple their yields with just a little support. I have seen young people build tech solutions that rival anything in the world. Nigeria doesn’t lack potential; it lacks people willing to consistently work to unlock that potential.

    “That is what President Tinubu has asked me to do: to work consistently, work smart, work with everyone. And that is what we will keep doing, God willing,” he said.

    As 2025 comes to a close, I find myself grateful, not just for the professional experience of working in the Office of the Vice President but for the human education of working with Vice President Kashim Shettima. He has taught me that leadership is service, that excellence is a moral obligation, that reconciliation is more powerful than conquest, and that Nigeria’s problems are solvable if we bring both intellect and empathy to the task.

    And as another year begins, I am honoured to continue working with him, learning from his absolute loyalty to President Bola Ahmed Tinubu, GCFR, devotion to humanity, commitment and sharing in his unwavering belief that Nigeria’s best days are not behind us but ahead of us if we’re willing to work for them the way he does every single day, often late into the night.

    Above all, Senator Shettima’s level of religious tolerance, humility and down-to-earth nature are incomparable. Not a day have I seen him raise his voice at any of his staff or member of his family. His wife, Hajiya Nana Shettima, compliments him on all fronts, and this is a story for another day. And that reminds me of her Christmas gift to I and my family while thanking me for my efforts thus far. As she did this, the Vice President asked all of us, the Christian aides on the main team to proceed on holidays. “Go have your deserved rest with your families. They need you around. If I see any of you around me during this Christmas, I will take it personal and I am not joking,” he said with every seriousness.

    Having gone through the rigours of a dedicated, focused and staunch working life of a boss like VP Shettima, emerging more intellectually equipped and mentally resilient, what more can one ask for from a true leader?

    Stanley Nkwocha is the Senior Special Assistant to the President on Media & Communications (Office of the Vice President)

  • CSCS appoints Shehu Shantali as CEO, lauds Jalo-Waziri’s legacy

    CSCS appoints Shehu Shantali as CEO, lauds Jalo-Waziri’s legacy

    By Taiye Olayemi

    The Central Securities Clearing System Plc (CSCS) has appointed Mr Shehu Shantali as its new Chief Executive Officer (CEO), effective Jan. 1, 2026, following the receipt of regulatory no-objection.
    The company said in a statement on Friday that Shantali would succeed Mr Haruna Jalo-Waziri, who is stepping down after eight years marked by strategic growth and significant contributions to Nigeria’s capital market infrastructure.
    Commenting on the appointment, Chairman of the Board, Mr Temi Popoola, said, “On behalf of the Board, I would like to express our profound appreciation to Haruna Jalo-Waziri for his outstanding service to CSCS.
    “Under his leadership, the company recorded notable milestones and built an impressive legacy of operational excellence, innovation, and stakeholder confidence.
    “We thank him sincerely for his dedication and impact.
    “We are equally delighted to welcome Shehu Shantali as the new Chief Executive Officer of CSCS.
    “He brings a wealth of experience, deep industry knowledge, and a strong strategic vision.
    “The Board is confident that he will build on the solid foundation laid by his predecessor and lead the company into its next phase of growth.”
    Reflecting on his tenure, the outgoing CEO, Mr Haruna Jalo-Waziri, said, “It has been an honour to serve as the Chief Executive Officer of CSCS.
    “I am proud of what we have achieved together as a team and grateful for the support of the Board, management, regulators, and all our stakeholders.
    “I am confident that CSCS is well positioned for the future, and I wish my successor every success as he takes the Company forward.”
    In his remarks, the incoming CEO, Mr Shehu Shantali, said, “I am deeply honoured by the confidence the Board has placed in me with this appointment.
    “CSCS plays a critical role in the capital market ecosystem, and I look forward to working with the Board, management, staff, regulators, and market participants.
    “This is to further strengthen the company’s leadership position, deliver value to stakeholders, and support the continued growth and stability of the capital market.”
    While Jalo-Waziri waa in the office, he demonstrated forward-looking, performance-focused leadership that drove consistent growth and wide-ranging transformation across the organisation.
    He successfully implemented key strategic initiatives, reinforced governance and operational efficiency, and upgraded systems and processes, thereby strengthening the company’s long-term resilience and competitiveness.
    His stewardship boosted stakeholder confidence, expanded the organisation’s relevance locally and globally, and laid a solid, future-oriented platform for sustained success.
    Shantali holds a Bachelor of Science degree in Accounting from Ahmadu Bello University, Zaria, and an Executive MBA from Kingster Business School.
    He has over two decades of experience in accounting, finance, and financial services across Nigeria and the United Kingdom, with expertise spanning investment and asset management, financial advisory, and International Financial Reporting Standards (IFRS).
    His career cuts across capital markets, investment banking, real estate, and financial services, and is underpinned by a decade at the Securities and Exchange Commission (SEC) Nigeria, where he championed the migration of publicly listed and significant public interest entities from Nigerian GAAP to IFRS and led the Commission’s transition to the contributory pension scheme in 2012.
    CSCS is the Central Securities Depository for Nigeria’s capital market and is regulated by the Securities and Exchange Commission. (NAN) (www.nannews.ng)

  • Group celebrates strong 2025 performance, rewards outstanding staff

    Group celebrates strong 2025 performance, rewards outstanding staff

    From left- Mr Idowu Semowo, Ed, Finance & Investment, Miss Damilola Ajewole, Best Staff of the Year, Mr Tope Smart, Group Chairman and Mrs Tolu Ajagbe, Best Staff for year 2024.

    By Taiye Olayemi

    NEM Group has celebrated its 2025 end-of-year thanksgiving in Lagos, attributing its strong performance to divine grace and the contributions of its employees, partners and clients.

    The event, held at the Group’s head office, brought together staff of NEM Insurance Plc, NEM Asset Management and NEM Health, alongside clients, friends and well-wishers.

    The Group Chairman, Mr Tope Smart, commended employees and customers for their roles in the achievements recorded in 2025.

    He notes that the group exceeded its performance projections for the year.

    Smart said the impressive contributions of the subsidiaries earned the Group several awards and recognitions during the year, adding that NEM would continue to strengthen service delivery and support economic growth.

    He disclosed that, as part of its expansion drive, the Group opened two new branches in 2025 and plans to acquire a Life Assurance licence and establish foreign branches across Africa in 2026.

    Also speaking, the Managing Director of NEM Insurance Plc, Mr Andrew Ikekhua, expressed gratitude to God for a successful year and appreciated staff and clients for their commitment and support.

    As part of the celebration, outstanding employees were rewarded for exceptional performance.

    Those honoured included Miss Damilola Ajewole of Legal and Compliance, NEM Insurance Plc, as Best Staff of the Year; Mr Julius Elusakin of the Strategy Unit, NEM Insurance Plc, as Best Manager of the Year; Miss Pham Blessing Nnyagu of NEM Health Ltd., as Best Staff of the Year; and Mr Oluwaseun Adeoye of NEM Asset Management Ltd., as Best Staff of the Year.

    The Group also recognised retiring staff members, Mr James Onorienbohwo and Mr Amos Omolewa, for their years of dedicated service, alongside several other employees who received awards for outstanding contributions.

    The celebration reaffirmed NEM Group’s commitment to excellence, quality service delivery and positive economic impact as it positions for sustained growth in 2026.

  • North-East defined by ideas, resilience, not challenges – NGX Chairman

    North-East defined by ideas, resilience, not challenges – NGX Chairman

    By Taiye Olayemi

    The Chairman, Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, says the North-East is defined by ideas, resilience and ambition, not by its challenges.
    Kwairanga said this at the maiden North-East Youth Investment and Innovation Summit held in Gombe on Friday.
    The NGX chairman, in a statement on Saturday, said the summit sent a strong message about the region’s future.
    “This summit sends a powerful message that the North-East is not defined by its challenges, but by its ideas, resilience and future-facing ambition,” he said.
    Kwairanga described Nigeria as a youthful nation, noting that over 60 per cent of the population was under 30 years.
    He said the demographic reality leaves the country with a clear choice to invest intentionally in the youth or risk underutilising its greatest asset.
    According to him, the youth are a nation’s future and any nation that wishes to progress must harness the drive and creativity of the youth to move forward.
    “At Nigerian Exchange Group, we strongly believe that Capital Markets must work for everyone, across regions, sectors, and generations.
    “When young people are equipped with financial knowledge, access to funding, and the right ecosystem of support, they do not merely seek jobs, they create them. They do not wait for opportunity they build enterprises that drive economic transformation.
    “This is why initiatives that focus on investment readiness, innovation, sustainability, and youth empowerment are aligned with our broader vision for Nigeria’s economic future.
    “They help bridge the gap between talent and capital, between ideas and execution,” he said.
    Kwairanga urged young people to recognise that their ideas and voices were important, as he emphasises that their participation in the economy was not optional but essential.
    He encouraged them to learn the language of finance, understand how markets work, and position themselves not merely as consumers of opportunities but as creators of value.
    He also charged policymakers and industry leaders to live up to their responsibilities by continuing to build systems that were transparent, accessible and supportive of enterprise.
    He said deliberate efforts must be made to ensure that no region was left behind in Nigeria’s development journey.
    The NGX xairman further stated that the Exchange was ready to support youths in organising similar summits.
    He urged that the initiative be made a regular event to attract more targeted investors to the state in particular and the North-East region in general.
    Speaking on behalf of the Gombe State Government, Alhaji Abdulwahab Sabo, Senior Special Assistant to the Governor on Micro, Small and Medium Enterprises (MSMEs), reaffirmed the administration’s unwavering commitment to youth entrepreneurship and enterprise development.
    He highlighted ongoing government interventions aimed at strengthening MSMEs through policy support, capacity building, access to finance, and strategic partnerships designed to nurture innovation and economic inclusion. (NAN) (www.nannews.ng)

  • Commissioner calls for unity to harness nation’s diverse opportunities

    Commissioner calls for unity to harness nation’s diverse opportunities

    By Taiye Olayemi

    The Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, has called on Nigerians to embrace unity and collective responsibility in navigating the nation’s diverse opportunities for sustainable development.

    Omotoso made the call at the 2025 reunion lecture of the Anglican Grammar School (AGS), Iju/Itaogbolu (ITAJU) 1983 set, on Friday in Lagos.

    The commissioner spoke on the topic: “One Nation, Many Paths: Navigating Nigeria’s Opportunities Together”.

    He said Nigeria’s diversity, rather than being a burden, remained one of its greatest strengths.

    He noted that ethnic, cultural, linguistic and religious differences could be harnessed to drive innovation, resilience and national growth.

    “Our paths may differ, but our destination is shared. Every Nigerian desires a nation where peace, justice, prosperity and hope can flourish,” Omotoso said.

    The commissioner described Nigeria as a country of immense potential, in spite of it facing economic headwinds, insecurity and infrastructure challenges.

    He identified agriculture, technology, creative industries and renewable energy as key sectors with vast growth prospects, capable of generating jobs and expanding economic opportunities across the country.

    According to him, agriculture offered opportunities for innovation and agribusiness, while Nigeria’s fast-growing digital economy, particularly in fintech and e-commerce, continued to attract global investment.

    Omotoso also noted that Nigeria’s creative sector, driven by Nollywood and Afrobeat, had gained global recognition, while renewable energy presented solutions for long-term energy security.

    He emphasised that effective utilisation of these opportunities required collaboration among government, citizens, professionals, alumni groups, the private sector and civil society.

    “Government alone cannot build the Nigeria we desire. Every positive action, no matter how small, contributes to national development,” he said.

    Omotoso cited community-driven initiatives such as school rehabilitation, scholarships, community policing and diaspora remittances as examples of how collective action complements government efforts.

    Speaking on Lagos State, Omotoso said the state had demonstrated the power of collaboration under Gov. Babajide Sanwo-Olu’s leadership, through inclusive governance and the THEMES+ Development Agenda.

    “Lagos shows that when people from different backgrounds work together, progress becomes inevitable,” he said.

    The commissioner commended the AGS Iju/Itaogbolu 1983 set for sustaining unity after more than four decades and for giving back to their alma mater and communities.

    He urged the alumni to continue mentoring young Nigerians and promoting unity, responsible citizenship and national development.

    “As we walk different paths, let us remain committed to a shared future. Nigeria is a project worth building,” he said.

    Omotosho expressed optimism that with unity, shared responsibility and purposeful leadership, Nigeria would not only survive but thrive.

    Speaking earlier, Mr Segun Adeleye, President of the Itaju ’83 Set, said the association was building on the legacy of the previous administration, which initiated the refurbishment and equipping of the school’s Physics laboratory.

    He noted that, in keeping with the tradition of giving back to the institution that united them over 40 years ago, the group had, in the past two years, introduced a prize-giving scheme for outstanding students at all levels.

    “The association also fully sponsored the academic journey of a student, Olubodun Gbemisayo Taiwo, covering school fees, JAMB, WAEC, NECO, uniforms, textbooks, sandals, PTA dues and lesson fees throughout the student’s final three years,” he said.

    Adeleye expressed delight that the student recorded an impressive WAEC result and had secured admission to Osun State University to study Computer Science.

    He further observed that the period had also been marked by notable career advancements among several members of the association.

    Looking ahead to the new year, he urged members to consider a group life insurance scheme, noting that they were all advancing in age.

    He appreciated all members of the alumni association for their consistent and invaluable support over the years.

    Also, a registered nurse at Alimosho General Hospital, Mrs. Opeyemi Durosanya, who delivered a health talk, advised members on healthy living, proper nutrition, regular exercise and routine medical check-ups.

    Durosanya said, “As we advance in age, we should desist from stressful lifestyles. We must focus on eating healthy foods, minimise alcohol and soft drink consumption, and avoid excessive salt intake, as it can negatively affect the heart.”

  • Insurance industry recapitalisation gathers pace, signals right trajectory

    Insurance industry recapitalisation gathers pace, signals right trajectory

    By Taiye Olayemi

    The insurance industry is addressing long-standing solvency and capacity gaps through phased recapitalisation, a reform designed to strengthen underwriting capacity, restore public confidence and support broader economic growth.

    Operators say the Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a gradual transition that enables insurers to build capital sustainably, improve governance, enhance risk absorption and better protect policyholders.

    NIIRA 2025, enacted to support Nigeria’s ambition of building a one-trillion dollar economy, seeks to reposition the insurance sector for resilience, competitiveness and increased contribution to national development.

    Under the Act, minimum capital requirements have been raised to N15 billion for non-life insurers, N10 billion for life insurers, N25 billion for composite insurers and N35 billion for reinsurance companies, with full compliance required by July 30, 2026.

    Recent disclosures by operators indicate that insurers are adopting structured and market-sensitive strategies, rather than rushed capital raising, to meet the new thresholds.

    Linkage Assurance Plc is among operators taking concrete steps, announcing plans to raise up to N16 billion to strengthen its balance sheet and support future growth, subject to regulatory approvals.

    Similarly, Sovereign Trust Insurance Plc has secured board approval to raise an initial N5 billion through a rights issue as part of a broader recapitalisation programme, reflecting an industry-wide commitment to meeting the NIIRA 2025 requirements.

    In a filing with the Nigerian Exchange Ltd., Linkage Assurance disclosed that its board had been authorised to raise the funds through private placement, rights issue, public offer or a combination of these options, subject to regulatory approvals.

    The company said the exercise would involve an increase in its authorised share capital, with newly issued shares carrying equal rights with existing ordinary shares, alongside amendments to its Memorandum and Articles of Association in line with the Companies and Allied Matters Act (CAMA) 2020.

    Sovereign Trust Insurance disclosed that shareholder approval already exists to raise up to N20 billion, providing flexibility for subsequent funding rounds to strengthen liquidity, expand underwriting capacity and support long-term growth.

    Regency Alliance Insurance Plc has also announced plans to raise N15 billion through a combination of rights issue and private placement, following resolutions adopted at its 31st Annual General Meeting.

    Chairman of the company, Mr Clem Baiye, said the board approved the dual funding approach to enable compliance with the new minimum capital requirement of N15 billion introduced by NIIRA 2025.

    SUNU Assurances Nigeria Plc has equally aligned with the reform agenda, securing shareholder approval to raise N9 billion to close its capital gap.

    Chairman of SUNU Assurances, Mr Kyari Abba Bukar, said as of September 2025, the company required N9 billion to fully meet the revised minimum capital requirement.

    He said the board had been authorised to explore approved funding options, including rights issues, public offers, private placements and strategic investor participation, while also addressing free-float requirements on the Nigerian Exchange.

    Veritas Kapital Assurance has obtained shareholders’ consent to raise about N15 billion through a private placement, following approval at its 48th Annual General Meeting in Abuja.

    Lasaco Assurance Plc has also received shareholders’ approval to raise N25 billion through a combination of private placement and rights issue.

    Chairman of Lasaco Assurance, Chief Mrs Maria Olateju Phillips, described the approval as a significant step toward meeting regulatory expectations and reinforcing the company’s market position.

    She said the initiative underscored the company’s responsibility to safeguard shareholders’ investments and pursue sustainable growth, adding that improved performance over time would further strengthen investor confidence.

    Guinea Insurance has earlier announced plans to convene an Extraordinary General Meeting to seek shareholders’ approval to raise up to N15 billion in additional capital.

    Industry analysts say these developments suggest that insurers are responding positively to the reform framework through phased and realistic recapitalisation strategies that balance regulatory compliance with prevailing market conditions.

    The National Insurance Commission (NAICOM) has also expressed satisfaction with the progress recorded so far.

    Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, told the News Agency of Nigeria (NAN) that operators had demonstrated strong commitment toward complying with the recapitalisation provisions of NIIRA 2025.

    “One of the major objectives of NIIRA 2025 is to create bigger and better-capitalised institutions that can stand the test of time,” Omosehin said.

    “A deadline has been set for companies to recapitalise, and we are confident that most of them are well prepared to meet this requirement.

    “We have received recapitalisation plans from many institutions, and we are quite impressed with the responses.

    “In addition, there is growing interest from foreign investors eager to invest in the Nigerian insurance sector, indicating a stronger and more sustainable future for the industry,” he added.

    Also speaking with NAN, National President of the Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, commended the industry’s progress in the ongoing recapitalisation exercise.

    Okezie urged NAICOM to consider flexibility in timelines to allow all viable operators adequate opportunity to meet the capital thresholds, while calling for government support to further strengthen the sector.

    “I believe the recapitalisation exercise will be continuous, but with what has been achieved so far, this is a good way to go.

    “Insurance companies only need minimal capital to comply with NIIRA 2025; they do not need to compete with banks,” he said.

  • Continental Reinsurance relocates holding company to Botswana

    Continental Reinsurance relocates holding company to Botswana

    Mr Lawrence Nazare, Group Managing Director of Continental Reinsurance Holdings

    By Taiye Olayemi

    Continental Reinsurance Holdings has confirmed the successful relocation of its Group Holding Company from Mauritius to Botswana.

    In a statement on Tuesday, the company said the move marked a new phase in its long-term growth and Pan-African expansion strategy.

    It said the relocation followed the completion of all logistical, statutory and regulatory requirements across the relevant jurisdictions.

    The company said the move underscored its confidence in Botswana as one of Africa’s most stable and forward-looking financial services hubs.

    Meanwhile, Continental Reinsurance said AM Best had reaffirmed its financial strength rating at B+ (Good) with a stable outlook.

    The statement read; “Founded in Nigeria over 40 years ago, Continental Reinsurance has grown into one of Africa’s leading reinsurance groups.

    “Botswana emerged as the preferred jurisdiction due to its political stability, sound governance, financial sector reforms and commitment to sustainable economic development.”

    The company noted that the relocated holding company would operate independently of its Botswana subsidiary, which has been based in Gaborone for about 11 years.

    Group Managing Director, Mr Lawrence Mutsunge Nazare, described the relocation as a strategic and symbolic milestone for the Group.

    “The move reflects our deep commitment to Africa and our belief that Botswana offers an enabling environment for sustainable, long-term investment,” Nazare said.

    He added that Botswana’s stability, reforms and business culture, including the principle of “botho”, aligned with the Group’s corporate values.

    Nazare thanked stakeholders for their support, saying the Group remained focused on growth, strong risk governance and maintaining a robust capital base. (NAN) (www.nannews.ng)

  • PalmPay launches N400m world travel carnival

    PalmPay launches N400m world travel carnival

    By Taiye Olayemi

    PalmPay, a digital banking platform, has launched a N400 million festive rewards campaign tagged “World Travel Carnival”.

    The company in a statement on Wednesday said this was aimed at rewarding users with cash prizes and fully sponsored international trips for transactions carried out on its app.

    According to the statement, the campaign would run from Dec. 17, 2025 to Jan. 8, 2026, and would reward everyday transactions with cash incentives and global travel experiences.

    It explained that the initiative was part of its Purple December brand campaign, which wraps up the firm’s major brand and community engagements for the year.

    According to PalmPay, the centrepiece of the promotion is an interactive card collection experience that allows users to earn city cards by completing transactions on the app.

    The statement noted that users are expected to collect five city cards – London, New York, Dubai, Sydney and Cape Town – and combine them into a World Card to unlock a share of the prize pool.

    It added that the more World Cards a user creates, the higher their share of the cash rewards, while excess cards could be swapped with other PalmPay users to complete additional World Cards.

    PalmPay said the campaign would also reward top-performing users with free global trips.

    “In each round, the top two users with the highest number of eligible transactions of N100 and above, and at least one World Card, will win an all-expense-paid international trip,” the company said.

    It listed the travel package to include visa fees, return international airfare, five days and four nights hotel accommodation, side attractions, meal expenses, airport pick-up and drop-off, as well as transportation for scheduled tour activities.

    The firm said winners would be selected through a transparent leaderboard system, with prizes credited automatically at the end of each round on Dec. 25, Dec. 31 and Jan. 8.

    PalmPay outlined participation requirements to include completing eligible transactions such as airtime purchase, data subscription and transfers on the app to earn cards, collecting all five city cards, swapping cards with friends, and combining them into a World Card.

    It added that users could increase their chances of winning the travel prize by carrying out more transactions to climb the leaderboard.

    The company stressed that strict rules had been put in place to ensure fairness, warning that cheating, use of bots, fake accounts or any form of manipulation could lead to disqualification or account bans.

    It also noted that the free travel prize was limited to one per user for the duration of the campaign.

    Speaking on the launch, Femi Hanson, Head of Marketing & Communication said, “This festive rewards campaign is about turning everyday banking into meaningful value for our users.

    “With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”