The Nation Newspaper

Category: Business

  • Heirs Insurance opens Hackathon

    Heirs Insurance opens Hackathon

    • To reward nine tertiary students

    Heirs Insurance Group (HIG) has called for applications for the maiden edition of the Heirs Insurance Hackathon, a technology-driven innovation programme designed to empower young students shape the future of insurance through Artificial Intelligence and digital solutions.

    The Hackathon is open only to students in universities, polytechnics, and other tertiary institutions to build solutions for real-world challenges across the insurance value chain, from customer experience and claims processing to underwriting, distribution, data, and operational efficiency.

    Registration closes on February 16, 2026, with winning teams to be announced at the Hackathon Grand Finale in April.

    According to the company, a total prize pool of N9 million will be awarded to the top three teams. The initiative reflects Heirs Insurance Group’s commitment to youth empowerment, digital skills development, and inclusive innovation, providing a platform for young Nigerians to apply emerging technologies to critical financial services challenges while gaining exposure to industry, mentorship, and real business problems.

    The Hackathon is being delivered in partnership with Redtech, the digital payment solutions arm of Heirs Holdings, which will bring its technical expertise to support the programme and review submitted solutions, ensuring that ideas are evaluated not only for creativity but also for technical feasibility, scalability, and real-world impact.

    READ ALSO: Tax reform: Lessons for national health financing

    Commenting on the launch, Chief Digital Officer, Heirs Insurance Group, Peace Philips said: “Africa’s future will be built by young people who have the opportunity to apply their ideas, creativity, and technology skills to real economic challenges.

    “Through the Heirs Insurance Hackathon, we are giving the next generation of innovators a platform to engage with the insurance industry, build meaningful solutions, and contribute to shaping a more efficient and inclusive financial system.

    ”Entries can be submitted on the Heirs Insurance Group website on hackathon. Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance”, he added.

    With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

  • NCC okays two satellite ISPs to deepen connectivity

    NCC okays two satellite ISPs to deepen connectivity

    The Nigerian Communications Commission (NCC) has licensed two additional global satellite internet service providers (ISPs), BeetleSat-1 and Satelio IoT Services, as part of efforts to strengthen satellite internet connectivity and boost competition in Africa’s largest telecom market.

    The seven-year licences, effective from February 28, 2026 to February 28, 2033, are designed to expand satellite broadband services and bring Nigeria in line with global best practices.

    With more than 23 million Nigerians living in unserved or underserved areas and mobile broadband penetration standing at just 50.58per cent as of November 2025, the permits underscore the limitations of terrestrial networks in reaching rural and hard-to-access communities.

    BeetleSat-1, operated by NSLComm, represents an international company with a corporate structure involving multiple countries. The company is building a Low Earth Orbit (LEO) constellation of 264 satellites designed to provide high-throughput, low-latency satellite internet, cellular backhaul, and mobility services globally.

    READ ALSO; Arewa, this has to stop

    In 2021, the company formed a strategic alliance with Spanish technology group Arquimea, which is now BeetleSat’s largest shareholder and main industrial partner. The NCC granted BeetleSat a Ka-Band frequency licence, renewable after the seven-year period expires.

    Germany-based Satelio IoT Services was approved for its planned 491-satellite IoT system, though only one satellite is currently in orbit. The licence positions Satelio to develop Internet of Things connectivity solutions across Nigerian territory, supporting emerging applications in agriculture, logistics, and industrial monitoring.

    The new permits position both operators to invest in ground infrastructure, local partnerships, and enterprise contracts, whilst giving Nigeria a wider market opportunity in space internet service delivery. The approval aligns with the NCC’s commercial satellite communications guidelines, a licensing framework designed to draw investment into the sector and advance Nigeria’s drive to open its market to next-generation non-geostationary satellite (NGSO) systems.

    The licences come alongside the NCC’s recent approval of a landing permit to Amazon’s Kuiper Systems LLC for its Project Kuiper satellite constellation, authorising deployment of up to 3,236 non-geostationary low Earth orbit satellites using Ka-band frequencies for fixed satellite services, mobile satellite services, and earth stations in motion over the same seven-year period.

    The new entrants join an increasingly competitive satellite broadband market. SpaceX’s Starlink, operating through Starlink Internet Service Nigeria Ltd, has already established itself as the country’s third-largest internet service provider, according to NCC subscriber statistics for Q2 2025. The company reached 66,523 subscribers, demonstrating significant resilience and rapid growth in Nigeria’s competitive ISP landscape since its market entry in 2023.

  • Oyetola woos Danish investors to maritime sector

    Oyetola woos Danish investors to maritime sector

    Nigeria has stepped up its push for foreign capital in the maritime sector, with the Federal Government courting Danish investors on the back of reforms, improved maritime security and over $1.2 billion already invested by APM Terminals in Nigerian ports.

    Minister of Marine and Blue Economy, Adegboyega Oyetola, made the pitch yesterday in Abuja while hosting Denmark’s Ambassador to Nigeria, Jens Ole Bach Hansen, positioning the country’s marine and blue economy as a high-return growth frontier for global investors.

    Oyetola said Nigeria was keen to deepen maritime cooperation with Denmark, describing the country as a strategic partner with proven capacity in ports, shipping and marine technologies. He assured potential investors of a more stable operating environment, institutional backing and policy reforms aimed at improving efficiency and returns across the sector.

     “Nigeria is ready to deepen bilateral cooperation and unlock the enormous opportunities within the marine and blue economy,” the minister said, stressing that government policies were now aligned to protect investments and drive long-term sectoral growth.

    From a business perspective, Oyetola pointed to Denmark’s footprint in Nigeria’s port system through APM Terminals, which operates in Apapa and Onne ports, as evidence of confidence in the market. He described the investment as “strategic” to port modernisation, efficiency gains and trade facilitation in Africa’s largest economy.

    READ ALSO: Tax reform: Lessons for national health financing

    The minister also highlighted Nigeria’s election into Category C of the International Maritime Organisation (IMO) Council in November 2025, noting that the development had strengthened the country’s influence in global maritime governance and enhanced its attractiveness to international investors.

    Oyetola outlined key reforms underway under the Ministry of Marine and Blue Economy, including the development of a National Marine and Blue Economy Policy, port modernisation programmes, revitalisation of inland waterways, fisheries and aquaculture development, and marine biodiversity conservation. He added that sustained improvements in maritime security had eliminated piracy in Nigerian waters and significantly reduced incidents across the Gulf of Guinea.

    According to him, these interventions are designed to boost trade, expand employment, and position Nigeria as a leading maritime hub in Africa.

    Earlier, Ambassador Hansen congratulated Nigeria on its IMO Council election, describing it as recognition of the country’s growing leadership in maritime affairs.

     “Membership of the IMO Council gives Nigeria a strategic platform to influence global maritime policy and contribute meaningfully to international ocean governance,” he said.

    The Danish envoy disclosed that APM Terminals has invested about $1.2 billion in Nigerian ports, with plans to commit additional capital to expand operations—an indication of Denmark’s long-term interest in Nigeria’s maritime economy.

    Beyond ports, Hansen said Denmark was open to broader collaboration, particularly in wind energy and green maritime technologies, areas where the country has global expertise. He expressed readiness to share technical knowledge and explore renewable energy solutions that align with Nigeria’s sustainability and blue economy ambitions.

    Both sides agreed to sustain engagement and identify new areas for partnership, investment and technical cooperation, as Nigeria seeks to translate policy reforms and improved security into measurable growth across its marine and blue economy value chain.

  • Oil rises to $65 amid supply disruptions

    Oil rises to $65 amid supply disruptions

    Oil prices rose yesterday following the temporary suspension of output at Kazakhstan’s oil fields and expectations of firmer global economic growth that could drive fuel demand, even as investors continued to monitor U.S. President Donald Trump’s tariff threats against European states that oppose his push to acquire Greenland.

    Brent crude gained 98 cents, or 1.53 per cent, to $64.92 a barrel while U.S. West Texas Intermediate (WTI) crude was up $1.11, or 1.87 per cent, at $60.55.

    Kazakh oil producer Tengizchevroil, led by Chevron (CVX.N), had on Monday announced a temporary halt to production at the Tengiz and Korolev oilfields after an issue affected power distribution systems. The field could be halted for another seven to 10 days, cutting crude exports via the Caspian Pipeline Consortium.

    “Tengiz is amongst the largest fields in the world and so the outage is certainly disruptive for crude flows. But this disruption does look to be temporary and so if the tariffs rhetoric continues, we expect prices to fall back,” the Director of Energy and Refining at ICIS, Ajay Parmar, said.

    READ ALSO; Arewa, this has to stop

    The oil market also drew support from better-than-expected fourth-quarter Chinese gross ⁠domestic product data released on Monday, said IG market analyst, Tony Sycamore.

    “This resilience in the world’s top oil importer provided a lift to demand sentiment,” he said.

    China’s economy grew by five per cent last year and the country’s refinery throughput in 2025 climbed 4.1 per cent on a year-over-year basis, data showed on Monday. China’s crude oil output also grew 1.5 per cent.

    Prices also gained on an upward revision of this year’s global economic growth estimate by the International Monetary Fund (IMF) as well as stronger diesel prices, said PVM analyst Tamas Varga.

    A sliding dollar has also supported prices, as a weaker U.S. currency could boost oil demand by ⁠making dollar-denominated purchases cheaper.

    Fears of a renewed trade war escalated over the weekend after Trump said he would impose additional 10 per cent levies from February 1 on goods imported from EU members Denmark, Finland, France, Germany, Sweden and the Netherlands, as well as Britain and Norway, rising to 25 per cent on June 1 if no deal on Greenland was reached.

    Trump’s tariff threats have a negative bearing on crude prices as the tariffs could lead to lower global economic growth and therefore lower oil demand growth, said Parmar of ICIS.

    European Commission President Ursula von der Leyen said yesterday that the bloc’s executive arm is working on a package to support Arctic security and that the tariffs are a mistake.

  • Widening housing deficit worries govt

    Widening housing deficit worries govt

    The Federal Government has expressed a deep concern on the widening housing deficit ravaging the country, urging the built industry to engage constructively and advance implementable recommendations capable of strengthening land governance, revitalising Nigerian cities and reducing the housing deficit.

    Speaking at the opening of the 14th Meeting of the National Housing Council in Kwara State, Director of Planning, Research and Statistics (PRS) of the Ministry of Housing and Urban Development, Muhktar Umar, urged the industrialists to develop implementable policies aimed at producing effective land management and administration.

    He also called for national land governance frameworks; promotion of local building materials and technologies; urban renewal and regeneration; public–private partnerships; and innovative housing finance strategies.

    Furthermore, he stressed the need to engage constructively, share best practices, and advance implementable recommendations capable of strengthening land governance, revitalising Nigerian cities, reducing the housing deficit, and improving citizens’ quality of life.

    READ ALSO; Arewa, this has to stop

    In a statement, Umar stated that the council meeting should reaffirm the Federal Government’s commitment to inclusive engagement, co-operative federalism, and evidence-driven policymaking as essential pillars for addressing the nation’s housing and urban development challenges.

     “The meeting brings together critical stakeholders in the housing sector to chart a sustainable path for housing delivery, urban development, land administration and management in Nigeria,

    “It represents the apex advisory body for the sector and draws participation from the commissioners, permanent secretaries, directors, state surveyors-general, and other key actors in the built environment across the federation.

     “The theme for the meeting is ‘Achieving Housing Delivery and Sustainable Cities through Effective Land Management, Urban Renewal, Promotion of Local Building Materials, and Public–Private Partnerships in Nigeria,” the statement explained

    The theme, according to the Director, PRS, reflects the urgent national imperative to respond holistically to rapid urbanisation, population growth, climate change impacts, and Nigeria’s widening housing deficit through innovative and practical solutions.

     “The sessions will focus on deliberations over critical sectoral issues, consideration of memoranda submitted by states and stakeholders, review of the implementation status of resolutions from the 13th Council Meeting held in Gombe, and refinement of policy proposals for higher-level review” the statement noted.

    Kwara State Commissioner for Housing and Urban Development, Dr. Segun Ogunsola noted that the theme of the council meeting is apt as it aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

    Meanwhile, the 14th National Council on Lands, Housing and Urban Development is expected to produce far-reaching resolutions that will guide policy direction and implementation across all tiers of government in the sector.

  • UN agencies warn against hunger, others

    UN agencies warn against hunger, others

    United Nation agencies have warned that rising hunger and displacement are not only humanitarian emergencies, but growing threats to global economic stability.

    The agencies gave the warning at the World Economic Forum holding in Davos, Switzerland, saying rising hunger and displacement pose growing economic risks.

    The UN World Food Programme said an estimated 318 million people, with hundreds of thousands, were already experiencing famine-like conditions.

    It cautioned that deep funding shortfalls were forcing it to cut rations and scale back assistance at a time of surging needs.

    Current forecasts put WFP’s funding at just under half of its required $13 billion budget for 2026.

    This leaves the agency able only to reach about 110 million people, a third of those in need, it said. Rania Dagash-Kamara, WFP assistant Executive Director for partnerships and innovation, said, “hunger drives displacement, conflict, and instability and these not only threaten lives, but disrupt the very markets that businesses depend on.

    The world cannot build stable markets on a foundation of 318 million hungry people.” Mr Dagash-Kamara, who is also attending the forum, said the private sector has a direct stake in addressing food insecurity.

    READ ALSO: Tax reform: Lessons for national health financing

    The WFP Director called on companies to invest in supply chains, technology and innovation that could help stabilise fragile markets and protect workforces. WFP urged business leaders in Davos to keep hunger and food security among their top priorities.

    It also encouraged them to invest in supply chain systems that strengthen fragile markets and support food-related technologies that improve efficiency and resilience.

    The UN International Organisation for Migration is also taking its case to the annual forum. It called on political and business leaders to rethink migration as a driver of growth rather than a burden.

     “Migration is one of the most powerful drivers of development when managed responsibly. Mobility can unlock economic potential, help communities thrive independently, and provide lasting solutions to displacement, while respecting national sovereignty and human rights,” IOM director general, Amy Pope, said.

    IOM said partnerships with private companies and foundations were already helping realise that approach.

    This includes using artificial intelligence to improve health screening, labour market policies, and programmes that support vocational training, entrepreneurship and durable solutions for displaced people.

    At Davos, the agency is also highlighting the role of diaspora communities as investors and innovators.

     “By using remittances and diaspora capital to support business creation and digital financial access, IOM aims to open new markets and create jobs, while helping communities become more self-reliant,” the agency said.

    Other senior UN officials attending the forum include the president of the General Assembly, Annalena Baerbock; the WHO director-general, Tedros Ghebreyesus; and Alexander De Croo, administrator of the UN Development Programme. Others are the UN high commissioner for Refugees, Barham Salih, and Rafael Grossi, director-general of the International Atomic Energy Agency

  • My vision for Africa’s industrial growth, by Dangote

    My vision for Africa’s industrial growth, by Dangote

    Dangote Industries Limited (DIL) has announced an ambitious Vision 2030 strategy aimed at fast‑tracking Africa’s industrialisation, strengthening economic self‑sufficiency and empowering the continent’s next generation.

    President of the Group, Aliko Dangote, reaffirmed that the company’s long‑term direction is focused on building Africa’s capacity to feed itself, power its economy and develop its people sustainably.

    Revealing the Group’s expansion roadmap, Aliko stated that Dangote Cement is targeting an increase in its production capacity to approximately 90 million tonnes by 2030. He noted that this scale-up would position the company as one of the world’s most competitive cement producers.

     “Our ambition goes far beyond building factories. We are building the structures that will enable Africa to feed itself, power its industries and equip its people for long‑term prosperity,” Dangote said.

    Highlighting plans under the Vision 2030 framework, Dangote explained that the goal is to transform DIL into a $100 billion enterprise by 2030 through sustained industrial expansion, cross‑border investments and strengthening Africa’s independence in strategic sectors such as energy, manufacturing and infrastructure.

    READ ALSO: Tax reform: Lessons for national health financing

    “Under this vision, we have announced the expansion of our petroleum refinery from 650,000 barrels per day to 1.4 million barrels per day, and our fertiliser plant to 12 million metric tonnes per annum. Our cement business is also on track to reach 90 million tonnes by 2030 — which means producing 50 percent more than the entire cement output of Saudi Arabia,” he said.

    According to him, Vision 2030 forms a core part of the Group’s “Africa First” mission. “This vision is borne out of my firm belief that Africa’s future will be built by Africans who refuse to accept limits — people who dream big, work hard, and never stop believing in what is possible.”

    As part of its long-term commitment to developing African talent, Dangote said he has put in place a N1 trillion ($600 million) education fund in December 2025.

     “Empowering the next generation is essential for building the Africa we envision. This fund is a major investment in the future of young Africans who will drive the continent’s transformation in the years to come,” he added.

  • ‘Only 215,914 informal workers enrolled in personal pensions as 92m remain uncovered’

    ‘Only 215,914 informal workers enrolled in personal pensions as 92m remain uncovered’

    The National Pension Commission (PenCom) has disclosed that just 215,914 Nigerians in the informal sector are enrolled in the Personal Pension Plan (PPP), leaving about 91.88 million workers without any form of pension cover out of an estimated 92.1 million informal-sector workforce.

    The pension regulator, in its third-quarter 2025 report, said the figures highlight the enormous untapped potential within the informal sector and underscore the need for a more deliberate and coordinated industry-wide strategy to deepen micro-pension adoption.

    PenCom noted that achieving national pension inclusion targets would require intensified public awareness campaigns, expansion of agent networks, and the development of pension products specifically tailored to the realities of informal-sector workers, to also ensure the long-term sustainability of the PPP scheme.

    A review of PPP registrations in the third quarter of 2025 further revealed a highly concentrated market structure, with AccessARM and Stanbic IBTC jointly accounting for 68 per cent of all registered Retirement Savings Accounts (RSAs) as at September 30, 2025. AccessARM retained its leadership position with 50 per cent of total registered participants, while Stanbic IBTC followed with 18 per cent.

    READ ALSO; Arewa, this has to stop

    According to the report, AccessARM recorded strong new registrations during the quarter, while Stanbic IBTC posted only modest growth. Other operators such as Parthian Pensions and CardinalStone Pensions Limited recorded minimal activity, contributing just 0.01 per cent and 0.02 per cent respectively to total registrations in Q3 2025.

    PenCom added that as at the end of the quarter, total PPP contributors represented only about 0.23 per cent of Nigeria’s estimated informal-sector workforce, based on data from the Nigeria Labour Force Survey by the National Bureau of Statistics (NBS).

  • What you need to know about ‘I am Alive Confirmation’ Part 2

    What you need to know about ‘I am Alive Confirmation’ Part 2

    Can I do I AM ALIVE CONFIRMATION from another site apart from through PTAD website?

    Yes. You can also log on to https://iamalive.ptad.gov.ng

    Is I AM ALIVE identification letter from the embassy the same as the ‘’I AM ALIVE’’ being conducted by PTAD?

    No. The letters issued by Nigerian Embassy abroad are for diaspora pensioners to verify their identity and location.

    Why do I need to move my head using facial option?

    The system is carrying out an aliveness check, so when you move your head it is capturing and sending the angle points of your facial features.

    Do I need to use my BVN or other bank details like Debit Card Numbers or PIN for conducting the I AM ALIVE exercise?

    No, you do not. Only your PTAD pensioner number and account number is required. PTAD will never ask you for your, BVN, PIN or ATM card number.

    READ ALSO: Tax reform: Lessons for national health financing

    Is it safe to share my details with a third party to assist me in carrying out the I AM ALIVE CONFIRMATION?

    Yes you can. Please always ask a trusted person to assist you. The only information required is your pensioner number and account number. DO NOT SHARE any other information.

    If I miss the I AM ALIVE CONFIRMATION, will it affect my monthly pension?

    Yes. You will be suspended from payroll for that month and any other month you miss thereafter. You can however, complete the confirmation any day and time immediately after you received the notice of  your “past due” date.

    If I complete my IAM ALIVE after my past due date, will my suspension from payroll be lifted?

    Yes. Your suspension will be lifted automatically and you will be restored to payroll for payment in the next payroll cycle.

    I have been restored to the payroll following my suspension period, will I receive my arrears for the months I was on suspension?

    Yes. Your arrears for every month/payment cycle missed will be automatically computed and added to your pension for the next month.

    I was successful with my I AM ALIVE CONFIRMATION and yet my pension was stopped/not restored, what should I do?

    Please contact PTAD through our call centre, any of our state offices or our Abuja contact centre.

    If I try the facial option and I am unsuccessful and I want to do the alternative fingerprint option, where can I go to get it done because I will require assistance?

    You can go to a business centre that has a fingerprint device or purchase a fingerprint device for use on your desktop. Go to I Am Alive portal on PTAD website and download the SDK feature.

    If I am not successful with facial option, but successful with the fingerprint option, what could be the reason for this?

    This may be because your face could not be detected by the system, or your photo on the database is not very clear and needs to be updated.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ANONYMOUS: I want to remain anonymous.  My complaint is on pension increment arrears. I have not received mine. PTAD should release my portion without further delay. I am ageing and having a serious health challenge.

    OKUNOLA: Hello, my name is Okunola. Former President, Olusegun Obasanjo set up a panel for Nitel &Mtel headed by Prince Fola Adeola in 2001. The panel recommended 10 years pension without any period of time. I and some others were paid five years pension due by Bureau of Public Enterprises (BPE) in 2007, 2009, 20I0. But we are yet to receive the balance. I was employed on July 2, I979 and retired November I4, I99I (I2years). Kindly use your good office to see the Executive Secretary of PTAD, Mrs Odunaya to know what is delaying the pension due to some of us  at Nitel & Mtel  who did our verification since January 20I8. We are also yet to be put on payroll.

    Engr. Michael: Good day, I am Engr. Micheal. I am the Chairman for Ekiti State Nitel/Mtel pensioner’s association. My September 2019 pension was omitted. Also, some of our members have been trying to do their “I am Alive” for about one week now but are unable to do so. Kindly help us draw the attention of the PTAD to these issues.

    READ ALSO; Arewa, this has to stop

    SHEKONI: Good day, my name is Shekoni. The outcome of year 2023 PTAD verification exercise erroneously reduced my service years from 35 to 27 and consequently affected my monthly pension calculation till date. I have documents to show that this is an error. Kindly help.

    AJAYI: Dear Omobola, my name is Ajayi. I retired from PHCN Osun State. I have not received my N32000 benefit.

    OLAWUYI: Good day, my name is Olawuyi. I thank you for painstakingly finding solutions to pensioner’s problems. I have been short paid in the payment of my arrears of 20 per cent pension increase. I have sent several email messages to PTAD without any response from them. Kindly help me.

    AHMED: Dear Omobola, my name is Ahmed. I retired from NIWA in 2007, my complaints are that I haven’t received any of the arrears paid to some of the pensioners ranging from the 24per cent and the N32,000 arrears. I was told my name fall on the second bag since August, 2024. Kindly help me.

    PTAD: Dear Mr. Ahmed, please send your verification slip to our email complaints@ptad.gov.ng to enable us investigate and respond further. Thank you.

    ANONYMOUS: Good day, I have been complaining of deduction of N9000 from my pension allowance since September last year. Kindly use your office to rescue me from this situation. l have written several times for correction to no avail why.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent / 28 per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is, therefore instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.