Category: Business

  • NADF moves to standardise fertiliser use, validates harmonised national manual

    NADF moves to standardise fertiliser use, validates harmonised national manual

    The National Agricultural Development Fund (NADF) has commenced the validation of a Harmonised Fertiliser Application Manual, aimed at improving crop productivity, protecting soil health and promoting sustainable farming practices across Nigeria’s diverse agro-ecological zones.

    Speaking at the National Stakeholders Workshop on the validation of the manual on February 3, 2026, in Abuja, the Executive Secretary of NADF, Mohammed Ibrahim, said the document was the outcome of months of technical collaboration and review by key stakeholders.

    According to him, the workshop was convened to ensure the manual is practical and effective for end users.

    Ibrahim emphasised the critical role of fertiliser in agricultural productivity, warning against improper application.

    “Many of you will recall our pre-workshop on the ‘harmonised input application manual’ held in Abuja on the 23rd of June 2025. Since then, the technical working group, with support from research institutes and partners, has worked through several iterations to produce the draft manual before us today.

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     “The purpose of today’s workshop is clear: to validate the manual, agree on the final technical positions, and ensure it is practical for farmers, extension workers, and other end users across our different agro-ecological zones,” he stated.

    Speaking further, he noted that fertiliser is a major driver of productivity, but it only delivers value when it is applied correctly and responsibly.

    “When guidance is inconsistent or fragmented, we lose efficiency, and we risk long-term damage to soil health,” he said, adding that a harmonised national manual would promote better yields, smarter input use, and more sustainable farming practices.”

    He noted that the initiative aligns with NADF’s mandate, stressing that, “We are focused on impact, improving productivity, safeguarding soil health, and strengthening food security.”

    Also speaking, the Director of Farm Inputs Support Services (FISS), Mr. Abana Waziri Abba, described the workshop as a critical step towards improving Nigeria’s agricultural outcomes.

    He identified low soil fertility as a major constraint to agricultural productivity in the country.

    Abba noted that fertiliser use has long been guided by blanket recommendations that fail to account for soil variability and farmers’ economic realities.

    “In Nigeria today, low soil fertility is one of the main factors causing low agricultural productivity. Application of manures and fertilizers has the means of replenishing the nutrient-supplying capacity of soils,” he said.

     “Blanket fertiliser application recommendations may lead farmers to over-fertilize in some areas and under-fertilize in others or apply an improper balance of nutrients for their soil or crop,” he explained.

    He said the validation of the manual represents a shift towards precision agriculture.

    “By validating this manual, we are ensuring that farmers apply the right nutrients at the right rate, at the right time, and in the right place,” he said, adding that the goal is to move to “site-specific fertilizer recommendations that are scientifically sound, economically viable, and environmentally sustainable.”

    Abba further noted that the exercise would help address micronutrient deficiencies in food. “The validation exercise to be carried out today is aimed at addressing the challenge of hidden hunger, lack of vitamins and minerals in food,” he said.

    He underscored the link between soil health, nutrition and wellbeing, stating, “Healthy soils give rise to healthy plants which when consumed by humans, give rise to healthy life. So, the effort goes beyond food security but also nutrition security.”

  • Fed Govt woos investors to develop ports

    Fed Govt woos investors to develop ports

    The Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho has expressed the federal government’s commitment to promoting increased investor participation in ports development while highlighting steps taken to boost the productivity levels of all the nation’s maritime gateways.

    Speaking during the Investopedia forum held in Lagos with stakeholders from the United Arab Emirates and Lagos State Government Dantsoho highlighted Nigeria’s readiness to embrace development partnerships

    He stated the Federal Government’s recent moves at making Nigeria a leading ports destination in Africa through modernisation and rehabilitation.

    Dantsoho added that Nigerian ports are investment ready with copious opportunities for productive public private partnerships like the successful venture seen in the Lekki Deep Seaport and others.

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    According to him, federal government’s modernisation programmes like the National Single Window (NSW) which goes live by end of 2026 first quarter; approvals for ports rehabilitation and truck electronic access are ways the government has demonstrated commitment to the port sector.

    He listed approvals given for the commencement of virgin port projects in Badagry, Olokola ,Bonny and others as a demonstration of the Nigerian government readiness to make her ports fertile grounds for local and foreign investors.

    Speaking on the African Continental Free Trade Area(AfCFTA), Dantsoho emphasised that modern, resilient ports and integrated logistics systems are essential to unlocking Africa’s trade potential, improving operational efficiency, and enhancing transparency and reliability across maritime and logistics value chains.

    He said the Nigerian Ports Authority (NPA) has reaffirmed the country’s commitment to development and strategic partnerships, as it showcased its vision for resilient, efficient, and future ready port infrastructure at the Investopia Global Lagos Summit.

    The strategic panel, themed “Infrastructure & Logistics for Africa’s Next Phase of Trade”, also featured Mohamed Almenhali, Regional Chief Executive Officer of Abu Dhabi Ports Group, focusing on port modernization, corridor connectivity, and deployment of digital trade infrastructure. Tools such as port community systems and the Electronic Truck Monitoring System (e-truck) were highlighted for their role in enhancing efficiency, reducing congestion, and improving compliance in cargo movement from ports to inland depots.

    The summit, co-hosted by Nigeria and the United Arab Emirates (UAE), brought together global investors, senior government officials, and industry leaders to explore opportunities across infrastructure, logistics, energy transition, financial systems, and secure supply chains.

    According to him , Nigeria’s size and location position it as West Africa’s trade gateway, supporting the African Continental Free Trade Area (AfCFTA) and providing access to landlocked markets. The NPA MD emphasised the importance of integrated logistics platforms, streamlined customs processes, and coordinated inland depots to improve trade flow and reduce congestion at ports.

    The summit builds on momentum from President Bola Ahmed Tinubu’s recent visit to the UAE, during which Nigeria and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA) to deepen cooperation in renewable energy, infrastructure, logistics, and digital trade. President Tinubu’s announcement of Lagos as the co-host city for Investopia reflects Nigeria’s commitment to attracting global capital and translating bilateral agreements into actionable investments.

    He underscored that mobilising private capital through bankable projects and credible public-private partnership frameworks, alongside strategic partnerships with global investors like the UAE, will strengthen Nigeria’s supply chains and position the country as a hub for regional and global trade.

    He reaffirmed its commitment to advancing port reforms, improving operational efficiency, and promoting sustainable maritime practices, demonstrating Nigeria’s readiness to embrace development and investment that will transform its ports into a driver of regional integration and economic growth.

  • NAHCO raises dividend expectation with 40% profit growth

    NAHCO raises dividend expectation with 40% profit growth

    Nigerian Aviation Handling Company (NAHCO) Plc grew its net profit by 40 per cent to N18 billion in 2025, providing a major headroom for the services and logistics group to sustain dividend payout plan.

    Key extracts of the unaudited results for the year ended December 31, 2025 released at the Nigerian Exchange (NGX) showed considerable growths across key performance indicators.

    The results showed that total revenue rose by 21.8 per cent from N53.54 billion in 2024 to N65.21 billion in 2025. Gross profit increased from N33.08 billion to N38.61 billion. Despite the inflationary environment, increasing digitization and business know-how held down administrative expenses, almost unchanged at N13.89 billion in 2025 as against N13.82 billion in 2024. Operating profit thus rose by 25 per cent from N19.84 billion in 2024 to N24.84 billion in 2025.

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    Profit before tax jumped by 30 per cent to N24.256 billion in 2025 as against N18.702 billion in 2024. After taxes, net profit grew by 39.91 per cent from N12.865 billion to N17.999 billion.

     With this, earnings per share leapt by 40 per cent from N6.60 in 2024 to N9.24 in 2025.

    The interim report for 2025 underscores the capability of the leading ground handling group to sustain its market-leading returns to shareholders.

    Despite 134 per cent increase in dividend per share for the 2024 business year, the group’s dividend cover improved to 1.56 times in 2025 as against 1.11 times in 2024, underlining the significant headroom for the group to continue its impressive dividend payment record.

    NAHCO’s balance sheet also emerged stronger, reflecting internally driven expansion in equipment and reserves. Total assets increased from N46.95 billion to N53.88 billion. Shareholders’ funds leapt by 32 per cent from N20.075 billion to N26.497 billion, showing high level of retained earnings.

    Beyond-the-surface analysis further corroborated the positive outlook of NAHCO, with key performance ratios showing that the group’s performance was driven by operational growth and business efficiency. Operating profit margin improved from 37.05 per cent in 2024 to 38.08 per cent in 2025. Pre-tax profit margin rose from 34.9 per cent to 37.2 per cent. Return on total assets stood at 45.02 per cent in 2025 as against 34.93 per cent in 2024. Return on equity improved from 64.08 per cent to 67.93 per cent.

    NAHCO had distributed N11.58 billion as cash dividends for the 2024 business year, representing a dividend per share of N5.94, compared with N4.95 billion paid for the 2023 business year.

    Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr Olumuyiwa Olumekun, said the 2025 performance reflects continuing resilience of NAHCO’s strategic growth plan.

    He said continuing investments in technology and human capital have ensured that NAHCO remains at the utmost competitive edge of the regional aviation services industry.

    He pointed out that expansive investments in export processing and warehouses across the country place NAHCO at a vantage position to play major role in Nigeria’s quest for $1 trillion economy, while creating competitive value for its shareholders.

    He reiterated that the group remains focused on four areas of sustained growth, equipment re-fleeting, digitization and environmental social governance (ESG) to ensure better performance in the period ahead.

    “Our 2025 results show we remain firmly on track. We have invested so much in recent period in upscaling our equipment and human capacity, and this is evident in the services and results that we are getting. We remain committed to sustaining our leadership as the most preferred total logistics group, supporting the nation’s economic growth while ensuring improving returns to our shareholders,”. Olumekun said.

  • Our policies have secured $8 billion FIDs in oil, gas sector, says Tinubu

    Our policies have secured $8 billion FIDs in oil, gas sector, says Tinubu

    President Bola Tinubu yesterday said his administration has strengthened the oil and gas sector to secure a Final Investment Decisions (FIDs) surpassing $8 billion in offshore gas developments from global energy firms.

    He said the torrent of direct investments into the sector revived strongly because of regulatory certainty and fiscal reforms.

    Tinubu, who was represented by the Vice President, Kashim Shettima, stated this yesterday while declaring open the 9th edition of the Nigeria International Energy Summit (NIES) at the Banquet Hall, State House, in Abuja.

    He said: “The sector secured final investment decisions exceeding $8 billion, including major offshore gas developments involving global energy companies. The outpouring of direct investment into the oil and gas sector rebounded strongly, driven by regulatory certainty, fiscal reforms and improved operational guidelines and conditions.”

    He said domestic gas supply exceeded two billion cubic feet per day for the first time, strengthening power generation, industrial utilisation and energy access.

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    Export volumes, according to him, increased alongside sustained expansion of gas processing and transportation infrastructure, reinforcing Nigeria’s role in regional and global gas markets.

    Tinubu reminded the stakeholders that on his assumption of office in 2023, the sector was only rich in potential, but weighed down by inefficiencies, uncertainty and underinvestment.

    “When this administration assumed the mantle of leadership in May 2023, we inherited an energy sector rich in potential, yet constrained by inefficiencies, uncertainty, and prolonged underinvestment. We set to work without panicking, guided by the clear understanding that energy cannot be treated simply as an economic commodity if stability is our goal. Energy is a catalyst for national security, industrial growth, social inclusion, and regional cooperation,” he said.

    Tinubu said under his administration, the upstream activity recorded a historic rebound, recounts growth from eight weeks in 2021 to 69 weeks by late 2025, reflecting renewed exploration and building momentum

    The Federal Government, he said, has also introduced a broad executive order on oil and gas investment enabling to unlock up to $10 billion in capital inflows, streamline project approvals, reduce bureaucratic delays and position Nigeria as a prepared investment destination.

    He recalled that in 2025, the administration introduced the Upstream Petroleum Operations Cost Efficiency Incentives Order, providing tax credits of up to 20 per cent to promote cost efficiency, enhanced competitiveness, and deepened Nigerian participation.

    Tinubu also noted that as a direct result of the reforms the government has introduced, Nigeria’s average crude oil production improved to approximately 1.6 million barrels per day.

    The administration, he said, consolidated its role as a live wire of sector reform and strengthened regulatory institutions to ensure clarity of goals, transparency and investor competitiveness.

    He added that the country introduced fully digital, transparent, and competitive licensing rounds to the upstream sector, widely regarded as among the most credible bidding processes in our history.

    On the 2025 bid round, he said: “In furtherance of this objective, we approved the commencement of the 2025 licensing round, creating new investment windows and enabling additional crude oil and gas production capacity.”

    He said Nigeria’s refining landscape entered a new era with the commencement of local operations and the Dangote Petroleum Refinery, significantly enhancing domestic supply of refined petroleum products.

    The president said modular and indigenous refineries advanced under supportive regulatory frameworks, diversifying national refining capacity. On the Nigerian National Petroleum Company Limited NNPCL refineries, he said: “Rehabilitation of state-owned refineries also gained renewed momentum, with operational stability and efficiency remaining a primary focus.”

    He added that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recorded strong and consistent revenue performance, surpassing annual targets and fiscal sustainability.

    In similar vein, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri said the renewed confidence has culminated in the huge FIDs inflows into the sector.

    He said: “International confidence has also returned: Shell’s $5 billion Bonga North project, and TotalEnergies’ $550 million Ubeta project marks Nigeria’s first major FIDs in over a decade. This was followed by Shell’s $2 billion HI project and the $1.8million cumulative spent by Chevron in their Panther project.

    “Only recently, the global CEO of Shell announced their commitment to taking a $20 billion FID, with several other FID lined up to be announced in this year and in the coming year.

    “In 2025 alone, 28 new field development plans worth $18.2 billion were signed, with potentials of 1.4 billion barrels of oil daily.

    “Between 2024 and 2025, of the seven major FIDs announced across Africa, four were in Nigeria. This did not happen by accident, it is the result of steady work, policy clarity, and better governance. These are not rhetorics but proof that Nigeria is once again a magnet for serious business.”

    In his remarks, the Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive (Officer) Bashir Ojulari, an engineer, revealed that the firm has planned to expand the Escravos Lagos Pipeline Line (ESPL) this year.

    He said: “Our recent achievements reflect this momentum. The presentation of the NNPC Gas Master Plan last week and the remarkable progress of our strategic gas infrastructure projects, the OB3 and the AKK pipeline and we are moving forward this year to also expand the ELPS pipeline, and the regional pipelines to their projects signal a new era of mining discipline, infrastructure development, and long-term commitments. These projects are more than a pipeline.”

    NNPCL, according to him, is nurturing a new generation of professionals grounded in accountability, performance excellence and national service.

    He said the strategic shifts, under the leadership of President Tinubu, is positioning Nigeria in a global competitive investment destination, from fiscal stability to policy liberalisation and security improvement.

  • NUPRC blames fragmented policies for Africa’s unexploited 180TCF gas

    NUPRC blames fragmented policies for Africa’s unexploited 180TCF gas

    Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says over 180 trillion cubic feet (TCF) of discovered natural gas across Africa remains untapped, citing fragmented markets and unaligned fiscal and regulatory regimes.

    Chief Executive of NUPRC, Mrs Oritsemeyiwa Eyesan, in a keynote at the Nigerian International Energy Summit (NIES) in Abuja, therefore stressed the need for aligned regulations.

    Represented by NUPRC Director, Mr Edu Inyang, the NUPRC Chief Executive emphasised the need for aligned regulations and markets across Africa to unlock large-scale investment in the sector.

    She highlighted the African Petroleum Regulators’ Forum (AFRIPERF) as a critical platform for harmonising energy regulation across the continent. The forum was established to promote regulatory convergence, enhance predictability, and enable faster execution of cross-border projects that can deliver shared prosperity across Africa.

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    Speaking on the theme: “One Africa, One Regulator Voice: Aligned Policies for Continental Prosperity and Investment”, Eyesan said inconsistent regulatory frameworks across African countries continued to discourage cross-border energy investments and delay major projects.

    “Our voice must be one, our frameworks aligned, and our actions coordinated. Only then can we unlock the full transformative power of Africa’s resources for our people. Investors are not deterred by Africa’s geology; they are deterred by inconsistent rules.

    “A unified regulatory voice would significantly reduce investment risks and accelerate development,” she said.

    She noted that AFRIPERF was already advancing aligned standards, shared data platforms, capacity-building initiatives, and a unified African voice on global energy and climate platforms.

    Eyesan further said Africa’s development prospects were underpinned by its vast natural and human capital, including about eight per cent of global oil and gas reserves.

    According to her, Africa holds nearly 30 per cent of known critical mineral resources, and a population of over 1.5 billion people, largely youthful and economically active.

    She said coordinated policies, integrated infrastructure, and aligned regulatory frameworks could drive industrialisation, strengthen regional value chains, enhance energy security, and promote inclusive growth.

    The NUPRC boss cited Africa’s success in speaking with one voice at global platforms, including successive COP meetings, as well as regional cooperation initiatives such as the African Continental Free Trade Area (AfCFTA).

    She also described regional power pools, and cross-border gas infrastructure like the West African Gas Pipeline as proof that policy alignment accelerates development and expands access to affordable energy in Africa.

    “These examples demonstrate that policy alignment accelerates development and expands access to affordable energy,” Eyesan said.

    She urged African regulators and policymakers to deepen cooperation by strengthening AFRIPERF, expanding regional gas and electricity networks, adopting shared standards, and maintaining a unified African position in global energy and climate discussions.

  • Lagos pays N1.01b retirement benefits to 544 public service retirees

    Lagos pays N1.01b retirement benefits to 544 public service retirees

    The Lagos State Government has disbursed N1.01 billion as accrued pension rights to 544 retirees of the state public service, reaffirming its commitment to the timely payment of retirement benefits under the Contributory Pension Scheme (CPS).

    The payment was announced at the 113th Retirement Benefit Bond Certificate Presentation Ceremony held at the Adeyemi Bero Auditorium, Secretariat, Alausa, Ikeja.

    Speaking at the event, the Head of Service, Mr. Bode Agoro, said the sum of N1.01billion has been paid into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, local governments and local council development areas, Lagos State Universal Basic Education Board (LASUBEB), Teaching Service Commission (TESCOM) and other state parastatals.

    Agoro commended Governor Babajide Sanwo-Olu for sustaining the consistent payment of retirement benefits since the introduction of the CPS in Lagos State in 2007, describing it as a promise kept with “gratitude and respect” for public servants who had devoted their productive years to the state.

    He also praised the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, and staff of the commission for ensuring the timely processing of retirees’ benefits, noting that the commission’s sensitisation programmes and retirement documentation seminars were yielding positive results.

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    “This administration remains committed to securing the welfare and well-being of our respected retired public servants, and we will continue to do our best to make things better,” Agoro said.

    In his welcome address, Obilana described the bond presentation ceremony as more than a statutory exercise, noting that it represented formal recognition of retirees’ years of service and the state’s obligation to honour those contributions.

    He explained that the CPS, introduced in Lagos State in 2007, was designed to eliminate uncertainty, delays and unsustainable pension practices, replacing them with a predictable, transparent and structured system.

    According to him, LASPEC’s mandate includes the accurate computation, verification and funding of accrued pension rights, issuance of retirement benefit bonds and ensuring a smooth transition from active service to retirement.

    “The retirement benefit bonds issued today are a tangible fulfilment of the state government’s obligations and reflect a system built on responsibility and consistency,” Obilana said.

    He added that the consistency in pension payments was a result of deliberate prioritisation, prudent financial management and the recognition of pension obligations as essential liabilities, even in the face of economic pressures.

    Obilana assured retirees and serving officers that the state government remained committed to continuous improvement in pension administration through stronger internal controls, reduced processing timelines, improved stakeholder engagement and increased use of technology.

    Congratulating the retirees of the 113th batch, he said their accrued rights were being secured in line with the law, while also acknowledging the role of Pension Fund Administrators, annuity service providers and relevant ministries, departments and agencies in the smooth administration of the CPS.

    The ceremony marked the 113th batch of retirement benefit bond presentations by the Lagos State Government, underscoring its ongoing effort to ensure that retirement does not translate into hardship for public servants.

  • Lasaco Assurance unveils six new products

    Lasaco Assurance unveils six new products

    In a significant move to expand financial protection and enhance customer-centric innovation, Lasaco Assurance Plc has received regulatory approval for six newly developed insurance products.

     This milestone marks the first phase of a broader product expansion strategy, designed to increase relevance, accessibility, and value-driven protection for individuals and businesses across Nigeria.

    The newly approved offerings include Estate Plan, Future Secure, Comprehensive Plus Personal Belongings, and three enhanced third-party motor insurance variants: Lasaco Flame Shield (Third Party Plus Fire), Lasaco Safe Asset (Third Party Plus Theft), and Lasaco Drive Safe (Third Party Plus Own Damage), representing the first set of approvals under a newly introduced product expansion by the company.

    These products are specifically designed to bridge existing coverage gaps, offering flexible and affordable insurance solutions that cater to the diverse needs of Nigerians.

    Speaking on the development, the Acting Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, emphasized the company’s dedication to trust, consistency, and innovation.

    He said: “Our legacy of reliable claims payment and customer-centric service has positioned us as a trusted leader in the insurance industry.

    “These new products reflect our commitment to addressing real-life risks and evolving customer needs. We are not just expanding our portfolio; we are delivering practical, meaningful protection that supports financial stability and peace of mind for our customers,” Mr. Shobo stated.

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    From a strategic standpoint, Mr. Adedayo Adetokun, Head of Strategy, Research, and Communications, highlighted the role of these new products in driving the company’s growth objectives.

    “These offerings have been carefully developed to address specific protection gaps in the market. They will play a pivotal role in expanding our market share, attracting new customer segments, and improving product adoption. Each product is structured to be affordable, scalable, and responsive to the current risk landscape, ensuring that we meet the evolving needs of our customers,” Mr. Adetokun explained.

    The newly approved products will be available at Lasaco Assurance Plc’s head office and branches nationwide. The company is also set to leverage digital platforms to enhance accessibility, ensuring seamless customer engagement across various touchpoints.

    This development aligns with the growing focus on innovation, digital transformation, and consumer education within Nigeria’s insurance sector. Lasaco Assurance Plc’s latest product approvals reinforce its position as a forward-thinking industry leader, committed to sustainable growth, customer value, and financial inclusion.

  • Linkage Assurance insurance revenue surges 24% to N27.6b in FY 2025

    Linkage Assurance insurance revenue surges 24% to N27.6b in FY 2025

    Underwriting giant, Linkage Assurance Plc has delivered an operating performance in the 2025 financial year, driven by strong premium growth across its insurance portfolios.

    The company’s unaudited financial statements for the period ended 31st December 2025, made available to shareholders and investors on the NGX, show a 24 percent increase in insurance revenue to N27.6 billion, compared with N22.2billion recorded in the same period in 2024.

    The insurance service result also grew to N1.7 billion as at December 2025, from N766.9 million reported in the prior year.

    According to the company, performance was driven by increased insurance revenue of N5 billion and improved reinsurance optimisation.

    Indicating significant expansion in revenue and service results, the performance highlights sustained momentum in core operations and enhanced service delivery.

    Profit before tax (PBT) at the end of the review period stood at N4.32 billion, while profit after tax (PAT) was N4.02 billion for the 2025 financial year.

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    Looking ahead, Linkage Assurance Plc said it will continue to execute its strategy in line with its strategic focus and theme for the year.

    The Company stated read: “Our theme for 2025 was Consolidation, and that informed our strategic intent across four pillars: business growth, operational excellence, financial excellence, and customer and people development. Consequently, during the year, the identified strategic focus served as a compass in our quest to navigate the highly competitive insurance market, increase our market share in the most profitable sectors, and deliver excellent customer experience to all our clients,” the company further stated.

    “As part of our agile strategy, we leveraged on technology to improve our products and services, especially for our direct and personal clients. This formed part of our broader digital transformation initiatives. In addition, having recognised the impact of certain product lines, such as motor insurance, on our portfolio, we are positioned to offer clients different motor insurance options based on their risk exposure, willingness, and ability to pay.

     “We will also continue to leverage the positive impact of our ongoing brand rejuvenation and awareness campaigns targeted at the insuring public. This will be reinforced by our customer value propositions”, it stated.

  • Relief, gratitude, lingering questions as CPS pensioners thank Tinubu

    Relief, gratitude, lingering questions as CPS pensioners thank Tinubu

    • Seek clarity from PenCom

    It was a day of thanksgiving, relief and unresolved questions for members of the Contributory Pensioners Union of Nigeria (CPUN), Eleyele branch Ibadan, as retirees gathered in Ibadan last week to celebrate the payment of long-awaited pension arrears while demanding transparency on how their entitlements were calculated.

    At the thanksgiving ceremony, pensioners who are under the CPUN Oyo State Chapter praised President Bola Ahmed Tinubu for approving the clearance of arrears owed under the CPS, describing the intervention as unprecedented since the scheme was established.

    They also acknowledged the role of the National Pension Commission (PenCom) in facilitating the payments but stated that the struggle was far from over.

    Chairman of the association, Chief Comrade, Mathew Amao Shittu, in his welcome address, said the payments brought relief but also confusion, as many retirees were unsure how the figures credited to them were arrived at.

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    He said: “We appreciate the Federal Government for its good intentions towards retirees, but the implementation has been poor. Some people have been paid, some have not, and those who have received money do not understand what exactly they were paid for.”

    He explained that the arrears were split into multiple categories including the 20 and 28 per cent increases, consequential adjustments of 9 and 59 per cent, a 33 per cent category applicable only to those who retired between specific years, a 15 per cent component, and the N32,000 wage award approved by the Federal Government.

    According to him, retirees were never formally informed whether the percentages were calculated based on their salaries while in service or on their current monthly pensions.

    “How can you pay someone and not explain how you arrived at the figure?” he asked.

    “If PenCom does not personally inform us and continue to remain silent, we will be forced to ask anti-corruption agencies to intervene. If there is nothing to hide, why leave retirees in the dark?”

    Shittu shared his personal experience, noting discrepancies between expected and actual payments, and said repeated enquiries to Pension Fund Administrators (PFAs) yielded no clear explanations.

    Despite the concerns, the mood at the event was largely one of gratitude.

    Dr.  Oloyede Oyinloye, an Ibadan-based pensioner, described President Tinubu’s intervention as a turning point in the history of the CPS.

    “This is the first time since the establishment of the contributory pension scheme that arrears are being addressed comprehensively. Today, retirees receive their pension within weeks of retirement. That was unthinkable before now”, he said.

    He credited sustained advocacy by pensioners’ groups and the media for drawing attention to the hardship faced by CPS retirees over the years.

    “We started this struggle because people were retiring and waiting endlessly for their money. Many died before enjoying the fruits of their labour,” he said. “Now, we are seeing progress.”

    Also speaking, Secretary of the Contributory Pensioners Union of Nigeria (CPUN), Southwest zone, Comrade Idowu Ogunjinrin, traced the agitation to 2011, describing the journey as painful but historic.

    “I retired in 2010 and what I received as pension was a fraction of my last salary,” he recalled. “Those under the old defined benefit scheme were getting close to 80 per cent of their final pay, while CPS retirees were left with crumbs.”

    He said the recent payment of arrears, funded partly through the N758 billion bond issued by the Federal Government, marked the first real acknowledgement of CPS pensioners’ plight.

    “President Tinubu has done what past administrations failed to do,” Ogunjinrin said. “He listened and acted. This bond, which we were promised years ago, has finally been paid.”

    However, he stressed that key demands remain unresolved particularly the issue of gratuity, which CPS retirees insist is distinct from their contributory lump sum.

    He maintained that what they received is largely what they contributed, alongside government contributions, noting that gratuity is a reward for years of service, and it is still outstanding.

    He added that legal representations made to PenCom in the past were never answered.

    The pensioners also rejected moves to limit the N32,000 wage award to a one-off payment, insisting that CPS retirees should receive it monthly, just like those under the defined benefit scheme.

    In addition, the pensioners called for health insurance coverage for pensioners, noting that many retirees cannot afford medical care.

    As prayers were offered and songs of thanksgiving filled the hall, the pensioners were united in cautious optimism, grateful for progress made, but determined to continue pressing for full transparency, gratuity payments and equitable treatment under Nigeria’s pension system.

    “We thank God we are alive to witness this moment,” Ogunjinrin said. “But the struggle continues.”

  • Paga and Leadway Assurance partner to Safeguard Doroki Merchants

    Paga and Leadway Assurance partner to Safeguard Doroki Merchants

    Paga, the fintech company behind the Doroki merchant platform, has entered into a strategic partnership with Leadway Assurance, one of Nigeria’s foremost insurance providers, to deliver comprehensive insurance solutions designed specifically for Doroki merchants.

    The collaboration aims to help merchants safeguard their businesses against everyday risks and recover quickly from unforeseen events.

    Under this partnership, Doroki merchants will gain access to tailored insurance solutions designed to protect the critical components of their day-to-day operations thereby safeguarding their income, assets, and continuity of operations.

    Beyond offering coverage, this initiative is built on a holistic approach to risk resilience.

    Doroki and Leadway will equip merchants with clear guidance on what each product covers, how to file a claim, and best practices for risk management—empowering them with knowledge that strengthens decision-making and builds confidence in handling uncertainties.

    The General Manager of Doroki Merchants, Arike Okwunowo said: “At Doroki, we see our merchants as partners in driving economic activity across Nigeria’s retail landscape.

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    “This partnership with Leadway, an insurer with decades of experience and a strong reputation for reliability—means our merchants can focus on growing their businesses with the peace of mind that they’re protected,” he noted.

    Commenting on the development, Head of Digital Business, Leadway, Diana Mulili reiterated Leadway’s commitment to expanding access to financial security for every Nigerian.

    “At Leadway, we believe insurance should integrate seamlessly into the everyday realities of people and businesses. By partnering with Doroki, we are embedding practical, easy-to-understand insurance solutions into platform merchants already trust—helping them to protect their income, assets, and livelihoods while continuing to grow with confidence.

    “This collaboration not only provides financial protection for Doroki merchants but also fosters a culture of preparedness, awareness, and informed decision-making—key pillars for sustainable business growth in an unpredictable environment”, he added.