National Insurance Commission (NAICOM) has sought the support of the Nigeria Police Force to enforce Third-Party Motor Insurance in Nigeria. The Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, made this request when he paid a working visit to the Inspector General of Police, Federal Republic of Nigeria, Mr. Kayode Adeolu Egbetokun, at the Force Headquarters.

The Commissioner for Insurance who congratulated the IGP on his notable achievements, particularly the recent licence acquisition for the Police Insurance Company, reminded the IGP of his earlier request for assistance in enforcing all compulsory insurance policies, including Third-Party Motor Insurance.

The CFI pledged to provide the necessary support to ensure seamless enforcement of third-party motor insurance across the country. To guarantee the success of this initiative, Omosehin emphasized the need for a mass awareness campaign and education of the Nigeria Police Officers.

In response, the IGP expressed his alignment with the CFI for insurance, acknowledging the compulsory nature of third-party motor insurance in Nigeria. He emphasized that violating this law is punishable, yet unfortunately, only 30 percent of vehicles in the country are insured.

The IGP highlighted the numerous benefits of having insurance coverage, stressing the importance of protecting lives and property.

He urged citizens to obtain at least a third-party insurance cover for their vehicles before driving on Nigerian roads.

To ensure compliance, the IGP announced that full enforcement of third-party motor insurance will commence on February 1, 2025.

Present at the meeting was the Deputy Commissioner, Technical, Dr. Usman Jankara; the Deputy Commissioner Finance &Administration, Mr. Ekerete Ola  Gam-Ikon; Director Legal, Enforcement & Market Development, Dr. Talmis Usman; Director of Inspectorate, Mr. Bankole Ajebola; Senior Police Officers, and others.

The Securities and Exchange Commission (SEC) has pledged to enhance its regulatory framework for borrowing by government entities and corporate organizations.

Emomotimi Agama, Director General of SEC, revealed this in an interview, where he emphasized the pivotal role borrowing plays in sustaining the financial system and fostering economic growth.

He highlighted the need for strategic management of resources, particularly in light of the Supreme Court’s recent ruling mandating direct federal allocations to Nigeria’s 774 local government areas.

Agama stated, “Improving the framework for borrowing is very important because borrowing is part of the financial system, and we can only make much of the move we want to make if there is enough funding.

“Hence, we want to ensure sustainability in both government borrowing, especially for municipal and state governments, given the new Supreme Court order regarding local government allocations.”

He further stressed the importance of structured borrowing in supporting development across sectors. For corporate organizations, the SEC DG noted that the Commission is revolutionizing the landscape with the introduction of new rules on Central Counter Parties (CCPs).

“As a Commission, we have established those new rules, and they will become operational in 2025. Our aim is to make borrowing a seamless and effortless process for Nigerian companies,” he said.

Agama added that SEC was also committed to diversifying the Nigerian capital market, which had long been dominated by a mono-product focus. He disclosed plans to introduce derivatives trading in 2025, supported by enabling laws and regulations to foster growth and confidence.

“To build confidence in derivatives trading, we aim to provide clear exemptions for these transactions from general insolvency laws, creating a safer and more predictable trading environment. By doing this, we hope to attract more players and provide new opportunities for every Nigerian,” Agama concluded.

The SEC reiterated its commitment to creating a safer and more robust trading environment to strengthen the Nigerian capital market and support sustainable economic development.

Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) has successfully completed the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

The Offer, which garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares, fully allotted.

This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors.

This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.

Commenting on this phase of the recapitalisation exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude, saying:

“We extenour sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and NonBanking businesses.” GTCO Plc continues to lead its peers in key profitability metrics and financial performance.

Building on this successful first phase, the Group will commence the second phase of its recapitalisation plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “Truly International” financial services brand.

Proceeds from the combined equity raise will be strategically deployed to recapitalise the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.

Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries.

GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.