Broadcasting
Heirs Insurance, Heirs Life Record Significant Milestones One Year Since Public Launch

One year following their applauded entrance into the insurance sector, duo insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) celebrated their first anniversary recording significant achievements.
Both companies officially opened their doors to the public in June 2021 in a ceremony graced by the Lagos State Governor, H.E. Babajide Sanwo-Olu and Mr. Sunday Thomas, commissioner for Insurance.
Since their launch, both companies have achieved the following milestones, among others:
- Procurement of a Bancassurance license and agreement with a tier-one bank
- A phenomenal feat of breaking even
- Fully digitalised websites enabling insurance purchase end-to-end in less than three minutes
- A fast-claims portal that simplifies and facilitates the claims process with a promise of attaining 24 hours claims payment
- Implementation of a core insurance platform and execution of an insurance awareness plan that simplifies the processes, procedures, and communication with clients
In addition, Heirs Life Assurance, the life insurance subsidiary of the Heirs Holdings Group, has fully digitalised its entire processes demonstrating its commitment to providing simple, quick, accessible, and reliable insurance services.
Key milestones include:
- Roll out of various products via a digitalised distribution network
- Registered as one of the few companies providing the pension-regulated Annuity to the Lagos State Government, as well as serving thousands of other retirees from the private and public sectors nationwide
- Extensive agency distribution network across the country
Niyi Onifade, MD/CEO, Heirs Life Assurance, promised that the team is not relenting in the pursuit of its promises.
“We promised that we would partner with our regulators to achieve the vision of democratising insurance, transforming lives and the sector. We are relentless in this pursuit, and we are pleased to share that many more milestones will be achieved this year with the flawless execution of a rapid expansion plan,” he said.
On its part, Heirs Insurance Limited cemented its place as one of the fastest growing general insurance companies in the country within the period under review.
Significant milestones include:
- Achievement of its revenue target, a testament to gaining the trust of publicly listed and private companies nationwide
- Development of gender-diverse insurance products to meet the needs of all customers
- Simplifying the claims process to enable customers file claims within five minutes
Commenting on the company’s aggressive footprint across the industry, MD/CEO, Heirs Insurance Limited, Dr. Adaobi Nwakuche said, “We surpassed our financial expectations bringing value to our customers and shareholders, proving that indeed the Nigerian insurance industry has a lot of untapped potential.
“We appreciate our clients for the trust placed in us, the dedication of our employees and the support of our Group, Heirs Holdings. We are excited about the next phase of our ambitious journey.”
Heirs Insurance and Heirs Life are both subsidiaries of Heirs Holdings, a pan-African investment company with a portfolio spanning 20 African countries and three continents.
Broadcasting
Nigeria Week Ahead: Inflation, Oil and Naira in focus

By Lukman Otunuga, Senior Market Analyst at FXTM.
A flurry of high-risk events may pump global financial markets with fresh volatility this week.
Top-tier data, including US Inflation, the unofficial start of earnings season, and US Congress “Crypto Week,” among other themes, could spell fresh opportunities.
Amidst this, uncertainty over global trade will add to the mix after President Donald Trump threatened 35% tariffs on the EU and Mexico over the weekend.
Regarding US inflation, this may impact bets around Fed cuts in the second half of this year. Markets are forecasting CPI to rise 2.6% from 2.4% in the prior month, with core CPI rising to 2.9% from 2.8%. Signs of rising prices may shave bets around the Fed cutting interest rates – boosting the dollar as a result.
Closer to home, Nigeria’s June CPI data due July 15 is expected to show signs of cooling inflationary pressures. This could offer some relief to the Central Bank of Nigeria (CBN) which aggressively hiked interest rates throughout 2024. Inflation is expected to have eased to 21.4% year-on-year from 23% in May – marking the 4th consecutive month of decline. However, the slowdown is largely a technical adjustment aided by the recent gains in the Naira amid higher non-oil exports and a weaker dollar.
The CBN is scheduled to meet later this month and will most likely keep rates unchanged at 27.5%.
One key challenge for the country will be how to re-tweak its budget for lower oil prices. Indeed, the budget was based around oil production at 2 million barrels and oil prices of $75. Brent is trading around $70 with the nation producing 1.544m b/d of crude in May according to OPEC. Nigeria is hoping to raise production to 1.9m b/d by the end of 2025. But its impact on the economy may be muted if oversupply and tepid demand keep oil prices subdued. Brent is up 4% this month but still down over 6% since the start of 2025.
Broadcasting
EFCC Re-Arraigns Echefu, TStv CEO for Allegedly Defrauding Ex-Minister of N1Bn, $1.3m

Bright Echefu, chief executive officer, Telecom Satellites Limited (TStv), and three co‑defendants appeared before the Federal High Court in Abuja yesterday on an amended twelve‑count indictment brought by the Economic and Financial Crimes Commission (EFCC). The charges allege money laundering, tax evasion, and investment fraud involving approximately ₦1 billion and $1.3 million.

Bright Echefu, chief executive officer, TStv
In addition to Echefu, the defendants are TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited itself, and Briechberg Investment Ltd.
According to the April 5, 2025, amended charge sheet the EFCC accuses the quartet of defrauding Mr. Tanimu Turaki, Managing Director of Kalsiyam Global and former Minister of Special Duties, alongside BYI General Limited, out of a combined investment of ₦1 billion and $1.3 million. The commission has also included a ₦66 million alleged tax default.
The revised indictment lists:
Count 2: ₦33,909,542.47 in unremitted Company Income Tax
Count 3: ₦13,519,382.00 in unremitted VAT
Count 4: ₦19,488,860.00 in unremitted PAYE
Counts 5–12: Various fraud‑related transactions, including ₦380 million from Kalsiyam Farm, ₦400 million from BYI General Ltd and $1.35 million in loans secured under false pretences.
All defendants pleaded not guilty once again. At the hearing before Justice Mohammed Umar, Echefu’s lead counsel, Senior Advocate Eyitayo Fatogun, informed the court of ongoing settlement discussions with the complainants.
“There are moves to settle this matter and there was a meeting on Saturday between myself and the Nominal Complainant as it is about investment,” Fatogun stated.
“The Defendants have paid some money and I was thinking that the matter be adjourned for report of settlement.”
EFCC counsel A.S. Tomwell confirmed receipt of those payments but emphasized the necessity of entering a plea before considering any adjournment. The court thus ordered the formal reading of the charges and adjourned the trial to October 15, 2025.
Broadcasting
More Woes for MultiChoice as Ghana Orders 30% Price Cut

The government of Ghana has ordered MultiChoice Ghana to reduce DSTV subscription costs by 30%, noting the significant appreciation of local currency and growing dissatisfaction with current rates.
This comes as Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).
According to Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.
MultiChoice, which operates across Africa, continues to lose revenue and subscribers.
Ghana’s minister of communication, digital technology, and innovation, Samuel Nartey George, made the call last week during a meeting with a DSTV team led by Dr. Keabetswe Modimoeng, group executive for regulatory and corporate affairs.
According to a ministry statement, George said the government’s responsibility is to respond to Ghanaians’ concerns over high DSTV pricing and outdated content offers.
The Minister pointed out that despite a 30% increase in the cedi’s value over the past five months; DSTV prices have not reflected the positive economic trend.
The statement went on to say the minister is therefore calling for a 30% price reduction to match the cedi’s appreciation and to pass on economic benefits to consumers.
According to the statement, while MultiChoice has implemented promotional packages, people prefer a direct price reduction over temporary discounts.
George said feedback from public engagements revealed that many users are dissatisfied with DSTV’s content, describing it as outdated save for Premier League football. They also believe that the current cost is not justified.
”To address the concerns, he said MultiChoice Ghana has until July 21 to formally respond to the government’s request. The Minister expects a concrete proposal by this date, allowing time for further engagement before the end of July,” the statement said.
In response, Dr. Modimoeng acknowledged the government’s concerns and expressed gratitude for the opportunity to dialogue.
The MultiChoice team reacted positively to the minister’s request and committed to provide input by July 21st. They emphasised the need of balancing public interest and business sustainability.
This is the continent’s latest pricing conundrum for the pan-African pay-TV business, following fee disputes with Nigerian and Malawian authorities.
In Ghana, the demand for price cuts comes as MultiChoice is under pressure, having lost revenue and subscribers in the financial year that ended March 31, 2025. Last month, the company announced its financial year-end results.
In a statement to shareholders last month on the Stock Exchange News Service, the company said the past two financial years have been a period of significant financial disruption for economies, corporates and consumers across Sub-Saharan Africa due to challenging macro-economic factors.
Combined with the impact of structural industry changes in video entertainment, such as the rise of piracy, streaming services and social media, this has materially affected the overall performance of the MultiChoice Group, it noted.
Over this period, MultiChoice said the group lost 2.8 million active linear subscribers and had to absorb a R10.2 billion negative impact on its top line due to local currency depreciation against the US dollar.
For the year, the company reveals that linear subscribers were down 1.2 million, or 8% year-on-year, to 14.5 million active subscribers, with the loss evenly split between South African (600 000) and rest of Africa (600 000).
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