News
NAICOM Adjusts Licensing Fee for New Insurance Operators by 100%
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Following the recent increase in application, reinsurance and insurance firms venturing into Nigerian insurance market will now pay a non-refundable fee of N10 million as against initial N5million, showing 100 per cent increase in the fee payable by new operators.
According to NAICOM, application fee which is non-refundable for reinsurance operation is now N10 million as against N5 million paid in the past; Life business, N10 million, from N5 million; general business, N10 million, from N5 million; broker, N500,000 from N250,000; Loss Adjuster, N300,000 from N75,000 and agent N5,000.
The National Insurance Commission (NAICOM) stated this in its recently released Revised Market Conduct and Business Guidelines for Insurance and Reinsurance Companies.
On registration/licensing fee, NAICOM placed reinsurance on 1 per cent of paid-up share capital. Same applied to life and general business, while brokers were placed on N3.5 million from N2.5 million and loss adjuster, N500,000.
According to NAICOM, a broker seeking registration has to pay N500,000 fee, while renewal fees were pegged at N300,000 for brokers, N200,000 for loss adjusters and N3,000 for agents.
The commission said that change of name for reinsurance and insurance is now N100,000; brokers, N50,000 and loss adjusters, N30,000.
It said change of ownership (acquiring majority share) fee is put at one per cent of the acquisition amount for reinsurance and insurance, adding that certificate fee per year for audited account is N50,000, while certificate of operation for insurance and brokers is N50,000.
The Commissioner for Insurance, Sunday Thomas, said NAICOM would continue to grant operating licence to insurance and reinsurance firms that show and have capacity to impact the underwriting sector.
He noted that the commission would continue to encourage the development of the insurance sector by ensuring that capable players are welcomed into the system.
The commission said it would address the lingering recapitalisation that has dragged in the industry for so long.
“Finance Act provisions recently issued late last year, NAICOM has studied the provisions and came up with regulatory guidance which we will soon issue to the market, and with the guidelines, the lingering issue of recapitalisation would be resolved, ”the commissioner said.
News
Fuel Scarcity Looms as Marketers Threaten Strike over N100Bn Debt
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Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a seven-day ultimatum to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to pay outstanding bridging claims amounting to N100billion or face a nationwide strike.
In a communique released on Monday, the association expressed growing frustration with the NMDPRA’s failure to fulfill its financial commitments, despite repeated assurances.
The statement, signed by Yahaya Alhassan, chairman of the IPMAN Depot Chairmen Forum, highlighted that the NMDPRA had previously promised to resolve the debt but has consistently reneged on those promises.
According to the IPMAN communique, the NMDPRA had made a public commitment to pay the bridging claims within 40 days, following a stakeholders’ meeting where the Nigerian Association of Road Transport Owners (NARTO) demanded payment before halting a planned strike action.
The meeting, which involved high-ranking government officials such as Mal. Nuhu Ribadu, national security adviser, and Mr. Adeola Ajayi, DG DSS, was seen as an opportunity for resolution.
However, 40 days have since turned into several months without any sign of payment. IPMAN noted that this continued delay has severely impacted the operations of its members.
“One of those promises was made by the NMDPRA at the stakeholders meeting on the eve of the last strike action declared by NARTO. At that meeting, the NMDPRA assured us that the bridging claims would be paid within 40 days, but now months have passed, and there is still no hope of payment,” the statement read.
IPMAN also lamented the devastating economic consequences of the delayed payments, noting that many of its members have been forced to close their businesses, lay off staff, or, in some cases, suffer personal tragedies due to the financial burden.
“Many of our members have lost their businesses to commercial banks as they are unable to meet loan repayment obligations due to the unfulfilled payments of bridging claims,” the statement added.
In addition to the outstanding claims, IPMAN accused the NMDPRA of imposing “abnormal levies” on its members. One of the most contentious issues raised was a 5 per cent commission on petrol station sales, which IPMAN described as an illegitimate imposition.
“When has the NMDPRA turned itself into a real estate agent, collecting a commission on sales of retail petrol outlets?” the communique questioned.
News
TD Africa’s Accra Synergy Summit to Ignite Tech Transformation in Ghana
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Accra, Ghana, witnessed a remarkable gathering of tech industry leaders, visionaries, and policy-makers as TD Africa hosted the Accra Synergy Summit last Thursday.
The prestigious event, held at the Kempinski Hotel Accra, brought together some of the most influential minds in the technology ecosystem, further cementing TD Africa’s role as a transformative force in Sub-Saharan Africa’s tech landscape.
Spearheaded by Mrs. Chioma Ekeh, CEO of TD Africa, the summit provided a strategic platform for top industry players, original equipment manufacturers (OEMs), and key stakeholders to network, exchange ideas, and foster collaborations that will shape the future of technology in Ghana and beyond.
Chioma Chimere, CMD of TD Africa, set the tone for the event by warmly welcoming guests and partners. In her opening remarks, she described the esteemed attendees as the “men and women redefining the technological landscape in Ghana.”
She further highlighted the importance of their partnership with TD Africa, emphasizing how, together, they are the drivers and enablers of digital transformation across the region.
The summit attracted high-profile personalities, amongst whom were Dr. Leo Stan Ekeh, renowned as Africa’s foremost tech disruptor and serial entrepreneur; Emmanuel Morka, CIO of Access Bank and Regional CIO of Access Bank West Africa Region.
Their presence underscored the importance of TD Africa’s mission to drive innovation, economic growth, and technological advancement across the continent.
In addition, the event saw the active participation of top delegates from global tech giants such as Dell, Cisco, Microsoft, Huawei, HP, Starlink, Philips, IBM, APC, Ecoflow, and Vertiv, among others.
These industry experts engaged in insightful discussions, explored new frontiers in digital transformation, and leveraged the event as a powerful networking opportunity.
A major highlight of the summit was Emmanuel Morka’s thought-provoking discussion on Financial Inclusion, Artificial Intelligence (AI), and Blockchain Technology.
Addressing the audience, he emphasized that the core idea behind Financial Services Innovation (FSI) is to create inclusive financial systems that leave no one behind.
According to him, “AI and Blockchain are not just buzzwords; they are game-changers that have the potential to revolutionize financial inclusion in Africa.
The challenge before us is to develop systems that can reach every individual, no matter their socio-economic status, and empower them with financial tools that drive economic growth.”
He also expressed deep appreciation for TD Africa, noting that “this summit is a testament to TD Africa’s commitment to fostering digital transformation and providing platforms where crucial conversations like these can take place.”
The Accra Synergy Summit was more than just a gathering — it was a catalyst for action.
It reinforced the urgency for tech industry leaders to go beyond discussions and take deliberate steps in transforming Africa through technology.
Events like this serve as a wake-up call, inspiring tech pioneers to innovate, collaborate, and break new ground in an industry that continues to shape the continent’s future.
TD Africa’s unwavering commitment to digital transformation across sub-Saharan Africa was evident throughout the event.
By fostering synergy between key stakeholders, TD Africa continues to play an instrumental role in bridging technology gaps, empowering businesses, and driving economic growth through innovative solutions.
The impact of this summit will undoubtedly empower Ghana as a formidable force in the global tech space and set the stage for a tech-driven Africa poised for unprecedented growth.
News
Nigeria’s Zuriel Oduwole Nominated for 2025 Nobel Peace Prize
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Zuriel Oduwole, a global advocate for peace, education, and gender equality, has been nominated for the 2025 Nobel Peace Prize.
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Nobel Prize
At 22, Oduwole has engaged with world leaders to drive policy changes, particularly in education access and social reforms.
Born in Los Angeles to Nigerian grandparents, she has met with over 35 presidents and prime ministers, working to empower marginalized communities.
Her diplomatic efforts date back to age 13 when she mediated a territorial dispute between Guyana and Venezuela at the United Nations.
She later advised Egyptian President Abdel Fattah El-Sisi on peace strategies during the Arab blockade of Qatar, which ended in 2021.
Committed to education as a tool for stability, Oduwole met then-U.S. Secretary of State John Kerry in 2017 to advocate for ‘reward-based’ learning programs in developing nations.
Her work contributed to ending child marriage in Mozambique in 2019 following discussions with President Filipe Nyusi.
In 2022, she received the Ban Ki-moon Leadership Award in recognition of her decade-long mediation and advocacy.
Through her initiative, “Dream Up, Speak Up, Stand Up,” she continues to inspire youth, particularly girls, to push for educational and leadership opportunities.
Reacting to her nomination, Oduwole expressed humility, saying, “I have never sought recognition, only to speak up where it’s needed. This honor reflects the need to invest in young voices as agents of change.”
The Nobel Peace Prize, one of the world’s most prestigious honors, has previously been awarded to figures like Nelson Mandela, Barack Obama, and Wangari Maathai.
The 2025 laureate will be announced later this year.
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