NEWS AGENCY OF NIGERIA
Strategic investment in youths key to Nigeria’s trn economy- Entrepreneur 
Economy/Business

Strategic investment in youths key to Nigeria’s $1trn economy- Entrepreneur 

145 total views today

 

 

By Taiye Olayemi

 

 

Mr Sunny Akhigbe, an entrepreneur and philanthropist, has called for strategic investment in Nigerian youths as a critical pathway to unlocking the nation’s ambition of becoming a one-trillion dollar economy.

 

Akhigbe, founder of “A Boy and His Dream Foundation”, made the call during a media parley in Lagos.

 

The U.S.- based entrepreneur stated that Nigeria’s youth population remains the country’s most valuable economic asset.

 

He emphasised that for Nigeria to achieve its one- trillion dollar target, youths, with a special focus on women and children, must be nurtured through appropriate education, entrepreneurship, and mentorship.

 

He stressed that without a deliberate commitment to developing the potential of young Nigerians, especially women and children, the country’s economic aspirations may remain unattainable.

 

“Nigeria cannot grow into a trillion-dollar economy without investing in the people who will build it. That means prioritising our youths, especially women and children,” Akhigbe asserted.

 

Akhigbe urged Nigerian youths to take active responsibility in helping the Federal Government achieve its one trillion dollar economy target by developing their talents and using them to create sustainable wealth.

 

He highlighted that Nigeria’s economic transformation depends largely on the creative energy, resilience, and innovation of its young population, noting that these individuals must take ownership of their future and become productive contributors to national development.

 

“The road to a trillion-dollar economy begins with every Nigerian youth realising the value of their talent and transforming that talent into enterprise.

 

“We cannot wait for the government alone. The youth must step up through entrepreneurship, digital innovation, and skill development. This will help the nation to achieve the coveted one-trillion dollar economy,” he said.

 

Through his foundation, Akhigbe stated he had impacted thousands of young people across Nigeria and U.S. with scholarship programmes, microenterprise support, and mentorship initiatives aimed at building leadership and self-reliance.

 

 

 

“We have empowered young people with skills and seed funding to start businesses in Lagos, Abuja, and Nasarawa states. Many of them are now employers of labor,” he noted.

 

Akhigbe called on philanthropists and corporate organisations to collaborate with him to expand his initiatives.

 

He also mentioned he is building software to expose children in Nigeria and the U.S. to success and inspiring stories capable of spurring children and women to leave their comfort zones and create wealth.

 

He further detailed his contributions, stating, “I have built over 100 playgrounds in Edo State to ensure children are allowed to express themselves, an opportunity I never had.

 

“I have invested in agriculture to cater for children in terms of food security, and I am investing in recycling. I want philanthropists to partner with me to expand this.”

 

Speaking on his aspirations, Akhigbe said he is looking forward to producing more inspiring movies and writing more books that would further encourage women and children to be their best.

 

He added that proceeds generated from the sales of these materials would be used to impact more lives.(NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

Global shocks: Experts urge digital resilience for organisations
Economy/Business

Global shocks: Experts urge digital resilience for organisations

122 total views today

 

 

 

 

 

 

 

 

By Rukayat Moisemhe

 

Economic experts on Tuesday urged organisations to embrace technology and build digital resilience to protect against volatility, uncertainties, and global disruptions.

 

 

 

The advice was given in Lagos during the Chartered Institute of Directors (CIoD) 2025 Biennial Lecture, held in honour of outgoing president, Alh. Tijjani Borodo.

 

 

 

The News Agency of Nigeria (NAN) reports that the event was themed: ‘Building Digital Resilience: Governance, Risk and Compliance.’

 

 

 

Digital resilience refers to an organisation’s ability to withstand and recover from both expected and unexpected disruptions, using digital technologies and processes.

 

 

 

Dr Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), said Nigeria had improved its Cyber Risk Index, reflecting stronger defences.

 

 

 

However, he noted that Nigeria remains among the world’s 15 most targeted countries, currently ranking 46th on the National Cyber Security Index.

 

 

 

Aduloju highlighted that global digital adoption has surged, with 125 million new consumers in the US and Europe embracing digital channels since the COVID-19 pandemic.

 

 

 

In Africa, digital transformation is also accelerating. Smartphone adoption in Sub-Saharan Africa is projected to grow from 51 per cent in 2022 to 88 per cent by 2030.

 

 

 

He advised organisations to assess and strengthen their enterprise resilience, particularly in digital and cyber areas, to better navigate future disruptions.

 

 

 

“The global market will remain volatile. It is vital to future-proof your organisation and minimise time spent in reactive response phases,” he said.

 

 

 

He added that businesses which develop strong capabilities to navigate uncertainty and ambiguity are best positioned to succeed in an unpredictable environment.

 

 

 

Aduloju said Nigeria urgently needs a new digital economy resilience analytics tool to improve institutional readiness and address increasing cyber threats.

 

 

 

He affirmed that the NESG is committed to working with strategic partners to enhance national resilience strategies and digital response capacity.

 

 

 

Chief Anthony Idigbe, Senior Partner at Punuka Attorneys, said current economic, political, and geopolitical uncertainties are challenging and reshaping executive outlooks.

 

 

 

He explained that policy shifts, changing trade dynamics, and economic uncertainty have greatly influenced the perspectives of business leaders across sectors.

 

 

 

To navigate this environment, Idigbe stressed the need for adaptable, forward-thinking leadership that welcomes innovation and change.

 

 

 

He urged corporate boards to actively oversee digital governance to avoid liability risks and enhance digital resilience within their organisations.

 

 

 

“The board must be prepared to reset operations in the event of digital disruptions,” Idigbe advised.

 

 

 

Outgoing CIoD president, Alh. Tijjani Borodo, said his tenure since 2023 included both challenges and successes, with periods of intense deliberation and meaningful progress.

 

 

 

Borodo said he aimed to reinforce CIoD’s leadership in corporate governance, promote ethical leadership, and encourage a sustainable business environment.

 

 

 

He added that his administration focused on promoting excellence in governance and advocating policies that support growth and institutional resilience.

 

 

 

He highlighted achievements including a reconstituted governing council, creation of sectoral groups, new regulations, branch restructuring, and a rebranding of the institute.

 

 

 

“Today, CIoD Nigeria stands redefined and reinvigorated, prepared to shape the future of professional directorship in Nigeria and beyond.

 

 

 

“As I prepare to hand over leadership, I am confident in the institute’s renewed strength and future readiness,” Borodo said.

 

 

 

NAN also reports that the event featured the unveiling of the CIoD’s new logo. (NAN) (www.nannews.ng)

 

 

 

Edited by Kamal Tayo Oropo

Nigerian culture, Nollywood industry evolving globally – Ewebiyi
Culture & Tourism

Nigerian culture, Nollywood industry evolving globally – Ewebiyi

291 total views today

 

 

 

By Kazeem Akande

 

A Nigerian Nollywood actress and culture ambassador, Mrs Ayo Ewebiyi, has applauded the pace and extent to which Nigerian culture and the Nollywood industry are currently evolving globally.

 

The actress made the commendation during an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

 

She said the development would, in the near future, boost the country’s tourism sector.

 

“Our cultural heritage is advancing steadily. Take, for instance, the recent annual ‘Ojude-Oba’ festival in Ijebu-Ode, Ogun, where our traditional attire was showcased in vibrant and colourful styles.

 

“I believe we are getting it right now, and very soon, it will become a global tourist destination,” she said.

 

The Nollywood actress also advised filmmakers to embrace quality storytelling in the production of films for the public.

 

She urged them to collaborate in developing the industry and showcasing the rich Yoruba culture to the world.

 

“I want them to come together. Instead of saying, ‘I want to do my own thing, they should collaborate to make a meaningful impact in the industry.

 

“Such collaboration will lead to greater success and higher-quality productions. We should focus not on outshining one another, but on working together.

 

“Avoid producing films merely to compete with others; instead, focus on telling meaningful stories.

 

“These days, it seems like many filmmakers and producers are more interested in competing than in paying attention to the strength of the storyline,” she said.

 

She advised them to always consider their names and reputations, even when they want to produce films.

 

NAN reports that Ewebiyi, popularly known as ‘Mama Oriki’, is a renowned Nigerian musician, poet, and cultural ambassador.

 

She is celebrated for her expertise in Ewi poetry and chanting, as well as for showcasing and promoting Yoruba culture, arts, and traditions through her music, poetry, and performances. (NAN)(www.nannews.ng)

 

 

Edited by Esenvosa Izah/Chinyere Omeire

SEC collaborates with developers on Stablecoin regulation framework
Economy/Business

SEC collaborates with developers on Stablecoin regulation framework

126 total views today

 

 

 

 

By Taiye Olayemi

 

 

The Securities and Exchange Commission (SEC) says it is engaging with developers to co-create a framework for the regulation of stablecoins.

 

Dr Emomotimi Agama, Director-General of SEC, in statement on Monday in Lagos, was quoted to have disclosed this in a keynote speech at the 2025 Decentralised Finance (DeFi) Conference.

 

Agama said that the commission had been working with DeFi to attract credible players.

 

He said, “The commission believes responsible DeFi can thrive in a regulated environment, and the SEC is looking forward to enhancing investor education and digital literacy.

 

“This is why the SEC is launching a ‘Crypto Smart, Nigeria Strong’ Initiative, targeting young investors across schools, universities, and social media.

 

“It aims to cover basic blockchain principles, how to spot scams, and the value of long-term investing.

 

“The future of Nigeria’s digital assets ecosystem depends on three pillars: collaboration, innovation, and trust.”

 

Speaking on the future of the sector, Agama said that regulatory evolution, through an expanded licensing regime, was in progress.

 

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based.

 

“Our goal is to attract credible operators while shutting out bad actors by streamlining application timelines, introducing tiered VASP licenses, and incorporating automated compliance monitoring. We are actively exploring a framework for Naira-pegged stablecoins.

 

“These will be fully backed by verifiable reserves, audited regularly by independent custodians, and used for cross-border trade, payments, and programmable finance. Having a framework will allow digital asset innovation to serve real-world economic activity, not just speculation.”

 

The SEC DG noted that the Nigerian digital assets industry had experienced a significant boom, stressing that over 65 per cent of cryptocurrency users in Nigeria are under the age of 35.

 

“These are digital natives, many of whom are financially excluded or underserved by traditional banking. For them, digital assets represent not just speculation but empowerment, a means to save, invest, transact, and create wealth on their terms.

 

“The SEC is also reviewing pathways for digital asset Exchange Traded Funds, custodial wallets for pension funds (with Nigeria’s pension fund assets capped at N16 trillion), and licensed asset managers offering tokenised securities to institutional investors.

 

“This will unlock long-term capital and bring credibility and stability to the sector,” he said.(NAN)

 

Edited by Olawunmi Ashafa

Fitch, GCR upgrade Wema Bank’s credit rating, affirm positive outlook
Banking

Fitch, GCR upgrade Wema Bank’s credit rating, affirm positive outlook

220 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

Credit rating agencies, Fitch and GCR, have upgraded the ratings of Wema Bank, further underscoring its capacity for long-term sustainability within the African banking ecosystem.

 

According to a statement by the bank on Thursday, these ratings raise the projection on Wema Bank’s outlook from stable to positive.

 

Fitch, an American rating agency, upgraded the bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-‘.

 

African rating agency, GCR, also upgraded Wema Bank’s National scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a stable outlook

 

Commending Fitch and GCR for the objective assessment and projection of the bank’s future, its Chief Executive Officer, Mr Moruf Oseni, reiterated Wema Bank’s promise to its customers and shareholders.

 

 

 

Oseni asserted that Wema Bank’s journey has just begun at 80, saying, “Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, ‘Nigerian-owned can stand the test of time’.

 

 

 

“Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving.”

 

 

 

Oseni said that Wema Bank had navigated every challenge and consistently developed solutions that accelerate progress across various industries beyond banking.

 

 

 

 

 

“Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your ‘all’ to self-improvement and delivering value to the people you serve.

 

 

 

“80 years seems like a lot and it is, but it is nothing compared to what lies ahead. These upgrades are very significant and represent good news for us as a bank.

 

 

 

“It stands as a strong testimony to the great work we have all put in in the last one year,” he added.

 

 

 

Oseni noted that Wema Bank had built a legacy of impact, resilience, empowerment, innovation, dominance, transformation and excellence since 1945.

 

 

 

He said that the bank had also pioneered a paradigm shift in banking, connecting banking with lifestyle and leveraging innovation.

 

 

 

According to him, the bank has introduced a new era of impactful banking where customers’ needs are proactively met with practical solutions tailored to every stage of their lives.

 

 

 

“Beyond being Nigeria’s longest surviving indigenous bank, Wema Bank’s intentional approach to banking has arguably earned it the title of Nigeria’s most innovative bank, a legacy that continues to reflect in the bank’s numbers.

 

 

 

“From a steady increase in customer volume to diversity in customer-base, strategic variety in range of solutions to increased shareholder confidence and upturns across several financial metrics, Wema Bank has proven to be the bank that has not just built a legacy of 80 years of impact.

 

 

 

“It is significantly, the indigenous financial institution with a future of limitless possibilities; one that will outlive expectations, transcend time and prove in the centuries to come, that Nigerian businesses can last.

 

 

 

“It comes as no surprise that credible ratings agencies, Fitch and GCR, have upgraded the bank’s ratings and affirmed a positive and stable outlook for the bank.

 

 

 

“Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in its promise to keep delivering optimum value to every stakeholder,” he said.

 

 

 

in 2024, Pan-African Rating Agency, Agusto & Co, upgraded Wema Bank’s ratings to Bbb+ with ESG Score of 2 and confirmation of stable outlook, citing improved profitability despite macroeconomic headwinds, a lower impaired loan ratio, a better deposit mix, and strong shareholders’ support.

 

 

 

Also in same year, GCR upgraded Wema Bank Plc’s national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirm the short-term issuer rating of A3(NG), with the Outlook revised to Stable; while Fitch Affirmed the Bank at ‘B-‘ with Outlook, Stable. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

NIM hosts chess tournament to boost critical thinking in students
Sports

NIM hosts chess tournament to boost critical thinking in students

273 total views today

 

 

By Rukayat Moisemhe

 

The Nigerian Institute of Management Chartered (NIM) has hosted a chess tournament to stimulate critical thinking in primary and secondary school students in Lagos State.

The News Agency of Nigeria (NAN) reports that the tournament is an advocacy initiative of the institute in partnership with Dynamic Chess Ville, a chess foundation.

The President of NIM, retired Commodore Abimbola Ayuba, said at the invitational chess competition on Thursday in Lagos that the competition brought together young chess talents to interact and gain exposure.

He said that the tournament was the maiden edition and designed to promote inclusivity and nurture key life skills such as strategic thinking, discipline and sportsmanship through the game of chess.

“It also seeks to foster spirit of healthy competition, empower young minds and celebrate intellectual excellence.

“At the end of today’s competition, trophies, medals and prize money will be won while the participating schools will receive certificate of participation,” he said.

Ayuba said that the winner in the primary school category would win N150,000 while the first runner up would go home with N100,000, and second runner up, N50,000.

He said that in the secondary school category, the winner would get N200,000 while first and second runners up would get N150,000 and N100,000, respectively.

Ayuba said that from 2026, the institute would consider expanding the scope of the competition to make it a national event.

“What we have done is to create a garden of future champions in chess where they can be groomed to do exploits internationally,” he said.

In his remarks, Mr Tolulope Fasinu, Managing Director, Dynamic Chess Ville, said the tournament served as an opportunity to invest in the development of schoolchildren.

Fasinu said that chess was an important sport as it helped to improve cognitive abilities and calculation skills, boost self confidence and sharpen decision making skills.

He urged governments and corporate organisations to invest in chess to widen its reach, improve it outcomes and encourage participation in chess competitions at the global level.

NAN reports that the participating schools in the primary category include Chess in Slums Africa, Indian Language School, Bethany Hall School, and Home Science Association Nursery and Primary School.

The others are Dupeola Childrenland School, Dansol Nursery and Primary School,Favour of God International School, and Priceless Jewel Elementary School.

In the secondary school category, the participating schools include Chess in Slums Africa, Indian Language School, Home Science Association Secondary School, Grenville School, Kings College and Queens College.

The others are Value Place School, Favour of God International School, Chess with Laura and Dynamic Chess Ville.

In the primary school category, Bethany Hall School secured the first position while Chess in Slums Africa and Home Science Association Nursery and Primary School emerged second and third, respectively.

In the secondary school category, Home Science Association Secondary School took the first position while Indian Language School and Dynamic Chess Ville came second and third, respectively. (NAN) (www.nannews.ng)

 

Edited by Ijeoma Popoola

 

Delegates laud Nigeria for iconic hosting of UN 68th CAF meeting
Culture & Tourism

Delegates laud Nigeria for iconic hosting of UN 68th CAF meeting

318 total views today

 

 

By Joshua Olomu

 

Delegates and other participants have commended Nigeria for successfully hosting the 68th Meeting of the UN Tourism Regional Commission for Africa (CAF), describing it as memorable.

 

They gave the commendation in separate interviews with the News Agency of Nigeria (NAN) on the red carpet of the closing Gala on Thursday night.

 

The 68th CAF was held between June 11 and June 13 in Abuja, with the theme “Boosting Social Impact and Education on Tourism through AI, Innovation and Creative Industries in Africa”.

 

It brought together top government officials across Africa, including Ministers of Tourism and other key players in the tourism industry within the continent and beyond.

 

Some of the stakeholders who spoke with NAN said the event was iconic and it would leave a lasting impact on participants and the industry.

 

Elcia Grandcourt, UN Tourism Regional Director for Africa, said: I must say we had a very interesting and successful meeting in these two days.

 

“I want to take this opportunity to thank our host, the Federal Government of Nigeria, especially, Hanatu Musa Musawa, the Minister of Arts, Culture, Tourism and Creative Economy of Nigeria.

 

“She has wonderfully hosted us and chaired beautifully this meeting that has brought about ministers of tourism from the Africa region.

 

“Over these two days, we discussed matters related to the programme of work of Africa, but more so , looking at how we are integrating artificial intelligence and digital transformation within the tourism sector.

 

“As you know, Nigeria is a hub, a hotspot for creativity; we also used these two days to host a technical workshop that has further built up the capacity of young leaders in Nigeria’s tourism sector.

 

“Once again, this has been a very successful event.”

 

Mr Chuks Anyaduba, curator of the Flavours of Nigeria Festival in Ontario, Canada, congratulated the Minister of Arts, Culture, Tourism and Creative Economy of Nigeria and her team for the historic event.

 

He said hosting culture and tourism stakeholders across Africa and beyond would resonate and further amplify Nigeria’s rich culture and tourism potential on the global stage.

 

“I want to say that Nigeria has actually had a successful hosting of this UN World Tourism event for Africa, and I believe that a benchmark has been placed.

 

“Our government just needs to be smarter by putting more money in tourism in Nigeria, with the National Assembly should have a larger budget for the ministry.

 

“This is very important so that we can actually sell the Nigerian stories as captured in the Destination 2030- Nigeria Everywhere agenda of the ministry,” he said.

 

Rodney Sikumba,Minister of Tourism and Wildlife, Republic of Zambia, said the meeting offered unique opportunities for ministers of tourism across the continent to form a common front for Africa’s tourism.

 

Sikumba, who was elected at the meeting as Chairperson for the UN CAF for 2025-2027, said the event has set a new phase for collaborations in regional tourism.

 

“When I talk about a united Africa, I am talking about an Africa which is actually championing a cause that will shepherd this particular continent to for better.

 

“As African ministers in charge of tourism, we are here to discuss matters of common cause, which is obviously to champion what we are trying to achieve within the tourism sector.

 

“I am very delighted that this year’s CAF is actually being hosted by Abuja, in Abuja, Nigeria.

 

“For a very long time, we’ve been competing as African countries, but now we are here to discuss matters of common cause and to form formidable collaborations,” he said.

 

Earlier in her opening remarks, Hannatu Musawa, Minister of Art, Culture, Tourism, and Creative Economy, said the future of African prosperity depends on how its culture, creativity and technology are harnessed to empower people.

 

She, therefore, urged her colleagues to work toward strengthening ties among Africa states for the continent to stand tall on the global tourism index.

 

“I feel that there is a new path for tourism in Africa, and it’s amazing that myself and other ministers of tourism have really gotten along in a way that we now share a common vision.

 

“I promise you, together we are going to be very aggressive in ensuring that we really give our continent a sort of value and unlock its fully for tourism,” she said.(NAN)(nannews.ng)

 

 

 

Edited by Ekemini Ladejobi

Mental health advocate charges mothers to break silence on postpartum 
Health

Mental health advocate charges mothers to break silence on postpartum 

254 total views today

 

 

By Gbenga Dada/Oluwafunke Ishola

 

 

A mental health advocate, Mrs Chioma Ezeakonobi, has advised new mothers to break the silence surrounding postpartum depression, saying this will enable them to receive support during their healing journey.

 

Ezeakonobi spoke with the News Agency of Nigeria (NAN) on Friday in Lagos, while sharing her personal struggle with postpartum depression, a mental health condition that affects many women worldwide.

 

According to her, the condition is an underdiagnosed and underrated illness in many countries in spite of the danger it portends for ill health and death.

 

“The cycle of silence attached to postpartum depression leaves many women to suffer in silence,” she said.

 

Narrating her experience, Ezeakonobi disclosed that it began after the birth of her second child, saying she experienced anxiety, tearfulness, fatigue, and persistent sadness.

 

In spite of her struggles, Ezeakonobi said she found solace in gaining knowledge about the condition and managing it on her own.

 

“With the support of my family, particularly my husband, I was able to cope with the condition.”

 

Her experience inspired her to create awareness about postpartum depression, and wrote a book titled “Navigating Postpartum Depression”.

 

The book is a compilation of her experience and those of other mothers, who have gone through similar struggles.

 

Ezeakonobi aims to use her platform to advocate and break the silence surrounding postpartum depression and support women worldwide.

 

She urged pregnant women and new mothers to be aware of the symptoms of the condition and seek care and support when needed.

 

According to the World Health Organisation (WHO), postpartum depression is a common and treatable mental health condition affecting women after childbirth.

 

It can negatively impact both the mother’s well-being and the child’s development.

 

Postpartum depression involves emotional highs and lows, frequent crying, fatigue, guilt and anxiety, affecting about one in seven new moms.

 

In Nigeria, its prevalence rates range from 10 per cent to 36.5 per cent.

 

WHO emphasises the importance of screening and early intervention for postpartum depression, along with providing effective treatments and support services for affected mothers. (NAN) (www.nannews.ng)

 

Edited by Esenvosa Izah/Folasade Adeniran

NAICOM moves to safeguard retiree life annuity funds
General News

NAICOM moves to safeguard retiree life annuity funds

199 total views today

 

 

 

 

By Taiye Olayemi

 

The National Insurance Commission (NAICOM) says it will soon release supplementary guidelines aimed at further securing Retiree Life Annuity (RLA) funds, to provide greater protection for annuitants.

 

Mr Moruf Apampa, a member of the Communication and Stakeholder Engagement Sub-Committee of the Insurers’ Committee, made this known on Wednesday at a news conference held after the June 2025 Insurers’ Committee meeting in Lagos.

 

Apampa, who is also the Managing Director of NSIA Insurance Ltd., said the forthcoming guidelines were part of NAICOM’s broader efforts to enhance the regulatory environment and ensure that funds dedicated to retirees were properly safeguarded.

 

He added that the supplementary regulations would further reinforce public trust in the insurance sector and demonstrate NAICOM’s resolve to uphold the rights of retirees and policyholders.

 

“NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market.

 

“NAICOM is coming up with additional guidelines to ensure that annuitants are actually protected.

 

“The commission is taking proactive measures to ensure that no company goes under or annuitants are not paid their normal monthly allowance.

 

“This is to ensure no failure recurs. These guidelines will be released soon,” he said.

 

Apampa noted that NAICOM was also looking into simplifying claims documentation and payment processes to enhance customer experience.

 

According to him, the commission is also working on repositioning the insurance industry, which includes developing guidelines on cyber risk.

 

He said, “NAICOM is coming up with new guidelines that will support the initiative of the government in improving the economy, one of which is the market guidelines.

 

“The commission has seen significant improvement in claims payments and has commended the industry, advising on further improvement.

 

“On solvency compliance, NAICOM also commended insurers who are observed to be in tune with the regulations, and hopefully, there will be significant improvement in the industry’s second quarter report.”

 

Explaining further on the supplementary guidelines, Mr Abba Halil, Head of Corporate Affairs at NAICOM, said, “This is a revised guideline that is being put in place in view of the fact that regulation is dynamic.

 

“As situations within the industry change, there is need to make certain decisions. So, NAICOM is not bringing up new guidelines but a set of revised guidelines in which improvements have been made.”

 

The committee comprises insurance industry executives and NAICOM officials, and serves as a platform for collaboration and policy dialogue aimed at sectoral growth.(NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Robust capital market crucial for Nigeria’s economic prosperity- NGX Chairman
Economy/Business

Robust capital market crucial for Nigeria’s economic prosperity- NGX Chairman

219 total views today

 

 

 

 

 

By Taiye Olayemi

 

Chairman, Nigerian Exchange Group, Dr Umaru Kwairanga, says the Nigerian Capital Market has experienced exponential growth since he assumed office in 2022.

 

He reiterated the group’s commitment to deepening Nigeria’s capital market in alignment with President Bola Tinubu’s vision of growing the nation’s GDP to one trillion dollars by 2030.

 

In a statement issued in Lagos, Kwairanga was said to have made the remarks while delivering a keynote address at the “For the Love of Our Country (FLOC) 2025” symposium, held at Bayero University Kano (BUK) on Friday.

 

He spoke on the theme, “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade”.

 

According to him, the All Share Index (ASI) rose from 48,837 basis points to 111,742 basis points, while market capitalisation grew from N26.375 trillion to N70.463 trillion by May 2025.

 

He said that bond markets were included with total market capitalisation now at over N121 trillion.

 

“This growth shows that we have more than doubled the indices of both our equity and bond markets in just over two years.

 

“However, our goal is even more ambitious as we work towards making the capital market central to achieving a $1 trillion economy,”he said.

 

Kwairanga emphasised the strategic importance of a robust capital market in financing long-term infrastructure, encouraging formalisation of businesses, and mirroring the nation’s true economic potential.

 

He noted with concern that Nigeria’s market capitalisation remains less than 20 per cent of Nigeria’s GDP, compared to South Africa’s Johannesburg Stock Exchange which exceeds its national GDP.

 

To address this, he outlined several initiatives being undertaken by NGX Group and its regulators, particularly the Securities and Exchange Commission (SEC), to enhance market transparency and efficiency.

 

He said these include the dematerialisation of share certificates, resolution of unpaid dividend backlogs, and the recent reduction in clearing time for secondary market transactions to T+2.

 

“We are working closely with regulators and stakeholders to make our market more accessible and attractive.”

 

He said that major listings in the oil and gas sector, such as the planned sale of a stake in NNPC Ltd. and the anticipated listing of Dangote Petrochemicals, would significantly boost market capitalisation.

 

He also spoke on digital innovation as a key driver of market participation, citing the launch of NGX Invest, a digital platform for primary market offers and financial literacy campaigns targeting youths, students, and members of the National Youth Service Corps (NYSC).

 

The chairman revealed the ongoing engagements with institutional investors such as pension fund administrators and mutual funds.

 

He also hinted on the development of sophisticated products like exchange-traded funds, derivatives, and ethical investment instruments.

 

He highlighted efforts to integrate African capital markets through cross-border linkages that would allow investors in Nigeria to trade shares listed on exchanges in countries like Ghana and vice versa.

 

In spite challenges such as declining disposable income, infrastructural deficits, and global economic headwinds, Kwairanga expressed optimism that these could be surmounted.

 

“We are confident that Nigeria will have the broader, deeper, and more sophisticated capital market it deserves before the end of this decade,”he said. (NAN) (www.nannews.ng)

 

Edited by Remi Koleoso/Olawunmi Ashafa

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