All Posts in "Month: May 2026"

APC primaries: Onjeh, Ottah, Alapa, others battle for senatorial ticket in Benue South

The race for the All Progressives Congress (APC) senatorial ticket in Benue South has become intense ahead of the party’s primary election taking place, as leading aspirants continue to lobby members and mobilise support across the district.

Leading the race are former APC senatorial candidate, Daniel Onjeh, former House of Representatives member, Francis Ottah Agbo; former lawmaker, Nelson Alapa; Joe Ojobo; Patrick Ojechema Idoko; and Oloche Agidani, all vying to emerge as the party’s candidate for the 2027 general election.

DAILY POST gathered that the contest, which has generated tension within the APC in Benue South, is also exposing growing cracks among stakeholders, party loyalists and influential political interests ahead of the 2027 general elections.

Benue South Senatorial District, largely dominated by the Idoma Igede ethnic nationalities, remains one of the most politically sensitive zones in the state.

The APC is seeking a strong candidate capable of challenging the incumbent senator, Senator Abba Moro of the Peoples Democratic Party (PDP), who is eyeing a third term in office.

Since the return of democracy in 1999, the PDP has remained dominant in Benue South, with Senator David Mark representing the district for 20 years, while Senator Abba Moro is currently rounding off his second term in office.

This development has heightened internal pressure within the APC, with stakeholders reportedly divided over who possesses the political strength, grassroots appeal, financial capacity and acceptability to capture the district for the ruling party.

Among the leading aspirants, Francis Ottah Agbo appears to have gained momentum within influential circles of the party.

Despite the growing momentum behind Ottah, supporters of former National Association of Nigerian Students (NANS) president, Daniel Onjeh, insist that he remains the strongest grassroots politician in the race.

Onjeh, who flew the APC flag in the 2015, 2016 rerun and 2023 senatorial elections, still retains a loyal political structure across parts of Benue South.

Sources said Onjeh was initially believed to be the preferred aspirant of some influential figures within the party before the dynamics allegedly changed at the last minute.

The development reportedly triggered frustration within his camp.

Tensions escalated after reports emerged that some stakeholders outside Benue South allegedly participated in attempts to influence the choice of candidate for the zone.

The situation reportedly led to heated disagreements during a stakeholders’ meeting in Makurdi.

Onjeh was later said to have stormed the residence of Governor Hyacinth Alia to seek clarification over the alleged endorsement of another aspirant by his pointman, Moses Ternenge, who is not from Benue South.

Shortly after the meeting, Onjeh issued a public statement, saying: “Relax, Benue South. I just left the Governor, and he vowed on his integrity that he never sent Moses Ternenge to endorse any candidate.”

The statement further fueled speculation about deepening divisions within the party ahead of the primaries.

However, Ottah in a post on Facebook claimed that all stakeholders of the party were behind him as the claim of external influence were misleading and untrue.

While much attention has focused on the rivalry between Ottah and Onjeh, former Minority Leader of the House of Representatives, Nelson Alapa is also said to be quietly building support within strategic blocs of the APC.

Though less vocal publicly, party insiders told our report that Alapa enjoys support among some stakeholders who believe he represents a compromise option capable of uniting aggrieved factions after the primaries.

His supporters are reportedly banking on his legislative background, relationship with grassroots mobilisers and perceived neutrality in the ongoing power struggle within the party.

Apart from the leading contenders, other aspirants in the race include former Benue State House of Assembly lawmaker representing Ogbadibo, Joe Ojobo, oil magnate Patrick Ojechema Idoko and young politician Oloche Agidani.

Each of them is believed to command pockets of influence within different local government areas.

For now, tension remains high across the district as party members prepare to decide who eventually emerges as the APC standard bearer in one of the most closely watched senatorial contests in Benue State.

admin by — May 18, 2026 in News 0
Taraba APC primaries marred by allegations, confusion, internal crisis

The recent primaries conducted by the All Progressives Congress,APC, in Taraba State have sparked widespread controversy, with allegations of manipulation, irregularities, and internal divisions threatening to deepen tensions within the party ahead of the 2027 elections.

What was expected to be a democratic exercise to select candidates for elective positions descended into confusion and accusations of fraud, as aggrieved aspirants and party stakeholders have continued to question the credibility of the process.

Several aspirants alleged that the primaries lacked transparency and were characterized by procedural inconsistencies, including the late arrival of electoral materials, disputed voting processes, and claims of predetermined outcomes.

One of the strongest criticisms came from governorship aspirant, David Sabo Kente, who alleged that no genuine House of Representatives primaries took place in several parts of the state.

According to him, electoral materials reportedly arrived late in some locations, while results had already emerged before voting processes could properly commence.

Kente claimed that election materials were distributed overnight even as social media videos purportedly showed completed voting exercises, raising questions about the integrity of the exercise.

The allegations have fueled suspicions among party members that the outcomes of the primaries may have been predetermined long before delegates and party members cast their votes.

However, the APC leadership in Taraba has dismissed the claims, insisting that the primaries were successfully conducted across the state. Party spokesperson, Aaron Artimas, described the allegations as “false and misleading,” maintaining that due process was followed.

Despite the official response, critics within the party argued that concerns over transparency were not adequately addressed. Some stakeholders accused party officials of relying on political intimidation and dismissing aggrieved aspirants as “bad losers” rather than responding directly to procedural complaints.

The controversy surrounding the primaries has also intensified fears of possible litigation, especially over alleged attempts to impose candidates through consensus arrangements.

Under Nigeria’s electoral guidelines, consensus candidacy requires the voluntary written consent of all cleared aspirants. However, reports from within the party suggested that some aspirants felt pressured to step down, while others accused party leaders of selectively applying the rules to favor preferred candidates.

Political observers say the situation has exposed deeper contradictions within the party, particularly between the APC’s public commitment to “internal democracy” and allegations of backdoor political negotiations.

Tensions within the party reportedly escalated further following the political realignment involving Governor Agbu Kefas, whose movement into the APC is believed to have altered the balance of power within the state chapter.

The development has reportedly generated resentment among long standing APC members, many of whom fear that the party structure is increasingly being controlled by newly aligned political interests.

Grassroots members have also expressed dissatisfaction over what they describe as the growing influence of elite negotiations over popular participation within the party.

Although the APC adopted direct primaries in an attempt to ease internal tensions and broaden participation, the process instead generated further controversy, with complaints over membership verification, logistical challenges, and monitoring procedures.

Political analysts note that the controversy reflects broader concerns about the conduct of party primaries in Nigeria, where allegations of manipulation, elite interference, and disputed results have become recurring issues across major political parties.

The APC in Taraba now faces growing concerns over party cohesion as reports of dissatisfaction and possible defections continue to emerge following the disputed primaries.

Observers warn that unresolved grievances could weaken the party ahead of future elections, especially as opposition parties seek to capitalize on internal divisions.

Many party supporters have also expressed concern that repeated controversies surrounding party primaries risk deepening public distrust in the democratic process.

As senatorial primaries continue across the state on Monday, political observers are closely monitoring developments to see whether similar controversies will emerge in the next phase of the APC’s internal elections.

admin by — May 18, 2026 in News 0
Four soldiers injured as troops survive IED blast, ambush in Borno

Four soldiers were injured on Saturday after troops on patrol survived an improvised explosive device (IED) blast and a subsequent ambush along the Damboa–Kumala–Maiduguri supply route in Borno State.

The incident was disclosed by security expert Zagazola Makama in a post on his X handle on Sunday.

According to the post, the attack occurred at about 11:45 am on May 16, roughly nine kilometres from Kumala Junction in Konduga Local Government Area.

Troops of 25 Brigade, who were on a dominance patrol along the strategic highway, reportedly encountered a command-detonated IED planted by suspected terrorists before coming under ambush.

The troops were said to have fought through the attack, although four soldiers sustained injuries during the engagement.

Reinforcements from the brigade headquarters, alongside an Explosive Ordnance Disposal (EOD) team, were later deployed to the area to secure the route and support ongoing operations.

The EOD team subsequently discovered and safely neutralised another suspected IED planted along the same axis.

Security sources also disclosed that troops safely escorted 89 civilian vehicles through the corridor, while 165 others were turned back to Damboa as a precautionary measure due to the threat posed by the attack.

admin by — May 18, 2026 in News 0
Nigerian Navy dismantles reconstructed illegal refinery

The Nigerian Navy has dismantled an illegally reconstructed refining cluster, along the Rivers–Bayelsa border, recovering about 8,500 litres of suspected petroleum products.

The Director of Naval Information, Navy Capt. Abiodun Folorunsho, made this known in a statement on Sunday in Abuja.

Folorunsho said that the operation was carried out by personnel of Nigerian Navy Ship (NNS) SOROH under Operation DELTA SENTINEL.

“This crackdown followed a credible intelligence on illegal refining around Egboama/Ogbogolo community in Ahoada West Local Government Area of Rivers State,” he said.

He said that the operation involved coordinated land and water insertion, supported by aerial surveillance to locate the concealed refining sites, within the creek.

“The troops uncovered approximately 5,500 litres of suspected crude oil and 3,000 litres of suspected illegally refined Automotive Gas Oil, AGO,” he said.

Folorunsho added that generators, welding machines and other tools used in expanding the illegal facilities were also recovered during the operation.

“Findings depicted deliberate efforts by the criminal networks to restart the refining infrastructure previously destroyed by security forces.

“All identified sites and equipment have been deactivated in line with operational procedures, while surveillance and monitoring of adjoining creek corridors remain ongoing,” he said.

The naval spokesman said that the sustained operations were focused on preventing the re-establishment of illegal refining camps and dismantling support structures sustaining crude oil theft.

He reaffirmed the Nigerian Navy’s commitment to intelligence-driven operations aimed at protecting critical national assets, securing the maritime domain and denying economic saboteurs freedom of action in the Niger Delta.

admin by — May 18, 2026 in News 0
Borno, Oyo attacks: Students abduction is attack on Nigeria’s future — Senate

The Senate has condemned the abduction of 87 students and teachers in separate attacks in Borno and Oyo States within 24 hours, describing the incidents as a direct assault on Nigeria’s future.

Senate Leader, Opeyemi Bamidele, in a statement issued on Sunday through his Directorate of Media and Public Affairs, described the incidents as deeply disturbing, especially given past investments made to secure schools nationwide.

In the attacks, suspected gunmen abducted 45 students and teachers from schools in Oriire Local Government Area of Oyo State, while Boko Haram terrorists reportedly kidnapped 42 students in Mussa Primary and Junior Secondary School in Askira/Uba Local Government Area of Borno State.

Bamidele said the twin incidents highlights the urgent need for stronger security measures in schools, warning that continued attacks on educational institutions threaten national development.

He said the National Assembly was advancing constitutional amendments to establish state police, which he described as a critical step toward improving security across the country.

According to him, the proposal is at an advanced stage and will be transmitted to state Houses of Assembly for approval once completed.

Bamidele urged federal and state authorities to strengthen the Safe School Initiative as a temporary measure, noting the country’s large number of out-of-school children.

He also called for bipartisan support for security and constitutional reforms, saying the abductions must not be politicised.

The Senate said it would continue to pursue legislative measures aimed at addressing insecurity when plenary resumes.

admin by — May 18, 2026 in News 0
Mixed reactions trail FG’s exemption of Colleges of Education, Agriculture from UTME

Last week, the Federal Government of Nigeria announced the exemption of admission seekers into Colleges of Education and Agriculture from taking the Unified Tertiary Matriculation Examination, UTME.

the decision has been generating diverse reactions from stakeholders in the education sector.

Minister of Education, Dr Tunji Alausa, had announced the decision at the annual policy meeting on tertiary admissions, following extensive consultations with key education stakeholders across the country and relevant agencies in the sector.

Alausa stressed that all eligible candidates must still register with JAMB for proper documentation, screening, verification, and admission processing through Central Admissions Processing System (CAPS) in line with existing national regulations set by regulatory authorities in Nigeria.

He further explained that the exemption also covers National Diploma programmes in non-technology agricultural and agriculture-related courses. According to the minister, the move is aimed at expanding access, inclusion and strengthening integrity of admissions processes across tertiary institutions in Nigeria’s education sector.

“This approach strikes a necessary balance between widening access and preserving the integrity of our admission system. It will not only ease the pressure associated with UTME but also encourage greater participation in teacher education and agricultural programmes, both of which are critical to national development.

“Any institution found to have conducted admissions outside the CAPS will be held accountable, and appropriate sanctions shall be applied without hesitation. Heads of institutions, whether in the public or private sector, must recognise that such violations could result in severe consequences, including the suspension of operating licences or other regulatory actions, where applicable,” the Minister noted

However, although some Nigerians applauded the new policy, there are other stakeholders who have expressed some reservations about it.

Those opposed to the policy are of the view that it amounts to lowering the education standard in Nigeria.

National President of the Colleges of Education Academic Staff Union, COEASU, Dr. Lawan Bazza, clearly agrees with the position that the new policy would lower the education standard, instead of raising the bar.

Bazza, while faulting the policy, noted that the association was not consulted before it was announced.

At a news conference in Abuja recently, he stressed that major reforms affecting teacher education should involve critical stakeholders.

He noted that while efforts to increase enrolment into Colleges of Education were commendable, policy decisions must not undermine the quality of teacher training or the future of Nigeria’s education system.

“We have stated that we were not consulted in the discussions that led to the development of this policy or shift.

“What we are saying is that anytime the government has a policy on ground and is muting the idea, it must engage critical stakeholders and have a discussion, so that we understand the reason the policies are being pronounced.

“That is why we always call for a bottom-top approach, not a top-bottom approach,” he stated.

He emphasised that teacher education remained central to national development and warned that lowering admission standards without proper consultation could have long-term implications for the quality of teachers produced in the country.

On the outcome of the union’s National Executive Council (NEC) meeting held between May 6 and 9 at the Delta State College of Education, Warri, he reaffirmed support for the ongoing reforms aimed at strengthening Colleges of Education, including implementation of the Federal Colleges of Education Act 2023, which retains the Nigeria Certificate in Education (NCE) as the minimum teaching qualification.

He said the union equally endorsed a five-year training structure for student teachers as well as announced the successful conclusion of a long-awaited renegotiation agreement with the Federal Government.

He said the proposed five-year duration under the dual mandate arrangement would ensure all-round professional development for student teachers through stronger grounding in pedagogy and subject content.

The Nigeria Union of Teachers (NUT) has also kicked against the policy.

NUT’s position was made known through its President, Titus Amba.

Speaking at the 21st Century Teachers Workshop organized in collaboration with the Teachers’ Registration Council of Nigeria (TRCN) in Abuja, weekend, Amba argued that if not properly implemented, the policy could weaken the quality of teachers’ training and undermine professionalism in the teaching profession.

Like his counterpart at COEASU, he also lamented that the union was not adequately consulted before the announcement of the policy. He advised that critical stakeholders should be carried along in reforms affecting teacher education.

He said: “When you announce that you’ve given a waiver to students going to Colleges of Education, it gives the man walking on the street a different thinking of the seriousness that is attached to producing credible teachers.

“We felt a bit worried because policies affecting institutions that produce teachers for future generations must be carefully considered.”

He further contended that removing the UTME requirement might send wrong signals about the seriousness attached to producing qualified teachers.

“Teaching should not be treated as a profession open to anyone without rigorous training and proper screening processes.

“Today, we are in a situation where people who have graduated from the university without any idea of the teaching profession go out there because of lack of jobs.

“They go there and pick teaching jobs. Teaching jobs shouldn’t be seen like that. Teaching jobs should go beyond that.

“When admission into Colleges of Education is granted without standard entry evaluation, the public may begin to question the credibility of teachers being produced,” he said.

The NUT president, who described himself as a product of the traditional teacher-training system, recalled that earlier teacher education emphasised structured progression, including intensive teaching practice before certification.

He decried the disappearance of teachers’ training colleges at the secondary level, which previously prepared candidates before proceeding to higher teacher education.

According to him, the absence of foundational teacher training has contributed to a situation where individuals without pedagogical background enter the profession merely as a temporary employment option.

“Teaching should not be seen as a stop-gap job. Like medicine, law or journalism, it requires proper training and commitment,” Amba said.

He added that strengthening admission standards and improving teachers’ welfare would make the profession more attractive to talented youths.

He also called on the government to prioritise investment in teacher education, infrastructure and digital capacity.

He noted that many students in rural areas still lack access to computers and internet facilities required for modern learning and examinations.

He reaffirmed the union’s support for digital assessment systems but urged the government to bridge the infrastructure gaps to avoid excluding students from disadvantaged communities.

The NUT president appealed to government and stakeholders to adopt deliberate policies that would elevate teachers’ status and restore public confidence in the profession.

However, the Executive Secretary, National Commission for Colleges of Education (NCCE), Dr Angela Ajala, has a different view about the new policy.

She has assured Nigerians that there was no need to entertain fears or create confusion about the recent reforms in the education sector, including the new policy.

According to her, the Dual Mandate is a new direction for Colleges of Education in Nigeria, which simply means that accredited Colleges of Education would now have a clearer, stronger and more coordinated pathway to run teacher education in such a way that allows students to earn the NCE and progress into a degree pathway under an approved structure.

“Under the new continuous five-year NCE-Degree model, students are expected to complete the three-year NCE programme and then proceed to an additional two-year degree programme as eligible candidates.

“This preserves the NCE as the professional foundation for teacher education while creating a smoother route for those who want to advance into degree certification,” she stated.

She insisted that the reform is not a demotion of Colleges of Education but a repositioning.

“It is not the death of the NCE but the strengthening of it. It is not lowering standards, it is creating access, structure and progression,” she added.

She revealed the benefits of the new policy for the country’s education sector to include more attractive Colleges of Education, better-prepared student-teachers, deeper grounding in pedagogy and subject content and a stronger pipeline of qualified teachers for basic education.

Also, an educationist, Dele Olaniyi said the five-year NCE-degree structure was capable of supporting all-round professional development for student-teachers through stronger grounding in content and pedagogy.

“At a time when teacher education needs renewal, the Dual Mandate sends a clear message and that is that teaching must no longer be treated as a fallback profession; it must become a properly structured, respected and future-ready pathway,” he added.

He also said exempting NCE candidates from the UTME was a wrong move because according to him, “The future of Nigeria’s classrooms depends on the quality of teachers we prepare Today.”

He said the move would present NCE graduates as inferior and people that did not go through the rigorous UTME, which has become a symbol of seriousness for undergraduate students.

Also commenting on the development, the presidential candidate of Social Democratic Party, SDP, for the coming 2027 election, Prince Adewole Adebayo, has also criticised the policy change, describing it as a deliberate lowering of standards.

“These are not reforms; they are deformations. The lowest-quality people are in government, and they want standards to fall because an educated population asks questions and challenges bad governance,” he said.

He warned that failure to properly educate young Nigerians would worsen unemployment, insecurity and social instability.

“You will turn scientists into taxi drivers. You destroy civilization and insecurity grows because the people who should become innovators are abandoned,” he submitted.

admin by — May 18, 2026 in News 0
63% of Nigerians want interest rates reduced – CBN

CBN-VUILDING-700×375The Central Bank of Nigeria says 63.3 per cent of Nigerians want interest rates reduced ahead of the Monetary Policy Committee meeting scheduled for May 19 and 20, 2026.

The apex bank disclosed this in its April 2026 Inflation Expectations Survey Report, released by its Statistics Department under the Economic Policy Directorate on its website and obtained by The PUNCH on Sunday.

The report found that most respondents preferred lower borrowing costs despite persistent inflationary pressures across the economy. It stated, “The survey revealed high public engagement with CBN communications (92.1 per cent), a general perception of transparency (93.3 per cent), and a strong desire for a reduction in interest rates (63.3 per cent).”

According to the report, 26.0 per cent of respondents wanted interest rates retained at current levels, while 10.7 per cent supported a further rate hike. The development comes as the MPC prepares to take another decision on the Monetary Policy Rate amid concerns over inflation, exchange rate pressures, insecurity, and rising energy costs.

The survey showed that inflation perception worsened in April 2026, with 67.2 per cent of respondents describing inflation as high, up from 56.4 per cent recorded in March 2026.

The CBN noted that the Inflation Perception Index stood at 40.5 points in April, indicating that respondents still considered inflation elevated. It stated, “The Inflation Perception Index stood at 40.5 points in April 2026, suggesting that respondents still perceive inflation as high.”

The report further showed that inflation concerns were more pronounced among households than businesses. It stated that the proportion of households that perceived inflation as high increased from 61.7 per cent in March to 68.8 per cent in April, while the figure for businesses rose from 51.9 per cent to 65.9 per cent within the same period.

Analysis by business size showed that micro businesses recorded the highest inflation perception at 69.9 per cent, while medium businesses had the lowest at 63.2 per cent. The survey also revealed a sharp disparity across income groups.

According to the report, households earning below N70,000 monthly recorded the highest inflation perception at 77.9 per cent, while respondents earning between N250,001 and N350,000 reported the lowest perception of high inflation at 46.6 per cent.

Rural households were also more affected, with 70.4 per cent reporting high inflation perception compared to 67.6 per cent among urban households. On the major drivers of inflation, respondents identified energy costs, transportation, exchange rate pressures, insecurity, and infrastructure challenges as the top factors fuelling rising prices.

The report stated, “Business and household respondents identified energy, transportation, exchange rate, and infrastructure as the major drivers of their perceptions of inflation.”

Despite the current inflation concerns, respondents expressed optimism that inflationary pressures could moderate over the next six months.

Further analysis showed that 58.5 per cent of respondents expected inflation to increase next month, while 56.7 per cent and 54.4 per cent expected inflation to rise over the next three and six months, respectively. However, the proportion expecting inflation to decline increased steadily from 11.0 per cent for next month to 20.4 per cent over the next six months.

On expenditure outlook, the report showed that 67.9 per cent of respondents expected spending to rise in the current month, with businesses recording slightly higher expenditure expectations at 69.0 per cent compared to 66.7 per cent for households.

admin by — May 18, 2026 in Business 0
NAHCO posts N24bn profit, eyes airport concessions

The Nigerian Aviation Handling Company Plc has recorded a profit before tax of N24.28bn for the 2025 financial year, while signalling interest in the Federal Government’s planned concession of major airport terminals across the country.

The company disclosed this at its 45th Annual General Meeting held in Lagos over the weekend, where shareholders urged management to leverage its strong financial position and operational capacity to bid for airport ownership and management under the Federal Government’s privatisation programme.

The Federal Government is currently pursuing the concession of five major international airport terminals through a Public-Private Partnership arrangement supervised by the Bureau of Public Enterprises and the Ministry of Aviation and Aerospace Development. The initiative, according to shareholders, is aimed at improving infrastructure, efficiency, and service delivery in the aviation sector.

Speaking at the AGM, President of the Association for the Advancement of Rights of Nigerian Shareholders, Farouk Umar, said NAHCO has attained the financial and operational strength required to compete for airport concessions within and outside Nigeria.

Umar commended the company’s market performance, noting that shareholders have continued to enjoy strong returns on investment.

He said, “NAHCO has now reached a level that they can even provide the same services in other African countries. When I was on board, I tried to take the business to the Morocco Airport, but we did not get there.

“Secondly, the government is trying to privatise the airport. I call on NAHCO to bid because they have the capability and financial position to win the bid.”

“They have done very well. Last year, the share price was N80; today, it is over N200, and that is more than 250 per cent. They are giving bonuses of one for seven, which is very commendable. And they have now won the business of Fly Gabon, Saudi Arabia, and Qatar. This will increase revenue and bring more profit to shareholders,” he stated.

Financial results presented at the meeting showed that the company’s total revenue rose by 22.93 per cent from N53.54bn in 2024 to N65.82bn in 2025. Profit before tax increased by 29.83 per cent from N18.70bn to N24.28bn, while profit after tax grew by 36.02 per cent from N12.87bn to N17.5bn. Earnings per share also rose from N6.60 in 2024 to N8.99 in 2025.

Chairman of NAHCO Group, Seinde Fadeni, attributed the strong performance to operational excellence and disciplined cost management despite prevailing economic challenges.

“We know it should delight you as owners of the company that in 2025, NAHCO recorded impressive growth across key performance indicators, combining a strong push for market share with disciplined cost management,” Fadeni said.

He disclosed that the board had recommended a dividend payment of N6.25 per share alongside a bonus issue of one share for every seven shares held for the 2025 financial year.

“In the few years that the present board has overseen the affairs of the company, our business has experienced significant growth. We are committed to accelerating this growth by sustaining leadership in existing markets and exploring new opportunities,” he added.

Fadeni, however, noted that rising fuel prices and inflation remain major operational concerns, stressing that “Fuel price is affecting our books. The commodity market is not smiling at us at all, but we are managing the situation.”

Group Managing Director and Chief Executive Officer of NAHCO, Olumuyiwa Olumekun, said the company has continued to expand despite economic headwinds, maintaining its leadership position in aviation services.

“Our stock performance was stellar, with a 188 per cent year-to-year gain and a market cap exceeding N200bn. We unveiled a five-year strategic diversification plan to push revenue beyond N300bn, focusing on new ventures and collaborations,” Olumekun said.

He further disclosed that the company has acquired more than 271 new ground support equipment units over the last three years as part of efforts to modernise operations and improve efficiency.

admin by — May 18, 2026 in Business 0
Recapitalisation: Insurers scramble for N132bn as deadline stands

Olusegun OmosehinWith the July 31 deadline firmly in place, several insurance companies are intensifying efforts to raise fresh capital through rights issues, private placements, mergers, and acquisitions in a bid to avoid regulatory sanctions and possible licence withdrawal, reports JIDE AJIA

Across Lagos, Abuja, and other commercial centres, anxiety is rising within the Nigerian insurance industry as operators confront one of the sector’s most defining transitions in decades. Inside corporate boardrooms, executives are spending long hours reviewing financial records, holding discussions with potential investors, and considering merger opportunities as they battle to comply with new regulatory capital requirements.

The urgency follows the implementation of the Nigeria Insurance Industry Reform Act 2025, which introduced a fresh recapitalisation framework aimed at strengthening the financial capacity of insurance operators. While the reforms are expected to create a stronger and globally competitive industry, they have also placed enormous pressure on operators, particularly medium-sized and smaller firms with weak capital buffers.

Industry estimates suggest insurers collectively need about N132.5bn to meet the new minimum capital thresholds before the deadline expires. With regulators insisting that the timeline will not be adjusted, the scramble for fresh capital has intensified, turning recapitalisation into a struggle for survival.

“The July 31 deadline is sacrosanct,” the Commissioner for Insurance, Olusegun Omosehin, recently declared during a high-level industry engagement.

He stressed that the deadline is no longer an administrative decision that can easily be adjusted but a statutory requirement embedded within the NIIRA 2025 framework.

“Any attempt to change the deadline would require a fresh legislative process and presidential assent. We believe the deadline is doable, and we are moving forward with full implementation,” he said.

Under the new framework, life insurance firms are expected to maintain a minimum paid-up capital of N10bn, general insurance companies must meet N15bn, while reinsurers are required to maintain N35bn. For many operators, especially those with fragile balance sheets, this means raising billions of naira in fresh capital in an economy characterised by high interest rates and weak investor sentiment.

The challenge has been worsened by Nigeria’s difficult macroeconomic environment. Persistent inflation, elevated borrowing costs, and cautious investor appetite have made fundraising increasingly difficult. Access to investment capital has tightened significantly, forcing insurers to compete aggressively for limited market attention.

At the same time, confidence within the market is beginning to tilt in favour of stronger operators. Insurance brokers and large corporate clients are becoming more selective about the firms with which they place risks, preferring companies that have already demonstrated financial strength and readiness for the new regime.

Industry stakeholders say this trend is widening the divide between well-capitalised insurers and weaker operators struggling to survive. Larger firms with stronger balance sheets and established brands are attracting more business, while smaller companies face the risk of losing market share amid growing uncertainty over their future.

“Trust is the currency of insurance,” a veteran insurance broker in Lagos noted. “If an underwriter cannot prove they will be here after July 2026, we cannot, in good conscience, place our clients’ risks with them. We are already seeing business redistribute itself toward the large-cap players who have demonstrated resilience. The brokers are looking for stability, not just certificates.”

As a result, the recapitalisation exercise is gradually reshaping competition within the industry. Operators perceived to be financially stable are consolidating their market positions, while weaker firms face mounting pressure from both regulators and customers.

Several insurers have already approached the capital market to raise fresh funds. Companies such as Sovereign Trust Insurance, International Energy Insurance, and Guinea Insurance are pursuing rights issues and private placements to bridge their funding gaps.

Some firms are also considering mergers and acquisitions as a quicker and more practical route to compliance. Analysts believe consolidation may become unavoidable for operators unable to independently secure the required funds before the deadline.

Despite these efforts, investor appetite for insurance stocks remains relatively weak compared to sectors such as banking and telecommunications. Historically, many insurance firms have struggled with poor profitability, low dividend yields, and inconsistent corporate performance, factors that continue to affect investor confidence.

Nevertheless, regulators insist the recapitalisation exercise is not intended to cripple the industry but rather to reposition it for sustainable growth. The National Insurance Commission has repeatedly stated that its objective is to create a leaner but stronger insurance market capable of supporting Nigeria’s long-term economic ambitions.

Regulatory officials have also signalled their willingness to support struggling operators through restructuring arrangements, mergers, and acquisitions to ensure policyholders remain protected during the transition process.

“We have made it clear that no insurance company will be allowed to fail in a way that hurts the public,” a Deputy Commissioner for Insurance stated during a recent industry forum. “We are engaging weaker firms and supporting them through restructuring, mergers, or acquisitions to ensure continuity. The goal is a stronger industry capable of underwriting complex risks and driving national development. If you cannot stand alone, you must find a partner.”

The broader objective of the reform, according to regulators, is to create a more resilient insurance sector capable of underwriting large and sophisticated risks within Nigeria’s economy. Operators unable to independently meet the new thresholds are expected to seek strategic alliances through mergers or acquisitions.

Among industry insiders, particular attention has focused on a group unofficially referred to as the “Motionless 12”, firms believed to have made little meaningful progress toward recapitalisation. These operators are considered to face the highest regulatory risk if they fail to secure fresh funding or conclude merger arrangements before the deadline.

For such companies, the coming months are expected to be decisive. Failure to comply could result in licence suspension or outright revocation, potentially ending decades of participation within the Nigerian insurance market.

The recapitalisation drive is also closely linked to Nigeria’s broader economic aspirations. Policymakers believe a stronger insurance industry is necessary to support the Federal Government’s ambition of building a $1tn economy by 2030.

Large-scale investments in infrastructure, aviation, oil and gas, and manufacturing require strong insurance backing to effectively manage risk. However, Nigeria’s insurance sector has historically lacked the financial capacity to independently underwrite major projects, forcing substantial portions of risk to be transferred abroad.

Insurance penetration in Nigeria currently remains below one per cent, one of the lowest rates globally. Industry experts argue that weak capitalisation, poor public confidence, and a fragmented market structure have contributed significantly to the sector’s underperformance over the years.

The Nigeria Insurance Industry Reform Act 2025 seeks to reverse this trend by introducing stronger capital standards alongside a risk-based capital framework designed to improve operational discipline and financial stability.

“The scale of our economic ambition requires insurers that can sign off on billion-dollar risks without running to foreign reinsurers for every kobo,” an investment banker familiar with ongoing recapitalisation deals observed. “The N132.5bn gap is the price we must pay for local capacity. If we don’t pay it now, we will keep losing billions in premium flights to London and Dubai.”

Still, the journey toward the 31 July 2026 deadline remains challenging. The prevailing economic environment continues to create significant obstacles for firms seeking new investments. High borrowing costs and inflationary pressures have weakened investor appetite, making fundraising exercises more difficult than many operators initially anticipated.

Analysts say investors are increasingly focusing on companies with strong governance structures, transparent operations, and clear growth prospects. This trend has naturally favoured larger insurers such as AIICO Insurance, AXA Mansard Insurance, and Leadway Assurance, which are widely viewed as financially stable.

Consequently, smaller operators are coming under growing pressure as capital increasingly gravitates toward stronger firms. Industry observers describe the situation as one where stronger players continue to strengthen further while weaker operators struggle to attract meaningful investor support.

“The era of having over 50 players with thin capital bases is ending,” an industry consultant observed. “We expect to see a market of about 25 to 30 well-capitalised giants after the dust settles. This recapitalisation is the great cull that will ultimately professionalise the Nigerian insurance landscape. It is painful, yes, but it is a necessary surgery for a sector that has been under-performing for decades.”

For now, activities within insurance company boardrooms remain intense as operators continue their aggressive search for fresh capital. Discussions surrounding mergers, acquisitions, rights issues, and private placements are expected to accelerate further as the deadline approaches.

The message from regulators remains clear: there will be no extension, and operators unable to meet the requirements must either secure fresh capital or seek strategic partners.

As 31 July 2026 draws closer, the Nigerian insurance industry stands on the brink of a major transformation. By the time the deadline expires, the sector is expected to emerge leaner, more consolidated, and significantly different from its current structure.

For many insurers, the coming months will determine whether they evolve into stronger institutions capable of competing in a modern financial system or disappear as casualties of one of the most ambitious regulatory reforms ever introduced into Nigeria’s insurance industry.

admin by — May 18, 2026 in Business 0
FirstBank, Visa Launch Naira Visa Debit Card To Accelerate Nigeria’s Cashless Payments Drive

First Bank of Nigeria Limited has launched its Naira Visa Debit Card, in partnership with Visa to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.

The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.

The launch aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels. The card is intended to serve customers across the country’s diverse economic segments.

Speaking on the launch, Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online. By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”

Commenting on the strategic importance of the partnership, Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem is one that works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”

The launch of the Naira Visa Debit Card broadens Visa card portfolio at FirstBank that already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.

The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.

admin by — May 18, 2026 in Business 0