Business
CBN warns against rejection of N100 banknotes
The Central Bank of Nigeria (CBN) has reiterated that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
The apex bank clarified this in a statement issued by Hakama Sidi Ali, the CBN’s acting director of corporate communications, on Wednesday.
CBN explained that the commemorative N100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The clarification follows reports that businesses and other Nigerians are rejecting the standard N100 banknote due to doubts about its continued legal-tender status.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide,” the CBN said.
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CBN cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote, warning that such action constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The regulator reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes, and promoting the smooth circulation of currency nationwide.
It urged the public and all financial stakeholders to accept and transact with all banknotes legally issued by the CBN.
BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has organized a specialized one-day training program for officers of the Nigeria Police Force (NPF), FCT Command, aimed at strengthening the enforcement of Motor Third-Party Insurance and other compulsory policies across Nigerian roads.
The initiative, held in Abuja, focused on equipping law enforcement officers with advanced skills to fast-track insurance policy verification and eliminate the proliferation of fake insurance certificates.
The training was themed “Building a Culture of Insurance Compliance: Police as Catalysts for Protecting Lives, Property and Enhancing Public Safety.” It was designed to empower officers to promote statutory compliance, verify the authenticity of insurance covers during routine checks, and help deepen public appreciation of insurance benefits.
Speaking on behalf of the Commissioner for Insurance/CEO of NAICOM, Mr. Olusegun Ayo Omosehin, Mr. Ekerete Ola Gam-Ikon underscored the strategic importance of the collaboration between the regulatory body and the NPF.
He noted that effective public safety extends beyond traditional crime prevention to shielding citizens from the severe financial consequences of unforeseen disasters.
“Insurance serves as a vital social and economic safety net, providing protection for individuals, families, businesses, and public institutions against losses arising from accidents, disasters, and other risks,” Mr. Gam-Ikon stated.
He added that the partnership is critical to reducing the high volume of uninsured vehicles on the roads, protecting commuters, curbing the use of counterfeit insurance certificates, and boosting public trust in regulatory institutions. These objectives, he emphasized, directly align with the provisions of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 and NAICOM’s mandate to deepen market penetration.
The commission highlighted the unique leverage the Nigeria Police Force possesses due to its daily interactions with motorists, business owners, and the public. By strictly enforcing compulsory insurance laws, police officers act as key drivers in reducing accident-related financial hardships and enhancing overall public safety.
During the technical sessions, participants received practical training on:
The core objectives and benefits of compulsory insurance lines.
Standardized digital and manual insurance policy verification procedures.
The foolproof identification of genuine insurance certificates.
The legal framework governing compliance under NIIRA 2025.
The program successfully strengthened the institutional bridge between NAICOM and the NPF, encouraging officers to act not just as law enforcers, but as grassroots advocates for insurance literacy.
Long-Term Commitment
Moving forward, NAICOM reaffirmed its commitment to sustaining close ties with law enforcement and relevant stakeholders to eliminate fake insurance vendors, improve nationwide compliance levels, and position the insurance sector as a meaningful contributor to Nigeria’s economic growth and social stability.
The Commission urged the officers of the FCT Command to champion this cause, fostering an environment where insurance is embraced not merely as a statutory obligation, but as an indispensable tool for safeguarding lives, investments, and livelihoods.
The post NIIRA 2025: NAICOM Engages Police to Curb Fake Insurance Certificates on Roads appeared first on Business Today NG.
Africa’s leading food manufacturing company, BUA Foods Plc, has proposed a dividend of N28.00 per ordinary share, totalling about N504 billion for the 2025 financial year.
Africa’s leading food manufacturing company, BUA Foods Plc, has proposed a dividend of ₦28.00 per ordinary share, totalling about ₦504 billion for the 2025 financial year.
The company stated that the proposal is subject to shareholders’ approval at its 5th Annual General Meeting, scheduled for 15 July at the Transcorp Hilton Hotel, Abuja. At the meeting, shareholders will also consider the company’s audited financial statements for the year ended 31 December 2025, as well as other statutory and corporate governance matters.
For the 2025 financial year, BUA Foods reported revenue of ₦1.77 trillion, representing a 16 per cent increase over the previous year. The company also recorded a 95 per cent growth in profit after tax to ₦518.4 billion. In comparison,ile total assets increased by 27 per cent to ₦1.39 trillion, reflecting continued investment in manufacturing capacity and capabilities, operational excellence, and long-term value creation.
The food manufacturer noted that the meeting follows a period during which BUA Foods delivered strong financial performance, enhanced operational efficiency, and reinforced its position as one of Nigeria’s most valuable consumer goods companies.
Meeting agenda
Commenting ahead of the meeting, the Managing Director of BUA Foods Plc, Ayodele Abioye, said the AGM would provide an opportunity to engage shareholders, review the company’s performance, and discuss its future direction. He noted that despite a challenging operating environment, the company sustained strong performance through disciplined execution and its commitment to delivering quality food products.
Mr Abioye attributed BUA Foods’ achievements to the support of customers, supply partners, its board, management, employees, and other stakeholders. He added that BUA Foods would continue to focus on creating sustainable long-term value through investments in capacity expansion and strengthening food security in support of national development.
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“The 5th Annual General Meeting provides an important opportunity to engage with shareholders, reflect on another year of strong performance, and discuss the future direction of the business. Despite a dynamic operating environment, BUA Foods continued to demonstrate resilience through disciplined execution and an unwavering commitment to delivering quality food products to millions of consumers. Looking ahead, the focus remains on creating sustainable long-term value through continuous investments in capacity expansion, with capabilities that strengthen food security for national development,” Mr Abioye said.
The food company reaffirmed its commitment to delivering sustainable returns, strengthening stakeholder confidence, and advancing its purpose of nourishing lives every day.
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