News

Eid-el-Fitr: Mutfwang Felicitates Muslims, Calls for Peace, Unity

Published

5 months ago

March 20, 2026

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Plateau State Governor, Caleb Manasseh Mutfwang, has congratulated the Muslim Ummah on the occasion of Eid-el-Fitr, urging citizens to embrace peace, unity, and collective responsibility in building a prosperous society.

In a statement issued on March 19, 2026, the governor joined millions of well-wishers across Nigeria and beyond in celebrating the successful completion of the Ramadan fast, commending Muslims for their devotion, discipline, and sacrifices throughout the holy month.

Mutfwang called on the faithful to sustain the values of love, charity, tolerance, and unity, noting that these virtues are essential for peaceful coexistence and national development.

“I heartily rejoice with the Muslim Ummah on this special occasion, which reminds us of the virtues of sacrifice and total submission to the will of God Almighty,” he said, urging citizens to reflect on the principles of selflessness and work towards a more united and peaceful Plateau State.

The governor acknowledged the contributions of the Muslim community to peaceful coexistence in the state and described Eid-el-Fitr as a significant milestone that reinforces faith and submission to God.

He also urged Muslims to use the festive period to pray for Nigeria’s leaders, seeking divine guidance and wisdom in delivering responsive governance.

Reaffirming his administration’s commitment to inclusivity and good governance, Mutfwang assured residents of continued efforts to protect lives and property, improve welfare, and promote sustainable development across all communities.

He further advised Plateau State-sponsored Hajj pilgrims to be worthy ambassadors and to offer prayers for the peace, unity, and progress of the state and the nation.

The governor called on all citizens, regardless of religious or ethnic background, to support government policies and uphold the rule of law in the pursuit of lasting peace, economic growth, and social development.

Mutfwang reiterated his administration’s resolve to address prevailing challenges, particularly those affecting vulnerable groups, while ensuring security and opportunities for all.

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Business

Rex Insurance Meets NAICOM Minimum Capital Requirement Under NIIRA 2025

Published

9 minutes ago

August 4, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Rex Insurance Limited has successfully met the new Minimum Capital Requirement (MCR) prescribed by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act, (NIIRA) 2025, reinforcing its financial strength, enhancing its underwriting capacity and reaffirming its unwavering commitment to policyholders and stakeholders.

The announcement follows NAICOM’s publication of insurance companies confirmed to have complied with the new capital requirement.

A statement released today by the company, said the achievement reflects the disciplined financial management, strong corporate governance, and strategic vision that have positioned Rex Insurance Limited as a resilient organization committed to delivering greater value to customers while supporting national economic growth.

“It also marks the beginning of a new phase in the Company’s journey, one focused on sustaining capital strength, accelerating profitable growth, enhancing operational excellence, and delivering superior customer value.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said: “Meeting the new Minimum Capital Requirement is a significant milestone in our journey and demonstrates the resilience of our business as well as the confidence of our shareholders in our long-term vision. It also reinforces our ability to honour our commitments to policyholders while positioning us for sustainable growth in an evolving insurance landscape.”

She further emphasized “Our recapitalization marks the beginning of an exciting new chapter for Rex Insurance. It is not an end, but a strategic foundation for sustainable growth and long-term value creation. With a stronger capitalbase, we are well equipped to increase our underwriting capacity, elevate customer experience, and deepen our investment in technology, innovation, and operational excellence.

“This enhanced financial strength enables us to provide smarter insurance solutions that respond to the evolving needs of our customers, deliver greater value to our stakeholders, support the advancement of Nigeria’s insurance industry, and maintain our unwavering commitment to prompt claims settlement to our policyholders”

Rex Insurance commended NAICOM for its leadership in strengthening the insurance sector through the recapitalization exercise and remains committed to supporting initiatives that promote a more resilient, competitive, and inclusive insurance market.

The insurer expressed its appreciation to its shareholders, Board of Directors, employees, customers, brokers, and business partners for their unwavering support and confidence, which have contributed to this important achievement .

“As the industry enters a new phase of growth, Rex Insurance’s focus now shifts from achieving capital adequacy to sustaining capital strength through disciplined execution, profitable growth, continuous innovation, and exceptional customer experience.”

The Company remains committed to delivering reliable insurance solutions, honouring its promises to policyholders, and creating sustainable value for all stakeholders while strengthening its position as a trusted insurance partner

About Rex Insurance Limited
Rex Insurance Limited (Rex) is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products to the insuring public. With decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.
With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability with the aim of growing the company’s gross premium written and be amongst the Top-Top-Tier general insurance companies in the market.

Operating from twelve (12) business locations nationwide to ensure maximum outreach and
accessibility, we have an unwavering dedication to our core values of Resilience, Efficiency,
eXellence, Integrity & Teamwork (REXIT).

The post Rex Insurance Meets NAICOM Minimum Capital Requirement Under NIIRA 2025 appeared first on Business Today NG.

News

After killer quarter, Palantir CEO Alex Karp calls AI industry ‘Marxist’

Published

11 minutes ago

August 4, 2026

Preport

Palantir CEO Alex Karp on Monday once again warned that AI frontier labs are too untrustworthy for enterprises.

The CEO, who famously studied philosophy and earned a PhD in social theory, implied in Palantir’s quarterly shareholder letter that these were the kinds of capitalists who gave rise to Marxist socialism.

“There are Marxist overtones and undertones to our business,” he wrote in a letter to shareholders about Palantir’s outstanding quarter. “Others, including many of those building large language models, intend, knowingly or otherwise, to capture the means of production of their purported partners.”

To be clear, AI labs have hardly cornered Palantir out of the market. Quite the opposite. The skyrocketing use of AI helped Palantir achieve record-breaking results. For its second quarter, the company reported $1.9 billion in revenue, up 93% over the year-ago quarter, and $1.1 billion in profit, “more profit in a single quarter than we did in total revenue in the same period the year before,” he wrote.

During the quarterly conference call with Wall Street analysts, he explained his analogy further, relying heavily on a sort of “tech bro patriot” jargon common among defense tech companies. (Palantir’s senior leadership is entirely male.)

He asked on the call if companies are going “to buy into a future” where your job helps your “adversaries win, and everybody who does win is a small, tiny group of people living in a tiny place that somehow believe because they eat vegetables and they don’t support war fighters that they deserve to have the total means of production of this country? And the rest of us should just sit back and absorb the cost of that revolution, which we’re paying for.”

Palantir, in contrast, serves model-agnostic AI and analysis software to governments and enterprises, and allows organizations to control their data as well as their AI “exhaust,” aka, their prompts, orchestration, and context.

“How are we paying for it? In the enterprise context, people sign up for token self-pleasurings… at real cost like other forms of self pleasure,” he said. “You are paying for the right for them to migrate your IP, your know-how, your expertise to their model, so that they can build a competitive business that doesn’t require your business or people. And why are they doing it? It’s actually being done for what they believe are moral reasons. They are superior to you. They deserve to colonize your enterprise.”

Jarring language aside, he is making an underlying point that is increasingly being repeated elsewhere, including from the likes of Microsoft CEO Satya Nadella.

This theory points to the significant list of companies that partnered or paid for Anthropic and OpenAI while the AI labs launched similar businesses ranging from design tools to healthcare operations, legal, even drug discovery.

The truth is, none of these companies are economic villains or heroes — anymore than other for-profit companies are. AI is growing so quickly, the market changing so rapidly, there is clearly room for all, Palantir’s results show.

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