Connect with us

Business

Group calls for review of GMO approval in Nigeria

info

Published

on

Genetically modified foods.jpg

MTN ADVERT

A coalition of environmental, agricultural, and civil society organisations has urged the Nigerian government to put on hold new approvals of Genetically Modified Organisms (GMOs) in the country.

It is also asking the government to conduct an independent review of existing approvals, citing concerns over biosafety, public health, biodiversity, and farmers’ rights.

The group made the call in a communiqué issued at the end of the National Conference on Biosafety and Agroecology held on Monday in Abuja.

The conference, attended by the representatives of federal ministries, regulators, farmers, researchers, civil society organisations, and legal practitioners, among others, reviewed the increasing approval and commercialisation of genetically modified crops in Nigeria, including Bt Cowpea, TELA Maize and recently registered transgenic cotton varieties.

Participants raised concerns about the implications of GMOs for biosafety, environmental protection, food sovereignty, public health and farmers’ rights, the communiqué said.

PT WHATSAPP CHANNEL

They similarly urged the federal government to place a moratorium on new GMO approvals pending independent, long-term and peer-reviewed assessments, including feeding trials, environmental impact assessments and social impact studies.

An independent review of existing approvals to ensure compliance with the National Biosafety Management Act (NBMA) and the precautionary principle also featured in their demands.

Other recommendations included bolstering public agricultural research and extension services, protecting indigenous seed systems, supporting community seed banks, phasing out highly hazardous pesticides and increasing investment in agroecological research and training.

GM concerns in Nigeria

The adoption of GM crops has remained contentious among food system experts in Nigeria, creating two divides. GM proponents argue that the technology can help scale up food production and boost food security. Critics, however, fear the technology could trigger environmental and health risks, and have expressed worries about weak regulatory enforcement and inadequate labelling.

According to the International Service for the Acquisition of Agri-biotech Applications, more than 30 major food crops have been genetically modified globally.

Nigeria has approved four crops—maize, cowpea, cotton, and soybean—for commercialisation and is among the six African countries leading in biotech crop adoption.

In 2024, the government approved four varieties of Tela maize, further intensifying debates over GM crop safety and transparency.

Farmers’ limited knowledge of GM seed characteristics, potential dependence on seed companies, and the broader impact on traditional farming systems have been identified among the downsides.

An investigation by PREMIUM TIMES and international partners in 2024 laid bare how the U.S. government, through the now-defunct USAID, funded pesticide and GM-related advocacy campaigns in Nigeria, including efforts that profiled critics of GMOs.

In March, the National Biosafety Management Agency ordered the suspension of four new transgenic cotton hybrid varieties in Nigeria.

The varieties are MIC 561 BGII, MIC 563 BGII, BIOSEED-FIYAH CH1001, and BIOSEED-FIYAH CH1002. They were allegedly registered by the National Committee on Naming, Registration and Release of Crop Varieties, Livestock Breeds and Fisheries on 26 March 2026 without the requisite approval of NBMA.

The agency said its regulatory surveillance and compliance-monitoring mechanisms identified “serious compliance abnormalities” in the varieties.

The suspension of the new cotton varieties underscores ongoing challenges around biosafety compliance and regulatory oversight in Nigeria’s biotechnology sector.

READ ALSO: GMOs: Experts accuse Nigeria’s biosafety regulator of not being transparent

Concerns over food security approach

The conference noted that Nigeria’s food security challenges require “holistic, people-centred and sustainable solutions” rather than sole dependence on technological interventions.

Participants also raised concerns about biodiversity loss, genetic contamination of indigenous seed varieties, monoculture farming systems, dependence on pesticides and the absence of sufficient long-term ecological studies on GM crops.

The communiqué stated that proprietary seed systems could undermine farmers’ rights to save, exchange and improve seeds, with implications for rural livelihoods and local food systems.

It further observed that existing biosafety governance frameworks require greater transparency, accountability, scientific rigour and meaningful public participation.

The conference spotlighted the far-reaching consequences of continued use of hazardous pesticides, warning that they constitute risks to human health, biodiversity, soil fertility and water resources.

It endorsed agroecology as a viable pathway to sustainable agriculture, noting that it has demonstrated the potential to improve soil health, biodiversity, climate resilience and farmers’ livelihoods.

Participants said structural barriers, including limited access to land, finance, information and technology, continue to affect farmers, particularly women and young people.

In their conclusion, participants remarked that ecological sustainability, food sovereignty, public accountability, social justice and the well-being of present and future generations should guide Nigeria’s food and agricultural policies.


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

NSIA Insurance Grows Revenue by 18% to ₦33bn, Divests Life Insurance Portfolio

info

Published

on

By

BY NKECHI NAECHE-ESEZOBOR—NSIA Insurance Limited one of Nigeria’s most recapitalised insurance company, on Monday released its financial statement for the year ended 31st December, 2025 with 18 percent growth in revenue.

The Chairman of the company, Dr. Adesegun Akin-Olugbade, disclosed this today during a press briefing that revenue grew to ₦33 billion in 2025, representing an 18 percent growth over N30.1 billion reported in the previous year.

Profit after tax stood in excess of  ₦2 billion while total assets stood at ₦53 billion.

Committed to prompt claims payment, he said the company paid a total of ₦18 billion in claims in 2026, bringing its cumulative claims payout over the last four years to ₦47.9 billion.

Speaking further on just concluded recapitalization, he said “At the AGM, the shareholders ratified the capitalisation of N6 billion from retained earnings, increasing the company’s issued share capital from N9 billion to N15 billion through a bonus issue of two new shares for every three shares held, this strengthened the company’s capital base without requiring any additional investment from shareholders and ensured full compliance with the Nigerian Insurance Industry Reform Act of 2025.

This achievement according to him was driven by sustained financial performance, with shareholders’ funds growing by 74.3 percent from N13.6 billion in 2021 to 23.7 billion in 2025, supported by cumulative profit after tax of over N9.3 billion during the period.

The move he said will strengthened the company’s capital base without requiring additional investment from shareholders, while ensuring full compliance with the Nigerian Insurance Industry Reform Act of 2025.

He noted that as part of its strategic repositioning,it  has transitioned to operate exclusively as a non-life insurer, enabling the company to deepen its focus on general insurance.

He disclosed that its proposed transfer of its life insurance portfolio will be to CHI Consolidated Hallmark CHI Life Assurance Limited, and this, he said has received approval in principle from National Insurance Commission,(NAICOM), and will be completed upon the conclusion of the remaining legal and regulatory processes.

Looking ahead, he reassured that NSIA  remains committed to disciplined underwriting, digital innovation, superior customer service, and sustainable value creation for its customers, shareholders, and the Nigerian economy.

Also, managing Director/CEO, of the company, Moruf Apampa, explained the company’s decision to divest its life insurance portfolio to CHI Life Assurance Limited.

According to him the decision was deliberate and designed to eliminate distractions that could hinder growth in the general insurance segment.

“We’ve decided to have a more focused strategy to drive our general business. By doing so, we’re able to scale better than before because there’s no distraction — we’re focused on driving the numbers,” he said.

He disclosed that a key part of the company’s strategy is to achieve deep household penetration across the country, targeting what he described as an “NSIA family” in every Nigerian home.

“For every householder in Nigeria, we must have an NSIA family. That’s very strategic for us, and it’s deliberate. That’s where we believe we can scale, and that’s what we intend to do deliberately over the next five years,” he said.

Highlighting the company’s strength in motor insurance, he said NSIA has built a claims process designed for speed, with dedicated teams inspecting claims and, in many cases, processing payment on the same day.

“When I say motor, I can conveniently tell you that if you report a claim today, we have a team that will inspect that same claim and give you feedback that same day. If possible, once you sign, you also receive your benefit that same day,” he said, adding that this reflects the kind of institution NSIA aims to be.

He stressed that the company prioritizes customers over profit, arguing that insurers should not celebrate strong profits while shortchanging policyholders on claims.

“We’re not putting profit before the customer — we’re putting the customer before the profit. How would you feel if we came here to announce a ₦3 billion profit, but only ₦2 billion was paid out as claims, while customers outside are complaining?” he asked.

According to him, consistent delivery of value to customers is what builds trust and repeat business in the insurance industry.

“It’s usually about the message, not the messenger, and the message is always right. By delivering value to the customer, that’s when they gain the confidence to come back, repeat their purchase, and tell others that insurance actually works,” he said.

The post NSIA Insurance Grows Revenue by 18% to ₦33bn, Divests Life Insurance Portfolio appeared first on Business Today NG.

Continue Reading

Business

PZ Cussons Nigeria to pay shareholders N9.9 billion dividend after four-year pause

info

Published

on

By

Pixelcut export 32 1 e1725086727600.jpeg

MTN ADVERT

PZ Cussons Nigeria is ending a three-year lull in dividend payment to distribute N9.9 billion to shareholders as its retained earnings swung back to positive for the first time since taking a hit in 2023.

In a corporate disclosure on Monday, the local subsidiary of Manchester-based consumer goods producer PZ Cussons detailed a proposal to pay a N2.50 dividend per share for the year ended 31 May 2026, fixing the qualification date for 9 October and payment for the 30th of the same month.

The compensation package also offers an alternative of receiving shares instead of dividends to those who prefer increasing their existing holdings in the company to taking immediate cash rewards.

Either way, both options require shareholders’ assent at the next annual general meeting in October for the board to further the plan.

“The reference share price for the purpose of determining the number of shares due to qualifying shareholders who elect for the share option will be a ten-day trading average of the company’s share price on the floor of” the NGX starting on 12 October, PZ Cussons said in the document.

PT WHATSAPP CHANNEL

The company last paid a dividend in 2022, having been largely incapacitated by a sweeping foreign exchange loss that tipped its accounts into a N90.3 billion net loss in 2024.

READ ALSO: PZ Cussons’ annual profit quickens by 298% as asset disposal boosts earnings

That year, PZ Cussons, like many manufacturers in Nigeria that rely on raw material imports for most of their operations, reported an FX loss of N157.9 billion after major devaluations of the naira, beginning from 2023, wore away over 70 per cent of its value, compared to the dollar.

Retained earnings, from which companies pay dividends, have been in the red since 2024, only turning positive in the year under review, thanks to a 349 per cent surge in profit to N45.2 billion.

Proceeds from asset disposal totalling N38.7 billion drove the profit rise.

Turnover in the review period scaled up by 22.5 per cent to N260.5 billion on account of improved sales from its home and personal care products division.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending