News

Mutfwang’s N15 Billion Loan: Plateau APC Raises Alarm

Published

3 years ago

June 24, 2023

vicky

The Plateau State chapter of the All Progressives Congress (APC) has raised serious objections to the recent approval of a N15 billion loan by the Plateau State House of Assembly. The loan request, made by Governor Caleb Mutfwang, was granted in less than three weeks since the start of the People’s Democratic Party (PDP) administration in the state.

As a critical stakeholder in the Plateau project, the APC believes that this loan acquisition reflects the desperate and hasty nature of the PDP administration, which has shown little regard for due process and accountability.

The APC emphasizes that the two-thirds majority enjoyed by the Plateau State House of Assembly should not be seen as a license for recklessness and arbitrariness. If left unchecked, the state could face even more turbulent days ahead.

The reasons given for the loan are deemed unconvincing and untenable by the APC. Reports suggest that the funds will be allocated for recurrent purposes, such as salary payments and the purchase of fertilizer. The government claims that this loan is intended to demonstrate its concern for the welfare of striking workers and the farming community in the state.

However, the APC sees this as a mere facade and an attempt to deceive the people. The party argues that instead of installing Interim Administrators in the local governments to serve as conduits, the government has opted for the N15 billion loan to fulfill its extra-budgetary commitments.

According to the APC, government is a continuum, and the previous administration had already made adequate budgetary provisions for essential expenditures like workers’ salaries and fertilizers, considering the agrarian nature of Plateau State.

The approval of this N15 billion loan is particularly alarming because it violates the clearly outlined steps for loan acquisition as specified in the Plateau State Debt Management Law, which has not been repealed. These steps include the State Debt Management Advisory Committee’s discussion on the purpose and necessity of the loan for the state.

The APC highlights the importance of following due process and not operating as if under a military junta where decisions are made arbitrarily. For a loan of such magnitude, it is mandatory for the State Executive Council to approve it before submitting it to the House of Assembly for deliberation.

Furthermore, the approvals from the State Executive Council and the House of Assembly should be forwarded to the Ministry of Finance and the Debt Management Department for further processing, including seeking approval from the Debt Management Office and the Minister of Finance through the raising of an Irrevocable Standing Payment Order (ISPO).

The APC raises several important questions, including whether a State Executive Council is presently constituted in the state and if the Debt Management Advisory Committee has been established to discuss the loan based on the law. Additionally, concerns are raised about the state’s debt position in the future, considering the rapid acquisition of N15 billion within just three weeks, potentially leading to a debt of N720 billion in four years.

The APC questions why the same government that complains about a debt profile of N200 billion, which they misleadingly attribute to the immediate past administration, is eager to accumulate another substantial loan.

The APC concludes by urging the governor to exercise caution and be wary of certain advisers appointed to oversee critical institutions, such as the House of Assembly. The party suggests that immediate attention should be given to addressing pressing issues, particularly security, as the people of the state are continuously being killed and displaced by heartless murderers

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News

Legends Return to the Pitch: IASC Above 45 Tournament 2026 Begins with Blockbuster Opening Fixtures

Published

6 hours ago

August 4, 2026

Preport

WhatsApp Image 2026 08 04 at 10.00.46 PM.jpeg

The stage is set for another memorable chapter in the history of the Island Allstars Sports Club (IASC) as the much-anticipated IASC Above 45 Tournament 2026 kicks off on Saturday, August 8, 2026, at the LBS Sports Arena, Lekki, promising an exciting display of football, sportsmanship and camaraderie among veteran players.

The annual tournament, one of the club’s flagship sporting events, celebrates the enduring passion, fitness and competitive spirit of football enthusiasts aged 45 years and above. It has become a unique platform where experience meets talent, bringing together distinguished members of the club to compete while strengthening the bonds of friendship that define the IASC family.

According to the fixtures released by the Sports Management Committee (SMC), the opening match will see Team A take on Team D at 8:30 a.m., while the second fixture will feature Team B against Team C at 10:30 a.m. Both matches will be played at the LBS Sports Arena, with the tournament concluding on August 15, 2026, when the champions will emerge.

Beyond the excitement on the pitch, the Above 45 Tournament continues to promote healthy living, active ageing and community engagement, proving that football remains a lifelong passion capable of inspiring generations.

This year’s competition is proudly supported by Sure B Homes, Dinice Royal Investment Limited, Network Times Nigeria Limited, and Cartel Beach House Del Viento, whose sponsorship underscores the growing corporate confidence in the vision of the Island Allstars Sports Club.

To ensure supporters across Nigeria and beyond do not miss the action, selected matches will be streamed live on Sports247 YouTube Channel and website: sports247.ng, allowing football lovers around the world to follow every tackle, goal and dramatic moment as it unfolds.

Speaking on behalf of the Sports Management Committee, the committee’s Secretary, Ugochukwu Chukwudalu, assured members and supporters of a professionally organised tournament that reflects the values of excellence, unity and fair play for which the club is known.

As anticipation reaches fever pitch, all roads lead to the LBS Sports Arena this Saturday for what promises to be an unforgettable football spectacle. For the players, it is another opportunity to chase glory. For the fans, it is a celebration of football at its finest—where legends return to the pitch and experience takes centre stage.

Business

Coronation Insurance, Coronation Life Meet NIIRA 2025 Minimum Capital Requirements Following Successful ₦9.2bn Capital Raise

Published

7 hours ago

August 4, 2026

Preport

Coronation Insurance Plc and Coronation Life Assurance Limited have successfully met the new minimum capital requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This marks the successful completion of the Nigerian insurance industry’s year-long recapitalisation exercise as announced by the National Insurance Commission (NAICOM).

A statement released today by both underwriters, that the milestone follows the successful conclusion of a ₦9.2 billion private placement by both companies, which attracted strong participation from existing and new investors. The offer, comprising 4.2 billion ordinary shares, was oversubscribed, demonstrating strong investor confidence in the companies’ long-term strategy, sound corporate governance, and growth prospects.

Meeting the new regulatory capital requirements reinforces the financial strength of both Coronation Insurance and Coronation Life Assurance, positioning the companies to accelerate innovation, expand access to insurance solutions, and create greater value for customers, shareholders, and other stakeholders.

The strengthened capital base will support strategic investments in product innovation, digital transformation, customer experience, and the expansion of the companies’ distribution footprint. It will also reinforce their bancassurance partnership with Access Bank, enabling both companies to extend insurance solutions to customers across one of Africa’s largest banking networks.

Reacting on the milestone, Olamide Olajolo, Managing Director/Chief Executive Officer of Coronation Insurance Plc, said: “Meeting the new capital requirements under NIIRA 2025 is a significant milestone for our business and reflects the confidence investors continue to place in our strategy and long-term vision. The successful completion of our private placement is a testament to the strength of our governance, our business model, and our commitment to building a stronger, more resilient insurance company that consistently delivers value to customers, shareholders, and the wider economy.

“With our strengthened capital position, we remain focused on expanding our product offerings, deepening our distribution capabilities, investing in digital innovation, and delivering exceptional service across every customer touchpoint. We are well positioned to respond to emerging opportunities within Nigeria’s evolving insurance market while driving sustainable growth and operational excellence.”

Also Adebowale Adesona, Managing Director/Chief Executive Officer of Coronation Life Assurance Limited, “said: The successful completion of this recapitalisation represents much more than regulatory compliance; it is a strong affirmation of our commitment to building a future-ready life insurance business that inspires confidence and delivers lasting financial security for our customers.

“This stronger capital base enables us to deepen our investment in innovative life insurance and wealth creation solutions, enhance our digital capabilities, strengthen our customer experience, and expand access to insurance through strategic partnerships. As Nigeria’s insurance industry enters a new era, Coronation Life Assurance is well positioned to help more individuals, families, and businesses protect what matters most while creating sustainable long-term value for all our stakeholders.”

Both firms continue to strengthen their market position through customer-focused solutions spanning general insurance, life insurance, risk protection, savings, retirement planning, and wealth creation for individuals, businesses, and institutions.

The successful recapitalisation underscores growing investor confidence in the long-term prospects of Nigeria’s insurance industry while reaffirming Coronation’s commitment to building resilient financial institutions that create sustainable value.

With enhanced financial capacity, strong corporate governance, and a clear strategic growth agenda, Coronation Insurance and Coronation Life Assurance are well positioned to accelerate innovation, broaden market access, deepen customer relationships, and contribute meaningfully to the continued development of Nigeria’s insurance sector under the new regulatory framework.

The post Coronation Insurance, Coronation Life Meet NIIRA 2025 Minimum Capital Requirements Following Successful ₦9.2bn Capital Raise appeared first on Business Today NG.