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NAICOM Issues IPPF Guidelines to Protect Policyholders’ Investments

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BY NKECHI NAECHE -ESEZOBOR—The National Insurance Commission (NAICOM) on Tuesday released guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund (IPPF), aimed at safeguarding policyholders and their investments in the event of liquidation.

This is contained in a circular released today and signed by John Falade, Deputy Director, Special Risk & Security Analysis, addressed to all insurance institutions, the Commission said the guidelines were issued in exercise of the powers conferred on it by the Nigerian Insurance Industry Reform Act 2025 and other relevant insurance laws and regulations.

The commission also set May 31 as the deadline for insurance operators to submit their IPPF Assessment Returns for the 2025 financial year.

The circular reads: “In exercise of the powers conferred on the National Insurance Commission (the Commission) by

the Nigerian Insurance Industry Reform Act 2025 and other extant insurance laws and

regulations, the Commission hereby issues the attached Guidelines for the Collection,

Management, and Administration of the Insurance Policyholders’ Protection Fund (the Fund).

It added that “the guidelines ensure regulatory clarity, guidance and ease compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the

Fund which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.”

“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submission shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.

“All insurers, reinsurers and relevant insurance institutions are required to ensure strict compliance with this Guidelines.

“Please accept the assurances of the Commission’s best wishes.”

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NDLEA Raids 3 illicit Drug Warehouses in Lagos, Recovers N16.9bn worth of opioids

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BY NKECHI NAECHE-ESEZOBOR—Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered three illicit drug warehouses hidden in a residential estate in Okota area of Lagos where Two Million Three Hundred and Sixty Thousand (2,360,000) pills of high-potency tramadol 225mg and One Million Nine Hundred and Nine Thousand Four Hundred (1,909,400) bottles of codeine syrup with a combined street value of Sixteen Billion Nine Hundred and Twenty Seven Million Two Hundred Thousand Naira (N16,927,200,000.00) only, were recovered.

The high stakes intelligence-led coordinated operations were conducted on Friday 17th April 2026 at 98 Olukayode Awofisayo Street, Park View Estate, Ago Palace, Okota where a large warehouse was uncovered and two others at 5 Charles Ndumetu Street, Park View Estate, Ago Palace, Okota, Lagos State. Recovered from the three warehouses were 19,094 cartons containing 1,909,400 bottles of codeine syrup and 2,360,000 pills of high-potency tramadol 225mg pills in another 34 cartons.

Reacting to the development, Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (Rtd) said the successful operations have dealt a staggering blow to the heart of the pharmaceutical drug black market, leading to the dismantling of a major drug syndicate in the country.

Marwa expressed his profound pride in the operatives involved, describing the seizure as a monumental victory in the ongoing fight against substance abuse and illicit drug trafficking in Nigeria.

According to him, “The scale of this recovery, nearly 4.3 million units of lethal substances, is a testament to the fact that our officers are staying several steps ahead of these merchants of death. To find such volumes hidden within residential estates like Park View and busy hubs like Okota shows the desperation of these cartels, but it also highlights the peerless intelligence capabilities of our team.”

The NDLEA boss reiterated that there is no safe haven for drug traffickers in Nigeria, adding that whether they hide their illicit goods in elite mansions or suburban warehouses, the Agency’s reach is long and its resolve is firm.

“Let this be a clear signal to those who think they can profit from the destruction of our children’s futures: we will find you, we will dismantle your networks, and we will bring the full weight of the law upon you”, he warned.

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PenCom DG Advocates Inclusivity in Social Protection Services

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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has reiterated the importance of effective communication in strengthening social security systems, as its Director General, Omolola Oloworaran, participated in the 2026 ISSA West Africa Technical Seminar held in Abuja.

The seminar, hosted by the Nigeria Social Insurance Trust Fund in collaboration with the International Social Security Association, focused on the theme: improving inclusivity and access to social security services through clear and effective communication. It brought together stakeholders from across West Africa to explore ways of enhancing service delivery and public engagement.

Speaking at the event, Oloworaran commended the organisers for convening the dialogue and highlighted the Federal Government’s ongoing efforts to expand social protection. She noted that President Bola Ahmed Tinubu has shown commitment to social welfare by supporting vulnerable citizens through initiatives such as cash transfers, improved healthcare access, and the settlement of outstanding pension obligations.

The PenCom DG explained that while the Contributory Pension Scheme has built a solid institutional framework over the years, achieving real inclusion requires more than just expanding coverage. According to her, trust and understanding among contributors are critical, which is why the commission continues to strengthen stakeholder engagement, promote the Personal Pension Plan, and expand digital communication channels.

She emphasised that communication plays a central role in the success of pension reforms and service delivery, noting that policies and benefits can only be effective when contributors clearly understand and are able to act on them.

The engagement, she added, reflects PenCom’s broader commitment to building a more transparent, inclusive, and responsive pension system, where clear communication helps bridge gaps in access, foster trust, and support long-term growth in the sector.

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