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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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Lagos Police Arrest 23 Suspected Cultists, Recover Firearms in Statewide Raids

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The Lagos State Police Command has recorded significant breakthroughs through coordinated and simultaneous operations targeting cultism and illegal arms proliferation across Ikorodu, Lagos Island, Okoko, Ilasan, Ogba, and Iju areas of the State.

The operations resulted in the arrest of twenty-three suspected cultists, recovery of five (5) firearms and other incriminating exhibits.

During the operation in Ikorodu, four suspects were arrested following credible intelligence linking them to cult-related activities. Preliminary findings indicate links to the Buccaneers Confraternity (Sea Lords).

In Lagos Island, nine  suspected cultists were arrested during a raid on a criminal hideout. In Ilasan, five suspects in connection with a cult-related killing of one Emmanuel Obioson were arrested. In Okoko, one suspect with ties to the Eiye Confraternity was intercepted in possession of a firearm.

Similarly, in Ogba and Iju areas, the operations led to the arrest of four (4) suspects involved in illegal cult gatherings, assault, and other related violent crimes. Weapons used in the attacks were recovered, and victims are currently receiving medical attention.

The suspects are: Shina Wale ‘m’ 36yrs, Kehinde Kareem ‘m’ 18yrs, Mohammed Aileru ‘m’ 18yrs, Bada Mujeeb ‘m’ 18yrs, Salam Kosoko ‘m’ 30yrs, Yusuf Anjorin ‘m’ 19yrs, Quadri Abubakar ‘m’ 21yrs, Lateef Salako ‘m’ 18yrs, Fawaz Bello ‘m’ 30yrs, Oyesola Olalekan ‘m’ age 36yrs, Ubaka Justice ‘m’ age 36yrs, Emmanuel Obekpa ‘m’ age 36yrs, Sodiq Ademola ‘m’ age 36yrs, Balogun Taofeek ‘m’ 33yrs, Azeez Owolabi ‘m’ age 28yrs, Meshack Obini ‘m’ age 24yrs, Fabulous John ‘m’ age 25yrs, Promise Israel ‘m’ age 28yrs, Bright Aniedi ‘m’ age 27yrs, Familola Fikayo David ‘m’ age 24yrs, Akeem Olamilekan ‘m’ aka Magali age 43yrs, Muiz Oyedele ‘m’ age 20yrs, Hamzat Sadiq ‘n’ age 19yrs

The exhibits include: Five (5) locally made pistols, one (1) toy pistol, fifteen (15) live cartridges, three (3) expended cartridges, one (1) Police camouflage face cap, one (1) Army camouflage face cap, one (1) jack knife with the pouch.

The Commissioner of Police, Lagos State Command, reiterates the Command’s unwavering commitment to eradicating cultism and violent crimes.
He urges members of the public to remain vigilant and continue to support the Police with timely and credible information through the Command emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, and 09168630929.

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UTME 2026 Begins Nationwide as Over 2.2 Million Candidates Participate

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The 2026 Unified Tertiary Matriculation Examination (UTME) has officially commenced today across Nigeria, with more than 2.2 million candidates taking part in the nationwide assessment exercise.

The examination, conducted by the Joint Admissions and Matriculation Board (JAMB), began on Thursday April 16, at accredited Computer-Based Test (CBT) centres nationwide, as candidates sat for their scheduled sessions under strict supervision and updated examination guidelines.

JAMB disclosed that 2,243,816 candidates enrolled for this year’s examination, marking a 10.5 per cent rise compared to the 2.03 million candidates recorded in 2025.

To strengthen the credibility of the process, the board has introduced biometric authentication and live monitoring technology throughout the examination period.

According to JAMB, any candidate whose biometric data fails verification will be rescheduled for another date at designated centres.

Candidates were also instructed to print their examination notification slips from the official JAMB portal to confirm their exam dates, venue, and time, and to report at their centres at least one hour before their allotted session.

State-by-state registration data released by the board showed that Lagos State recorded the highest number of applicants with 381,814 candidates.

It was followed by Ogun with 137,156, Oyo with 122,662, Kaduna with 103,498, and the Federal Capital Territory with 102,961.

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