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NANS Endorses Insurance Industry Reforms, Condemns moves to Derail Recapitalisation

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BY NKECHI NAECHE-ESEZOBOR—The National Association of Nigerian Students (NANS), on Wednesday declared its support for National Insurance Commission, (NAICOM), and the ongoing transformation of Nigeria’s insurance industry, while condemning what it described as attempts to derail the sector’s recapitalisation exercise.

According to statement signed by its President, Comrade Akinteye Babatunde Afeez, said  the association said it stands with the  Commission and the reforms introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The statement reads as follows:

The National Association of Nigerian Students (NANS) National Secretariat, the umbrella body representing over 40.1 Million Nigerian Students across universities, polytechnics, and colleges of education, hereby issues this statement in support of the transformative reforms currently reshaping Nigeria’s insurance industry.
NANS recognizes the strategic importance of a strong, modern, and resilient insurance sector to national economic development and commends the leadership of the Federal Government under President Bola Ahmed Tinubu GCFR, for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration.
We equally commend the leadership of NAICOM under the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board chaired by Hajia Halima Kyari, for their commitment to implementing far-reaching reforms that are restoring confidence, improving consumer protection, strengthening industry capacity, and promoting greater public trust in the insurance sector.

Today, we speak not merely as students but as stakeholders in Nigeria’s future. We cannot remain silent while certain unpatriotic elements seek to undermine reforms that hold significant promise for economic transformation, youth empowerment, consumer protection, and national development.

NANS joins all well-meaning Nigerians in celebrating President Bola Ahmed Tinubu GCFR’s historic assent to the Nigerian Insurance Industry Reform Act (NIIRA) on 31 July 2025, a historic legislation that modernized Nigeria’s insurance regulatory framework and replaced obsolete legal provisions with a comprehensive regime suited for a modern economy.
The NIIRA 2025 represents one of the most significant legislative interventions in Nigeria’s financial services sector in recent history.

For Nigerian students, the law opens new opportunities for financial inclusion, entrepreneurship, employment, and career development within a sector that has historically been underutilized despite its enormous economic potential.
NANS therefore fully endorses the objectives and implementation of the NIIRA 2025 and commends Mr. President for providing the legal foundation upon which the ongoing transformation of the insurance sector is being built.

*SUPPORT FOR THE RECAPITALISATION OF THE INSURANCE INDUSTRY*

One of the most important reforms emanating from NIIRA 2025 is the recapitalisation of the insurance industry.
For decades, insufficient capitalization limited the capacity of many insurance operators to meet growing market demands and support large-scale economic activities. The recapitalisation exercise was therefore not merely a regulatory requirement but a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims.

NANS strongly supports the successful implementation of the recapitalisation exercise by NAICOM and commends the insurance companies that complied with the new capital requirements in furtherance of industry stability and growth.

No modern economy can thrive without a vibrant insurance industry capable of protecting investments, facilitating business continuity, absorbing risks, supporting infrastructure development, and promoting financial confidence across all sectors.
The recapitalisation exercise is therefore a critical pillar of Nigeria’s journey toward becoming a trillion-dollar economy and deserves the support of all patriotic Nigerians.

*COMMENDATION FOR NAICOM’S INVESTMENT IN TERTIARY EDUCATION*

NANS expresses profound appreciation to NAICOM for its longstanding support for tertiary education through the Insurance Education Fund and related interventions.
Over the years, these initiatives have contributed to the development of critical infrastructure in universities, polytechnics, and colleges of education, including ICT centres, laboratories, and academic facilities that directly benefit Nigerian students.
Such investments reflect NAICOM’s broader commitment to human capital development and the future of the nation’s youth.

As beneficiaries of these interventions, Nigerian students recognize and appreciate the positive impact these investments continue to make across institutions of higher learning nationwide.

*CONDEMNATION OF ATTEMPTS TO UNDERMINE INSURANCE SECTOR REFORMS*

It is deeply concerning that at a time when the Nigerian insurance industry is recording unprecedented reforms and achievements, certain individuals and groups have embarked on campaigns aimed at discrediting the regulator, undermining the recapitalisation exercise that have attracted widespread commendation from all stakeholders.

NANS views these actions as deliberate attempts to derail the progress being made within the sector and ultimately frustrate the reform agenda of President Bola Ahmed Tinubu.
We are particularly disturbed by calls for the removal of the leadership of NAICOM despite the significant progress achieved in strengthening regulation, enhancing consumer protection, improving market confidence, and implementing critical reforms that have long been demanded by stakeholders.
Such calls are neither constructive nor patriotic.

NANS therefore urges Nigerians to be vigilant and reject misinformation, sensational allegations, and campaigns intended to undermine institutions that are working in the national interest.
As a responsible, proactive and principles organization, NANS has independently reviewed publicly available information concerning NAICOM’s operations, reforms, and achievements.

Based on our findings, we have found no credible basis for the allegations being promoted by such groups.
On the contrary, available evidence points to a regulator implementing statutory reforms in accordance with its mandate.
We therefore reject any attempt to recruit Nigerian students into campaigns of calumny, misinformation or institutional sabotage.

Let it be known that Nigerian students are not instruments for advancing narrow interests against national development. We stand firmly on the side of truth, transparency, reform, and progress.

*COMMENDATION FOR IMPROVED CLAIMS SETTLEMENT AND CONSUMER PROTECTION*

NANS commends NAICOM’s firm stance on prompt claims settlement and its “zero-tolerance approach toward the non-payment of genuine claims.”
The Commission’s consistent emphasis on consumer protection has contributed significantly to rebuilding confidence in the industry and improving public perception of insurance as a reliable financial safeguard.

*THE INSURANCE POLICYHOLDERS PROTECTION FUND: A GAME-CHANGING INITIATIVE*

NANS applauds the establishment of the Insurance Policyholders Protection Fund (IPPF), one of the landmark innovations introduced under the NIIRA 2025.
This initiative demonstrates a clear commitment to ensuring that ordinary Nigerians, including students, youths, and vulnerable consumers, do not lose their legitimate entitlements due to circumstances beyond their control.

We encourage NAICOM to intensify public awareness campaigns so that Nigerians fully understand the protections available to them under the new insurance regime.

*NANS’ UNWAVERING COMMITMENT TO THE REFORM AGENDA*

NANS hereby reaffirms its unwavering support for the ongoing transformation of Nigeria’s insurance industry. We recognize that these reforms are interconnected components of a bold agenda designed to strengthen the insurance sector and contribute meaningfully to national development.

Accordingly, NANS pledges to:
• Mobilize Nigerian students in support of insurance awareness and financial literacy initiatives.
• Promote insurance as a viable career pathway for graduates and young professionals.
• Encourage students participation in youth-focused insurance development programmes.
• Advocate for the protection and expansion of initiatives that support education and youth empowerment.
• Support reforms that strengthen consumer protection, transparency, accountability, and institutional excellence.

*CALL TO THE FEDERAL GOVERNMENT AND ALL NIGERIANS*

NANS calls on President Bola Ahmed Tinubu, the Federal Government, the National Assembly, industry stakeholders, the media, and all well-meaning Nigerians to continue supporting the Insurance industry’s reform agenda. These transformations are not merely a regulatory exercise. It is a national economic imperative that has the potential to unlock investment, create jobs, enhance financial security, promote economic stability, and accelerate Nigeria’s march toward sustainable prosperity.

A strong insurance sector is a foundation for a strong economy. A strong economy is a pathway to reduced poverty, increased opportunities, and a better future for Nigerian youths.

We therefore urge all Nigerians to reject divisive narratives, support constructive reforms, and stand firmly behind initiatives that advance the national interest.

CONCLUSION
The National Association of Nigerian Students (NANS) National Headquarters stands firmly with NAICOM. We stand with every Nigerian student, every policyholder, every investor, and every citizen who desires a transparent, efficient, and globally competitive insurance industry.

We shall continue to support genuine reforms, defend institutions that are delivering measurable results, and oppose all attempts to undermine progress for personal or sectional interests.

The transformation of Nigeria’s insurance sector is a transformation that serves the interests of present and future generations. It must be protected, sustained, and driven to its logical conclusion.

The post NANS Endorses Insurance Industry Reforms, Condemns moves to Derail Recapitalisation appeared first on Business Today NG.

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Airtel Money sets IPO price at £1.96 per share, targets £5.3bn valuation

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Airtel Mobile Commerce N.V. (Airtel Money), the mobile money business of Airtel Africa, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7.0 billion) at admission.

Airtel Africa disclosed this in a statement on Thursday, saying Airtel Money intends to list its ordinary shares on the London Stock Exchange, with admission currently expected on 14 October.

The planned listing followed Airtel Africa’s announcement on 23 September of its intention to undertake an IPO for Airtel Money, which operates mobile money services across several African markets.

Listing offer

Under the offer, certain existing shareholders of Airtel Money are expected to sell 270 million existing shares. Also, an additional 27 million shares may be sold if the over-allotment option is fully exercised.

Airtel Africa said it does not expect to sell its existing Airtel Money shares in the offer, except pursuant to the over-allotment option.

The telco said it would remain a “long-term strategic shareholder” in Airtel Money and support the business as it moves into its next phase as an independently listed company.

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Based on current indications from existing shareholders, approximately 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could rise to approximately 17.5 per cent if the maximum additional shares are sold, according to Airtel Africa.

Airtel Money expects the level of public ownership to make it eligible for inclusion in the FTSE UK indices.

The company said it intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority and for trading on the London Stock Exchange’s Main Market.

Airtel Money said further details of the offer would be contained in its prospectus, which it said would be made available on Airtel Money’s IPO website, subject to applicable access restrictions, on Thursday.

READ ALSO: What Dangote IPO signals – NGX Chairman 

Airtel Africa has been planning to spin off its mobile money business from its core telecoms operations following the financial subsidiary’s performance in previous years.

Its mobile money unit, Airtel Money, logged a strong performance in 2025, recording $1.4 billion in turnover, more than one-third higher than what it reported a year before.

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa.

Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services, as well as mobile money services, both nationally and internationally.


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Independence Day: Hope “Will Not Fall From the Sky,” NLC Tells Nigerians, Govt

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Sixty-six years ago, our founding fathers and mothers wrestled this nation from the grip of colonial rule, convinced that political independence would translate into economic freedom and dignity for the Nigerian people. Today, as we mark another Independence Day, the Nigeria Labour Congress salutes every worker, artisan, youth, woman, retiree, informal economy operator, and every Nigerian who wakes up each morning to struggle for survival in a country that has increasingly turned its back on its own people. We honour the sacrifices of those who paved the path to liberation with their sweat and blood. However, we refuse to drown in empty patriotic rituals while the masses drown in poverty.

Sixty-six years after independence, Nigeria has become a nation whose governance decisions have been captured by neoliberalism; an ideology and a policy framework that does not serve workers, does not serve the masses, does not serve the nation, but is designed to serve Western capital. From policy formulation to resource allocation, from taxation to subsidy removal, from wage suppression to price escalation, the beneficiaries of this arrangement are a tiny elite (who keeps applauding) and international capital, while the costs are borne by the very people whose labour built this country.

Yet oppression has never been a permanent destiny. The power of Nigerian workers and the people ended colonial rule and forced one government after another to retreat from anti-people policies. Hope exists, but it will not fall from the sky. Hope depends on the decisions we make and the actions we take as trade unions, workers, and as a people.

We stand at the crossroads of a full-scale survival crisis. The real value of wages has been devoured by structural inflation. Petrol now sells at ₦1,430 per litre or higher in major cities and far more in remote areas. The surge in transportation costs drives up the prices of food, school fees, rent, and nearly every necessity of life, while nominal wages remain stagnant.

The root of this crisis is very clear. The May 2023 petrol price hike was a systematic assault on the working class. Government claimed subsidy removal would free up resources for infrastructure and social services. Three years later, petrol prices have multiplied several times over, yet the promised infrastructure and social services remain mirages. Where exactly did the subsidy savings go? Nigerians deserve an answer, and they deserve it now.

More infuriating is that Nigeria, Africa’s largest oil producer, depends on imported refined petroleum, while domestic refining capacity has been systematically neglected, except the effort of a few private refineries. When international oil prices fluctuate, the Nigerian working class bears the consequences. This is not an economic law. It is a policy choice that favours importers and Western refining capital while sacrificing our own people by ensuring the four publicly owned domestic refineries remain comatose.

Our demands are clear, just, and cannot be delayed any further. First, we demand that government seek ways to immediately reduce the price of petrol as transportation costs are the central transmission mechanism of inflation in Nigeria. Without cutting this chain, any effort to ease the suffering of the people is futile.

Second, we demand the immediate implementation of a nationwide wage award for all workers. A wage award is not charity. It is an emergency intervention against the collapse of real income. We demand that this relief reach all workers in federal, state, and local governments.

Third, we demand that the government deliver the tax relief agreed upon in the October 2023 dialogue with labour. The tax incentives promised in the Memorandum of Understanding signed between government and labour have not been implemented.

Fourth, we demand that government expedite action on the new national minimum wage negotiation. The current ₦70,000 minimum wage was already destroyed by inflation before it was implemented. We demand the immediate establishment of a tripartite committee to ensure that a new wage standard for 2027 is formulated and legislated before the year runs out.

Fifth, we demand that the government reduce the cost of governance and practise transparent governance. When workers are asked to tighten their belts, the extravagance and waste of the governing class are unacceptable. Government must lead by example.

Beyond these immediate demands, we insist that the government  invest massively and genuinely in road and social infrastructure, make our hospitals, schòols and other social services work. Public education must be affordable, high-quality, and accessible. Good roads are a basic precondition for reducing transport costs and improving economic efficiency.

The governmentnt must create genuine opportunities so that young people can see hope instead of being preached to about hope…so that desperate journeys  across the Sahara and the Mediterranean do not remain the only source of hope.

We must also remind the   government that insecurity has worsened the macroeconomic situation and has become one of the greatest threats to national stability. In the first quarter of 2026, nearly 2,000 Nigerians died from violence. Farmers cannot farm. Teachers and doctors dare not go to work in some places. Poverty, unemployment, desperation, and inequality are the most fertile soil for violence and crime. Without addressing distributive justice, insecurity cannot be cured, and without curing insecurity, no economic recovery is possible.

As campaigns rage on for the 2027 general elections, we warn all political forces that the choice of the people must be respected and must prevail. Any attempt to manipulate elections, intimidate voters, or exploit divisive rhetoric to incite ethnic and religious antagonism will be unacceptable to workers or all progressive forces. We will not forget the politicians who turned a deaf ear to the demands of workers. We will not forget the parties that made promises before elections and abandoned workers after winning power.

NLC  will, at the appropriate time, use our Workers’ Charter to make it clear which policies and candidates deserve the support of the working class. However, we will never accept any force treating workers’ organisations as dispensable electoral tools. Workers have the right to independent political thoughts, judgement, and choice.

NLC  will always stand on the side of workers, fighting to the end for decent wages, safe workplaces, and a life of dignity. We will uncompromisingly pursue accountability in governance, ensuring that public resources serve the people and not a predatory few. The unity and action of the masses is the only reliable force capable of changing this country. Hope belongs to those who organise, who struggle, and who choose their own destiny.

The post Independence Day: Hope “Will Not Fall From the Sky,” NLC Tells Nigerians, Govt appeared first on Business Today NG.

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