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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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Ebola: Keyamo orders 46 contacts of infected woman placed on 21-day no-fly list

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has directed the Nigeria Civil Aviation Authority (NCAA) to notify local and international airlines to place 46 people who had contact with Nigeria’s confirmed Ebola patient on a no-fly list for at least 21 days.

Mr Keyamo disclosed this on Wednesday after a virtual meeting with the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, to discuss measures to contain the outbreak.

He said the list comprised 44 people who came into contact with the infected woman at a hospital after she developed symptoms, as well as two members of her domestic staff.

The minister said efforts were ongoing to isolate the individuals while health authorities determined whether they had contracted the virus.

He said he had directed the NCAA to notify all domestic and international airlines of the restriction immediately.

Airport surveillance intensified

Mr Keyamo also directed the Federal Airports Authority of Nigeria (FAAN) to strengthen Ebola surveillance and response measures at all international airports in the country.

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According to him, measures being implemented include enhanced health screening, temperature checks, tracking of travellers’ histories, digital health declarations and coordination with the Nigeria Centre for Disease Control and Prevention (NCDC).

He said the measures followed earlier alerts about Ebola outbreaks in the region.

ALSO READ: Ebola: Nigerian govt assures citizens of containment strategies

Nigeria confirmed its first Ebola case in the Federal Capital Territory on Tuesday, prompting contact tracing and other containment measures.

The patient, a woman who recently arrived in Nigeria on an international flight from Uganda, is receiving treatment in isolation at a private hospital in Abuja.

PREMIUM TIMES reported that health authorities identified 44 close contacts of the patient and began tracing people who may have been exposed to the virus.

The 21-day restriction ordered by Mr Keyamo is intended to prevent the identified contacts from travelling by air during the period in which symptoms may develop.

Ebola virus disease can cause severe illness and is transmitted through direct contact with the blood or other bodily fluids of an infected person, or contaminated materials. Its incubation period typically ranges from 2 to 21 days.


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Cheaper chicken, vegetable oil drive 11.5% fall in jollof rice cost

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The cost of cooking a pot of jollof rice in Nigeria fell by 11.5 per cent between June and September 2026, driven largely by declining prices of chicken, beef and vegetable oil as the main harvest reached markets, according to a report by SBM Intelligence.

The National Average Jollof Index dropped from N29,578 in June to N26,178 in September, marking the largest quarterly decline since the geopolitical research and strategic communications firm began tracking the cost in July 2016.

In its third-quarter 2026 report, titled ‘The Pot Cools, but Not Everywhere’, SBM Intelligence said the decline was concentrated in protein and oil prices, while rice prices remained largely unchanged.

SBM’s index prices the ingredients for one pot of jollof rice in fixed quantities across 13 Nigerian markets in the country’s six geopolitical zones.

The quantities include rice, chicken, tomatoes, vegetable oil, red pepper, tinned tomatoes, onions, beef, salt, curry, thyme and seasonings.

“Chicken and beef together account for N13,800 of the fall,” the report said, noting that protein had been the dominant driver of rising jollof rice costs in its second-quarter report.

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The report attributed the sharpest decline to the period between June and July, when the index fell by N2,312, coinciding with the arrival of the main harvest in markets. Prices were relatively stable in August before falling further by N984 in September.

The movement was consistent with inflation data according to the National Bureau of Statistics (NBS), as food inflation eased to 19.57 per cent in August from 20.31 per cent in July, its first decline in six months. Headline inflation also fell to 15.39 per cent in August.

The report said vegetable oil prices fell in nine of the 13 Nigerian markets monitored, with the largest decline recorded in Lagos, where the price of 90 centilitres dropped from N5,000 to N3,000.

“Oil and protein together account for more than half the national decline,” the report said.

Price fall drivers

However, the report cautioned that the decline was uneven across the country, with Lagos and Ibadan accounting for much of the reduction.

Nine of the 13 markets recorded declines of less than 10 per cent, while two barely moved.

Port Harcourt was the only market where the cost of preparing a pot of jollof rice increased, rising from N31,200 in June to N32,000 in September, a 2.6 per cent increase.

SBM Intelligence linked the increase to flooding in Port Harcourt and Obio/Akpor in late September, which disrupted conditions in the city while other parts of the country benefited from the harvest.

The report also identified a recording error in Ibadan’s Bodija and Dugbe markets, where curry and thyme prices had been recorded at about N3,500 each between January and June before dropping to N650 each from July.

It said the apparent reduction in the spice prices was a unit-related error rather than a genuine market movement, meaning the reported 21.3 per cent decline in the cost of jollof rice in the two markets overstated the actual price reduction.

Despite the quarterly relief, the cost of preparing a pot of jollof rice remained 5.8 per cent higher than in September 2025 and 540 per cent above the July 2016 level.

The report also noted that rice prices contributed little to the latest decline, with the staple’s combined price movement across the 13 markets amounting to just N50.

“This clearly shows a point the index has made for years: the Jollof Index is not a rice-price measure. Everything but the grain sets the cost of the pot,” it said.

Regional breakdown

The South-South remained Nigeria’s most expensive region for preparing jollof rice, with Calabar Municipal closing September at N34,600 and Bayside Mbakpa at N34,500. Both markets recorded declines of just N150 from June.

READ ALSO: Knorr marks World Jollof Day 2026 with one-of-a-kind “TurnUpForJollof” Celebration

In contrast, the Southwest recorded some of the steepest reductions. Prices in Lagos’s Trade Fair and Balogun markets fell from N34,700 in June to N22,350 in September, a 35.6 per cent decline.

In the Southeast, the cost fell by 5.3 per cent in Onitsha to N21,350 and by 3.2 per cent in Awka to the same amount.

SBM Intelligence said household responses also suggested that consumers were adjusting their food choices as prices changed.

One respondent in Kumbotso, Kano State, who had stopped buying chicken, resumed buying one chicken a week after the price of a kilogram fell from N7,000 to N4,500.

Another respondent in Gwale said the price of a cup of pepper fell from N2,500 to N1,400 the previous year, making it possible to resume cooking stew daily.

The report, however, warned that one quarter of falling prices had not reversed the longer-term increase in food costs, with the national index still substantially above its level a year earlier.


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