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NIA Boss Commends Lagos for Turning Building Insurance Law Into Protection

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The Nigerian Insurers Association (NIA) on Friday applauded the Lagos State Government for transforming building insurance from a theoretical legal requirement into a practical shield for lives and property.

Speaking at the official launch of the Lagos State Building Insurance Scheme, the Chairman of  NIA and Managing Director/CEO of Rex Insurance Ltd, Mrs. Ebelechukwu Nwachukwu, praised Governor Babajide Sanwo-Olu’s administration for bridging the long-standing gap between policy and enforcement.

She said, “Today is not merely the launch of a new insurance scheme. It is the launch of a new way of protecting lives, property, and the future of Lagos State. This initiative demonstrates what is possible when government, regulators, and the insurance industry work together with a shared purpose to build a safer, more resilient society.

“Building insurance has existed in our laws for many years. What has often been missing is effective implementation. Today, Lagos State is bridging that gap. By combining geospatial intelligence, digital technology, and structured enforcement, the State is transforming a legal requirement into practical protection for its people. That is worthy of recognition.

“More importantly, it sends a powerful message that insurance is not an afterthought following disaster; it is an essential part of building safer communities before disaster occurs.

“Behind every building is more than bricks and concrete. There are families. There are businesses. There are livelihoods. There are dreams built over many years. When a building collapses, when fire destroys properties, or when floods devastate communities, it is not only infrastructure that is lost—it is hope, opportunity, and financial security.

“Insurance cannot prevent every tragedy. But it can ensure that tragedy does not become permanent hardship. That is why I say today, especially to property owners and developers: Insurance is not a burden placed upon you, but a protection extended to you.

“It is one of the smartest investments anyone can make in safeguarding lives, assets, and the future.

“This Scheme is not only good for Lagos; it is good for Nigeria. It demonstrates that compulsory insurance, when supported by strong institutions, effective technology, and stakeholder collaboration, can simultaneously protect citizens, strengthen public confidence, and deepen insurance penetration.”

On the part of the NIA, she added, “For our member companies, this represents an opportunity and a responsibility: an opportunity to extend protection to more Nigerians, and a responsibility to deliver professional service, fair underwriting, and prompt claims settlement.

“As our regulator has consistently reminded us, the greatest asset of our industry is trust. Every policy issued under this Scheme is an opportunity to strengthen that trust. Every claim settled promptly is an opportunity to reinforce public confidence.

“My hope is that what Lagos has begun today will inspire similar initiatives across other states of the Federation. The challenges of fire, flooding, and building collapse are not unique to Lagos. The Nigerian Insurers Association stands ready to work with other state governments to support practical initiatives that improve compliance, strengthen resilience, and expand access to insurance protection.”

She assured that the Association will continue to support its member companies while working closely with government agencies and regulators. “We will promote public awareness of the value of insurance and continue to champion an insurance industry that is professional, trusted, and responsive.

The post NIA Boss Commends Lagos for Turning Building Insurance Law Into Protection appeared first on Business Today NG.

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Court orders NMDPRA to continue issuing fuel import licences to Matrix, AA Rano, AYM Shafa

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The Federal High Court in Abuja has ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing and renewing petroleum products import licences to three major oil marketers, ruling that the regulator’s refusal to do so violates the Petroleum Industry Act (PIA).

Justice Inyang Ekwo delivered the judgement on Monday. The judge reportedly ruled that the authority’s refusal to grant or renew import licences for Matrix Energy, AA Rano and AYM Shafa was in “direct non-compliance” with the PIA, Nairametrics reported.

It said the judge specifically directed the regulator to continue granting, issuing, extending, renewing or reissuing licences, permits and authorisations for midstream and downstream petroleum operations, particularly the importation of petroleum products, once the companies meet all statutory and regulatory requirements.

The judgement followed a suit filed in June by the three oil marketers challenging the NMDPRA’s refusal to regularly issue or renew their petroleum products import licences.

The companies, through their lawyers, Raji Ahmed, a Senior Advocate of Nigeria, and Chris Ekemezie, argued that the PIA does not prohibit the importation of petroleum products into Nigeria or prevent the regulator from issuing licences to eligible importers.

The Court rulings

Delivering judgement on Monday, Mr Ekwo held that the NMDPRA’s refusal to issue and renew the licences was inconsistent with the provisions of the PIA and that the authority had acted beyond the limits of the law.

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He ruled that any exercise of regulatory powers relating to import licences in violation of the PIA and other relevant laws was “null and void”.

The judge also held that the plaintiffs had successfully established their claims against the regulator.

In a key part of the judgment, the court declared that Sections 31, 32 and other relevant provisions of the PIA, read alongside Section 72 of the Federal Competition and Consumer Protection Act, mandate the NMDPRA to promote competition in the midstream and downstream petroleum sectors.

The provisions also require the regulator to prevent the abuse of dominant market positions and restrictive business practices.

The court further declared that the three oil marketers were entitled to the issuance, extension or renewal of their import licences upon fulfilling the conditions stipulated by the NMDPRA.

The judge, however, clarified that the authority retains exclusive regulatory powers to grant, modify, extend, renew, suspend, cancel or terminate licences and permits for midstream and downstream petroleum operations.

Why the oil marketers went to court

In an affidavit filed on 26 June in support of the suit, Sabiu Saidu Mahuta, executive director of AA Rano Nigeria Limited, said the NMDPRA had, since July 2025, issued, extended or renewed import licences for the three companies only sporadically rather than regularly.

He argued that the regulator’s actions and inactions were entrenching market dominance and monopolisation of the downstream petroleum sector by local refineries.

Mr Mahuta also said the three companies had collectively invested more than $20 billion in infrastructure, logistics and retail networks to support their petroleum businesses.

“Collectively, the plaintiffs have invested more than $20,000,000,000 [Twenty Billion United States of America Dollars] in infrastructure, logistics and retail networks for the smooth operations of their licensed petroleum products businesses,” he stated.

The companies argued that allowing petroleum imports alongside local refining would promote competition, prevent monopolistic practices and price-fixing, and improve the overall performance of Nigeria’s midstream and downstream petroleum sectors.

Their lawyer, Mr Raji, urged the court to affirm the legality of petroleum products imports and the regulator’s obligation to issue licences to eligible operators.

Dangote Refinery’s legal suits

The judgement comes amid an ongoing legal dispute over the issuance of petrol import licences in Nigeria, particularly following the expansion of domestic refining capacity by the Dangote Refinery.

Dangote Refinery has argued in a separate suit that the continued issuance of petroleum products import licences contravenes Nigerian law, which it maintains permits imports only when local refineries cannot meet domestic demand.

The refinery recently filed a fresh N100 billion suit against the Attorney-General of the Federation at the Federal High Court in Lagos over the continued issuance of import licences.

Matrix Energy, AA Rano and AYM Shafa have also applied to join that suit.

The case remains pending before the court.

The latest ruling in Abuja, however, addresses the three oil marketers’ rights to obtain import licences from the NMDPRA, provided they meet the applicable statutory and regulatory conditions.

Nigeria’s changing petrol supply dynamics

The legal dispute comes as Nigeria’s petroleum supply landscape continues to change following increased output from domestic refineries.

PREMIUM TIMES reported that NMDPRA data published last week showed that petrol imports declined sharply in the first quarter of 2026, while supplies from local refineries rose to about 3.18 billion litres.

The statistical presentation of the report showed that crude oil receipts by domestic refineries increased to 683,000 barrels per day (bpd) in August from 585,000 bpd in July, representing a 17 per cent increase.

The increase became profound as domestic petrol receipts rose significantly while reliance on imported petrol declined.

According to the data, average daily Premium Motor Spirit (PMS) receipts increased by 11 per cent, from 45.5 million litres per day in July to 50.5 million litres per day in August.

The report indicated that domestic PMS receipts accounted for most of the increase, rising by 39 per cent, from 25.8 million litres per day to 35.9 million litres per day.

In contrast, PMS imports fell by 26 per cent, from 19.7 million litres per day in July to 14.6 million litres per day in August.

The growth in domestic refining has intensified discussions about the role of fuel imports, market competition, and the regulatory conditions governing the supply of petroleum products.

READ ALSO: Dangote refinery drove Nigeria’s petrol supply in August as NNPC refineries remain shut — Report

Meanwhile, PREMIUM TIMES reported last week that NMDPRS approved petrol import permits covering about 830,000 metric tonnes for multiple companies ahead of the fourth quarter of 2026.

George Ene-Ita, spokesperson for the authority, confirmed the development to PREMIUM TIMES last Tuesday.

“Yes, petrol import permits were approved for Q4 2026 to ensure no supply gaps are heading into the critical end-of-year period,” Mr Ene-Ita said.

Companies reportedly granted the permits include Matrix Energy, A.A. Rano, AYM Shafa, NIPCO, Pinnacle Oil and Bono Energy.

The approvals were reportedly issued on 18 September, although details of the individual allocations to the marketers are still sketchy. A request for details from PREMIUM TIMES, sent via email to the authority last week, was acknowledged, but has yet to be received.


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EXPLAINER: OPay is not replacing phone numbers with standard account numbers

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A social media claim that OPay has stopped using customers’ phone numbers as account numbers and is now issuing standard bank account numbers has sparked confusion among users of the fintech platform.

The claim, which circulated among social media users, urged OPay customers still using their phone numbers as account numbers to visit OPay agents to have their accounts updated.

“OPay is no longer using phone numbers as account numbers. They’re now issuing standard account numbers, so if you’re still using your phone number as your OPay account number, hurry to an OPay agent to get yours updated,” an X user, Israel Gharee, posted.

However, an OPay official, who spoke on condition of anonymity, told PREMIUM TIMES that the claim is inaccurate, adding that the company would communicate any major changes to its customers through its official communication channels.

“I have seen the tweet. But even from the comments you will see people are already correcting him. If we have any update or news, we will always share through our communication channels,” the official said on Sunday.

Clarification

The official said the claim may have been prompted by OPay’s My BizPayment feature, which provides users with a separate account number for business transactions.

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The feature is available to existing OPay users who want to use their accounts for business purposes. It allows users to provide information about their businesses and, after completing the process, receive a merchant account number.

The existence of the merchant account number does not mean OPay has replaced the phone-number-based account details used by its regular customers.

The business account number is associated with the user’s existing OPay account and is intended for business-related transactions.

BizPayment account

My BizPayment is a business feature within the OPay app, and it’s not a recent update.

Users can access it through the “Me” section of the app and provide information about their businesses, including the nature of the business and how it operates.

The process includes different business categories and operating models. Once the required information is provided, eligible users can proceed to generate a merchant account number.

ALSO READ: Eight years on, OPay keeps Nigerian businesses moving

The account number generated through this process may therefore look different from the phone-number format associated with a regular OPay account.

That distinction appears to be at the centre of the social media claim.

No instruction to change existing accounts

There is no indication from OPay that ordinary customers have been instructed to visit agents to replace their existing phone-number-based account details.

The company said any change to its account system would be communicated through its official channels.

The OPay official said the availability of a separate merchant account number through My BizPayment should not be interpreted as an announcement that OPay has discontinued the use of phone numbers for regular customer accounts.


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