Business
Satellite Data Powers New Era of Insurance Expansion in Nigeria
L-R Dr Usman Jankara (Deputy Commissioner Technical; National Insurance Commission), Dr Mathew Olumide Adepoju (Director General NASRDA), Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission) and Mr Ekerete Ola Gam-Ikon (Deputy Commissioner Finance and Administration National Insurance Commission)
BY NKECHI NAECHE-ESEZOBOR—Nigeria’s insurance industry is set for a Satellite Data Powers New Era of Insurance Expansion in Nigeria transformation as the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) move to harness satellite and geospatial technology to deepen market penetration, strengthen enforcement, and modernize risk management nationwide.
At a high-level meeting between both institutions, leaders agreed on a strategic partnership that will deploy space-based intelligence to unlock new insurance opportunities, improve compliance, and support broader economic resilience. The initiative signals a shift toward data-driven regulation and innovation in Nigeria’s insurance ecosystem.
Director General of NASRDA, explained that the partnership would harness NASRDA’s geospatial and satellite capabilities to generate accurate, evidence‑based datasets. According to him, these datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub‑national levels. He further highlighted the importance of insurance in safeguarding high‑value national assets, citing a previous insured satellite replacement as a practical demonstration of insurance effectiveness in managing sovereign risk.
On his part, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasized that the initiative aligns strongly with NAICOM’s strategic transformation agenda and its commitment to swift, results‑oriented reforms. He noted the opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as to support the development of a robust national catastrophic risk insurance framework.
NAICOM reaffirmed its core regulatory pillars—policyholder protection, regulatory capacity enhancement, legal and regulatory modernization, financial soundness through recapitalization, and innovation and sustainability—underscoring that the partnership directly advances its innovation and access objectives.
Under the partnership framework, both agencies will collaborate on the development of a national catastrophic insurance framework, high‑resolution property mapping and the creation of a national property database, enhanced enforcement of compulsory insurance for public buildings, and the advancement of insurance penetration through innovation and sustainability initiatives.
The post Satellite Data Powers New Era of Insurance Expansion in Nigeria appeared first on Business Today NG.
Business
Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections
BY NKECHI NAECHE-ESEZOBOR—The Supreme Court has brought an end to the legal dispute over the status of the Action Peoples Party (APP), affirming that the party remains duly registered and eligible to take part in the 2027 general elections.
The apex court struck out Appeal No. SC/CV/248/2026 after the appellant, Mr Blessing Elujiuba, voluntarily withdrew the case, bringing the challenge to a close.
This decision leaves intact earlier judgments delivered by both the Federal High Court and the Court of Appeal, which had upheld the party’s legal recognition.
The ruling was delivered on May 12, 2026, by a five-member panel of the Supreme Court led by Justice John Inyang Okoro, who noted that the matter was withdrawn without objection from other parties.
The court subsequently dismissed the appeal following its withdrawal, formally ending the proceedings at the apex level of the judiciary.
The case involved the Independent National Electoral Commission (INEC), the Action Peoples Party (APP), and the party’s National Chairman, Uche Kingsley Nnadi.
The initial legal action had sought to force INEC to remove APP from its register on the allegation that it failed to meet constitutional requirements under Section 225A of the 1999 Constitution.
However, earlier rulings had found that APP met the necessary legal conditions for continued registration, citing evidence of electoral participation and victories at local government level.
The courts also upheld the interpretation that fulfilling any of the conditions outlined in Section 225A is sufficient for a political party to retain its registration status.
With all tiers of the judiciary aligned in its favour, APP’s legal standing remains intact, clearing the party to continue preparations for the 2027 elections without any outstanding court challenge.
The post Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections appeared first on Business Today NG.
The Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, said discussions on Nigeria’s nuclear power programme remain alive, amid continuous technical engagements with concerned authorities in the West African country.
Mr Grossi disclosed the progress made on the nuclear power arrangement with Nigeria while responding to a PREMIUM TIMES’ enquiry at an IAEA programme in Vienna, Austria.
The IAEA DG said the agency continues to work with Nigeria on its nuclear power plan and IAEA officials had held visits and technical meetings with relevant stakeholders to actualise the dream.
In May 2024, while on a visit to Nigeria for a seminar on ‘Promoting Cancer Awareness and Advocacy Programmes’, Mr Grossi expressed the agency’s readiness to support Nigeria’s efforts to develop a nuclear power programme during meetings with senior government officials, including the Secretary to the Government of the Federation, George Akume.
Speaking during the visit, he described Nigeria’s pursuit of nuclear energy as “a logical move for a country of your (Nigeria’s) size and importance.”
When this newspaper asked Mr Grossi about the progress of the discussions and technical meetings since the visit two years ago, the IAEA DG reassured that discussions are still ongoing.
“We have continued working with Nigeria, I have to tell you. It’s not that after that visit, things stopped. We have continued at technical levels, some visits, and technical meetings,” the IAEA DG said.
He noted, however, that no final decision has been taken on the programme, adding that Nigeria’s status as a big crude oil-producing nation makes its situation quite different from other economies.
“There hasn’t been a decision yet. There is like a pre-decision to explore the alternative. Of course, your country (Nigeria) is a big oil producer country, an exporter, etc. So the discussion in your country is different from that in other countries,” the DG said.
The IAEA boss insisted that the conversation around the programme is still alive, but Nigeria’s energy options are quite diversified.
“It’s a matter of diversification more than a matter of need, maybe. But the conversation space is pretty much alive, I must say,” Mr Grossi said.
Nigeria’s nuclear energy programme operates under the guidance and safety standards of the International Atomic Energy Agency (IAEA), aiming to add clean, stable nuclear electricity to the national grid. The programme is managed primarily by the Nigeria Atomic Energy Commission (NAEC) and is said to be advancing through the foundational infrastructure phases and planning stages.
READ ALSO: Survival logic of nuclear deterrence: The Iranian, Israeli, and American conundrum, By Jacob Edi
Earlier in September 2023, Nigeria signed its Country Programme Framework (CPF) for the period of 2024–2029 on the margins of the General Conference. A CPF is the frame of reference for the medium-term planning of technical cooperation between a Member State and the IAEA and identifies priority areas where the transfer of nuclear technology and technical cooperation resources will be directed to support national development goals.
Nigeria has been an IAEA Member State since 1957 and, according to the agency, its 4th CPF covering the period 2024 – 2029 identifies five priority areas, such as nuclear and radiation safety and security; food and agriculture; health and nutrition; water and environment; as well as energy planning and development.
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