Business

Unity Schools Alumni Raise Concerns Over Proposed Land Concession

Published

3 months ago

May 9, 2026

Preport

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By Glory Akpan

The Unity Schools Old Students Association (USOSA) has raised concerns over the planned concession of lands belonging to some unity schools by the Federal Government.

The News Agency of Nigeria (NAN) reports that the members of the association, drawn from over 60 unity schools across the country, expressed their concerns during an awareness walk and rally on Saturday in Lagos.

The members, some carrying placards with captions including, “PPP: Save the Future” and “Schools are not for Real Estate”, urged the Federal Government to engage alumni associations in funding and developing the institutions.

Speaking at the rally, Humphrey Nwafor, Lagos Chapter President of the Federal Government College, Kano Old Students Association, said the alumni support Public-Private Partnerships (PPP) but oppose the sale of educational assets.

Nwafor said 33 hectares of land belonging to FGC Kano was concessioned without adequate consultation with stakeholders.

“We are saying there is a better option. Instead of selling our lands and assets, we would rather fund the schools ourselves.

“If the government says it does not have enough money to run the schools, the old students can provide support without taking one inch of land,” he said.

According to him, the concession arrangement involving the school’s land will undermine the future of unity schools established to promote national integration.

“These schools are building the unity of this country.

“They were established to unite Nigerians from different ethnic and religious backgrounds.

“We are appealing to President Bola Tinubu to intervene and ensure that public educational assets are protected,” Nwafor said.

Also speaking, the President-General of USOSA, Jos, Michael Magaji, said unity schools are nation-building institutions that have produced leaders across various sectors.

According to Magaji, alumni associations have long contributed to school infrastructure and educational support.

He called on the Federal Government to leverage alumni networks in addressing funding challenges confronting unity schools.

“We are in solution mode and impact mode.

“We believe alumni associations should be integrated into the process of repositioning these schools.

“We recently met with officials of the Federal Ministry of Education and discussions are ongoing toward finding mutually beneficial solutions,” he said.

Magaji said the association was advocating a sustainable funding model that would preserve educational assets while improving infrastructure, manpower and learning conditions.

Similarly, Mr Alex Akindumila, President of FGC Idoani Alumni Association, said the concession controversy was a national test of how public assets and educational institutions were being managed.

Akindumila warned that reducing lands allocated to unity schools could limit future expansion, agricultural projects, sports facilities, technical workshops and staff accommodation.

“The lands allocated to unity schools were deliberate and visionary.

“They were designed to ensure that the schools remain self-sustaining and adaptable to future needs,” he said.

He added that the schools remained central to Nigeria’s unity and development agenda.

Also, Mrs Ifeoma Okeke, an alumna of FGC Ileja, called for transparency, due process and stakeholder engagement in any PPP arrangement involving educational institutions.

She said PPP agreements should align with the public purpose of the schools and not diminish their long-term capacity.

“There must be transparency, competitiveness and proper stakeholder engagement in any concession process involving public educational assets,” she said.

Mr John Duru, another alumnus of FGC Kano, said alumni associations represented a major but underutilised resource in supporting education in Nigeria.

Duru said alumni bodies across unity schools possessed the financial and professional capacity to support infrastructure, curriculum development and innovation without disposing of school lands.

“This is about more than land. It’s about legacy.

“It’s about whether institutions built with foresight and sacrifice will be preserved with the same care that were built and preserved.

“We are not against development or partnership but we are against exclusion and erosion of public educational assets,” he said.

Samuel Valentine, an alumnus of FGC Port Harcourt, said the rally was held to support FGC Kano and protest the government’s planned concession of the school’s land.(NAN) (www.nannews.ng)

Edited by Folasade Adeniran

Related Topics:Alumni Concerns Concession Land Proposed raise Schools Unity

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NAICOM Announces Successful Completion of Insurance Sector Recapitalization Exercise

Published

5 hours ago

August 3, 2026

Preport

The National Insurance Commission,(NAICOM), today announced the successful completion of the twelve-month insurance sector recapitalization exercise.

In pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, a as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.

The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.

It represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilize long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.

Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.

To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria. The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.

Through a comprehensive process of review, verification, and validation, the recapitalization exercise has delivered a major boost to the Nigerian insurance industry. It has enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence.

The verified outcome of the exercise indicates that Forty-three (43) insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements. However, Eight (8) insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within fourteen days.

Nigeria’s insurance industry is now entering a new phase of development founded on stronger capital, improved financial resilience, and enhanced capacity to underwrite larger and more sophisticated risks across strategic sectors of the economy.

The increase in minimum capital will improve insurers’ ability to honour policyholder obligations promptly, absorb emerging risks, support infrastructure and other long-term investments, and compete more effectively within regional and global insurance markets.

The recapitalization exercise also provides a stronger foundation for enhanced risk-based supervision by the Commission, ensuring that regulatory capital remains appropriately aligned with the nature, scale, complexity, and risk profile of each licensed operator.

The Commission reassures policyholders, investors, insurance operators, development partners, and the general public that, as the implementation of NIIRA 2025 continues alongside the modernization of Nigeria’s insurance ecosystem through innovation, technology, and digitization, the Commission will continue to strengthen consumer protection, promote sound market conduct, and accelerate insurance penetration across the country.

Our unwavering commitment remains to build a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy.

The Commission will continue to engage stakeholders and provide regular updates on post-recapitalization supervisory actions, companies undergoing final verification, industry restructuring developments, implementation of the Risk-Based Capital Framework, and other strategic initiatives designed to deepen insurance penetration and strengthen confidence in the Nigerian insurance industry.

The National Insurance Commission expresses its profound appreciation to the Federal Government, regulatory and supervisory partners, shareholders, investors, operators, professional bodies, development partners, and all stakeholders whose cooperation and commitment contributed to the successful completion of this historic exercise. The Commission looks forward to even stronger collaboration as Nigeria enters a new era of insurance.

The successful completion of this recapitalization exercise is not the destination but the foundation. It marks the beginning of a new era in which stronger institutions, stronger governance, and stronger public confidence will make insurance work better for every Nigerian.

The post NAICOM Announces Successful Completion of Insurance Sector Recapitalization Exercise appeared first on Business Today NG.

Business

FAAN says smoke, not fire, caused emergency at Lagos airport

Published

13 hours ago

August 2, 2026

Preport

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The Federal Airports Authority of Nigeria (FAAN) has clarified that the smoke observed at Terminal 2 of the Murtala Muhammed International Airport (MMIA), Lagos, on Sunday was not caused by a fire but by the discharge of the terminal’s fire suppression system.

The clarification came hours after the authority initially announced that a fire incident had occurred at the terminal, prompting an emergency response and raising concerns among passengers and airport users.

In its first statement, FAAN said a fire had broken out at Terminal 2 and disclosed that its Aerodrome Rescue and Firefighting Service (ARFFS) had been deployed to contain the situation.

“The FAAN Aerodrome Rescue and Firefighting Service is currently responding to the incident and working diligently to contain the situation,” the authority said, adding that no casualties or loss of life had been recorded.

The announcement triggered emergency response measures at the airport before FAAN issued a fresh update later in the day, clarifying the nature of the incident.

According to the authority, preliminary investigations showed there was no fire at the terminal.

“Preliminary findings indicate that there was no fire at the terminal. The smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated,” FAAN said.

The authority added that normal operations had resumed at the terminal while investigations continue to determine what triggered the fire suppression system.

“Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of the incident,” it added.

Any report of fire or smoke at an airport automatically triggers emergency response procedures due to the potential risks to passengers, aircraft, and critical airport infrastructure.

FAAN also thanked passengers, airlines, airport users and other stakeholders for their understanding and reiterated its commitment to ensuring the safety and security of airport operations.

Comes five months after a major fire incident at the airport

Although a fire did not cause Sunday’s incident, it came barely five months after a major blaze at the airport’s international terminal disrupted flight operations and damaged critical aviation infrastructure.

In February, PREMIUM TIMES reported that a fire at Terminal 1 of the Murtala Muhammed International Airport forced the temporary closure of the Lagos airfield, causing flight delays and diversions as emergency responders battled the blaze.

The incident left six people injured, while 14 people trapped inside the control tower were rescued. It also damaged critical infrastructure, including weather equipment belonging to the Nigerian Meteorological Agency (NiMet).

Following the February incident, the Minister of Aviation and Aerospace Development, Festus Keyamo, announced plans to demolish the ageing Terminal 1 after describing the damage as extensive. The Federal Airports Authority of Nigeria also ordered a comprehensive structural audit of the affected facility ahead of reconstruction.

READ ALSO: FAAN unveils 2025 bye-laws

While Sunday’s incident was quickly resolved without injuries or significant disruption to flight operations, it has renewed attention on the resilience of critical infrastructure and emergency preparedness at Nigeria’s busiest aviation gateway, coming just five months after the February fire.

The Murtala Muhammed International Airport is Nigeria’s busiest aviation gateway, handling millions of domestic and international passengers annually.

FAAN said investigations are continuing to determine why the FM-200 fire suppression system was activated and promised to provide further updates as more information becomes available.