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All Posts in "Day: May 12, 2025"

NAICOM Unveils Landmark Regulation For Leased Aircrafts, Boosting Aviation And Insurance Sectors.

In a groundbreaking move, the National Insurance Commission (NAICOM) has officially launched the Revised Regulation on Insurance for Leased and Financed Aircrafts. This development is set to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country.
The unveiling ceremony, held at the Office of the Honorable Minister of Aviation, underscores the collaborative efforts between NAICOM, the Federal Ministry of Aviation and Aerospace Development, and key stakeholders. Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the regulation as a transformative framework that will foster certainty, predictability, and stability in the aviation insurance market.
The revised regulation is the result of extensive consultations with industry players, including aviation operators, insurers, international financiers, and lessors. Mr. Omosehin emphasized that the new framework will liberalize insurance requirements, boost industry capacity, and reassure the global aviation market of Nigeria’s commitment to global standards.
The Commissioner expressed gratitude to the Honorable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, and the Presidential Enabling Business Environment Council (PEBEC) for their instrumental roles in driving the reform forward. He also acknowledged the Nigerian Insurers Association (NIA), Airline Operators of Nigeria (AON), and other industry stakeholders for their collaborative input.
With this regulation, Nigeria’s aviation sector is poised for growth, innovation, and investment. As Mr. Omosehin noted, “With the right insurance framework, Nigeria’s aviation sector can overcome challenges, adapt to changes, and thrive in an ever-evolving landscape.” This revised regulation signals Nigeria’s readiness to attract aviation business and soar to new heights.
Online Poster by — May 12, 2025 in Aviation 0
PHOTO NEWS

Faces At The Pension Industry Leaders’ Retreat Held In Lagos

From right: Pioneer Director General National Pension Commission, Muhammed Ahmad; Director General, Omolola Oloworaran and Managing Director/Chief Executive Officer First Pension Custodian Nigeria Limited, Oloruntimilehin George at the event.
Dignitaries at the event
Guests
Chief Executive Officer Pension Fund Operators Association of Nigeria Oguche Agudah.
Dignitaries at the event.
Dignitaries at the event.
Dignitaries at the event.
Online Poster by — May 12, 2025 in News 0
PenCom Highlights Strategy To Double Pension Contributors by 2027

,,,,,,,,Aims At 20M

 

Amaka Obiefuna

The National Pension Commission (PenCom) has mapped out strategies to double Pension Contributors from the already attained 10.65 million to 20 million by the end of year 2027.

 

The Director General of PenCom, Ms. Omolola Oloworaran, announcing this on Saturday at the Pension Industry Leaders’ Retreat in Lagos said the commission plans to meet the target through the expansion of Personal Pension Plan (PPP) formerly known as MIcro Pension Plan (MPP), engagements with stakeholders, and enforcement of pension compliance certificates, especially by state governments amongst other initiatives.

 

Noting that pension growth is essential for economic growth and development, she said the industry expects a 50 per cent growth in this regard and disclosed that as at February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.

 

According to Oloworaran the retreat has provided opportunities for the industry to adopt new strategies, while also stating that the resolutions reached will be fully implemented before the end of first quarter 2026.

Online Poster by — May 12, 2025 in Insurance and Pension 0
CSCS Shareholders Approve N8.8 Billion Dividend At 31st AGM

Haruna Jalo-Waziri, MD/CEO, CSCS PLC, Dr. Aisha Muhammed-Oyebode, Independent Non-Executive Director, CSCS PLC, Chinelo Anohu, Independent Non-Executive Director, CSCS PLC, Bola Adesola, Independent Non-Executive Director, CSCS PLC & Temi Popoola, Chairman, CSCS PLC, At the 31st AGM of CSCS PLC

 

 

Central Securities Clearing System (CSCS) PLC, held its 31st Annual General Meeting (AGM) on Friday, May 9, where its shareholders approved a total dividend of ₦8.8 billion for the financial year ended December 31, 2024. This represents a 17.3% increase from the ₦7.5 billion dividend approved in the previous year. Shareholders will receive a dividend of ₦1.76 per share, up from ₦1.50 per share in 2023.

 

In his statement, Temi Popoola, Chairman of the Board of CSCS, highlighted the company’s strong financial performance in 2024. Stating that it underscores CSCS’s ability to translate revenue growth into robust bottom-line results despite the prevailing inflationary pressures and currency headwinds.

 

Mr. Popoola attributed this financial strength to increased capital market trading activity, favourable yields in the fixed income space, and foreign exchange gains, further supported by growing demand for CSCS’s expanding suite of services and solutions.

 

Looking ahead to 2025 and addressing potential shareholder impact, Mr. Popoola acknowledged the implications of current tariff tensions on global capital markets. However, he expressed optimism about Nigeria’s economic outlook, “We believe that the structural reforms already initiated, such as fiscal discipline, infrastructure investment, and improved ease of doing business, are laying the groundwork for sustained economic growth and enhanced investor confidence. Furthermore, tariff-induced adjustments may spur local industry development, fostering innovation and creating new value chains.”

 

Haruna Jalo-Waziri, Managing Director/CEO of CSCS PLC, in his statement to shareholders gave a comprehensive overview of the business environment and CSCS’s operational resilience. He noted the complexities of the global economy in 2024, and the specific challenges faced in Nigeria, including elevated inflation, naira devaluation, and rising borrowing costs. Despite these, he emphasized that “economic growth was driven by robust government spending, stronger services sector performance, and improved oil revenues, helped by favourable global oil prices and a depreciating naira.”

 

Mr. Jalo-Waziri stated, “Innovation continues to remain central to our strategy, enabling us to elevate service delivery, drive operational efficiency, and deepen market engagement. A recent milestone in this journey is the successful launch of the CSCS Chatbot, a tool designed to enhance customer experience through real-time, 24/7 responses to inquiries across our digital channels. In a similar vein, the rollout of the Debt Management Office (DMO) Portal marks a significant leap in strengthening market infrastructure. Developed in close collaboration with the DMO, the portal simplifies and digitizes the subscription process for FGN Savings Bonds, making it faster, more transparent, and user-friendly for a wider investor base.”

 

Mr. Jalo-Waziri reiterated the company’s commitment to drive innovation and build a more resilient and competitive financial market infrastructure.

 

At the AGM, shareholders also elected Dr. Aisha Muhammed-Oyebode and Mrs. Bola Adesola as Independent Non-Executive Directors, who were appointed since the last meeting. Additionally, shareholders re-elected Mrs. Chinelo Anohu and Mr. Ibrahim Dikko as Independent Non-Executive Directors.
Shareholders present at the AGM commended the company for its improved financial performance and the significant dividend payout, urging the Board and Management to sustain this positive trajectory.

Online Poster by — May 12, 2025 in News 0