The National Insurance Commission (NAICOM) on Wednesday, May 21, 2025, championed an engagement between stakeholders in the Nigerian insurance and marine industries with the Ghana Cargo Technical Committee on study tour to Nigeria, in Lagos.

The meeting was attended by representatives of the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), Nigeria Customs Service, Nigerian Port Authority (NPA), Nigerian Shippers Council, Nigerian Maritime Administration and Safety Agency (NIMASA), Council for Regulations of Freight Forwarding in Nigeria, ANCLA, NAGAFF, among others.

The Ghana Cargo Technical Committee was represented by officials of the National Insurance Commission (NIC), Ghana Insurance Association (GIA), Ghana Shippers Association (GSA), Ghana Revenue Authority (GRA), and the Institute of Chartered Shipbrokers (ICS). In an opening remark, the Commissioner for Insurance, Mr Olusegun Omosehin, represented by Dr Julius Odidi, Head of Lagos Control Office, NAICOM, thanked all the stakeholders for attending the programme.

Mr. Omosehin said the forum is an avenue for the Nigerian insurance and marine operators to share their practical knowledge with the Ghana Cargo Technical team, while also gaining experience on the operation of cargo insurance in Ghana from them in return.

The commissioner said the knowledge sharing session is an avenue for the stakeholders to discuss technicalities of marine cargo insurance in Nigeria, understand the processes, challenges, successes, and explore potential collaborations.

“We appreciate the contributions of all our stakeholders. I am sure our Ghanian counterparts would be leaving with a lot of knowledge from our success story and challenges,” he said.

In a presentation titled, “Marine Cargo Insurance: The Role of Port Operators in Nigeria, and the Activities of the Marine Offices Committee (MOC) of the NIA, Mrs. Felicia Mustapha, a former Chairman of NIA-MOC, said marine cargo insurance play a vital role in the maritime trade by safeguarding goods against the risks they encountered during international transportation.

According to Mrs. Mustapha, port operations in Nigeria are regulated by the Nigerian Port Authority (NPA), which serves as the landlord, while terminal operations are handled by private concessionaires, including APM Terminal, TICT, and Port and Cargo Handling Services Ltd, among others. She explained that insurers rely on safety standards and handling protocols maintained by port operators when assessing cargo insurance coverage, and operates within a regulated framework overseen by NAICOM, ensuring compliance with international standards while addressing local realities.

Mr. Wale Oshodi, a Governing Board Member of the Nigerian Council of Registered Insurance Brokers (NCRIB), also discussed the collaborative role of insurance intermediaries, adding that brokers ensure to interpret the terms and condition governing marine cargo insurance to the consignee and how to process a claim when it occurs.

Also representing the Nigerian Custom Service (NCS), a Deputy Comptroller, Mr Yahaya Usman, explained that marine cargo insurance in Nigeria covers goods from point of transit to delivery, noting that the NCS carries out its activities based on an Act of 2023 binding it.

The Ghana Cargo Technical Committee team lead, Mr. Fred Asiedu-Darteh of the Ghana Shippers Authority, expressed gratitude to NAICOM for hosting the engagement, saying it provided valuable insights into Nigeria’s cargo insurance practices and would assist in the implementation of Ghana’s new marine insurance policy.

In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.

This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.

Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”

The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.

“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.

He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.

This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.

Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

The Commonwealth Association of Tax Administrators (CATA) has commended the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, for his exemplary leadership and Nigeria’s significant contributions to the association’s wallet.

CATA’s Executive Director, Dr. Esther Koisin, and the Association’s Chairman, Mr. Mahmad Noor, who is the Acting Commissioner General of the Mauritius Revenue Authority, gave the commendations during the 96th CATA Management Committee Meeting held on 22nd May 2025 at Broadway House, London, United Kingdom.

In their separate remarks, they applauded Dr. Adedeji for his unwavering support of the association.

Dr Koisin further acknowledged the instrumental role played by Nigerian officials, including the country representative and correspondent, in supporting CATA’s secretariat and enhancing iNigeria’s contribution to the global tax community.

Dr Zacch Adedeji, who served as the immediate past President of CATA, continues to be celebrated for his leadership and commitment to advancing tax administration within the Commonwealth.

………PenCom, Contributors Empowered To Seek Legal Redress

Employers who fail to remit or under-remit pension contributions are strictly liable under Nigerian law, and face limited legal defenses when such matters are brought before the courts, Hon. Justice Olufunke Yemi Anuwe of the National Industrial Court has said.

Justice Anuwe made this assertion in her presentation at the Fourth Forum of Company Secretaries and Legal Advisers in the Pension Industry, organised by the National Pension Commission (PenCom) and held on May 22, 2025, in Abuja.

According to her, one of the most frequently litigated issues in the pension sector involves the non-remittance or under-remittance of pension contributions by employers. “Nigerian courts have consistently upheld the rights of PenCom and pension contributors to initiate legal proceedings to recover such funds. Statutory penalties and interest have also been enforced to ensure compliance,” she stated.

She further said that the courts recognise Pencom’s regulatory authority as central to the administration of the Contributory Pension Scheme (CPS). While courts generally defer to the Commission’s technical expertise, they expect it to act within the limits of its statutory mandate.

Justice Anuwe reminded participants that under Section 210 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), no person entitled to pension or gratuity under any law shall be denied or deprived of such benefits. “It is a constitutional right,” she affirmed, “and pensioners must be paid for the service they have rendered.”

Addressing jurisdictional concerns, Justice Anuwe noted that the National Industrial Court of Nigeria (NICN) remains the appropriate court for pension-related disputes. Judicial precedents have affirmed the NICN’s exclusive jurisdiction as established by the Constitution and the National Industrial Court Act. “This consolidation has helped streamline pension adjudication under one specialised court,” she added.

Commenting on the broader role of the judiciary, she noted that courts have been instrumental in resolving disputes over gratuities, accrued rights, and the transition between old and new pension systems. A key judicial principle, she said, is that the Pension Reform Act (PRA) does not apply retrospectively unless expressly stated. “Contributions and liabilities take effect from the commencement date of the Act,” she explained.

“The judiciary ensures fairness, transparency, and accountability in the interpretation and enforcement of the PRA and its regulations,” she said.
In her welcome address, PenCom Director General, Ms. Omolola Oloworaran, expressed appreciation to Justice Anuwe for her insightful presentation. She said the judge’s legal interpretations continue to illuminate the evolving pension landscape in Nigeria.

Ms. Oloworaran said the Judge’s presence at the Forum offered a valuable opportunity for stakeholders to gain clarity on judicial interpretations of the PRA.

The PenCom DG also underscored the significance of the Forum considering ongoing efforts to strengthen corporate governance within the pension industry and the increasing number of court rulings shaping pension administration in Nigeria.

As part of this year’s International Women’s Day celebrations, the London Business School (LBS) Alumni Community Nigeria hosted a private brunch and fireside chat that placed the spotlight firmly on one of Nigeria’s most impactful business leaders—Dr. Nneka Onyeali-Ikpe, the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc.

Held in Lagos, the event gathered an elite group of C-suite executives from across finance, FMCG, investment, and other critical sectors for a powerful conversation on leadership, resilience, and the shared responsibility to “Accelerate Action,” this year’s global Women’s Month theme. But it was Dr. Onyeali-Ikpe’s presence and insights that set the tone for the day.

As the first female CEO in Fidelity Bank’s history, Dr. Onyeali-Ikpe has not only shattered ceilings but redefined what bold, values-driven leadership looks like in Nigeria’s banking sector. Drawing from her remarkable journey rising through the ranks of a male-dominated industry, she shared personal stories marked by perseverance, strategic thinking, and an unyielding commitment to excellence.

“I have personally never acknowledged the gender glass ceiling in my career—or in anything in my life,” she declared. “When something looks like a barrier, I see it as motivation to go even harder.”

Her words were not merely motivational—they reflected a lived philosophy that has defined her leadership at Fidelity Bank, where she has championed innovation, diversity, and financial inclusion while delivering record-breaking financial results. Dr. Onyeali-Ikpe’s tenure has become synonymous with transformation—not just for the bank, but for the broader financial services industry.

She spoke candidly about the power of discipline, self-belief, and taking calculated risks. “Don’t fear failure. It’s part of the process,” she added. “Every misstep has taught me something that helped me get better.” These insights resonated deeply with attendees, many of whom saw reflections of their own challenges and aspirations in her journey.

But Dr. Onyeali-Ikpe also emphasized the broader dimensions of leadership—particularly the importance of balance in the lives of modern women. “Learning to balance family and career is not just important for business success, it’s important for success in life,” she noted, reminding participants that holistic well-being is a leadership imperative.

A passionate advocate for gender equity, she acknowledged the progress made in the financial sector, pointing out that 11 of Nigeria’s 26 commercial bank CEOs are now women. Still, her call was clear: “That’s progress, but we must not stop there. We want to see that number go to 14, 15, and beyond.”

The London Business School, renowned for producing global business leaders, is home to a vibrant Nigerian alumni community committed to impact. Dr. Onyeali-Ikpe’s conversation was a reminder of the kind of leadership that truly drives change—one that is visionary, courageous, and deeply rooted in purpose.

“I’m truly impressed by the quality of professionals in this network,” she said. “It’s refreshing and inspiring to see so many women leading with excellence.”

In closing, Akintayo Sanwo-Olu, President of the LBS Alumni Community in Nigeria, echoed the spirit of the gathering: “As a community, we’re not just talking about change—we’re building it. At LBS, we are committed to empowering more women to lead across industries and actively changing the narrative around gender and leadership.”

Indeed, in Dr. Nneka Onyeali-Ikpe, the community found not just a speaker, but a symbol of what’s possible when women lead with vision and purpose