November 2025 Archives

All Posts in "Month: November 2025"

MAKIA Airport : Ganduje Orders For Swift Action On Infrastructure Gaps

By Fidelia Okafor

In a bold demonstration of commitment to operational excellence and infrastructural renewal, the Chairman of the Board of the Federal Airports Authority of Nigeria (FAAN), His Excellency, Dr. Umar Abdullahi Ganduje, CON, on Tuesday, led members of the FAAN Board of Directors on an extensive inspection tour of the Mallam Aminu Kano International Airport (MAKIA).

The high-powered delegation, which included the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, the Board Secretary and Director of Legal Services, Mrs. Bridget Gold, Engr. Nasiru Muazu and Dr. Ahmad Ibrahim Suleiman (Members of the FAAN board) embarked on a comprehensive tour covering the airside, terminal, and landside areas of the airport. Also on the entourage was the Director of Public Affairs and Consumer Protection, Mr. Henry Agbebire, who provided insights on communication and stakeholder engagement strategies aligned with FAAN’s transformation agenda.

The team inspected critical facilities, including the Fire Bay, Water Treatment Plant, and both the Domestic and International Terminals, as well as key airside infrastructure vital to airport safety and efficiency. The Chairman, while commending FAAN for its visible strides in maintaining operational standards, underscored the need to expedite the completion of ongoing projects and address lingering infrastructural challenges to enhance service delivery at the Kano Airport.

Dr. Ganduje, known for his pragmatic and action-oriented leadership, issued a two-week marching order to the contractor handling the domestic terminal project to complete all outstanding works, including the VIP Lounge, without further delay. He reaffirmed the Board’s determination to ensure that all airports under FAAN’s management deliver on the Authority’s renewed culture of excellence, accountability, and efficiency.

The visit, which felt like a homecoming for Dr. Ganduje, having served two terms as Governor of Kano State, was marked by optimism and a collective resolve among Board members and management to reposition the Mallam Aminu Kano International Airport as a symbol of pride and progress for northern Nigeria.

FAAN remains steadfast in its mission to uphold safety, infrastructure renewal, and superior service quality across all its airports, in line with the strategic vision of the Honourable Minister of Aviation and Aerospace Development and the dynamic leadership of the Managing Director/Chief Executive, Mrs. Olubunmi Kuku.

by Online Poster — November 13, 2025 in Aviation

Shell Highlights Contributions To Nigerian Economy In NAPE exhibition

L-R: Senior Production Geologist, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Abidemi Belgore; SNEPCo’s Communications Manager, Gladys Afam-Anadu; Ondo State Governor, Dr Lucky Aiyedatiwa; Incoming NAPE President , Olajumoke Ajayi ;President NAPE, Uche Johnbosco; Chairman of the Nigerian National Petroleum Company Limited (NNPC) Ahmadu Musa Kida and Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri at Shell booth during at the 43rd Annual International Conference and Exhibition of the Nigeria Association of Petroleum Explorationists in Lagos.

Shell is highlighting its contributions to the Nigerian economy in an exhibition at the 2025 International Conference and Exhibition of the Nigeria Association of Petroleum Explorationists (NAPE) which began in Lagos yesterday. The 43rd NAPE conference comes as the professional body turns 50 this year, having been founded in 1975.

The theme of the conference is, “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development.”

Shell, a Titanium sponsor of the event, is complimenting its support and participation with an exhibition on the full range of its businesses in Nigeria – Shell Nigeria Exploration and Production Company Ltd (SNEPCo), Shell Nigeria Gas, All On and Daystar Power Limited.

Executive Vice President Nigeria and Country Chair, Shell Companies in Nigeria, Marno de Jong commented: “Shell has powered progress in Nigeria for over 60 years through our businesses and social investments. The Final Investment Decisions on Bonga North and HI projects underscore our commitment to the development of the country. Our exhibition tells this story of progress and partnership.”

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and Ondo State Governor, Lucky Aiyedatiwa were among dignitaries who visited the Shell stand as the exhibition got underway. Senior Production Geoscientist & Subsurface Integrator, Abidemi Belgore conducted visitors round the stand, which featured Shell’s footprints in deep-water production, domestic gas distribution and empowerment of businesses through provision of renewable energy and other power solutions.

“We’re pleased that our presentations have been well received by visitors,” Abidemi said.

by Online Poster — November 13, 2025 in News

Prosperous Nigeria Dependent On Affordable, Reliable, Accessible Energy – Seplat

Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, says in the quest to build a prosperous Nigeria, the country must target an affordable, reliable and accessible energy regime for all.

The Chief Operating Officer, Seplat Energy, Samson Ezugworie, said this whilst giving a keynote at the Opening Ceremony of the 43^rd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition held in Lagos.

The Seplat Energy COO, who spoke on the conference theme: ‘Revitalizing the Nigerian Petroleum Exploration and Production: Strategies for Energy Security and Sustainable Development’, stated that: “The imperative before us is clear. We must build a prosperous Nigeria, and we can only do that with affordable and reliable energy that is accessible to all,” according to a statement from the company by the Manager Corporate Communications, Stanley Opara.

Today, more than 70 million Nigerians still lack access to electricity. More than 170 million rely on biomass for cooking and that’s terrible for the environment and for our households. And with Nigeria’s population projected to reach 237 million by 2025 and 400 million by 2050, the urgency to act is undeniable, because today’s problems will become far worse if we don’t take actions now to solve them. We will have 160 million more people to feed and house, and we need to create 100 million new jobs. But imagine what Nigeria can achieve if we do?

According to Ezugworie, to meet these challenges, Nigeria must increase oil production — not just to boost national revenues and reduce current shortfall so our government can meet its budgetary needs, but also to drive GDP growth that reinforces the country’s position as the economic powerhouse of the African continent.

He said: “We must also harness our huge reserves of gas and scale up gas and NGL production to expand domestic energy access, displace polluting imported generators, provide clean cooking for our people, and power our basic industries to support our national growth.

“The global energy landscape is shifting, and so too is our own. We are witnessing a transition in the ownership and operation of Nigeria’s vast natural resources as assets pass from well-funded, well-resourced international giants to local Nigerian operators, blessed with enthusiasm and expertise but less global in their outlook. It’s a shift that creates new capital dynamics in our need to raise international finance, while at the same time increasing our focus on managing risks and looking after our natural environment.

“But with these challenges come opportunities: opportunities to harness and enhance local knowledge, build resilient partnerships with our industry partners, and with our host communities, and most of all, build an industry that is owned and managed by Nigerians, for Nigerians.”

At Seplat Energy, we believe the future of Nigerian production lies in three core principles our industry must adopt: Leadership, Partnership, and Stewardship, Ezugworie stressed, adding that the principles had played out since Seplat Energy took control of its Offshore assets, following its recent acquisition.

“We’ve worked on rehabilitating 33 wells and had success with 26, which are now producing about 33,000 barrels between them. That’s a step in the right direction to closing the current gap in production that could leave Nigeria with a shortfall in its revenues. We will continue to rehabilitate wells, which isn’t costing us much, and we’re optimistic that we can get more production to help our industry reach the production targets the government has set,” the Seplat COO informed.

On the company’s gas business, he said Seplat Energy was close to delivering first gas from its joint venture ANOH Gas Processing Plant, and “we’ve also recently delivered our first cargoes of LPG from the newly upgraded Sapele Gas Plant, and I’m pleased to report that we’re well on track to ending routine flaring in our onshore operations, enabling us to reduce emissions, capture gas and monetise it, which is a win-win for Seplat, for the environment and for our communities.

“Our progress on gas initiatives like ANOH, Sapele, and LPG shipments is a testament to our commitment to Nigeria’s prosperity. These projects are not just about energy; they are about transforming lives and powering Nigeria’s development.”

by Online Poster — November 13, 2025 in Energy

Polaris Bank Wins MSME Digital Bank Of The Year Award For Inclusive Growth

L-R; Ladi Ene Garba, Head, Commercial Banking, Polaris Bank; Njideka Nwabueze, Head, Retail Banking, Polaris Bank ;Abubakar Usman Bello, the Executive Director, North & Public Sector, Keystone Bank and Mathew Oji, Product Strategy, Polaris Bank at the MSME Digital Bank award ceremony in Lagos recently.

By Winifred Bosa

Polaris Bank has once again reaffirmed its leadership in digital innovation and inclusive banking, emerging as the MSME Digital Bank of the Year (Inclusive Growth) at the second edition of the MSME Finance & CEO Awards held recently in Lagos.

The event, organized by the Africa Global Economic Forum BBBin partnership with PROSHARE, recognized outstanding institutions and other notable stakeholders driving MSME development and financial inclusion across Nigeria.

The award celebrates Polaris Bank’s unwavering commitment to empowering small and medium-scale enterprises through technology-driven financial solutions, notably its flagship digital banking platform, VULTe.

In the last few years, VULTe has revolutionized how MSMEs access finance by providing seamless, self-service banking and loan solutions — a reflection of the Bank’s mission to bridge financial access gaps and foster entrepreneurship nationwide.

This latest honour comes on the heels of VULTe’s recent win as “Digital Bank of the Year” and the Best MSME support Bank for the record fifth consecutive time at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, underscoring Polaris Bank’s consistent digital excellence and customer-centric innovation.

Speaking on the award, Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal, noted that the recognition reinforces the Bank’s strategic focus on inclusive growth and digital transformation.

“We are committed to building a future where technology and innovation empower businesses and individuals, particularly MSMEs, to thrive in the digital economy,” he said.

With a growing footprint in digital banking and sustainable finance, Polaris Bank continues to demonstrate leadership in enabling access to financial services that drive entrepreneurship, job creation, and national economic growth.

by Online Poster — November 13, 2025 in Capital Market

Edun Reassures Investors, Pledges Balanced Capital Gains Tax Outcomes As NGX Lists MREIF

Nigerian Exchange (NGX) today hosted the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, at the Closing Gong Ceremony to commemorate the listing of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) Series 2. The event underscored the capital market’s pivotal role in national development, particularly in addressing Nigeria’s housing deficit.

The listing took place against the backdrop of cautious trading in the equities market, as investors recalibrate portfolios in response to geopolitical tensions arising from the US–Nigeria diplomatic standoff, the proposed Capital Gains Tax (CGT), year-end portfolio rebalancing, and expectations of window-dressing by institutional players. While liquidity remains robust, analysts emphasize that aligning fiscal policy with investor expectations is critical to sustaining confidence and deepening long-term market participation.

Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, reaffirmed the capital market’s role as a catalyst for inclusive growth and called on the Federal Government to ensure balanced outcomes in the implementation of the Capital Gains Tax. “The capital market is not only a platform for attracting investment but also a tool for creating wealth for Nigerians. Policies such as the capital gains tax must be carefully designed to balance government revenue objectives with investor confidence and market growth. NGX Group remains committed to supporting the Renewed Hope Agenda by channeling private capital into initiatives that deliver sustainable, long-term impact.”

Responding, Mr. Wale Edun assured stakeholders that the Federal Government has noted the concerns around Capital Gains Tax and remains committed to ongoing consultation with the market. “We have noted the concerns around Capital Gains Tax and will continue to engage with the capital market to ensure any decisions deliver optimal outcomes for both Nigerians and the market. At ₦100 per unit, MREIF allows ordinary Nigerians to participate in savings and investment, leveraging local resources to grow our economy, especially in the housing sector.”

The ceremony also highlighted the strength of collaboration between the Federal Government, MOFI, and the private sector in mobilising innovative financing for housing.

Ahonsi Unuigbe, Chairman, NGX, described the listing as a “defining step toward transforming Nigeria into a leading economy that ensures shared prosperity for all Nigerians.”

In his remarks, Jude Chiemeka, CEO, NGX, said MREIF demonstrates how the capital market can deliver practical solutions to national challenges: “By channeling private capital into housing, we are creating opportunities for long-term investment and wealth creation while addressing Nigeria’s housing deficit.”

Dr. Armstrong Ume Takang, Managing Director/CEO, MOFI, added: “MREIF provides long-term, low-cost mortgage financing to make homeownership a reality for millions of Nigerians, stimulating local economies across the housing value chain.”

The Closing Gong Ceremony positioned MREIF as a model for inclusive economic growth, illustrating how institutional capital can drive both financial stability and social impact. With over 1,000 mortgages already disbursed, the initiative continues to expand middle-class wealth and deepen Nigeria’s capital market.

by Online Poster — November 13, 2025 in Capital Market

AXA Mansard,NEM, Casava, and SCIB Dominate 2025 Almond Insurance Awards

The Nigerian insurance industry gathered in grand style on Friday, November 7, 2025, as the Almond Insurance Industry Awards #Recharged Edition lit up the Stable Event Center, Lagos, with an evening of celebration, recognition, and entertainment.

The prestigious event, renowned for honouring excellence and innovation across the insurance value chain, drew leading operators, stakeholders, and dignitaries from diverse sectors of the economy.

The ceremony, infused with music, comedy, and captivating dance-drama performances, reflected the growing vibrancy of Nigeria’s insurance landscape. Among the distinguished guests were former Governor of Rivers State, His Excellency Hon. Rotimi Chibuike Amaechi; Chairman of the Nigerian Ports Consultative Council, Mr. Bolaji Sumonla; and Hon. Mayor Emilagba Jubril Kolawole, Chairman of Lagos Mainland Local Government, alongside several other industry heavyweights.

In a night filled with suspense and celebration, NEM Insurance Plc emerged as the General Insurance Company of the Year, while Axa Mansard Insurance Plc clinched the coveted Life Insurance Company of the Year award. Casava Micro Insurance Limited took home the Micro Insurance Company of the Year, and SCIB Nigeria & Co. Ltd. was named Insurance Broking Company of the Year.

On the individual front, Mrs. Ebelechukwu Nwachukwu, Managing Director/CEO of REX Insurance Limited, earned the title of Insurance Woman of the Year, while Mrs. Enitan Solarin, MD/CEO of YOA Insurance Brokers Limited, was crowned Insurance Broker of the Year.

The night’s most prestigious honor, the Insurance CEO of the Year, went to Mr. Kunle Ahmed, Managing Director/CEO of Axa Mansard Insurance Plc and current Chairman of the Nigerian Insurers Association (NIA). Ahmed was honoured for his visionary leadership and the renewed dynamism he has brought to both his company and the wider industry.

Other notable winners included Jaiz Takaful Insurance Limited, which won Takaful Insurance Company of the Year, and Dangote Group, honored as the Most Valuable Insurance Customer of the Year.

This year’s edition attracted over 17,000 votes from within and beyond the insurance community, underscoring the event’s growing influence. Selection criteria for the corporate categories included financial strength, gross premium income, claims payment efficiency, corporate social responsibility, and brand visibility. For individual awards, evaluators considered professional contributions, leadership excellence, and overall impact on the industry.

The 2025 Almond Insurance Industry Awards reaffirmed the sector’s commitment to innovation, customer satisfaction, and resilience—hallmarks that continue to drive the evolution of Nigeria’s insurance market.

by Online Poster — November 12, 2025 in News

Soludo Receives Certificate Of Return Amidst Cheers

By Nnedinma Chukwuleta

The Anambra State Governor, Prof. Chukwuma Soludo has received the Certificate of Return for his victory in the Nov 8,,2025 governorship election in the State held at the weekend

In a brief remark shortly after receiving the Certificate, as a confirmation of his triumph in the just concluded governorship election process, Prof Soludo commended the Independent National Electoral Commission (INEC), it’s chairman, Prof. Joash Amupitan and staff for the credibility of the process that produced him as the winner.

Accompanied by his elegant wife and proponent of “Healthy Living”, Nonye, the governor was also accompanied by his deputy, Dr Onyekachukwu Ibezim and his wife also to the state headquarters of the electoral Commission for the brief but very strategic ceremony.

Their official aides, friends, well wishers and party chieftain and supporters witnessed the presentation of the certificates by the Supervising INEC National Commissioner in charge of the Anambra State election, Kenneth Ikeagu.

Before handing over the documents to them, Ikeagu noted, “We are here to present the certificates of return to the Governor and Deputy Governor of Anambra State, following their successful outing during the state governorship election held on Saturday, November 8, 2025.

According to him, ‘Section 72(1) of the Electoral Act 2022 mandates the Independent National Electoral Commission to issue a certificate of return within 14 days to every candidate who has been duly returned by the returning officer under the Act.”

This remark was followed by a thunderous ovation.

Another round of drowning ovation came the moment the certificate was handed over to the governor’s outstretched hands.

Beaming with smiles, Soludo said, “I congratulate INEC and it’s new chairman, Prof. Joash Amupitan.

“I said it before that you do not get a second chance to create a first impression. We are quite delighted here in Anambra that his first outing was here and it was very loud. I think the whole world celebrated it. I want to use this opportunity to thank INEC and say they deserve better credit than they have been given.

“There is indeed hope for this country. I always see Nigeria and half full, not half empty. I thank the security agencies, they stood firm and insisted that the will of the people must not be subverted.

“We had unprecedented turn out, almost 600,000 people came out. The very first time in history of Anambra State, a candidate got 73% of to total votes cast, winning 98% of all the wards and 99% of all the polling units. There are several local governments where we didn’t lose even one polling unit

“So, I want to once again appreciate the president and Commander in chief of the Federal Republic of Nigeria, President Bola Tinubu for his very firm stand that this is a multi democracy and that the votes of the people must count

“And to INEC I say it again, you did well and you have given us confidence in our electoral system once again. I have always said that our electoral process has been getting better and better. Every electoral year, we look back and see that we had done better than the previous one.

“When we had a by-election in August this year, our stand was, let the votes count. Let the people vote, count the votes and announce the results. INEC did and for the first time, APGA won a Senate election with 75%, just because the votes were allowed to count.

“This time, we did it against and we said we stood for free, fair, credible and transparent election, and INEC did it.

“Finally I want to thank Anambra people who came out, many who stood under the sun. To the candidates, I say we are like that in Anambra, we are brothers. In 2010 I ran and even though the winner said it was a sham and scored only 30 percent, I called a press conference two hour later and congratulation him”, he stated.

by Online Poster — November 12, 2025 in News

FiBOP Crowns Cornerstone Insurance Plc ‘Most Innovative Company of the Year’

L-R: Mr. Charles Onwuatogwu, President, Finance and Business Online Publishers (FiBOP) Association; Mr. Stephen Alangbo, GMD/CEO Cornerstone Insurance and Divisional Head, Institutional Business, Mr. Charles Nwachukwu.

By Fidelia Okafor

Cornerstone Insurance Plc has once again affirmed its leadership position in Nigeria’s financial sector, clinching the “Most Innovative Insurance Company of the Year” award at the 2025 Finance and Business Online Publishers (FiBOP) National Conference/Excellence Awards.

The prestigious recognition underscores the company’s commitment to technological advancement and groundbreaking solutions that are reshaping the country’s insurance landscape.

Speaking before presenting the award at the Company’s Headquarters in Victoria Island, Lagos, the President of FiBOP, Mr. Charles Onwuatogwu, said Cornerstone Insurance was selected after a rigorous evaluation process that highlighted its creative approach to product design and service delivery.

He noted that the company’s innovation-driven culture has not only enhanced customer satisfaction but has also contributed significantly to the overall growth and transformation of Nigeria’s insurance industry.

Receiving the award on behalf of the company, the Managing Director and Chief Executive Officer, Mr. Stephen Alangbo expressed delight over the recognition, describing it as a validation of Cornerstone’s relentless pursuit of excellence.

He commended FiBOP for acknowledging the company’s efforts and reaffirmed its commitment to continuous innovation, customer-centric service, and industry leadership.

“We are truly honoured by this recognition,” Alangbo said. “At Cornerstone, we believe innovation is not a one-off activity but a culture that drives how we create value for our customers. This award inspires us to keep raising the bar in digital transformation, product development, and service efficiency.”

Alangbo also expressed optimism about the future of Nigeria’s insurance industry, emphasising its vast untapped potential.

According to him, if stakeholders work collectively to explore new opportunities and deepen market penetration, the sector could contribute significantly to the nation’s GDP and potentially rival the banking and other financial services industries in scale and impact.

Cornerstone Insurance Plc has distinguished itself through a suite of forward-thinking products such as AutoEase (a digital motor insurance platform), Cornerstone MicroHealth, and SmartLife, which leverage cutting-edge technology to simplify access and improve customer experience.

The company’s heavy investment in digital infrastructure, artificial intelligence, and data analytics continues to enhance its operational efficiency, underwriting accuracy, and claims processing speed—cementing its reputation as a trailblazer in Nigeria’s insurance innovation ecosystem.

by Online Poster — November 12, 2025 in News

Bala Zakariyau Applauds NAIPE On Appreciation Awards

The Chairman of FBS Reinsurance Limited, Mr. Bala Zakariyau has applauded the Nigerian Association Of Insurance and Pension Editors(NAIPE) for its Appreciation Awards bestowed on him for his support and impact in insurance sector and journalism.

Speaking when a team of NAIPE presented the 2025 Appreciation Awards to him in FBS Re Lagos Office in Ikoyi recently, said, he was doing what he felt should be done all the while, unknown a body of journalists was observant of his activities.

He expressed his passion for the growth and development of insurance industry, especially, as he is ever ready to support every stakeholder, including journalists, critical to the future of the sector.

While appreciating insurance journalists who have been reporting the sector for decades during good and bad times, he said: “the advice, of course, I would give you is to continue doing journalism in the most ethical way. The point I would like to emphasise is to continue to do the things that you are doing in the most ethical way. Journalism can make or mar a man but be the one who uses journalism to make a man because history don’t forget people of such virtue.

“And the pretentional race is now becoming even more serious because of the digital environment we operate in through social media and once you say something bad about somebody. It goes viral and to me, if I am a journalist and i sent somebody through that stress, i may not be able to sleep. So, honestly i thank you very much on behalf of my colleagues on the board of FBS Re. ”

Earlier, the chairman of the 2025 NAIPE Annual Conference, Mr. Roland Okoro commended Mr. Zakariyau for changing the face and some. Innovations he brought on board during his time as the preisdent of the Chartered Insurance Institute of Nigeria(CIIN). He also appreciated his professionalism and managerial acumen as the managing director/CEO of the defunct Niger Insurance Plc as well as other positions he occupied in the industry.

Similarly, the chairperson of NAIPE, Mrs. Nkechi Naeche-Esezobor said, his name spranged up among the six personalities itemised for the Appreciation Awards in a move to celebrate 10years of the annual conference, adding that, ‘the consensus was that you deserve this award looking at your pedigree and impacts you have had and continue to have in the insurance landscape.’

According to her, “the Association counts you worthy of its highly esteemed award, following your track records as the former President of the Chartered Insurance Institute of Nigeria(CIIN) and leadership role across the industry including as MD/ Chairman of renowned Insurance Companies, including FBS Re, where you are currently the Chairman.”

Zakariyau has over 40 years of experience
in the insurance sector in Nigeria and has
served on Boards of more than 20 national and multinational institutions. He is a Fellow of the Chartered Insurance Institute of Nigeria, Fellow of Nigeria Institute of Management, Fellow of the Institute of Marketing and Fellow of the Institute
of Directors.

He is the current President of Lagos
Business School (AMP4) and a member of the Governing Council of the Alumni Association (LBSAA). He was a Past President of, Chartered Insurance Institute of Nigeria. He is a chartered.insurer, holds an Associateship of the Chartered Insurance Institute of the UK and holds a Masters in Business Administration.

He has held various Senior and Management
positions in the insurance sector before joining Niger Insurance Plc as a General Manager (Technical) in 1993. Due to the recognition of his professionalism and hard work, he quickly rose to the Executive Director Position that same year.

In 1997, he was appointed Managing Director of the company. After nine years of successfully heading the company’s affairs, he was appointed as Chairman of the company’s Board in 2006. He retired in December 2015 after 22 years of
meritorious service to Niger Insurance.

He held key positions on various Federal
Government committees. He was a member of the Insurance law Review Committee in 1996 and Sub Committee Vision 2020 in 2009. He was also the Insurance Recapitalisation and Reform Committee Chairman in 2006 and Insurance Sector Reform Committee FSS 2020.

by Online Poster — November 11, 2025 in News

Our Laws Now Stronger, More Effective To Prosecute Parties At Fault In Bank Failure – NDIC Boss

Amaka Obiefuna

The Managing Director/Chief Executive (MD/CE) of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has stated that the Corporation now operates under stronger and more effective laws to carry out its bank liquidation mandate.

Mr. Sunday made this known when he received the President/Chairman of Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Mr. Chimezie Victor Ihekweazu (SAN), and members of his council on a courtesy visit to the NDIC Headquarters in Abuja.

According to the NDIC Chief Executive, the Corporation’s powers in the area of the liquidation of failed insured institutions have been significantly enhanced with the enactment of the NDIC Act No. 30 of 2023, together with the Banks and Other Financial Institutions Act (BOFIA) 2020. He noted that the NDIC is now better positioned to prosecute parties at fault for bank failures, unlike in the past when insufficient legal provisions allowed such individuals to evade accountability.

Mr. Sunday expressed his appreciation to the National Assembly for addressing the long-standing challenge of a weak legal framework that had constrained the Corporation’s operations. He also commended the judiciary for its growing expertise in deposit insurance law and practice, as demonstrated by the effective adjudication of failed bank cases through judgments that have brought relief to depositors.

“The enhanced powers granted to the Corporation under the NDIC Act 30 of 2023, the BOFIA 2020 and the improved understanding of the judiciary, have made it impossible for individuals to hide under the law to escape liability,” the NDIC Boss stated. “With stronger legal backing, individuals now approach the Corporation to settle out of court, not necessarily because the law has caught up with them, but because they can see that the noose is tightening around those responsible for bank failures.”

Mr. Sunday attributed the Corporation’s ability to realise sufficient assets to declare a first round of liquidation dividends to the uninsured depositors of defunct Heritage bank Limited within one year of the revocation of its licence, to the positive impact of the new legal framework. He reiterated that the NDIC would continue to leverage the strengthened laws while collaborating with BRIPAN and other stakeholders to enhance the effective discharge of its mandate.

In his remarks, the BRIPAN President/Chairman of Council, Mr. Chimezie Victor Ihekweazu (SAN), highlighted the association’s efforts and achievement in harmonising all insolvency-related laws in the country into a unified framework. He noted that this has significantly addressed the challenges of ineffective insolvency and business recovery practices, while introducing more viable options for solvency resolution.

He also emphasized BRIPAN’s strong focus on capacity building, calling for further collaboration between the Corporation and his association. Mr. Ihekweazu called for closer collaboration among stakeholders, to strengthen insolvency and business recovery practices in Nigeria.

by Online Poster — November 11, 2025 in News