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AIICO Crowned “Outstanding Insurance Company Of The Year” At The 2025 Marketing Edge Awards

AIICO Insurance Plc, a trailblazer in Nigeria’s insurance industry, has once again earned top honours as it clinched the coveted “Outstanding Insurance Company of the Year” award at the 2025 MARKETING EDGE Brands & Advertising Excellence Awards held in Lagos.

This recognition marks the third consecutive year that AIICO has been celebrated at the prestigious event, reinforcing its stature as a leading composite insurer that continues to define excellence in the marketplace. In 2023, AIICO was named “Insurance Company of the Decade”, followed by another top industry honour in 2024, before emerging this year’s Outstanding Insurance Company of the Year.

The organizers of the award noted that AIICO’s selection was based on its sterling performance and the remarkable positive impact it continues to make on the Nigerian financial services industry. The company’s consistency in delivering value to customers, while driving innovation and service excellence, has positioned it as a brand of choice across generations.

Speaking on the recognition, Mr. Segun Olalandu, Head of Marketing and Communications at AIICO Insurance Plc, expressed the company’s appreciation: “We sincerely thank the organizers of the MARKETING EDGE Awards for consistently recognizing and honouring the AIICO brand over the years. This recognition affirms our strength and relevance in the marketplace. At AIICO, we will not rest on our oars. We remain intentional about delighting our customers, meeting their needs, and surpassing their expectations with innovative solutions and superior service.”

This latest award further strengthens AIICO’s long-standing reputation as a trusted brand and a consistent leader in Nigeria’s insurance sector.

About AIICO Insurance Plc

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Online Poster by — September 29, 2025 in News
Nigerian Insurers Shine With N83 Billion Claim Settlement For Britannia-U Nigeria

The Nigerian insurance industry has paid a staggering N83 billion claim to Britannia-U Nigeria Limited following a massive fire incident on one of the company’s exploration platforms.
The payment was made by a consortium of underwriters after the claim was adjusted from an initial estimate of $72 million to $55 million.
The Commissioner for Insurance of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, commended the industry players for prioritising prompt settlement of genuine claims. He expressed pride in the industry’s ability to pay the claim, noting that it demonstrates the industry’s strength and credibility.
The fire incident occurred on the 4,000 barrels of crude oil per day capacity Britannia-U1 FPSO operated by Britannia-U Nigeria Limited, offshore Forcados in Delta State. Despite initial doubts about the industry’s capacity to pay the claim, NAICOM intervened, and the claim was settled in full.
The NAICOM boss emphasised the need for industry players to publicise claims paid to change the negative perception of the sector. He noted that billions are being paid in claims annually, but these payments are not being publicised, contributing to the negative perception.
The settlement of the Britannia-U claim is part of nearly N180 billion in large claims settled by the industry for corporate clients this year, aside from numerous smaller claims. The NAICOM boss commended the industry’s responsiveness and reliability in settling valid claims, highlighting the importance of trust and confidence in the sector.
The premium for the risk was $170,000, while the claim paid was $55 million (N83 billion), highlighting the significant impact of the settlement on the industry’s reputation.
NAICOM has been working to ensure that the industry provides more oversight functions and makes informed decisions, leveraging data and encouraging collaborations across institutions.
Online Poster by — September 29, 2025 in News
SEC Raises Alarm Over AI-Generated Investment Scams In Nigeria

Amaka Obiefuna
The Securities and Exchange Commission (SEC) has warned Nigerians to beware of a rising wave of artificial intelligence (AI)-driven scams that are targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements.
The Commission recalls that platforms such as CBEX, Silverkuun, and TOFRO were operating illegally by advertising AI-powered trading systems that promise unrealistic returns.
“These platforms are not registered or regulated by the SEC, yet they continued to mislead the public with false claims of AI-driven investments. They posed serious risks to investors hence the commission issued series of disclaimers against their activities,” the Commission stated.
The SEC explained that fraudsters are increasingly turning to deepfake videos and AI-generated content to lure victims, pointing that manipulated videos featuring politicians, celebrities, and TV hosts are being shared through Facebook ads, Instagram reels, and Telegram groups to give fraudulent platforms an air of credibility.
According to the Commission, “Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness.”
To counter the growing threat, the SEC explained that it is adopting advanced surveillance systems capable of detecting fraudulent activity in real time, adding that partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) are being strengthened to enable data-sharing and joint enforcement actions.
“We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission emphasized.
The regulator said it has also engaged social media companies to clamp down on misleading ads and cautioned influencers against promoting unlicensed investment schemes.
“Any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution,” SEC warned.
The Commission urged Nigerians to take extra precautions before investing, stressing that any scheme promising daily profits, zero risk, or celebrity-backed endorsements should be treated with suspicion.
It stated: “Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag”.
The Commission further encouraged Nigerians to verify the registration status of any investment platform on its website, where a list of licensed Capital Market Operators is available.
It added that investors should confirm that registration numbers displayed on company websites match the details on the SEC portal and avoid platforms that only operate through Telegram or WhatsApp without a verifiable office address.
Suspicious platforms or fraudulent ads can be reported directly to the SEC via email at sec@sec.gov.ng, by phone at +234 9 462 1168, or through its online complaints portal.
Online Poster by — September 29, 2025 in Capital Market
PenCom DG Visits The Nigerian Union Of Pensioners, Assures Pensioners Of Improved Welfare

From Left: The Director General of the National Pension Commission, Ms. Omolola Oloworaran and The President Nigeria Union of Pensioners, Comrade Godwin Ikechukwu Abumisi during a recent visit to NUP Headquarters in Abuja

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has reaffirmed the Commission’s commitment to strengthening collaboration with the Nigeria Union of Pensioners (NUP) to enhance the welfare of retirees in Nigeria.

 

Ms. Oloworaran made this pledge on Thursday, September 25, 2025, when she led a PenCom delegation on a courtesy visit to the NUP headquarters in Abuja. The team included the Acting Commissioner, Inspectorate, Mr. Samuel Chigozie Uwandu, and other senior management staff.
Speaking during the visit, the PenCom DG lauded the NUP for its unwavering advocacy on behalf of pensioners. She noted that the Union’s representation on PenCom’s Governing Board has been instrumental to the effective implementation of the Contributory Pension Scheme (CPS).

 

She assured the Union that PenCom remained resolute in its mandate to safeguard the retirement benefits of Nigerian workers. The PenCom DG said all outstanding pension increases approved by the Federal Government would be implemented this year, backed by the N758 billion bond approved by President Bola Ahmed Tinubu. She added that the funds would soon be made available for payments to commence.

 

Furthermore, she said PenCom and NUP share a common mission — the protection and welfare of pensioners. She tasked the Union to continue to collaborate with PenCom to ensure that retirees enjoy the dignity and security they deserve after years of service to the nation.

 

In his response, the President of NUP, Comrade Godwin Ikechukwu Abumisi, hailed the visit as historic, describing Ms. Oloworaran as the first PenCom DG to visit the Union’s Headquarters in Abuja.
He praised PenCom as a “star performer” in prioritising pensioners’ welfare and urged the DG to convey the Union’s appreciation to President Tinubu for placing retirees’ wellbeing at the heart of government policy. He added that the pensioners will reciprocate President Tinubu’s actions at the appropriate time.

 

Comrade Abumisi further tasked PenCom to ensure the full implementation of all past pension increases under the CPS — a request the DG reiterated would be achieved before the year runs out.

 

The visit concluded with the PenCom delegation touring the ongoing NUP building project located within the environs of its national headquarters. Both institutions pledged to sustain and deepen their partnership in the collective interest of pensioners nationwide.

Online Poster by — September 29, 2025 in News
Dangote Petroleum Refinery Reorganisation: Commitment To Safety, Integrity , Workers’ Rights

 
Dangote Refinery Reorganisation: Commitment to Safety, Integrity
 
The Dangote Petroleum Refinery have  clarify on the recent reports concerning the ongoing reorganisation within its facility.
In a press statement from the company said that this exercise is not arbitrary. “It has become necessary to safeguard the refinery from repeated acts of sabotage that have raised safety concerns and affected operational efficiency”.
“The foregoing decision was taken in the best interest of the Refinery as result of intermittent cases of sabotage in the various units of the Refinery with dire consequences on human life and related safety concerns”.
“We remain vigilant to our internal systems and vulnerabilities to ensure the long-term stability of this strategic national asset. It is imperative to protect the refinery for the benefit of Nigerians, our partners across Africa, and the thousands of people whose livelihoods depend on it”.
“Over 3,000 Nigerians continue to work actively in our Petroleum Refinery, at present. Only a very small number of staff were affected, as we continue to recruit Nigerian talent through our various graduate trainee programmes and experienced hire recruitment process”.
“We recognise and uphold internationally accepted labour principles, including the right of every worker to freely decide whether or not to join a union. Our commitment to workers’ rights is unwavering”.
The Dangote Petroleum Refinery exists to serve Nigerians, to strengthen Africa’s energy independence, and to create decent, sustainable jobs. We will continue to work in partnership with our employees, regulators, and stakeholders to uphold the highest standards of safety, transparency, and accountability, it stated.
Online Poster by — September 27, 2025 in Energy
Tax Stamp Plan Will Hurt Consumers, Says MAN

The Manufacturers Association of Nigeria has cautioned the Federal Government against the proposed introduction of a Tax Stamp System for excisable products, warning that the policy would increase production costs, harm consumers, and contravene the Nigeria Tax Act 2025.

In a statement by the Director-General of MAN, Segun Ajayi-Kadir, said the association appreciated the government’s drive to modernise tax administration, but the proposed measure “risks clawing back the reliefs granted under the 2025 Tax Act.”

Ajayi-Kadir said, “The introduction of a tax stamp system amounts to giving with one hand and taking back with the other. It would impose a hidden tax on industries under the guise of compliance, with small and medium-sized industries bearing disproportionate burdens.”

He stated that the measure would increase compliance costs that producers and importers would ultimately pass on to consumers, thereby worsening inflationary pressures.

Ajayi-Kadir observed that introducing a Tax Stamp System for excisable products could push households toward cheaper illicit products and erode the competitiveness of Nigerian manufacturers under the African Continental Free Trade Area.

DG noted that international experience had shown that tax stamps deliver limited revenue gains while creating heavy compliance and operational bottlenecks. He pointed to studies in Ghana and Uganda which found that stamp systems imposed significant cost burdens without curbing illicit trade.

Ajayi-Kadir stressed, “Paper-based tax stamps are prone to falsification, making it difficult for consumers and retailers to distinguish between genuine and counterfeit goods. Digital stamps, on the other hand, cut productivity by up to 40 per cent and have not reduced illicit trade.

He also argued that Nigeria already had home-grown digital tools such as the Customs’ B’Odogwu Automated Excise Register System and the Federal Inland Revenue Service’s e-invoicing platform, which provide real-time visibility of excise operations. “These tools already give the government the visibility that tax stamps claim to provide, without adding redundant layers,” he said.

MAN warned that introducing tax stamps would undermine the government’s efforts to promote local manufacturing and job creation. The association listed risks including increased circulation of counterfeit goods, reduced consumer demand, potential job losses, and deterrence of new investment in the sector.

Ajayi-Kadir added, “At a time when operators are grappling with rising excise rates, high energy prices, inadequate power supply, and high inflation, the additional burden of implementing tax stamps is a serious threat to industrial sustainability.”

He urged the government to reject any persuasion to roll out the system “in whatever guise or form” until a comprehensive stakeholder engagement and impact assessment were conducted.

Instead, MAN called on the government to strengthen existing digital fiscal tools and border enforcement, while adopting smarter, cost-effective alternatives such as targeted audits and risk-based compliance checks.

Ajayi-Kadir concluded, “Tax stamps often hinder local industry, erode gains in tax simplification, and yield limited revenue impact. The government should strengthen existing systems rather than impose undue burdens on manufacturers and consumers

Online Poster by — September 27, 2025 in Industry
CBN’s Banking Reforms : Shareholders Endorse Providus–Unity Business Combination

By Winifred Bosa
Shareholders endorse Providus–Unity business combination, boosting confidence in CBN's banking reforms |
Rising from a court-ordered Extraordinary General Meeting (EGM) on Friday, the shareholders and Boards of Directors of Providus Bank and Unity Bank have given their resounding approval to proceed with the business combination of the two financial institutions.
The nod to go ahead by the boards and shareholders of the two institutions signifies a moment of national significance for Nigeria’s banking industry—one that reflects resilience, foresight, and collective responsibility.
In a statement made available to the press, Providus Bank and Unity Bank also wish to express profound appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system. CBN, by enabling this transaction, has reinforced its vision of a sector anchored on resilience and customer confidence. This regulatory support is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that our financial system is ready to serve as a cornerstone for sustainable growth.
Strengthening Confidence in the Financial System
The vote is also a signal to the markets, to regulators, and to the wider public that Nigeria’s banking sector remains robust and forward-looking. In affirming this merger, shareholders have helped to reinforce the confidence that underpins economic stability. It is a statement that Nigerian banks are prepared to adapt, consolidate, and grow in line with the Central Bank of Nigeria’s vision of a stronger and more resilient financial system—and ultimately, its aspiration to support Nigeria’s transition into a trillion-dollar economy.
Scale, Reach, and Capacity
With a starting solid Capital Adequacy Ratio, the emerging entity will have the scale to compete, the reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.
The enlarged bank will immediately rank high among the banks with the most extensive branch networks in Nigeria, with approximately 230 branches nationwide. Unity Bank has served its customers faithfully with a proud legacy, while Providus Bank has earned a reputation for innovation, world-class digital banking platforms, and customer-centric service excellence. The enlarged bank will provide the backbone for businesses to thrive and communities to prosper.
Safeguarding Jobs, Investing in People
The merger of the two institutions when completed secures jobs, protects livelihoods, and creates new opportunities within a bigger, stronger, and future-oriented institution. The success of this merger rests not only on systems and balance sheets but on people—and their contribution will be safeguarded and celebrated.
“This historic transaction is not simply about numbers; it is about confidence in the Nigeria financial system. By combining Providus Bank and Unity Bank, we are creating an institution of scale and substance- that will give confidence to customers, strength to the financial system and create opportunity for our people,”
 The statement added.
A Bank for the Future
This merger ushers in a new chapter: a bank that is bigger in ambition, broader in reach, and stronger in capacity. It will embody the values of innovation, empathetic relationship management, customer focus, and integrity.
With enhanced technology platforms, deeper capital strength, and a commitment to customer service, the enlarged bank will stand as both a guardian of stability and a catalyst for growth in Nigeria’s journey toward a trillion-dollar economy.
Online Poster by — September 27, 2025 in Capital Market
PHOTONEWS

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun, Executive Director, Finance & Corporate Services, Oloruntomiloba Olagunju, Company Secretary, Abimbola Oguntunde, Chairman, Ugochi Odemelam, Executive Director, Marketing & Business Development and Shedrach Odoh, Director, Sovereign Trust Insurance Plc at the 30th Annual General Meeting of the Company held at the Baylounge on Admiralty Way, Lagos on Thursday, September 25, 2025.
L-R : Oloruntomiloba Olagunju, Company Secretary, Kayode Adigun, Executive Director, Finance & Corporate Services Division, Emi Faloughi, Director, Eric Balogun, Independent Director, Abimbola Oguntunde, Chairman, Ugochi Odemelam, Executive Director, Marketing & Business Development Division, Soyinka Olaotan, MD/CEO and Shedrach Odoh, Director, Sovereign Trust Insurance Plc at the 30th Annual General Meeting of the Company held at the Baylounge on Admiralty Way, Lagos on Thursday, September 25, 2025.
Online Poster by — September 26, 2025 in News

 

By Winifred Bosa

Nestlé Nigeria has reaffirmed its dedication to youth empowerment and skill development with the graduation of twenty young trainees from the 8th cohort of its Nestlé Technical Training Center, Agbara. This initiative is part of the broader Nestlé Needs YOUth program, a global commitment launched in 2013 with the goal of enabling 10 million young people worldwide to access economic opportunities by 2030.

 

Since its establishment in 2011, the Nestlé Technical Training Center, Agbara has invested more than ₦6 billion in equipping young Nigerians with hands-on technical and vocational skills. The program offers comprehensive training in food technology, engineering, and manufacturing operations, giving participants the practical expertise they need to thrive in today’s industrial landscape. By empowering youth with employable skills, the initiative not only supports individual growth but also contributes to Nigeria’s industrial capacity and sustainable economic development.

 

The latest graduates completed an intensive 18-month curriculum that blends theoretical and practical engineering education. Their training culminated in the prestigious City and Guilds of London Technicians’ Certification, significantly enhancing their employability in Nigeria and beyond.
Since its inception, the Nestlé Technical Training Center has trained more than 200 young professionals across its three locations: Agbara, Flowergate, and Abaji factories. Impressively, 95% of alumni have secured employment with Nestlé Nigeria, where they apply their technical knowledge in practical roles.

 

Speaking at the ceremony, Mr. Wassim Elhusseini, Managing Director/CEO of Nestlé Nigeria, said:
“Each graduation ceremony is a true privilege because it allows us to witness firsthand the life-changing impact of the Nestlé Technical Training Center. Many of our graduates have gone on to build remarkable careers, including one who now serves as a Factory Engineer in Angola, and several others excelling as Engineering and Production Supervisors. From this class, five outstanding graduates will embark on an eight-week internship in Switzerland starting this October, under the framework of our Memorandum of Understanding (MoU) with the Embassy of Switzerland in Nigeria.

There, they will sharpen their technical expertise and gain valuable global exposure. These achievements go far beyond individual success, they uplift families, strengthen communities, and contribute to Nigeria’s industrial growth.”
Highlighting the broader impact of the Technical Training Centers within the Nestlé Needs YOUth initiative, Mr. Shakiru Lawal, Country Human Resources Manager at Nestlé Nigeria, said:

 

“The Nestlé Technical Training Center is a cornerstone of Nestlé Needs YOUth, which empowers young people across Nigeria through four key pillars: employability, skills development, support, and access to opportunities. Beyond the training centers, our initiative includes programs such as the Nesternship Program, a virtual internship platform that allows young people to gain practical experience remotely; the Nestlé Youth Development Program, which provides training and mentorship to enhance employability; and our active participation in the Alliance for Youth Nigeria, a collaboration offering apprenticeships, traineeships, and job opportunities. Through these efforts, we reach an average of 25,000 young people annually, helping them build fulfilling careers and contribute to the growth of our communities.”

 

In a goodwill message delivered on his behalf by Adenike Aderonke, Director of Social and Labour Affairs, the Director-General Mr. Adewale Smatt Oyerinde of the Nigerian Employers’ Consultative Association (NECA) praised the Center’s role in shaping future talent.

“This program reaffirms our belief that skills are the future of work, especially for young people in today’s competitive environment. To the graduands, I extend heartfelt congratulations. Strive for excellence in your endeavors, uphold values of consistency, and make a positive impact in your chosen fields.”

Also present at the ceremony were His Royal Highness, the Alagbara of Agbara, Oba Lukman Jayeola Agunbiade, along with representatives from the communities.
“I am proud to see a program that gives our youth real skills and opportunities,” Oba Lukman Jayeola Agunbiade said. “It is especially wonderful to see young people from my community succeeding through this initiative. I encourage these graduates to lead by example and inspire others to make the most of education, training, and personal development.”

 

With every edition, the Nestlé Technical Training Centres continue to strengthen Nigeria’s industrial workforce, equipping young people with the skills to build sustainable careers and drive national growth.

About Nestle

Nestlé Nigeria is Africa’s top food and beverage company, known for its quality, excellence, and commitment to creating shared value. With a heritage of more than 63 years in Nigeria and its house-hold brands, the firm continues to ensure the availability and accessibility of nutritious food and beverage products. In addition, the firm supports the communities closest to its operations and takes action to safeguard the environment through sustainable business practices.

With over 2,300 direct employees, 3 factories and 7 branch offices across Nigeria, Nestlé produces and markets iconic brands including Maggi, Milo, Golden Morn, Nestlé Pure Life and Cerelac.

 

Online Poster by — September 25, 2025 in brands and Marketing
Polaris Bank Hosts Global Trade Forum To Strengthen Trade Relationships , Drive Growth

By Winifred Bosa

 

Polaris Bank, Nigeria’s leading digital retail, and commercial bank, on Tuesday hosted corporate customers in the non-oil sector at its Global Trade Forum. The event was designed to foster stronger stakeholder relationships, address trade-related challenges, and explore innovative solutions to drive business growth.

 

The forum, with the theme: “Trade Export: Partnering for Growth”, brought together key players in Nigeria’s trade and export ecosystem, including business leaders, exporters, regulators, Nigerian Customs and policy influencers. Participants engaged in robust discussions on the challenges and opportunities shaping the global trading landscape.

 

Speaking at the event, Polaris Bank Managing Director/CEO, Kayode Lawal, underscored the central role of trade as a catalyst for sustainable economic growth. He reaffirmed Polaris Bank’s commitment to delivering tailored solutions that empower Nigerian businesses to compete more effectively in international markets.

 

According to him, the purpose of the gathering was to address the real issues customers encounter in trade and export while identifying opportunities where Polaris Bank can provide practical, innovative solutions to support growth. He stressed that Polaris Bank sees itself not only as a financial institution but also as a trusted partner in progress and a driver of long-term value creation.

 

Also in attendance was Assistant Comptroller of Customs, Aondona Fanyama, who led a three-man delegation from the Nigerian Customs Service. He spoke extensively on the workings of the Nigeria Trade Portal B’odogwu and gave a practical demonstration of its application.
ACC Fanyama highlighted how the portal simplifies trade processes for exporters and importers, enhancing transparency, speed, and efficiency in cross-border trade. In a show of collaboration, he also pledged swift resolution to two participants at the forum who had been facing challenges with processing via the portal: thereby reinforcing the importance of such engagements in resolving real-time business concerns.

The event, held at Lagos Continental Hotel, Victoria Island, provided a platform for meaningful dialogue on trade finance, export readiness, compliance, market access, and the role of digital platforms in facilitating cross-border transactions. It also offered participants the opportunity to interact directly with financial experts, policymakers, Customs officials, and industry leaders – opening doors for collaboration and sustainable growth.

The Bank had full representation of its executive management including Executive Directors for Retail, Commercial and Corporate & Investment Banking, Chris Ofikulu and Abimbola Ozomah with scores of strategic business leaders from across Treasury, Global Trade, Business Directorate, and Divisions.

 

Through the trade forum, Polaris Bank once again demonstrated its role as a forward-looking lender committed to supporting businesses, fostering economic development, and strengthening Nigeria’s participation in global markets. The Forum reinforces the Bank’s positioning as a catalyst for trade expansion and customer empowerment, ensuring that its clients have the financial products, relevant advisory support, and opportunities required to thrive in today’s competitive global economy.

Online Poster by — September 25, 2025 in Capital Market