General
Lagos Adopts Parametric Flood-Risk Insurance Policy
By Modupe Gbadeyanka
To protect residents, infrastructure and the economy, the Lagos State government has adopted a parametric flood-risk insurance policy designed by a team of Insurance Development Forum (IDF) member insurance organisations like AXA Climate, AXA Mansard, Swiss Re, flood modeller JBA Risk Management, satellite company ICEYE and African Risk Capacity Ltd.
The new insurance product will cover up to 4 million vulnerable people and secure up to $7.5 million for flood response and recovery in the aquatic state.
The policy’s activation is a major milestone for the Tripartite Agreement Programme, a public-private partnership among IDF, the United Nations Development Programme (UNDP), and the German Federal Ministry for Economic Cooperation and Development (BMZ) through the InsuResilience Solutions Fund (ISF), to build developing countries’ resilience to climate risk.
The insurance product has received regulatory approval, with placement enabled through 90 per cent of premium finance from the ISF for the first year, while Lagos State may raise the premium finance allocation beyond 10 per cent in the second and third years of the policy to ensure the sustainability of the protection provided by the product.
“Climate inaction could cost Lagos State just under $40 billion by 2050, with severe consequences for our people, infrastructure and economy. Our wetlands and biodiversity are also under threat.
“These realities demand urgent action. This pioneering parametric flood insurance policy strengthens our ability to protect lives, livelihoods and public finances while embedding climate risk management into Lagos State’s long-term development planning,” the Governor of Lagos, Mr Babajide Sanwo-Olu, stated.
Also commenting, the Head of Public Sector for AXA Climate and IDF Lagos Project co-Lead, Karina Whalley, said, “This policy demonstrates the power of insurance to enable preparedness ahead of and faster recovery after disasters, as well as greater financial resilience for governments; in short, future-ready nations. The product design harnessed our industry members’ technical expertise in flood risk modelling and parametric insurance to develop a scalable solution tailored to the needs of climate-vulnerable communities in Lagos.”
The Director-General for Multilateral Development Policy, Transformation, Climate, German Federal Ministry for Economic Cooperation and Development (BMZ), Dr Katharina Stasch, said, “This product highlights the impact that effective collaboration between governments, insurance and development partners can deliver.
“As climate risks continue to rise, BMZ is proud to have supported the Tripartite Agreement Programme’s efforts to scale sovereign risk finance and to witness the new alliances and models for cooperation emerging through the programme.”
By Modupe Gbadeyanka
A new service office equipped to provide seamless business registration, annual returns filing, and other compliance services has been opened by the Corporate Affairs Commission (CAC) at the Tafawa Balewa Square (TBS), Lagos.
This facility is expected to enable Small and Medium Enterprises (SMEs) to transact directly with the commission in a faster, more convenient, and efficient manner.
The chief executive of CAC, Mr Hussaini Ishaq Magaji (SAN), said at the commissioning that the additional service office will bring registration and compliance services closer to small business owners and further improve the ease of doing business in Nigeria.
According to him, the facility was strategically established to support the federal government’s drive to formalise small businesses and deepen economic inclusion.
He stated that this expansion reinforces CAC’s commitment to supporting Micro, Small and Medium Enterprises (MSMEs), promoting regulatory compliance, and ensuring that entrepreneurs can access quality corporate services with greater ease.
By Modupe Gbadeyanka
The Lagos State Environmental and Special Offences (Enforcement) Unit is making the metropolis difficult for criminal elements, as part of its zero-tolerance stance against environmental degradation, drug abuse, and criminality.
On Monday, the Lagos Taskforce intensified its routine enforcement operations across the aquatic state, arresting some street urchins, miscreants, suspected drug addicts and peddlers, illegal commercial motorcyclists (Okada riders), street traders, illegal ticket touts, and others.
These persons were apprehended by officials of the units at Ikate Bus Stop, Marwa Bus Stop, Muri Okunola Park in Victoria Island, Obalende Underbridge, Law School Junction, and other adjoining locations along the Lekki-Epe Expressway, where the presence of suspected criminals had become noticeable.
Items seized from 33 suspects arrested included substances believed to be Tramadol, Indian hemp, Colorado, marijuana, cannabis, as well as dangerous weapons and objects such as scissors and cutlasses.
In a statement, the Director of Public Affairs for the Lagos State Taskforce, Mr Gbadeyan Abdulraheem, said the chairman of the agency, Mr Adetayo Akerele, a Chief Superintendent of Police (CSP), reiterated the unwavering resolve to make Lagos uninhabitable for criminal elements.
“There is no room for criminality in Lagos State. Those engaged in criminal activities should either desist or relocate. We remain committed to enforcing the laws of the State and ensuring that residents continue to enjoy a safe, secure, and orderly environment,” he stated.
Mr Akerele further charged officers to sustain the momentum of ongoing enforcement operations, urging them to intensify efforts in tackling criminality across the state, just as the organisation drastically reduced the menace of illegal Omotaku operations on Lagos roads.
Business Post gathered that all arrested suspects have been charged before the appropriate court in accordance with the provisions of the Lagos State Environmental Management and Protection Law, 2017 and the Lagos State Transport Sector Reform Law, 2018, where applicable.
By Aduragbemi Omiyale
There are plans for Nigeria to begin to generate electricity from nuclear sources, the chief executive of the Nigeria Atomic Energy Commission (NAEC), Mr Anthony Godwin Ekedegwa, has revealed.
Mr Ekedegwa made this disclosure when he recently visited the acting Managing Director of the National Inland Waterways Authority (NIWA), Mr Umar Yusuf Girei, in Abuja.
He was at NIWA’s office to solicit the support of NIWA in achieving the numerous advantages of using nuclear energy technology in the country.
According to him, the partnership of critical stakeholders in Nigeria will position the country well in developing and maintaining its nuclear power plant.
The NAEC chief said Nigeria intends to begin the generation of electricity from nuclear sources instead of fossil-based power plants and hydro-based power plants, stressing that for Nigeria to develop, there is a need for the country to diversify its energy needs.
In his remarks, Mr Girei assured NAEC of his agency’s readiness to collaborate on the advancement of a nuclear power plant in Nigeria.
He promised the full support of NAEC for the success of a nuclear power plant in the country, saying that as the organisation saddled with the responsibility of regulating and developing Nigeria Inland Waterways, his entity is strategically positioned to play a critical role in the federal government’s quest for sustainable energy through the new technology.
