Jobs/Appointments
Lagos Has Settled N2bn in Workers Insurance Premium—Commissioner
By Adedapo Adesanya
The Lagos State Government has paid over N2 billion as insurance premium for its workers in 2021, the Commissioner for Finance, Mr Rabiu Olowo, has disclosed.
Mr Olowo made this disclosure at the Lagos State Insurance Week which kicked off on Monday, August 23.
He said the state has over 73,000 employees on its database and they were covered under life insurance.
“I can affirm to you that this year alone, we have paid over N2 billion in insurance premium to cover life and non-life insurance. That speaks to the importance of insurance.
“The Lagos State Government over the years has continued to insure its staff with regular payment of premium to cater for them during service, and also payment of the death benefits by the insurance companies to deceased beneficiaries,” he said.
The Commissioner said insurance was one of the ways the state government managed risk in the state, hence, it was not an issue of optionality.
“Insurance is compulsory in Lagos State for life and non-life insurance asset because that is one of the ways we manage a lot of risks.
“We have seen the benefits of engaging in insurance activities, during the COVID-19 pandemic and the civil unrest in Lagos,” Mr Olowo said.
The Commissioner said it was for this reason that the government had identified the need for more sensitisation and education on insurance, hence, the planned maiden edition of the Lagos State Insurance Week.
According to him, the four-day insurance week, slated for August 23 to August 26, will educate participants on the ways civil servants and the entire populace can key into the abundant opportunities in insurance.
“We have seen government property assets destroyed and in some cases injuries to our staff and associates
“We have enjoyed the real essence and value proposition of insurance, and the best we can do is to further our commitment to ensuring that our insurance activities are more strengthened.
“That is why we are doing this sensitisation and advocacy and we can see that it pays to pay insurance premiums and we will continue to do so into the future,” Mr Olowo added.
He noted that there was a need to institute the culture of insurance consciousness among government officials and the citizenry as a whole.
Mr Olowo said that the public should know that insurance is the way through which an individual or organisation protect themselves against unfortunate incidents of life, including death.
He maintained that having appropriate insurance cover could not be overemphasised, being the acceptable practice across the globe.
The Commissioner said the Babajide Sanwo-Olu led administration was already setting the pace in the area of insurance, hence, it was expected that residents also embrace the initiative by taking necessary insurance cover that suits them.
He explained that doing so would help to lessen heavy responsibilities on disasters on government.
“In other words, the cases of calling on government at all times for compensation over some natural disasters or unfortunate incidences can become a thing of the past if we have necessary insurance cover for ourselves, businesses and property.
“By this, the resources at the disposal of government can be channelled towards other developmental projects, instead of paying compensations that ordinarily could have been undertaken by insurance companies,” he said.
By Adedapo Adesanya
Global blockchain ecosystem behind the world’s largest digital asset exchange by trading volume and users, Binance, has appointed its co-founder, Ms Yi He, as its co-CEO.
“Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company’s vision, culture, and bottom-up business strategy,” said Binance CEO, Mr Richard Teng. “This appointment is a natural progression and she will continue to guide the organization from strength to strength.”
“We remain dedicated to being the most trusted and regulated exchange in the world, always putting our users first. Yi plays a critical role in growing our community and driving product innovation as we work to reach one billion users. Together, we are focused on building the Web3 infrastructure and promoting financial freedom, empowering people to participate in a more open and fair financial system,” added Mr Teng.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days,” said Ms He. “Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”
Binance remains one of the world’s largest players in crypto trading, and leadership changes within the company continue to draw attention due to its scale and influence.
The appointment of a co-CEO adds structure during a period when global exchanges emphasize compliance, operational clarity and more formal management frameworks.
The company did not announce changes to its product lineup or platform priorities alongside the leadership update, and no financial terms were disclosed. The addition of a co-CEO role reflects an internal effort to distribute responsibilities as the firm works with regulators and seeks stability in a competitive and closely watched industry.
By Adedapo Adesanya
The African Petroleum Regulators Forum (AFRIPERF) has chosen Nigeria as its official headquarters and also elected the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, as its chairman.
Recall that in September, 16 countries, led by Nigeria, gathered in Accra, Ghana, to witness the signing of the charter establishing the forum, which seek to harmonise oil regulation in Africa.
Others include Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, and Togo among others.
The decisions were announced at the inaugural executive committee meeting of the forum which took place virtually on December 2, 2025. The meeting which was attended by the 16 African countries, was convened to pick its leadership, headquarters and logo.
Prior to his endorsement as the substantive pioneering chairman, Mr Komolafe acted in interim capacity.
Also, Mrs Eyoanwan Ndiyo-Aiyetan also emerged as the secretary of AFRIPERF.
According to a statement on Wednesday, NUPRC notes that the development affirms Nigeria’s central role in the African petroleum regulatory space and as Africa’s largest producer of crude oil.
In his acceptance speech, Mr Komolafe thanked his African counterparts for the trust and honour, promising to ensure that no member country is left behind.
AFRIPERF aims to strengthen regional petroleum governance by fostering collaboration, cooperation and coordination among member regulators.
Its mission includes creating standards, enhancing transparency and addressing cross-border challenges such as gas trade, emissions, and digitalisation while making the African continent energy sector attractive for crucial investments.
By Adedapo Adesanya
The immediate past Chief of Defence Staff (CDS), General Christopher Gwabin Musa, has been nominated by President Bola Tinubu as the new Minister of Defence, replacing Mr Mohammed Badaru Abubakar.
The erstwhile minister resigned from his position with immediate effect for health reasons, the president’s spokesman, Mr Bayo Onanuga, had said on Monday night.
The 63-year-old’s departure coincides with a period of heightened security challenges across Nigeria, with the government under pressure to deal with a spate of mass kidnappings.
In a letter to Senate President, Mr Godswill Akpabio, President Tinubu conveyed Mr Musa’s nomination as the successor to Mr Abubakar, according to statement on Tuesday by Mr Onanuga, the Special Adviser to the President on Information and Strategy.
The 58-year-old retired military chief is described as a distinguished soldier who served as the CDS from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
Born in Sokoto in 1967, Mr Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
He was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments included General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.
In 2021, Mr Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed CDS by President Tinubu in 2023.
In the letter to the Senate, Mr Tinubu expressed confidence in Mr Musa’s ability to lead the Ministry of Defence and further strengthen Nigeria’s security architecture.
If confirmed by the upper legislative chamber, he will take up the ministry at a crucial time when security challenges including terror and kidnappings are plaguing the country.
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