Economy
Banjo Emphasizes Role of Religious Leaders in Insurance Penetration
By Dipo Olowookere
The Senior Manager, Brand, Media and Communications at African Alliance Insurance, Mr Bankole Banjo, has joined other insurance experts to advocate the development of products that will deepen insurance penetration in the country.
According to him, insurance should not be tailored for the elites but also for the masses because “insurance is something that is literally part of life.”
To achieve this, insurers must look for strategies to involve the traditional and religious leaders to break the cultural biases that had discouraged Nigerians from buying insurance policies.
“We have to tackle the issue of cultural bias, make sure religious leaders buy into the idea of insurance and build trust so that people can understand the benefits of insurance,” Mr Banjo said when he spoke at a webinar hosted by BizWatch Nigeria on Wednesday, March 30, 2021.
At the event, other speakers urged insurance brokers and other stakeholders in the industry to adopt transparency and clear communication between insurance firms and customers for easy claim settlement.
They also called for a roadmap that would serve as a guide for operators and ensure the growth of the industry.
In his speech, the CEO of Finterate Projects, Mr Ekerete Ola Gam-Ikon, while addressing the theme Building Financial Resilience With Insurance Solutions Amid COVID-19, advised insurance companies to ensure there is a constant line of communication with customers, especially when there is a claim to be paid.
He stated that one of the lessons learnt at the peak of the COVID-19 pandemic was the way data was managed and how it was utilised by stakeholders.
“Customers expect you to communicate with them (on claims) but what we have now is that they are asking questions and no one is responding.
“It is tougher for us when people have to go through the whole process of insurance. I hope that as we encourage them to buy insurance, we encourage them to understand how it works,” Mr Gam-Ikon said.
On his part, the CEO of FBN Insurance Brokers, Mr Olumide Ibidapo, said the industry was ripe for a roadmap that would guide the operators on what they need to achieve.
He said insurance products suitable for Small and Medium Enterprises should be simple and provide coverage for financial loss, workers and physical assets.
“The type of insurance coverage for SME should be wide enough to cover their financial loss, workers and physical assets. In the event of a claim, it should be simplified and settled on time,” Ibidapo stated further at the event anchored by an insurance journalist, Ms Helen Ajeamo.
Speaking on the lessons from the COVID-19 and the #EndSARS saga for small business owners, the Associate Director, General Business Commercial, Leadway Assurance, Oluwatunminiu Ayodabo, stated that, “An unforeseen event like the #ENDSAR aftermath can adversely impact businesses if the company does not have an insurance policy to help protect against such an event or lack of adequate capital to restore any loss.
“However, business liability insurance can help to minimize risks so that the business continues to operate and grow. Largely, in an event where business hits severe misfortunes, it may not be able to solely afford the cost of getting back on track and running again.
“However, in the case of an insured business, the risk is shared between the company and the insurance company.”
Earlier in his welcome remarks, the Managing Editor of BizWatch Nigeria, Mr David Oputah, explained that the webinar was conceived to enlighten Nigerians on insurance matters.
He described the insurance industry as vital with huge potential but underutilised in Nigeria, highlighting the importance of being insured against uncertainties, especially in Nigeria, where insurance is perceived as a taboo due to a lack of understanding of the subject.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn