Economy
Court Stops NAICOM’s Reclassification Policy
By Modupe Gbadeyanka
The National Insurance Commission (NAICOM), the regulatory agency of the insurance sector in Nigeria, has been directed to put a hold on its proposed minimum solvency capital policy for insurers in the country.
This directive was given on Thursday by Justice Muslim Hassan of the Federal High Court sitting in Lagos.
On August 27, 2018, NAICOM, through a circular with number NAICOM/DAPCIR/14/2018, informed insurance firms that their operations would now be reclassified into tiers, noting this would be based on minimum solvency capital on the basis of their respective risks profiles and their risks management systems.
The policy was expected to take effect from January 1, 2019, but the regulator last shifted the date back to October 2018.
Also, NAICOM also asked boards of insurance companies to submit their resolutions on this policy by September 14, 2018 (today).
But some key stakeholders in the sector; Mr Sunday Nwosu, Mr Adeniyi Adebisi, Mr Moses Oke, CAC Okpara, Mrs Ayodele Kudaisi, Mr Kenneth Nwosu, Mr Issac Obarinde and Mr Okechukwu Nwaguru, filed a suit before the court to stop the implementation of the policy.
They alleged that the proposed policy, passed in the circular, would affect the business and corporate existence of insurance companies and force them to sell their shares at an undervalue.
In addition, they claimed that the policy was aimed at forcing licensed insurance businesses to increase their paid up share capitals by 100 percent or face losing their investments.
In addition, they alleged that the proposed policy in the circular was inconsistent with the provisions of Section 25 of the National Investment Promotion Commission Act, 2003.
At the hearing yesterday, the applicants, through their counsel, Mr Bert Chucks Igwilo (SAN), told the court that they had filed and served the NAICOM a pre-action notice on September 6.
He further said that the applicants had before the court, an originating summons ex-parte, restraining the commission from enforcing the proposed policy pending the expiration of the pre-action notice.
Mr Igwilo stated that the originating summons ex-parte was supported by an affidavit sworn by an applicant who was a shareholder in Aiico Insurance Plc and Cornerstone Insurance Plc.
He added that attached to the ex-parte application was the originating summons, the applicants intended to file at the expiration of the pre-action notice.
“My Lord, I humbly apply that the defendant be stopped from implementing the policy pending when we file and serve our processes else it would be too late,” he said.
Meanwhile, Justice Hassan has adjourned further hearing to October 8, 2018.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
