Economy
#EndSARS: NAICOM to Ensure Payment of Claims by Insurers
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has pledged to properly handle the complaints of insured policyholders following the destruction of properties that marred the #EndSARS protests.
According to NAICOM’s Head, Commissioner for Insurance Directorate, Mr Rasaaq Salami, the commission would await complaints from policyholders arising from the damages they suffered when hoodlums used the peaceful demonstrations to perpetuate the act of looting.
Mr Salami said situations like this underscore the importance of adequate and appropriate insurance, noting that the insurance industry was gradually and steadily shifting from that era of poor claims payment to adequately honouring their obligations.
He stressed the need for both government and individuals to adequately insure all their assets and liabilities.
“What has happened is very unfortunate and sad. We all know that the losses are heavy and a lot of financial resources are required to replace all that has been lost.
“Because of the sensitivity of this #EndSARS issue, NAICOM is going to take a keen interest in it and await any claims complaint that will come from it.
“The industry is now aware of the benefits to them as operators when they honour their obligation because when you do, it becomes easier for you to get the other party to come and insure.
“I deliberately stressed adequate and appropriate because there are policies that the insured go into that are limited, some do not cover anything.
“When you have your risks and you disclose it and it is appropriately priced and the appropriate premium is paid, with genuine insurance companies through NAICOM’s registered insurance brokers or directly with the insurance companies, it means that when a situation of loss occurs, claims payment is guaranteed.
“A lot of buildings have been destroyed, both public and private buildings, as well as vehicles.
“In most cases, these destructions came about from acts of riots.
“Riots do not stand alone as an insurance policy, they are sometimes tied to fire insurance which is an addition, so that is why I talked about adequate and appropriate insurance.
“Because if there is a fire insurance and there is no endorsement that covers riots, destructions, losses occasioned by riots when they happen, you are not likely to get compensation,” he explained.
He further advised prospective policyholders to employ the services of insurance brokers to educate them on the appropriate policies to undertake before insuring properties.
Also speaking, Mr Ganiyu Musa, the Chairman of the Nigerian Insurers Association (NIA), told NAN that members of the association would pay valid claims of policyholders.
“We know that the loss of life is a bigger calamity because it is not replaceable but at a time like this, all our thoughts and prayers are to the people that lost their loved ones.
“Every other thing can be replaced. Insurance is a contract, so the policy you buy may be different from mine and these policies have details of what is covered and what is not.
“Where it is discovered that one has paid his premium, then you do not have anything to fear. It is a big, huge loss,’’ he said.
Business Post had reported that Coronation Insurance had stepped in to cover whatever claims made by insured victims. Other insurance companies like AIICO Insurance Plc, Consolidated Hallmark Insurance (CHI), and the Universal Insurance Plc, had also assured policyholders of their prompt response to claims.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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