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
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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