Economy
Leadway Assurance Nears Full Implementation of IFRS 17

By Adedapo Adesanya
Leadway Assurance Limited has said it is on a course to implement the International Financial Reporting Standard (IFRS 17), which will help standardize insurance accounting globally.
IFRS 17 (previously known as IFRS 4 Phase II) is an International Financial Reporting Standard developed by the International Accounting Standards Board (IASB) providing new standards for reporting profit emergence from insurance contracts, scheduled to take effect from January 1, 2023.
At a lecture series with media practitioners in Lagos, the underwriter noted that implementing the current standard will help users of accounts make sensible comparisons between companies, their past performance, their current financial position, and risk exposure.
Speaking on Navigating the New Financial Reporting Standard, Mr Raphael Akomolede, from Leadway’s Finance Department, gave insights on the position of the firm regarding the implementation of the IFRS 17.
He said the company has completed solution design which takes care of Gap Analysis, Financial, and Operational Impact Assessment; Designed Future State of Finance Process/Technology Gap Analysis; Development, Documentation, and Review of Target Operating Model; Preparation of Technical documents and Reviews, and Vendor Selection for IFRS 17.
He said presently, the relevant departments of the company are working simultaneously on System testing and Implementation (pre and post); Reviewing and Producing 2021 and 2022 financial positions, produce interim IFRS 17 compliant financial statements, including transition disclosure.
Speaking on the problem with the soon-to-be-replaced IFRS 4, he said the IFRS 17 replaces the interim standard that allows insurers to use local Generally Accepted Accounting Principles (GAAP) to measure insurance contracts; no single way to account for insurance contracts; existing accounting makes it hard for investors to see which groups of contracts are profit-making and which are not.
The impact of IFRS 17, according to him, includes improved comparability for the first time; relevant and updated measurement of insurance contract liabilities; a more intuitive presentation of financial performance and position; enhanced disclosure and transparency and a clear distinguishing of insurance activities from investment activities.
While commending the National Insurance Commission (NAICOM) for the Roadmap for the implementation of IFRS 17 for the insurance industry in Nigeria, he said the commission has been working seriously since 2019 towards ensuring the full adoption of IFRS 17 in the Nigerian insurance industry.
Speaking on Breaking Down the Power of Synergy, Mr Joshua Ogbeifun of the Strategy and Special Project Department, Leadway Assurance, highlighted the strategy adopted by Leadway in enhancing its ambition of remaining the dominant insurance company in Nigeria in revenue and profit market share within the corporate and retail market segment.
He said the company is focusing on becoming a customer-centric organization with an efficient sales process and structure, partnering with organisations with the reach Leadway is seeking by providing data-driving customer insights and customer-led solutions.
Mr Ogbeifun, who described Leadway as a one-stop shop business group, listed the associate companies as Leadway Assurance, Leadway Pensure, Leadway Asset Management, Leadway Health, and Leadway Capital & Trust Limited.
In his closing remarks, Chief Marketing Officer, Mr Olusakin Labeodan, emphasised the importance of the media in the growth of any business and the development of any nation.
Economy
Nigerians Buy Petrol N930 Per Litre as Naira-for-Crude Deal Fails

By Adedapo Adesanya
Nigerians, after facing respite with reduced price of premium motor spirit (PMS), known as petrol, in recent weeks, are now faced with a new challenge as the product retails for as high as N930 per litre in Lagos and higher in other parts of the country.
While Business Post gathered in Lagos that it retails for N930 per litre, it is selling as high between N950 and N970 per litre, depending on the filling stations in Abuja and northern parts of the country.
Our correspondents gathered from three filling stations, including Mobil, AP, and Northwest, that prices were around N930 per litre.
The new price regime followed an announcement by Dangote Refinery temporarily halting the sale of petroleum products in Naira, which is a result of a price war brought on by the deregulation of the downstream sector.
The $20 billion refinery based in Lagos said the sales of its products in Naira have exceeded the value of Naira-denominated crude it has received from the Nigerian National Petroleum Company (NNPC) Limited.
“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US Dollars,” the company said in a statement earlier in March 2025
“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the company explained.
Over the last few months, the price war between the NNPC and Dangote reduce prices to as low as N830 per litre— easing pressure on Nigerians.
However, with oil prices rising in the international market, the landing cost of imported petrol has increased to a high of N885 per litre last week.
On February 26, 2025, the $20 billion refinery owned by Africa’s richest man and industrialist Aliko Dangote slashed the ex-depot price of petrol from N890 to N825 per litre.
Under the new arrangement, customers purchased the petrol at N860 per litre at selected outlets in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
Almost immediately, the NNPC reduced its retail price from N945 to N860 in Lagos, with a similar price reduction reflected at NNPCL outlets in other states of the Federation.
Now, with the cost of landing cost increasing imported petrol costs, Dangote Refinery will be seeking to play its card to cover its margins.
Recall that last month, the NNPC suspended the Naira-for-crude deal with private refiners, including Dangote Refinery, fuelling its suspension of the sale of petrol in local currency.
Economy
Exchange Ethereum (ETH) to Tether TRC20 (USDT)

Crypto conversion may be required for diverse causes. Any user wants to do it fast and profitably. In this circumstance, you can use different ways. Using individuals is operated caustically since it does not ensure security at all. There are many scammers on the Internet, so you can lose your funds in a few minutes.
You can use crypto exchanges or exchangers to profitably swap Ether cryptocurrency to Tether USDT stablecoin in TRC-20 network. Both choices are quite trustworthy, so the user can be certain of the security of transactions. Nevertheless, there are distinctions between them.
How is a crypto exchange distinct from an exchanger?
If you swap Ethereum to Tether TRC20, you must select a more profitable key. Not all users manage to fill out a charge correctly on exchanges, so you need to wait until you come across a promising deal. This may take several days, but you can wait if conditions allow. In this case, although longer, the user can swap crypto at the rate he prefers. Transactions should not be anonymous, and signup and confirmation should be required.
You won’t have to search for swap services for a long time. Just go to www.bestchange.com/ethereum-to-tether-trc20.html. Here, you can select an exchanger to exchange Ethereum (ETH) to Tether TRC20 (USDT). Such services have the next benefits:
1. To purchase Ethereum (Ether) cryptocurrency, you do not need to study the intricacies of trading. The interface is easy: the user chooses the exchange direction and enters the needed amount.
2. When selling and purchasing, the user uses his own crypto wallet; it does not require to transfer funds to the service. In this case, he can be sure that they will not fade.
3. The exchangers present several exchange directions at once, and the user can pick just the one requires.
A tremendous benefit is the lack of registration and identity validation with documents. This permits you to save time and keep the anonymity of transactions. In addition, there are no extra payments in the exchangers. The principal commission is already included in the exchange rate. There is also an option to acquire extra bonuses for regular cooperation.
How to convert cryptos?
The process is very fast. Just go to Bestchange, where the rating of confirmed exchangers is shown. Next, choose the proper service and click on its name to go to the official website. Be sure to read the terms of service. After that, the user fills out an application with the swap direction, amount, and crypto wallet number. The application is sent for validation; the user contacts the service representative to obtain payment details. It must be satisfied within a certain period; otherwise, the application will be canceled. Next, you need to wait until the crypto arrives in the wallet. For all questions, you can reach technical support around the clock.
Economy
Naira Appreciates to N1,550/$1 at Parallel Market

By Dipo Olowookere
The Nigerian Naira had a good outcome at the parallel market segment of the foreign exchange (FX) market on Monday, buoyed by a decline in the demand for FX.
There was a public holiday yesterday in Nigeria, which continues today to mark the end of Ramadan, a 30-day fast observed by Muslims across the globe.
The holiday ease the pressure on the local currency on Monday as most of the forex hawkers were at home for the Eid al-Fitr.
Business Post reports that the Naira gained N5 against the United States Dollar during the trading session to close at N1,550/$1 compared with the preceding session’s value of N1,555/$1.
This newspaper gathered that a few FX traders out for business yesterday did not have much to do because of the holiday declared by the federal government.
“It was a quiet day for us today (Monday. We did not see many customers to buy Dollars from us. It is the usual occurrence when there is a public holiday. We hope things will return to normal from Wednesday,” a forex trader, Mr Abubakar Ahmed, who spoke with Business Post, said.
The official market, known as the Nigerian Autonomous Foreign Exchange Market (NAFEM), did not open for business because of the Eid al-Fitr celebration.
It last opened its doors for business last Friday, when it gained 65 Kobo or 0.04 per cent against the greenback to quote at N1,538.26/$1, in contrast to Thursday’s exchange rate of N1,538.91/$1.
The appreciation happened as the Central Bank of Nigeria (CBN) boosted forex liquidity to stabilize the market with about $1 billion last month.
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