Economy

NAICOM, Ministry Plan Insurance Policy for Government Assets

Published

5 years ago

04/07/2021

By Adedapo Adesanya

Plans by the federal government to insure all its assets across the federation has gotten a boost following a meeting between the National Insurance Commission (NAICOM) and the Ministry of Finance.

At an event held this week, representatives of the Ministry met with the regulatory agency for the insurance sector in Nigeria about the development.

The Vice-Chairman, Sub-Committee, Publicity and Communication Sub-Committee, Mrs Ebelechukwu Nwachukwu, disclosed that the federal government officials were at the Insurers Committee meeting held in Lagos.

Mrs Nwachukwu, also the Managing Director, NSIA Insurance Company, explained that, “The representatives of the Ministry of Finance spoke to us on the willingness and readiness of the federal government to insure all its assets.

“As a result of the development, we are going to be having a meeting between the industry and the Ministry of Finance to discuss all the modalities and guidelines.

“Our discussion will address issues around data, premium payment, amongst others.”

According to her, the industry is excited that the government was paying attention to insuring its assets and sustain the culture, as this would set a positive pace.

Mrs Nwachukwu disclosed that a discussion was also ongoing between the operators and the commission to review the N5,000 third party motor insurance policy.

She said that the Commissioner of Insurance, Mr Sunday Thomas, following reactivation of the Insurers Committee, directed it to determine the adequacy of the current premium for the third-party motor insurance policy.

“The committee has received the permission of NAICOM to review and determine the adequacy of the current premium for the third-party motor insurance policy.

“When you have a third-party policy, it is necessary that you revisit it from time to time, so the technical and actuarial professionals will start working on that,” she said.

The managing director hinted that the insurers’ committee has also agreed to scale up the ECOWAS Brown card by going into automatic issuance in Nigeria.

“Issues around enforcement of the brown card issuance and lots of issues around the claims that have occurred for people who have it were also discussed extensively,” she said.

She also revealed that NAICOM also charged operators to show more interest in financial inclusion, review the guidelines around it and report to the commission.

“The commission will like to get feedback on anything that makes people show more interest in microinsurance and Takaful insurance,” she said.

On IFRS 17 and implementation, Mrs Nwachukwu noted that the regulator had encouraged all the insurers to ensure that they gather analysis and get ready by putting in place all internal requirements and board for the implementation.

The managing director disclosed that the rebranding project of the industry has been extended and would be re-initiated soon with a new structure that was different from the former.

It was also revealed that the sub-committees of the Insurers Committee have been reduced from eight to six. She listed the sub-committees as Corporate Governance and Ethics, Market Development and Government relation, Customer Services, Credentials Guidelines, Technical and Publicity/ Communication subcommittee.

The meeting was attended by top directors in NAICOM and Chief Executives Officers of insurance companies.

Insurers Committee was established by NAICOM and synonymous with Banker’s Committee.

It consists of NAICOM directors and CEO of all underwriter insurance companies in Nigeria.

The committee, inaugurated on Nov. 19, 2015, by the then Minister of Finance, Mrs Kemi Adeosun, operates under a mandate to rebrand and strategically reposition the insurance industry.

Economy

NRS Launches Unified Tax ID System

Published

17 minutes ago

19/05/2026

Adedapo Adesanya

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.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

3 hours ago

19/05/2026

Adedapo Adesanya

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.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

3 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.