Economy
NAICOM Seeks Partnership With Governors to Deepen Insurance
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has called for a partnership with the Nigeria Governor’s Forum (NGF) to deepen insurance penetration across the 36 states of the federation.
The Commissioner for Insurance and chief executive of NAICOM, Mr Olusegun Ayo Omosehin, disclosed this recently during his visit to the Director General of the forum, Mr Abdulateef Shittu, at the NGF Secretariat in Abuja.
According to a statement, the Director General, while welcoming the management of NAICOM, said the organisation has transformed into a policy hub for the state governors, also serving as its technical and administrative.
“The forum consists of the 36 state governors in the federation while the secretariat is the administrative arm and a resource centre for the forum, rendering services and policy formulation. The NGF secretariat is a one-stop shop for any business you want to do with the states,” the DG explained.
In his remarks, Mr Omosehin thanked the DG for the warm welcome, briefing him on the core mandate of the commission “which is supervising, regulating and developing the Insurance sector in Nigeria and by so doing it involves how the culture of insurance can be deepened by getting the Nation as a whole to comply with some of the compulsory Insurances as provided in our law.”
He noted that “at the federal level these are being driven by Federal agencies but at the state level, the commission needs some high level of cooperation and collaboration.”
He stated that the key reason why the organisation came to the NGF secretariat was to discuss how a coordinated approach can be adopted in working with the states and that the collaboration must start from engaging the NGF Secretariat as a policy hub for the state Governors.
The NAICOM chief said having been appointed a few months back, he and his team were trying to see how they could address some of the issues differently from the way they had been handled in the past to achieve a better result.
He mentioned that the commission chose to start with the NGF, where NAICOM could have an engagement with the secretariat and share ideas.
The CFI further stated the need for most of the laws on compulsory insurance to be domesticated by the states sighting the example of Lagos State.
He said that the fragmented approach in dealing with the states needs to be centralized and have all the states come on board, especially for motor third insurance and also to prevent revenue loss for the states in terms of IGR.
He added that there was also a need for awareness creation across the states on the value of insurance.
The Director General thanked the CFI and expressed optimism that now that the Commission has reached out, he believed that the partnership can bring a lot of positivity on deepen insurance penetration in the country.
The NGF Secretariat and NAICOM agreed that a concept note should be submitted for their review and since a delivery room assessment has already been conducted, the ball shall be kicked to start rolling immediately and a joint Committee was set to deliver on the assignment at hand.
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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