Economy
Universal Insurance Introduces Product for Okada Riders
By Adedapo Adesanya
Universal Insurance Plc has introduced the first-ever insurance products or commercial motorcycle riders (Okada) called the Okada Personal Assurance & Safety Scheme (Okada Pass).
This new product from the underwriting company is mainly to ensure the safety of commercial motorcycle riders and their passengers in Nigeria.
The Okada Pass plan was uniquely designed to provide cover for personal accident to the insured Okada rider. The product will also be sold as an individual policy and as a group scheme to the riders.
The plan is a compensation plan for riders in case of an accident. The premium amount to pay will, however, depend on the type of plan chosen by the policyholders.
The Okada Personal Assurance & Safety Scheme comes in five different plans namely Jeje Cover, Carry-Go Cover, No-Shaking Cover, Confaam Cover, and Digital Bike Cover.
The Jeje Cover, with as low as N2,300 yearly premium, a rider can get paid up to N50,000 for medical expenses; N100,000 for permanent disability; N100,000 for death; N50,000 for third party liability and 10,000 for repair assist (owned damage).
For the Carry -Go Cover, it enables the rider to get paid up to N75,000 for medical expenses; N150,000 for permanent disability; N150,000 for death; N65,000 for third party liability and N15,000 for repair assist. This cover attracts a yearly premium of N3,400.
On the part of the No-Shaking Cover, it comes with an annual premium of N4,000 and it enables the rider to get paid up to N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; N70,000 for third party liability and N20,000 for repair assist.
Under the Confaam Cover, riders are expected to get N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; N70,000 for third party liability; N20,000 for repair assist and N20,000 for passengers medical expenses. The premium for this cover is N4,400 per year.
The Digital Bike Cover allows policyholders to pay a yearly premium up to N10,400 which qualifies them to get paid up to N100,000 for medical expenses; N250,000 for permanent disability; N250,000 for death; N75,000 for third party liability; N50,000 for repair assist; N50,000 for passengers medical expenses and N250,000 for goods/parcel (annual limit).
Speaking on the product, the Managing Director/CEO of Universal Insurance, Mr Benedict Ujoatuonu, said the Okada Pass is an innovative product that provides benefits to Okada riders.
According to Mr Ujoatuonu, “If you take a look at the level of accidents that involve the Okada riders every day on Nigerian roads, they are high and most often you discover they are left without any form of benefits that come from insurance. So, this is what our Okada Pass is coming to take care of”.
“We provide them with personal accident cover that makes sure that when they sustain any injury that requires medical attention, they will get it from the policy. Even if it is a disability which is very rampant in Okada business, they will be covered by our policy. We will compensate the family of the rider if it results in death. Our Okada Pass is an innovative insurance product which has everything they need in the cover,” the insurance expert added.
He urged Okada riders and their groups to embrace the new products to enable create benefits for their members which will, in turn, sustain their business.
Universal Insurance is a general business organisation registered to underwrite general insurance business. It has an asset base of over N11 billion, authorized, share capital of 16Billion units and N8 billion paid-up respectively.
The CEO revealed that the company was now fully computerized to drive excellence in service delivery, adding that they are widely known for providing peace of mind to their clients and enriching their quality of life through their partnership in the management of the risks they face.
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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