General
Fitch Assigns African Risk Capacity IFS ‘BBB+’ With Stable Outlook
By Adedapo Adesanya
Fitch Ratings has assigned African Risk Capacity Limited (ARC Ltd), the commercial subsidiary of the African Risk Capacity Group (ARC Group), an ‘Insurer Financial Strength (IFS) Rating of ‘BBB+’ and a ‘Long-Term Issuer Default Rating (IDR) of ‘BBB’ with a stable outlook.
Announcing the rating on its official website, Fitch indicated that “the ratings reflect the commitment and credit quality of ARC’s sponsors, as well as the company’s good business profile, very strong capitalisation and leverage.”
Continuing, Fitch stated that, ARC Ltd.’s capital position is very strong, and a key strength for the rating level, adding that the company benefits from the treatment of the $67 million of Class C members’ returnable capital as Tier 1 capital under the Bermudan Solvency regime; and as equity capital under Fitch’s Prism Factor-Based Capital Model (Prism FBM).
As a result, ARC Ltd reported a Bermudan enhanced capital requirement (ECR) ratio of nearly 2500 per cent at March 31, 2020, while the company’s score on Fitch’s Prism FBM was “Extremely Strong” at end-2019.
Speaking on this development, the CEO ARC Ltd, Mr Lesley Ndlovu noted, “Obtaining an industry rating is an important enabler for our strategy to access new business by taking on inwards reinsurance, thereby allowing us to better meet the needs of countries by supporting national agricultural insurance schemes and providing capacity to local insurance companies.”
“Considering that this is the first time ARC Limited is being rated, we are gratified for being ranked among the top-notch insurance companies in Africa. With only one notch lower than Africa Re, we are encouraged more than ever to leverage our competitive edge towards becoming the best disaster risk insurer in Africa in the service of our Member States”, Mr Ndlovu concluded.
ARC Ltd is funded by the UK Department for International Development (DFID) and the German Development Bank KfW. Fitch’s assessment of these funders’ willingness and ability to support ARC results in a one-notch uplift to its standalone credit profile.
In addition to their capital contributions, Fitch believes DFID and KfW provide support to the company that is positive to the credit rating through governance and strategic input, while also facilitating sovereign participation in the business through premium subsidy schemes.
Also sharing his satisfaction with the rating, Mr Ibrahima Cheikh Diong, the Group Director-General, ARC Group, agreed that a BBB+ ranking of ARC Ltd, by an internationally acclaimed agency like Fitch, should boost the faith of ARC stakeholders in the viability of its model relative to meeting set obligations to the Member States.
“Our approach in providing sovereign disaster risk insurance coverage to African Union Member States is anchored on the mandate to ensure that vulnerable populations receive immediate support upon the trigger of the set parameters. Ultimately, we want to become the development insurer of choice for Africa offering multiple products; and a BBB+ by Fitch is a bold step in this quest”, said Mr Diong.
By Fitch’s assessment, ARC’s portfolio diversification is still limited as the company currently offers a single parametric insurance product covering drought risk. Geographic diversification is moderate with the 2019/20 risk pool (‘members’) covering only 11 African Union Member States out of a possible 34, with the number of members having been volatile in prior years. Fitch expects ARC’s business profile to improve through increased diversification as more countries sign up to the ARC project attracted by a broader range of products.
ARC was established to be managed on a commercial basis and achieve very modest profits, but this remains secondary to the company’s development goals. Fitch believes a degree of risk tolerance is inherent in the company’s underwriting practices as development goals are prioritised over underwriting margins.
The rating actions factored in Fitch’s current assessment of the impact of the COVID-19 pandemic, including its economic impact, under a set of rating assumptions outlined on Fitch’s website. These assumptions were used by Fitch to develop Pro-forma financial metrics for ARC Ltd that are compared with rating guidelines defined in its criteria. Under the rating-case assumptions, ARC Ltd’s credit fundamentals remain good and commensurate with a ‘BBB+’ IFS Rating.
In just over 6 years of operations, 56 policies have been signed by the ARC Member States with $83 million paid in premiums for cumulative insurance coverage of $641 million and the protection of 64.1 million vulnerable population in participating countries.
From this, ARC Ltd made $60m payouts to the Governments of Senegal, Niger, Mauritania, Malawi, Cote D’Ivoire, the START Network and WFP following droughts episodes in 2014, 2015 and 2019. These funds have gone towards assisting over 2.5 million people whose livelihoods rely on agriculture, preventing the loss of hard-earned developmental gains in addition to 1 million.
Governments have used ARC Ltd insurance payouts to scale up cash transfers, subsidize livestock feeds, replenish depleted food reserves, and distribute emergency food supplies. Recently, in 2020, payouts of $2.13 million were made to the Republic of Madagascar to cover 600,000 vulnerable population; and $1.8m to the Government of Zimbabwe and WFP to support over 500,000 people affected by the drought.
General
Ibeto Customs Command Officers Undergo Reputation Management Training
By Bon Peters
The Ibeto Seaport and Terminals Area 5 Command of the Nigeria Customs Service (NCS), Port Harcourt, Rivers State, on Friday, January 16, 2026, held a Reputation Management Cascade training for its personnel.
The seminar was aimed at strengthening ethical standards, professional conduct, and the institutional image of the service.
A statement issued by command’s spokesman, Mr Emmanuel Tangwa, a Chief Superintendent of Customs, disclosed that this was part of the service-wide driven programme to entrench integrity, accountability, and public confidence in customs operations.
The Customs Area Controller (CAC) for the command, Comptroller Usman Yahaya, described reputation as “a currency more valuable than money,” noting that “reputation like shadow follows an individual everywhere he goes.”
He said officers must consciously build their reputation with integrity and protect it with courage, as personal conduct ultimately reflects on the entire service.
Another speaker at the event, a Deputy Comptroller of Customs in charge of Revenue, Mr Jacob Onele, outlined the roles and responsibilities of leadership, senior management, public relations officers and officers at the command, zonal and field levels.
Speaking on Crisis and Reputational Risk Management, the Acting Deputy Comptroller for Administration of the command, Assistant Comptroller OE Ita, cited instances where officers’ actions negatively affected the image of the agency and explained practical steps for managing such situations to prevent reputational damage and restore public confidence.
The other speakers, including the chief examiner of the command, Assistant Comptroller MS Abdullahi; the team manager of the Customs Intelligence Unit, Deputy Comptroller HA Barka; and Deputy Comptroller BA Lawson Wadike, also aired their views on the topic of discussion, with the training providing an opportunity to a question-and-answer segment.
The participants commended the initiative and acknowledged its positive impact on their understanding of what reputation management is all about as officers noted that a single act of misconduct could stain the uniform of a thousand honest others reinforcing the lesson that reputation management begins with individual accountability.
General
Discos Restore Power Supply After First National Grid Collapse of 2026
By Adedapo Adesanya
Gradual electricity restoration has began across the nation after the country’s national grid recorded its first collapse in 2026 on Friday.
The first collapse in 2026 on January 23 came after a similar incident on December 29, 2025, which had caused widespread power outages across the country.
The prevalent grid collapse in the country has been attributed to a combination of technical faults, inadequate maintenance of transmission lines, and fluctuations in generation capacity.
Earlier today, electricity generation dropped sharply from over 4,500 megawatts to as low as 24 megawatts as of 1:30 pm.
Checks showed that all 23 power generation plants connected to the grid reportedly lost output during the incident, resulting in zero power allocation to each of the 11 electricity distribution companies from Lagos to Kano to Abuja.
Officials of the Transmission Company of Nigeria (TCN) had yet to issue a detailed statement at the time of filing this report by 4:40 p.m.
However, a notice from Abuja Electric Distribution Company (AEDC) to customers noted that “gradual restoration of supply” has commenced.
In Lagos State, several streets in the Orelope area of Alimosho Local Government also reported power restoration.
General
Google Search Shows Nigerians Prioritizing Ambition, Self-Growth in 2026
By Aduragbemi Omiyale
A Google Search report has revealed that Nigerians are deploying the platform to make findings on how to get better in 2026 so as to navigate the year seamlessly.
Data showed that in the first two weeks of January, there has been a 40 per cent spike in searches related to self-improvement, entrepreneurial growth and “becoming better” as they search for the tools needed to succeed in every area of life.
A few of the most searches on Google by Nigerians this year have been Starting a blog, Launching a podcast, How to start a business, and Opening a YouTube channel, among others.
For example, How to start a business emerged as the top-searched how to start query this month, seeing a significant 80 per cent increase as Nigerians look to build new ventures and drive economic opportunity.
Investing in the Better Me
Personal growth is a top priority for Nigerians this year, with searches for how to be a good/better person increasing by 20 per cent. This desire for improvement extends into the heart of the home and community, with people searching for ways to be better partners, husbands, wives, and listeners.
A Healthy Start to 2026
Well-being is at the forefront of the national conversation. Nigerians are forming new habits to stay energized, with searches for how to eat healthy and healthy diet rising by 40 per cent. Mental wellness is also gaining momentum, as searches for “how to meditate” spiked by 40 per cent during the same period.
The Quest for Mastery
Whether it is professional development or personal hobbies, the quest for mastery is on. Top mind for many are searches on how to improve communication skills, memory, and even English proficiency. In the world of leisure and skill-based learning, Nigerians are looking to get better at everything from chess and running to singing and even Fortnite.
“These trends are a powerful reflection of Nigeria’s collective ambition and our shared desire to grow.
“We see Search as a cultural mirror that captures the pulse of the nation, and remain committed to ensuring our tools, from Search to Gemini, provide the relevant and helpful insights Nigerians need to navigate their daily journeys and build a more prosperous future,” the Communications and Public Affairs Manager for Google West Africa, Mr Taiwo Kola-Ogunlade, said.
The full list of Searches is below.
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Top “how to be a better…” searches |
Top “how to improve…” searches |
|
1. How to be a better person 2. How to be a better lover 3. How to be a better girlfriend 4. How to be a better boyfriend 5. How to be a better husband 6. How to become a better writer 7. How to become a better singer 8. How to be a better wife 9. How to be a better kisser 10. How to be a better listener |
1. How to improve English 2. How to improve memory 3. How to improve credit score 4. How to improve communication skills 5. How to improve handwriting 6. How to improve eyesight 7. How to improve posture 8. How to improve gut health 9. How to improve concentration 10. How to improve circulation |
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Top “how to get better at…” searches |
Top “how to start…” searches |
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1. How to get better at Fortnite 2. How to get better at chess 3. How to get better at basketball 4. How to get better at warding League 5. How to get better at singing 6. How to get better at drawing 7. How to get better at pull ups 8. How to get better at math 9. How to get better at running 10. How to get better at soccer |
1. How to start a business 2. How to start a blog 3. How to start a conversation 4. How to start a podcast 5. How to start a YouTube channel 6. How to start running 7. How to start an essay 8. How to start a speech 9. How to stop worrying and start living 10. How to start a letter |
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