General
Five Join Standard Chartered Women in Technology Incubator Programme
By Aduragbemi Omiyale
The prestigious Standard Chartered Women in Technology Incubator Programme (SC-WITI) in Nigeria has taken in five women who will get a $10,000 grant each, with business development advisory, mentorship opportunities and strategic business public relations.
The beneficiaries are Oluwadamilola Soyombo, founder of Skooqs; Bolarinwa Kemisola, founder of Nextwear Technology; Adegbite Adenike, founder of The Trillionbucks Company; Zita Agwunobi, founder/CEO of Iverify; and Wunmi Akinsola, founder of Fashtracker.
They emerged winners of the third edition of the scheme at a graduation ceremony held in Lagos recently.
Like the last two editions, the 10 young businesswomen in this cohort were shortlisted from over 1,000 applicants and went through a rigorous 16-week executive bootcamp during which they also interacted with business development coaches and executives from Standard Chartered.
At the end of the training period, five winners with the most compelling ideas were chosen. They will also receive portfolio advisory support for 10 weeks. They would be exposed to potential investors and join the global SCWIT alumni network to have access to additional networking events, resources, content, and business scaling opportunities.
“Today, we congratulate and celebrate these exceptional women who have gone above and beyond to prioritise the growth, sustainability and community impact of their businesses.
“As part of our Bold Stands, to Lift Participation initiatives like the Women in Tech incubator gives us the opportunity to unleash the full potential of female entrepreneurs who in turn are able to improve the lives of people around the world especially Nigeria.
“We continue to stand up for equitable access to financial support for women and small business. We are committed to accelerating the provision of quality financial services to women in Nigeria, purposefully connecting SMEs to international markets and building partnerships to expand the reach and scale of financial services.
“These are just some of the ways we continue to reiterate to our communities and customers that we are Here for good,” the Country CEO, Lamin Manjang said.
Also speaking, the Head of Corporate Affairs, Brand and Marketing, Dayo Aderugbo, stated that, “We are optimistic about the impact this programme will have on their businesses.
“Through the Women in Technology Incubator program, the bank focuses on capacity building for women-owned small enterprises, under our Futuremakers by SC Community Investment initiative, which we believe serves as a great opportunity to support greater diversity in gender representation within technology entrepreneurship for women in Nigeria.
“The resources the beneficiaries have received from the sessions are theirs for life and will certainly support the resilience of their businesses while creating employment for more women and youths in the country.
“We are excited about the endless growth opportunities and the ripple effect this growth will have on the economy. This initiative builds on the bank’s track record of increasing women’s access to entrepreneurial finance, employability and supporting adolescent girls and women through financing and capacity building.”
Launched in Nigeria in June 2019, the SC Women in Tech Incubator (SCWITI) was established to support and promote the economic and social development of women engaging in a technology-led enterprise.
Implemented for the bank by the Enterprise Development Centre (EDC), Pan-Atlantic University (PAU), the programme targets female-owned technology-driven businesses, including start-ups, and provides the shortlisted candidates with training, mentorship and knowledge exchange sessions with industry experts and thriving businesses in the country. To date, nearly half a million dollars has been invested in the program in Nigeria.
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the federal government to review the fuel import licences recently issued to some marketers, saying the policy is driving up fuel prices, putting pressure on foreign exchange and creating instability in the downstream petroleum sector.
Speaking in Abuja, IPMAN’s National Publicity Secretary, Mr Chinedu Ukadike, said the current import regime has not achieved its goal of making fuel more affordable. Instead, he argued that it has encouraged the importation of more expensive petrol while increasing the country’s dependence on foreign exchange.
According to Mr Ukadike, some importers plan to sell Premium Motor Spirit (PMS), also known as petrol, for about N1,350 per litre, which is higher than the ex-depot price offered by the Dangote Petroleum Refinery.
The IPMAN official questioned the need to import fuel at higher prices when locally refined products are available at lower costs, noting that the situation has made it difficult for independent marketers to plan their businesses because import costs continue to fluctuate.
Mr Ukadike also raised concerns about the quality of some imported fuel and called on regulators to ensure that only products that meet Nigeria’s standards are allowed into the country.
The association warned that continued fuel imports also increase demand for the US Dollar since importers pay for products in foreign currency. This, the association said, puts additional pressure on the naira and contributes to higher fuel prices.
The association stressed that Nigeria should focus on supporting local refining to improve energy security and reduce reliance on imported petroleum products.
It noted that the Dangote Petroleum Refinery has helped maintain steady fuel supply despite global disruptions, including tensions in the Middle East.
According to IPMAN, greater use of locally refined fuel would reduce FX demand, strengthen the refining industry, create jobs and improve economic stability. It also said producing enough fuel for local consumption while exporting excess output would help Nigeria earn more foreign exchange.
The association called on the federal government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company (NNPC) Limited and the Presidential Committee on downstream reforms to engage stakeholders and adopt policies that support domestic refining.
IPMAN said strengthening local refining remains the best long-term solution for affordable fuel, stable supply and improved energy security in Nigeria.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has reiterated that the July 31, 2026, deadline for insurance companies to meet the new minimum capital requirements remains firm, warning operators against treating it as a mere formality.
The Commissioner for Insurance of NAICOM, Mr Olusegun Ayo Omosehin, who gave this warning, urged companies that have yet to meet the new minimum capital requirements to act with urgency.
Speaking on Friday at the investiture of Mr Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, Mr Omosehin said the recapitalisation exercise remained a critical pillar of the Commission’s ongoing reforms aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to him, the new minimum capital requirement is designed to improve insurers’ claims-paying capacity, strengthen their balance sheets, support higher domestic risk retention and prepare the industry for a risk-based capital regime.
“With about 14 days to the July 31 deadline, we commend operators that have made significant progress in raising capital, engaging investors, strengthening governance and submitting for the Commission’s verification process.
“However, the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves,” he said.
The Commissioner assured stakeholders that the insurance sector regulator would maintain a transparent, fair and firm process, stressing that every operator must demonstrate financial soundness, regulatory compliance and operational readiness.
He added that stronger capitalisation must ultimately translate into better service delivery, prompt settlement of claims, improved consumer protection and greater public confidence in insurance.
Mr Omosehin noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 has provided a stronger legal framework for a more resilient, better-governed and responsive insurance market, adding that NAICOM’s reform agenda is focused on market conduct, policyholder protection, governance, insurance penetration, financial inclusion and responsible innovation.
He described professionalism as the foundation of a trusted insurance market, saying the industry’s growth depends not only on adequate capital and effective regulation but also on ethics, competence, innovation and public confidence.
“The strength of insurance depends not only on capital and regulation but also on professionalism, ethics, innovation and public confidence. A trusted insurance market cannot be built on capital alone. It requires competent professionals, ethical institutions, credible advice and fair treatment of policyholders,” he stated.
By Bon Peters
About 29,645 litres of premium motor spirit (PMS), otherwise known as petrol, as well as industrial palm oil, edible palm oil and vegetable oil with a Duty Paid Value (DPV) of N26 million have been auctioned by the Eastern Marine Command of the Nigeria Customs Service (NCS).
The products were seized by the agency from some smugglers and auctioned on Thursday, July 16, 2026, at the Oron Outstation of the Command in Akwa Ibom State, in strict compliance with Section 119 of the Nigeria Customs Service (NCS) Act 2023.
It was gathered that the command auctioned 14,720 litres of petrol and 14,925 litres of industrial palm oil, edible palm oil and vegetable oil, according to a statement issued over the weekend in Port Harcourt, Rivers State, by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs.
It was disclosed that the exercise aligned with the service’s statutory mandate to transparently dispose of seized, forfeited, and abandoned goods after all due legal processes have been completed.
The petrol had a DPV of N11.4 million, 14,200 litres of industrial palm oil with a DPV of N14.1 million, 600 litres of edible palm oil with a DPV of N840,000, and 125 litres of vegetable oil with a DPV of N141,000.
Declaring the auction open, the Acting Comptroller of the Eastern Marine Command, Mr Esien Etim Esiet, stated that the items were intercepted during successful anti-smuggling operations within the command’s jurisdiction, adding that the seizures followed direct violations of the NCS Act and other extant laws governing restricted goods.
“This exercise reflects our unwavering commitment to transparency, accountability, and the prudent management of government assets,” he stated, reiterating that, “Beyond the lawful disposal of goods, this auction serves as a stark reminder that smuggling is an economic crime.”
“It undermines national development, threatens local industries, and deprives the government of critical revenue,” he averred, commending the resilience and professionalism of the command’s officers for securing Nigeria’s maritime borders despite operating in challenging terrains.
The customs officer assured bidders that the process was structured to be fair, open, and legally compliant while offering equal opportunity to all eligible participants.
