General
NAICOM Limits Insurtech Firms From Oil, Gas, Marine, Crypto Businesses
By Adedapo Adesanya
Insurance technology (insurtech) companies will be limited from participating in businesses in the oil and gas, marine, aviation sectors, among others, and engaging in cryptocurrency transactions.
This is part of new guidelines published by the industry’s regulator, National Insurance Commission (NAICOM) effective from August 1.
According to the guidelines for insurtech operations in Nigeria, issued on Wednesday via its website, NAICOM noted that these cannot be carried out without its approval, noting that insurance businesses like “oil and gas insurance, marine and aviation insurance, retirement life annuity, and insurance of government assets and liabilities for ministries, departments, and agencies. Launching products or using dynamic pricing without actuarial support or prior approval from the Commission, and complete reliance on artificial intelligence systems to decline claims without human intervention.
“Crypto-based transactions: Acceptance of premiums or settlement of claims in cryptocurrency without prior approval of the Commission. Data privacy violations: Sharing of personal data without explicit consent, in breach of NDPR or related frameworks. Manipulative platform design (Dark Patterns): Interface design tactics that mislead users into purchasing or renewing an insurance policy. Cross-border digital sales without approval: Offering insurance to foreign jurisdictions without prior approval of the Commission.”
They are also barred from physical marketing of insurance products as done by conventional insurance operators.
In terms of the minimum capital threshold, NAICOM said that for standalone insurtech, it will be the higher of “a. N1.5m per category of general or non-life insurance business or risk-based capital determined from time to time by the Commission. b. N1,000,000,000 per category of life insurance business or risk-based capital determined from time to time by the Commission; or c. Such other amount as may be prescribed by the commission from time to time.”
For insurtech partnering with insurance institutions, the regulator pegged the minimum capital requirement at N10 million as of the date of application and shall continue to maintain the same throughout the license period.
It added a professional indemnity of not less than N100 million or as may be prescribed by the Commission from time to time.
The commission warned that it may increase from time to time the minimum capital requirement.
Also, players in this sector would be required to submit to the commission audited annual financial statements not later than the first quarter of the subsequent year.
NAICOM has warned that once the guidelines become effective on Friday, all insurance institutions and insurtech firms operating under any agreement, whether called insurtech business or otherwise, shall comply with the provisions of these guidelines within 30 days of their coming into effect.
General
FG Backs US Sanctions on Three BDC Operators Linked to Terror Financing
By Adedapo Adesanya
The federal government has hailed the recent sanctioning of three Nigerian bureau de change (BDC) operators by the United States’ Office of Foreign Assets Control (OFAC) for alleged terrorism financing.
“The Nigeria Sanctions Committee welcomes the recent inclusion of Mukthar Muhammad Adamu, Nine to Nine BDC, and Generation BDC Limited by the United States Office of Foreign Assets Control (OFAC).
“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026,” it disclosed in a statement.
It said that the naming of the three companies and six people followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.
“The individuals and entities added to the Nigeria Sanctions List on 18th June 2026 are Ibrahim Yakubu Ogirima (NLISWi.19), Muktar Muhammad Adamu (NLISWi.20), Adamu Chiroma (NLISWi.21), Ibrahim Abubakar (NLISWi.22), Abdullahi Umar Usman (NLISWi.23), Babangida Muhammed Adamu Hammajam (NLISWi.24), Abbal Bako & Sons Bureau De Change Limited (NLISWe.25), Generation Currency BDC Limited (NLISWe.26), Nine to Nine BDC Limited (NLISWe.27),” the statement read in part.
The federal government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of suspicious transaction reports, and the reporting of all relevant matches to the appropriate authorities.
The sanctions committee commended the work of the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities.
It stated that Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.
The committee also said that the Federal Government would continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.
General
Lagos Seals Radio Station, Others for Noise Pollution
By Aduragbemi Omiyale
A radio station, Wise FM, has been sealed by officials of the Lagos State Environmental Protection Agency (LASEPA).
The premises of the broadcast media platform, located on Ogabi Street, Meiran, Ile-Iwe Bus Stop, were shut by the state government on Tuesday, June 23, 2026, alongside other establishments across different parts of Lagos State for alleged persistent violations of environmental regulations despite repeated warnings, abatement notices, and opportunities provided for compliance.
In a statement by LASEPA, it was disclosed that the enforcement exercise was carried out in response to various environmental infractions, including noise pollution, air pollution, obstruction of official duties, and failure to comply with its directives.
As regards Wise FM, it was said that it was sealed for noise and air pollution as well as non-compliance with the Agency’s directives.
Another organisation affected, Star-View Terrace, located in Amuwo Odofin, Lagos, was shut down for noise pollution and non-compliance with the agency’s directives, while Premiership Suites, located at Akin Osiyemi Street, Off Allen Avenue, Ikeja, was sealed for non-compliance with the agency’s directives.
Speaking on the enforcement operation, the General Manager of LASEPA, Mr Babatunde Ajayi, reiterated the organisation’s unwavering commitment to safeguarding public health and ensuring a cleaner, safer, and more sustainable environment across Lagos State.
He stressed that both individuals and corporate organisations have a responsibility to comply with environmental laws and regulations, stressing that environmental protection remains a collective duty that requires the cooperation of all stakeholders.
The LASEPA boss warned that the agency would continue to intensify enforcement actions against violators in order to curb environmental nuisances and protect residents from the harmful effects of pollution.
Mr Ajayi urged residents, business owners, and operators of commercial establishments to adopt environmentally responsible practices and cooperate with regulatory authorities in promoting a healthier, cleaner, and more livable Lagos.
General
LPPC Temporarily Strips Mike Ozekhome of SAN Title
By Aduragbemi Omiyale
Renowned legal practitioner, Mr Mike Ozekhome, has been directed to desist from using the prestigious title of the Senior Advocate of Nigeria (SAN) for now pending the outcome of disciplinary proceedings against him.
He is being investigated by the Legal Practitioners’ Privileges Committee (LPPC), a body which looks into complaints against lawyers in Nigeria.
Announcing the suspension of the prominent lawyer’s SAN rank on Thursday, the Chief Registrar of the Supreme Court, Mr Kabir Akanbi, said the disciplinary action was taken at the committee’s 173rd general meeting on Tuesday, June 23, 2026.
Mr Akanbi, who doubles as the Secretary of the LPPC, stated in the statement that the temporary ban is intended to safeguard the integrity, dignity, and prestige of the SAN rank while the matters under review are being considered.
It was explained that the suspension was pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria and all Matters Pertaining to the Rank, adding that it is tied to disciplinary proceedings currently before the Disciplinary and Ethics Sub-Committee of the LPPC and other related proceedings.
“The LPPC remains committed to upholding the highest standards of professional ethics, integrity, and discipline within the legal profession and to ensuring that the Rank of Senior Advocate of Nigeria continues to command public confidence and respect,” a part of the notice disclosed.
It stressed that, “Mike Ozekhome shall refrain from parading himself, presenting himself, or otherwise holding himself out as a Senior Advocate of Nigeria pending the final determination of the disciplinary proceedings.”
The title of Senior Advocate of Nigeria (SAN) is the highest honour bestowed upon legal practitioners in the country, recognising excellence and long-standing contributions to the legal profession. The LPPC is the statutory body empowered to award and withdraw the rank.
Mr Ozekhome is one of Nigeria’s famous constitutional lawyers, human rights activists, and public commentators, but lately, his name was mentioned in an alleged forgery in the United Kingdom.
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