General
Nigeria Second Most-Prominent Theatres of Islamist Militant Activity—Report
By Dipo Olowookere
Mali and Nigeria have been named as the second most-prominent theatres of Islamist militant activity with attacks most concentrated in Somalia.
It was disclosed that sub-Saharan Africa suffers under a sharp rise in the number of Islamist militant attacks.
In its report Changing Patterns in Terrorism and the Threat to Business, Control Risks, the specialist global risk consultancy, finds that the number of incidents rose from 317 in 2013 to 1,549 for the period April 2017 to April 2018.
While some of the attacks are inspired by the so-called Islamic State (IS) that loses its grip in its Middle Eastern heartland, the drivers behind this rise in sub-Saharan Africa are more complex.
Jean Devlin, Partner and Head of African Analysis at Control Risks, explains: “Many factors lie behind this, including the local dynamics of long-standing conflicts and insurgencies.
“In East and West Africa, the increase in attacks has several drivers: Although security forces in affected countries have for the most part been able to reduce the capability of militant groups to hold onto and control territory, this has pushed them to engage in asymmetric warfare against civilian ‘soft targets’.
“Security forces are struggling to comprehensively degrade the capability of these groups, and as a result the threat is proving resilient despite gains made.”
Somalia, which witnessed 879 incidents over the period, accounted for over half of the Islamist militant incidents recorded across sub-Saharan Africa; the only other East African country affected during the period was Kenya, with 79 incidents. In West Africa, where 36% of the incidents were reported, Nigeria suffered most (220 incidents), followed by Mali (194) and Cameroon (96).
Although the total number of Islamist militant attacks in Southern Africa was relatively low – 56 incidents in total; 43 in the Democratic Republic of Congo, 12 in Mozambique, 1 in South Africa – the rise in attacks particularly in Mozambique, where the first attack was recorded on 5 October 2017, is concerning.
Looking at all types of terrorist activity, government, military and security forces, and their installations typically top target lists across the world. Retail and road top the list of civilian sectors affected by Islamist militancy globally – something that is mirrored in sub-Saharan Africa where vehicles and road infrastructure such as bridges are most targeted, particularly in Nigeria, Mali, Kenya and Somalia.
The hospitality sector comes in second (with most incidents in Somalia and Mali), followed by retail. Targeting these areas allows Islamist militants to hit civilians and government/ security forces alike, as the latter congregate in the respective facilities or use the infrastructure for movements.
The many shades of political and ideological violence and militancy in play across the globe are part of a complex picture of risk and opportunity facing businesses and organisations. Combined with other threats such as cyber security, kidnap and general criminality, these create a complex security environment for international business.
“Consistent monitoring of which sectors, asset types and locations are vulnerable, and of emerging trends, is critical”, says Devlin. “Based on the qualitative analysis that helps understand drivers of terrorism, organisations can spend resources wisely and assess opportunities accurately. Resilience comes from having full visibility of the threat landscape and adopting an organisational posture that allows you to continue seeking opportunity.”
By Adedapo Adesanya
Justice Inyang Ekwo of the Federal High Court, Abuja, has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Mr Jimoh Yisawu, in the sum of N500 million.
Mr Yisawu is standing trial on an eight-count charge bordering on alleged money laundering.
He pleaded not guilty to all eight counts after they were read to him. The charge, dated and filed on June 22, 2026, was brought by the Federal Government.
The prosecution, led by Mr Ekele Iheanacho, a Senior Advocate of Nigeria (SAN), told the court that the defendant allegedly committed offences contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
In the first count, the Federal Government alleged that Mr Yisawu “indirectly converted the aggregate sum of over $789,950… being proceeds of unlawful activity”, contrary to Section 18(2)(b) and punishable under Section 18(3) of the Act.
In the second count, the prosecution alleged that he made cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, contrary to the provisions of the anti-money laundering law.
In the fourth count, the government further alleged that Yisawu made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system and due process, in violation of the anti-money laundering law.
Following the defendant’s plea, Iheanacho applied for a trial date.
Counsel for the defendant, Wale Balogun (SAN), informed the court that he had filed a bail application.
Responding, Mr Iheanacho said the prosecution had filed a counter-affidavit opposing the application and urged the court to refuse bail.
Balogun, however, argued that the prosecution had earlier granted Mr Yisawu administrative bail and had already seized his international passport. He urged the court to maintain the existing bail terms.
After adopting their respective processes, both counsel argued for their applications.
In a ruling, Justice Ekwo held that the defendant was entitled to bail.
The judge said, “Going by Section 162 of the Administration of Criminal Justice Act (2015)… I therefore grant bail in the sum of ₦500m with one surety in like sum.”
Justice Ekwo ordered that the surety must be a responsible Nigerian with landed property in Abuja and must submit proof of ownership to the court registrar.
The judge also directed the defendant to deposit his international passport with the court and barred him from travelling outside Nigeria without the court’s permission.
Pending the perfection of the bail conditions, the court ordered that Mr Yisawu should remain in the custody of the prosecution.
The case was adjourned until October 25, 26, and 27, 2026, for trial.
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.
