Business
Recapitalisation: 12 insurance firms in tight corner

•Regulator insists on the deadline
•Some insurers consider scaling down
By Rosemary Iwunze
As the July 31 deadline given to insurance companies to meet the recapitalisation requirement draws near, indications have emerged that some of them may fail to scale through.
There are three reinsurance companies in the insurance sector, 29 general insurance companies, and 14 life insurance companies as well as 12 composite companies.
The number of insured people in the country is about five million. While many corporates are also insured.
Following the signing of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025), insurance firms were mandated to shore up their operating capital.
Life insurance firms are mandated to shore up their operating capital from N2 billion to N10 billion. General insurance firms are to raise theirs from N3 billion to N15 billion. Reinsurance firms are to shore up their capital from N10 billion to N35 billion.
Investigations by Vanguard also revealed that some companies are considering jettisoning either their life insurance or general insurance business segments in a bid to fit into a lower capital threshold.
This came as the National Insurance Commission, NAICOM, last week, held a strategic meeting with about 12 insurance companies said to be largely motionless in the ongoing recapitalisation drive.
Vanguard learnt that at the meeting, NAICOM reiterated that the July 31, 2026 deadline would not be extended.
Speaking during the meeting, the Commissioner for Insurance, Mr. Segun Omosehin, directed the affected companies to disclose the challenges slowing down their recapitalisation efforts and offered guidance on how they could scale through.
Omosehin also charged the firms to intensify their momentum, warning that any company that fails to comply risks deregistration by August this year.
Meanwhile, further Vanguard investigations indicate that some of the companies involved may be forced to drop certain business lines to survive.
In one instance, a company that attended the strategic meeting following NAICOM’s warning has reportedly resolved to shut down its life insurance arm and focus solely on the general insurance segment as part of efforts to meet the recapitalisation requirement.
It will be recalled that among companies that have approached the NGX for capital raising include Guinea Insurance seeking for N5.8 billion through rights issue, Linkage Assurance seeking for N16.3 billion offer, Lasaco Assurance seeking to raise N18.47 billion, SUNU Assurance for N9.34 billion, Sovereign Trust seeking N5.02 billion and Universal Insurance seeking to raise N15 billion.
Meanwhile, Omosehin said that no less than 20 insurance firms have officially written to the Commission on their recapitalisation efforts informing the Commission that they were ready for verification.
He said given this information, his office had assigned verifiers to look into their books and report back to his office within a timeframe of three weeks.
According to him, it goes beyond his power as insurance commissioner to extend the deadline because it was stated by the Nigeria Insurance Industry Recapitalisation Act, NIIRA 2025, and cannot be shifted by any authority except with the amendment of the law.
Industry analysts say the looming deadline is likely to trigger a wave of mergers and acquisitions, as weaker firms seek lifelines from stronger players rather than face outright exit. They noted that while consolidation could strengthen the sector’s capital base, it may also reduce competition in the short term. However, they argued that a more robust and better-capitalised industry would ultimately enhance public confidence and improve the capacity of insurers to underwrite large-ticket risks.
Market operators also expressed concern over the slow pace of capital raising, citing harsh macroeconomic conditions, high interest rates and investor apathy as major constraints.
According to them, many insurance firms are struggling to attract fresh equity due to low returns historically associated with the sector. This, they said, has made rights issues and public offers less appealing, forcing some companies to explore alternative funding options, including private placements and strategic partnerships.
The post Recapitalisation: 12 insurance firms in tight corner appeared first on Vanguard News.
Business
Lekki Port Phase 2 construction set for kick-off, says Lagos govt

By Godwin Oritse
Lagos State Governor, Babajide Sanwo-Olu, has announced that work on Phase 2 of the Lekki Port project will commence soon, a move aimed at strengthening the state’s position as West Africa’s leading maritime and logistics hub.
Speaking at the Invest Lagos Summit 3.0 held in Lagos earlier in this week, Sanwo-Olu highlighted the State’s commitment to expanding critical infrastructure and attracting investment.
He explained that the expansion of the Port will significantly enhance cargo handling capacity, strengthen maritime trade, and deepen Lagos’ role as a gateway to the African Continental Free Trade Area (AfCFTA) market of over 1.4 billion people.
He stated: “With AfCFTA creating a market of over 1.4 billion people and a combined GDP exceeding $3 trillion, Lagos occupies a uniquely strategic position.
“The Lekki Deep Sea Port, within five years, is moving to phase two because it is almost reaching the full potential of its installed capacity. And just within five years, it is moving to phase two. These are not just aspirations but projects that have been implemented and are under implementation. They have been funded, progressing, and transforming the investment landscape of our State”.
In his remark, the Managing Director, Lekki Port, Wang Qiang, commended the Lagos State Government for maintaining a stable and investment-friendly environment.
He noted that the next phase of development will play a key role in expanding the port’s operational and cargo-handling capacity, improving logistics efficiency along the Lekki corridor, and attracting additional global shipping and logistics investments.
Qiang noted that the expansion aligns with Nigeria’s broader trade facilitation agenda and the increasing demands of regional and international shipping networks.
He stated: “We are deeply encouraged by the continued support of the Lagos State Government, whose infrastructure-led policies have created a stable and forward-looking environment for long-term maritime investment.
“The commencement of the next phase of development represents a significant milestone in our journey to expand capacity, enhance operational efficiency, and strengthen Lekki Port’s position as a premier gateway for West African trade under the AfCFTA framework.”
The post Lekki Port Phase 2 construction set for kick-off, says Lagos govt appeared first on Vanguard News.
Business
NNPCL, security agencies intensify crackdown on pipeline vandals

By Udeme Akpan & Obas Esiedesa
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and security agencies have intensified efforts to combat pipeline vandalism following the discovery of a damaged section of the Nigerian Pipelines and Storage Company (NPSC) crude oil pipeline at Pai Community, Kwali Area Council of the Federal Capital Territory (FCT), Abuja.
The joint inspection involved NNPC’s Industry-wide Security Architecture (IWSA), NPSC, the Office of the National Security Adviser (ONSA) Special Prosecution Team (SPT), the FCT Police Command, the Nigerian Army and other security stakeholders.
The exercise was aimed at assessing the extent of damage, advancing investigations and strengthening coordinated measures to protect critical national energy infrastructure from economic sabotage.
The visit followed the arrest of three suspected pipeline vandals in Piri and Pai communities through a joint operation involving ONSA’s Special Prosecution Team, the FCT Police Command and NNPC Ltd.’s IWSA.
NPSC, a subsidiary of NNPC Ltd., operates more than 5,000 kilometres of crude oil and petroleum products pipelines across Nigeria. However, pipeline attacks have increased in recent years, with criminal groups targeting infrastructure for illegal removal and theft.
Industry records show that 19 pipeline vandalism cases were recorded in 2025, leading to the theft of about nine kilometres of pipeline sections along the Enugu-Makurdi-Yola route and the Piri-Izom section of the Warri-Kaduna pipeline corridor.
So far in 2026, five cases have been reported, including incidents around Piri-Kwali and Gwagwalada along the Warri-Kaduna crude oil pipeline route, as well as Badanga on the Jos-Gombe pipeline corridor.
Speaking during the inspection, Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, represented by Chief Interface Officer, Dahiru Sani-Gwarzo, said the arrests represented an important step towards dismantling criminal networks behind attacks on energy infrastructure.
He said the security architecture was focused not only on apprehending those directly involved but also identifying sponsors and receivers of stolen pipeline materials.
The post NNPCL, security agencies intensify crackdown on pipeline vandals appeared first on Vanguard News.
Business
MTN Nigeria committed to transparency, consumer education — CEO

By Peter Egwuatu
MTN Nigeria, MTNN Plc, has expressed its commitment to transparency and consumer education in its drive to strengthen trust, and promote greater digital literacy as data continues to play a central role in everyday life.
Dr Karl Toriola, Chief Executive Officer, MTNN, stated this at its public engagement platform code-named Data on Trial designed to address consumer concerns about mobile data usage, billing transparency, and digital consumption, stressing that the organisation is committed to transparency in both its financial performance and operations since it is a quoted company on Nigerian Exchange Limited, NGX.
He stated: “Data on Trial was created based on a simple belief. Trust, with our customer, grows when they are given access to the information and they are allowed to make up their mind about it. Today’s event is an opportunity for everyone to understand the facts, understand the technology behind what delivers technology in real time, and to ask the most difficult questions and hear different perspectives”.
Throughout the event, MTN’s technical experts responded to questions frequently raised by consumers, including concerns around data depletion, billing accuracy, background application activity, automatic updates, cloud synchronisation, video streaming, and multi-device connectivity.
The post MTN Nigeria committed to transparency, consumer education — CEO appeared first on Vanguard News.
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