During the enforcement exercise conducted on Thursday, a team from the Commission, led by Marvin Nadah, sealed the company’s headquarters located along Airport Road, alongside its management office situated at Peachville Gardens, opposite Games Village.

The complaint concerns a four bedroom detached duplex with boys’ quarters at Peach Ville Estate, Phase II, Kukwaba District, Abuja. The complainant told the Commission that they paid the full purchase price in August 2025 after the company assured them that it would hand over the property upon completion of payment. According to the complainant, the property remained unfinished and was never handed over.

The Commission investigated the complaint and gave both parties an opportunity to present their accounts. The company said the parties had agreed, at a meeting at the Federal Capital Territory Administration, that it would hand over the property by August 2026. The company did not provide documents to support its account of the agreement.

The Commission convened further proceedings and summoned the company to provide additional information. The company’s responses failed to satisfactorily address the issues the Commission raised. Its representatives also declined to sign the witness statements required to conclude the hearing.

The Commission issued a Compliance Notice on 17 August 2026 under section 150 of the Federal Competition and Consumer Protection Act, 2018. The company received the notice on 19 August 2026. After confirming that the company had failed to comply within the stipulated period, the Commission took enforcement action under section 150(4)(a) of the Act.

Commenting on the action, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, said, “For many Nigerians, buying a home involves years of savings. When a developer accepts payment and commits to a handover date, the buyer is entitled to rely on that commitment. If delays arise, the developer should explain them promptly and give the buyer a realistic timetable.

“The Commission gave both parties an opportunity to be heard. Once the Commission issues a Compliance Notice, the business is required to take the steps set out in it within the specified period. Where a business fails to comply, the Commission will take the enforcement action provided for by law.”

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She disclosed this while delivering the keynote paper at Bloom Weekend 2026, a two-day event organised by StanbicIBTC Pension Managers is  designed to give women skills, contacts and opportunities to advance their professions and ventures.

According to her each stage of her own business demanded abilities she did not have at the start.

She explained that she began as a makeup artist, when the only skill required was knowing how to do makeup. When she moved into manufacturing her own products, she had to learn new skills to succeed. Later, she said, she had to learn how to manage systems, lead people and build other leaders.

As the business expanded, branches were opened across the country, including in Kano, Kaduna, Ibadan, Uyo and Enugu Lagos, Lekki etc.

According to her, this meant dealing with multiple landlords, keeping cash flow healthy and maintaining a good relationship with bankers. She said an entrepreneur at that stage is no longer a small operator going from house to house, but an employer of 200, 300 or 400 people who must be paid every month, with pensions also to be remitted for each of them.

She urged participants to leave the event deciding what success looks like for them. Just as people’s irises and fingerprints differ, she said, their purposes and desires for the future differ.

She cautioned women against letting that picture come from what they see on Instagram, saying it should come from within.

Fela-Durotoye said that in the course of building her business, she realised that “you can build a successful business, but not build a successful life.”
She described entrepreneurs who are unwell because of stress, with high blood pressure from constantly fighting with state and federal authorities, staff and others, to the point of exhaustion. She said she had been there herself.

She also pointed to entrepreneurs whose marriages break down as their businesses grow, and others who become estranged from their children because the business consumes them. In some cases, she added, people build businesses but have no personal wealth of their own.

She urged them to build their own wealth separate from their business by investing in shares, real estates, mutual funds etc.

Earlier, Executive Director, Business Development at Stanbic IBTC Pension Managers Limited, Mrs Nike Bajomo, said the bank launched its Empowerment Management several years back to tackle obstacles females meet in building careers, running companies, handling money and caring for themselves.

She observed that many women face these hurdles alone, even while carrying heavy duties toward their households.

She added that the scheme connects participants with accomplished people who pass on practical lessons for sound decisions about work, money, health and leadership.

She noted other editions  covered wellness, professional growth, leadership and financial choices, while this year’s gathering offers a wider stage for women to swap ideas and learn from one another.

The programme opened in Lagos under the theme ‘Bloom into Growth: From Business Owner to CEO‘. It centered on guiding female founders from merely operating a firm to creating lasting, well-organised ventures that can expand

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The Federal Road Safety Corps (FRSC), has reaffirmed its commitment to strengthening insurance partnerships and improving welfare for its personnel.

It disclosed this  at the 2026 Second Bi-Annual Meeting with Corps Underwriters and Brokers, held at the FRSC National Headquarters, Abuja.

Present at the event were members of the Corps Management and representatives of insurance companies and brokerage firms.

The engagement was aimed at reviewing existing insurance partnerships, strengthening collaboration, enhancing service delivery and ensuring prompt and seamless processing of insurance claims.

Deliberations focused on promoting transparency, operational efficiency and accountability in the management of the Corps’ insurance schemes, as well as improving the welfare of personnel.

The Corps Marshal, Shehu Mohammed, who was represented by Deputy Corps Marshal in charge of Training, DCM Aboidun Akinlade.

Discussions centred on openness, streamlined operations and answerability in how the agency runs its cover arrangements, alongside better conditions for its staff.

Attendees also looked at how to strengthen the ties already in place between the FRSC and the firms that supply its cover, so that policy benefits reach officers more smoothly.

The agency restated its dedication to a professional approach, sound handling of its coverage plans and reforms driven by joint efforts that seek to make the organisation run better.

It added that continued cooperation with insurers and intermediaries is vital to improving the wellbeing of its workforce, while backing its duty of making highways safer for every Nigerian.

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The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

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The telecommunications regulator and operators are expected to appear before the Senate Committee on Communications, chaired by Senator Aliyu Ikra Bilbis (Zamfara Central), to address growing complaints by Nigerians over poor quality of telecommunications services and financial losses suffered by subscribers.

The resolution followed the consideration of a motion titled “Need to Curb Unjustified Deductions from Subscribers’ Airtime Resulting from Substandard Telecommunications Services Through Robust Consumer Protection,” sponsored by the Senate Chief Whip, Senator Mohammed Tahir Monguno (Borno North).

Presenting the motion on behalf of the sponsor during plenary, the Deputy Majority Leader, Senator Lola Ashiru (Kwara South), expressed concern over the persistent practice of subscribers being charged for calls that were either unsuccessful, prematurely terminated or disrupted by poor network connectivity.

The Senate noted that millions of Nigerians increasingly face frustrating telecommunications experiences, with dropped calls, failed connections and interrupted conversations becoming recurring challenges, often resulting in unjustified deductions from their airtime.

Lawmakers observed that subscribers are frequently compelled to redial telephone numbers several times before establishing successful connections, thereby incurring additional charges for services that have not been effectively delivered.

They stressed that the situation places an unnecessary financial burden on millions of Nigerians, particularly low-income earners, traders, students and small business owners who depend heavily on telecommunications services for their daily activities.

The Upper Chamber maintained that while network challenges may sometimes be unavoidable, subscribers should not be made to bear the financial consequences of service failures beyond their control.

Seconding the motion, Senator Ned Nwoko (Delta North) described the proposed intervention as a straightforward consumer-protection measure, noting that poor telecommunications services affect virtually every Nigerian who relies on mobile communication.

The Delta North Senator lamented the disparity between the quality of telecommunications services in Nigeria and the seamless connectivity experienced in other countries, stressing the need for improved service delivery and greater accountability from operators.

The Senate further observed that telecommunications services have become indispensable to economic activities, education, business transactions and social interactions, making reliable connectivity a necessity rather than a luxury.

Consequently, the Senate mandated its Committee on Communications to invite the Nigerian Communications Commission and the affected telecommunications operators to investigate complaints bordering on airtime deductions for failed calls, dropped calls, prematurely terminated conversations and inflated charges.

The Committee is also expected to establish the extent of financial losses suffered by subscribers and report back to the Senate within four weeks with appropriate recommendations for further legislative and regulatory action.

The lawmakers emphasised the need for stronger consumer-protection mechanisms, improved network quality and appropriate measures to ensure that Nigerians are not charged for telecommunications services that have not been successfully delivered.

The Senate’s resolution underscores the commitment of the 10th National Assembly to protecting consumers, promoting accountability in the telecommunications industry and ensuring that service providers deliver value for money to millions of Nigerian subscribers.

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According to the apex bank, the initiative aims to replace the largely manual reporting process and improve the timeliness, accuracy, consistency and precision of fiscal data for monetary, fiscal and broader economic policy decisions.

Speaking at the Sub-national Fiscal Statistics Stakeholders’ engagement held recently in Abeokuta, Ogun State, the Director, Statistics Department, of CBN Dr Usman Moses Okpanachi, said the initiative aimed to strengthen the information chain linking fiscal transactions in Ministries, Departments and Agencies (MDAs) and Local Governments to evidence-based policy making.

Dr. Okpanachi explained that reliable fiscal statistics were critical to sound economic management, enabling governments to assess revenue performance, expenditure patterns, financing needs and fiscal pressures, and providing policymakers with a clearer picture of public-sector activity and its implications for aggregate demand, liquidity, borrowing conditions and inflation.

He said timely, reliable data had become increasingly important as the CBN strengthened its forward-looking, data-dependent monetary policy framework and moved towards a more explicit inflation-targeting regime, noting that the largely manual, twice-yearly Sub-National Fiscal Survey faced challenges with timeliness, logistics, validation, and processing.

According to him, the digitalisation initiative would address these constraints by standardising data entry, improving validation, simplifying submissions, enabling better monitoring and traceable corrections, and supporting the transition to more frequent and sustainable quarterly rendition of returns.

Dr. Okpanachi emphasised that technology would complement, rather than replace, sound record-keeping, proper reconciliation and professional judgement. He urged States and Local Governments to anchor implementation in timeliness, integrity and continuity by ensuring prompt submission, proper validation and reconciliation of data, and the appointment of designated focal officers to ensure institutional continuity.

He noted that the initiative’s success would ultimately be measured by more complete and consistent returns, faster submissions, improved validation, and better fiscal information for decision-making. He assured stakeholders of the Bank’s continued technical and operational support through its Branches and the Statistics Department.

The nationwide engagement, which commenced on October 26, 2026, is expected to cover the remaining States by December 4, with the FCT scheduled for December 9 and 10. The practical sessions would enable State and Local Government fiscal officers to use the digital questionnaire, understand validation requirements, and practise submission and correction procedures. As of November 6, 2026, 16 States and their Local Governments had been covered, with strong government support and attendance reaching 100 per cent in almost all the States visited.

Following the exercise, trained officers are expected to cascade the knowledge within their institutions and beginsubmitting returns through the digital platform, while the Statistics Department consolidates implementation outcomes into a national report.

The initiative, part of the CBN’s broader data architecture and transformation agenda, is expected to strengthen fiscal data for State and Local Government planning, budgeting and policy evaluation, while providing more timely and reliable information for monetary, financial and fiscal policy decisions.

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Delivering a keynote address titled “Reimagining the Boardroom for Inclusive and Sustainable National Prosperity in the New Economy” at a Chartered Institute of Directors (CIoD) 2026 Annual Directors Conference held in Lagos, Udoma said companies, although private institutions, play a critical role in shaping the wider economy through their investment, employment, innovation and governance decisions.

According to him, Nigeria’s future will be shaped not only by decisions taken in government ministries, legislative chambers and policy forums, but also by decisions made in boardrooms across the country.

“Every time a board approves a major investment, it contributes to economic growth. Every time a board invests in people, it influences future leadership. Every time a board supports innovation, it strengthens competitiveness. Every time a board insists on integrity and accountability, it strengthens trust in the wider economy,” Udoma said.

He stressed that while technological change, artificial intelligence (AI), the energy transition, climate change, geopolitical developments and changing stakeholder expectations are transforming the business environment, the fundamental responsibilities of directors remain unchanged.

Udoma therefore urged directors to maintain a firm grasp of their fiduciary responsibilities and continually refresh their knowledge of corporate governance requirements, particularly as investors and regulators increasingly demand accountability from boards and individual directors.

Udoma also underscored the continuing relevance of Environmental, Social and Governance (ESG) principles, arguing that despite changing international sentiment around ESG, sustainability considerations remain important to corporate resilience, competitiveness and long-term value creation.

“At Seplat, we are committed to ESG principles. We believe that we must integrate Environmental, Social and Governance considerations into strategic decision-making,” he said, adding that ESG continues to influence access to capital, investor confidence and operational resilience.

He also highlighted diversity and inclusion as essential components of an effective modern boardroom, noting that diversity in gender, expertise, experience, generation and perspective strengthens decision-making and enables boards to identify risks and opportunities more effectively.

At Seplat Energy, women currently account for approximately 38.4 per cent of Board membership and 45.5 per cent of the senior leadership team, reflecting the company’s commitment to ensuring that diversity translates into stronger debate, decision-making and business outcomes.

Udoma further emphasised that the responsibility of businesses extends to creating meaningful and sustainable value for communities.

Citing Seplat Energy’s Corporate Social Investment programmes, he highlighted the Eye Can See initiative, which has expanded access to eye healthcare across the company’s operational areas. In Akwa Ibom State, more than 5,000 eye screenings have been conducted, 4,987 reading glasses issued and approximately 221 surgeries carried out following the programme launched in September 2026.

He also referenced Seplat Energy’s Youth Entrepreneurship Programme, investments in STEM laboratories, the provision of power to 27 schools and hospitals across its operational areas, and its Tree for Life initiative as examples of interventions designed to support socioeconomic development and environmental sustainability.

Udoma, however, stressed that responsible corporate citizenship must go hand-in-hand with delivering competitive returns to shareholders.

“A successful company must deliver good returns to shareholders,” he said. “But the two are not mutually exclusive. A company can do both.”

He cited Seplat Energy’s recent performance as evidence of its focus on balancing commercial performance with responsible business practices. The company recorded US$2.764 billion in revenue and US$1.530 billion in adjusted EBITDA in the first nine months of 2026, while its share price on the Nigerian Exchange appreciated by more than 700 per cent over the past three years.

Looking ahead, Udoma identified artificial intelligence, cybersecurity and the rapid expansion of social media as increasingly important issues that boards must address.

He warned that social media has fundamentally changed the speed and scale at which corporate reputational issues can develop, with minority shareholders and other stakeholders now able to mobilise rapidly and influence corporate discourse. This, he said, makes digital and social media literacy increasingly important at board level.

On artificial intelligence, Udoma said companies whose boards develop sufficient AI, data and digital transformation capabilities would be better positioned to capture emerging opportunities and manage new risks.

He noted that AI could strengthen directors’ ability to interrogate management information, analyse board materials, stress-test proposals and undertake scenario planning. However, boards must simultaneously confront cyber threats, data breaches, AI-related risks and the danger of overdependence on similar AI-generated information.

“The potential impact of AI is real. These are still relatively early days, and I do not know the exact manner board operations will be changed by AI. But one thing I do know is that the changes will be major. We should prepare for them,” he said.

Udoma concluded that boards capable of combining strong governance, ESG principles, diversity, responsible corporate citizenship and shareholder value creation with greater technological agility would be best positioned to succeed in the new economy.

He added that organisations that respond quickly and responsibly to AI, social media and other emerging disruptions would also be better equipped to contribute to the achievement of inclusive and sustainable prosperity for Nigeria.

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Khan brings more than 25 years of international financial services experience, having worked in Europe, America, Asia, Middle East & Africa. Most recently he served as Chief Executive Officer and Board Director of I&M Bank Kenya and was Group Head of Products for Airtel Money, the fintech business across 14 markets in Africa. He alsopreviously served as Global Head of Retail Banking and Wealth Management at HSBC Amanah, the Group’s non-interest banking business. His career also includes executive leadership roles with banks in UAE, Egypt and Qatar giving him experience across established banking institutions and technology-led financial services businesses.

Commenting on the appointment, Muhtar Bakare, Chairman of Alternative Bank, said “Gul’s expertise in non-interest banking and his leadership experience across African financial services position him well to lead Alternative Bank through its next phase of growth. The Board is confident in his ability to build on the Bank’s foundations and broaden its reach, while maintaining the strong governance and commercial discipline essential to long-term success.”

Khan will work with the Board and management team to guide the Bank’s next phase of growth. Outlining his priorities, he said:

“The opportunity is to make Alt Bank the preferred choice for consumers and businesses in Nigeria. That means understanding what customers need, whether acquiring productive assets or growing their businesses, and providing solutions that are relevant and they can use with ease. I look forward to working with colleagues to build on Alt Bank’s progress and earn our customers’ continued trust.”

Alt Bank met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline. The Bank has also completed its migration to MIZAN, a core banking platform designed for non-interest financial institutions. Its strengthened capital base and investment in technology support its capacity to finance business growth and develop products that meet the needs of its customers.

The Alternative Bank is part of Sterling Financial Holdings Company Plc, a diversified Nigerian financial services group. Backed by the Group’s institutional strength, governance framework and commitment to innovation, the Bank continues to advance its mission of expanding access to non-interest financial solutions for individuals and businesses across Nigeria.

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The Chief Executive Officer of Seplat Energy Plc, Engr. Effiong Okon, made the call in keynote addresses delivered during the 44th Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition (AICE) 2026 in Lagos.

Speaking at the opening  ceremony on the theme, “Unlocking More Barrels: Driving Reserves Growth Through Exploration, Local Capabilities and Adaptive Technology,” Okon said Nigeria possesses a significant hydrocarbon resource base but must accelerate the conversion of resources and reserves into actual energy production.

“Nigeria is better placed than most. We have a significant resource base and a strategic position in global energy supply. However, a reserve is a promise. A barrel delivered is a result. Our task is to close the distance between the two, and to do it faster,” he said.

He identified exploration, local capability and adaptive technology as three critical levers for growing reserves and production, noting that investments in better seismic imaging, disciplined appraisal and digital technologies can reduce subsurface uncertainty and improve the quality and speed of investment decisions.

Okon highlighted Seplat Energy’s own operations as evidence of the potential for indigenous companies to translate local expertise into increased output. The company has restored 90 idle offshore wells in less than 24 months, while 41 wells restored in 2026 added gross production capacity of approximately 33,700 barrels of oil and 176 million standard cubic feet of gas per day.

He also pointed to the company’s application of machine learning in subsurface evaluation and development planning, as well as successful appraisal programmes at Amukpe and Okporhuru, as examples of combining technology, existing infrastructure and disciplined execution to accelerate resource commercialisation.

Expanding the conversation on the second day of the conference, Okon said unlocking additional resources must be supported by a resilient and interconnected energy value chain if Nigeria is to achieve genuine energy security.

In his pre-panel keynote on the second day of the conference titled, “Energy Security in an Era of Global Disruption: Positioning Nigeria for Resilience, Competitiveness, and Prosperity,”he described energy security as a whole-system challenge encompassing upstream production, pipelines, gas processing, refining and petrochemicals, power generation and transmission, as well as a stable policy environment capable of attracting long-term investment.

“Disruption raises the value of dependable supply, and Nigeria is building the capacity to provide it: first for Nigerians, and then for the world,” the Seplat Energy CEO said.

He noted that renewed investment across Nigeria’s upstream, gas, midstream, refining and power sectors provides an important opportunity to strengthen domestic energy supply while improving the country’s position within the global energy market.

According to Okon, the growing investments demonstrate that Nigeria’s energy system is being progressively rebuilt, but announcements and individual projects will only translate into energy security when the different components of the value chain work effectively together.

He therefore identified connection, consistency and Nigerian delivery as three priorities required to translate investment into sustainable energy security.

“Every project is only as valuable as its link to the next point in the chain: well to plant, plant to pipeline, pipeline to power station, and power station to customer,” he said.

For Seplat Energy, this principle is reflected in the ANOH Gas Plant and its connection to national gas infrastructure. The company achieved first commercial gas through the OB3 pipeline in September, demonstrating the potential of connecting indigenous investment with strategic national infrastructure.

Okon also stressed the importance of regulatory and policy consistency, noting that capital would continue to flow towards jurisdictions where investors have confidence in the rules and projects can move from investment decisions to execution within predictable timelines.

He further called for Nigerian companies, capital, skills and contractors to play an increasingly significant role in the development of the country’s energy resources, ensuring that expansion of the sector creates domestic economic value.

According to Okon, Nigeria’s ultimate objective should go beyond increasing oil and gas production to ensuring that available energy supports industrialisation, employment and wider economic development.

“The objective was never security alone. Energy security is the means. Prosperity is the end: power for homes and factories, feedstock for fertiliser and petrochemicals, jobs, and revenue that stays at home,” he said.

He added that natural gas would remain particularly important to Nigeria’s development, providing energy for electricity generation and industry while strengthening the country’s position as a reliable energy supplier.

“The stronger our own system, the more we can contribute to the world’s energy security. National and global energy security are one project,” Okon stated.

Reaffirming Seplat Energy’s commitment to supporting Nigeria’s energy transition and economic development, the CEO said the sector must now concentrate on execution, collaboration and speed.

“A resource in the ground creates potential, but only energy delivered creates prosperity. Our task is to find more, decide faster and deliver sooner. We must connect the investments being made, sustain the momentum and deliver the energy Nigeria needs, so that the country is secure at home and becomes an increasingly dependable partner to the world,” Okon concluded.

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