The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).

According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.

“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”

Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).

He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.

Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.

“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”

This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.

The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.

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The presentation ceremony, held on Thursday, June 11, 2026, underscored the Lagos State Government’s commitment to the welfare of its workforce by ensuring that the families of public servants who died in active service receive the financial support due to them.

Speaking at the ceremony, the Special Adviser to the Governor on Rural Development, Dr. Nurudeen Agbaje, reaffirmed the Lagos State Government’s dedication to supporting the families of public servants who passed away while in active service. He noted that the disbursement demonstrates the administration’s commitment to fulfilling its obligations to workers and their dependants, even after their demise.

Mrs. Jumoke Koleosho, representing the Managing Director of Lasaco Assurance Plc, joined in expressing condolences to the beneficiaries and urged them to make responsible use of the funds disbursed. She noted that the insurance benefits were designed to provide financial relief and long-term stability for affected families, particularly in meeting educational, welfare, and other essential needs, while also highlighting the importance of insurance as a vital safety net for protecting lives and securing the future.

Representatives from the Ministry of Local Government, Chieftaincy Affairs and Rural Development, the State Universal Basic Education Board, and Haggai Insurance Brokers Limited all paid tribute to the deceased workers, acknowledging their invaluable contributions to the development of Lagos State. They collectively emphasized the importance of the initiative and reiterated their shared commitment to ensuring that the families of deceased workers receive the support due to them. Beneficiaries were also urged to make prudent use of the funds in ways that would positively impact their families and preserve the legacies of their departed loved ones.

The disbursement further reinforces Lasaco Assurance Plc’s commitment to delivering meaningful protection and financial security to individuals and families. It highlights the company’s continued role in supporting structured welfare initiatives that provide timely relief to bereaved families and strengthen public sector confidence in social protection frameworks.

Through sustained collaboration with government institutions and other stakeholders, Lasaco Assurance Plc continues to play an active role in advancing systems that safeguard lives, preserve family legacies, and promote broader social well-being across Nigeria.

The post LASACO Assurance, LASG Release ₦799.84 Million to Beneficiaries of Deceased Workers appeared first on Business Today NG.

Several of those rescued were reportedly abducted from the Ilado area of Akure North Local Government Area.

Among the survivors is Fagbonmire Durojaiye, a cleric and educator affiliated with the Redeemed Christian Church of God (RCCG), where he serves in a pastoral role.

Reports indicate that the abductors initially demanded ₦30 million as payment for the captives’ freedom before the victims were eventually recovered.

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The amended charge, filed in Charge No. FHC/KD/93C/2026, before Honourable Justice Hauwa’u Buhari of Federal High Court Kaduna, named Mallam Nasir Ahmad El-Rufai as the 1st defendant alongside Mr. Jimi Adebisi Lawal, Singularity Network Security Limited, Solar Life Nigeria Limited, Knowledge Investment Nigeria Limited, Intercellular Nigeria Limited and Noble Coast Resources Limited.

Bashir El-Rufai (an elder brother of the former governor), who is currently at large, is also mentioned in one of the counts.

According to the amended charge, the Commission alleged that Mallam El-Rufai, while serving as Governor of Kaduna State, unlawfully approved the award of a contract for the procurement, survey planning, final design and installation of a Closed-Circuit Television (CCTV) surveillance system in Kaduna Metropolis in the reviewed sum of ₦8,682,574,054.94 to Singularity Network Security Limited, contrary to public procurement laws, a company alleged to lack the requisite experience and qualifications.

The Commission further alleged that proceeds arising from the said unlawful act were subsequently transferred through various companies and individuals.

The amended charge contains several counts relating to the alleged possession, receipt and movement of funds reasonably suspected to be proceeds of unlawful activity, involving sums running into billions of naira.

The offences are alleged to be contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

Count One reads:

‘’That you, MALLAM NASIR AHMAD EL-RUFAI (M) sometime in December, 2015 or thereabout at Kaduna, Kaduna State, within the jurisdiction of this Honourable Court, while being the Executive Governor of Kaduna State aided an act of corruption, when you approved the award of contract for the procurement of survey planning, final design and installation of CCTV at Kaduna metropolis in the reviewed sum of N8,682,574,054.94 (Eight Billion, Six Hundred and Eighty-Two Million, Five Hundred and Seventy-Four Thousand, Fifty-Four Naira, Ninety-Four Kobo) to Messrs. Singularity Network Security Limited, a company with no requisite experience and in violation of procurement laws, which act you knew was unlawful and you thereby committed an offence contrary to Section 21(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition)Act, 2022.’’

Specifically, the amended charge alleged that the defendants knowingly received or took possession of funds amounting to over ₦2 billion through various transactions involving Singularity Network Security Limited, Solar Life Nigeria Limited, Knowledge Investment Nigeria Limited, Intercellular Nigeria Limited and Noble Coast Resources Limited between 2017 and 2022.

Both Mallam El-Rufai and Lawal pleaded not guilty when the charges were read to them.

The matter was then adjourned for 1st July, 2026 for ruling on the bail application.

The post ICPC Arraigns El-Rufai, Jimi Lawal, in 11-Count Amended Charge Over N8.68bn CCTV Contract appeared first on Business Today NG.

Accompanied by the NIA Director-General, Mrs. Bola Odukale, the incoming chairman met with major industry groups, including the Chartered Insurance Institute of Nigeria (CIIN), the Nigerian Council of Registered Insurance Brokers (NCRIB), the Association of Registered Insurance Agents of Nigeria (ARIAN), and the Young Insurance Professionals (YIP).

The meetings form part of her vision for a more unified insurance sector, built on stronger partnerships among underwriters, brokers, agents, and emerging professionals.

During a courtesy visit to the NCRIB, Mrs. Nwachukwu held discussions with the Council’s President, Mrs. Ekeoma Ezeibe, and Executive Secretary, Mr. Tope Adaramola. Both parties stressed the importance of closer cooperation between insurers and brokers to expand insurance penetration nationwide. The NCRIB leadership described the engagement as a positive step toward advancing collective industry objectives.

At the CIIN, Mrs. Nwachukwu met with President Mrs. Yetunde Ilori, Registrar and Chief Executive Officer Abimbola Tiamiyu, and other council members. Discussions focused on professional development, leadership training, and ethical standards within the industry. She emphasized the need to move beyond certification-focused learning toward producing well-rounded insurance professionals equipped to meet evolving industry demands.

The NIA team also engaged with ARIAN leadership, led by National President Mr. Olatubosun Mayowa. Key issues raised included agents’ welfare, remuneration structures, retirement benefits, and greater recognition within the insurance value chain.

Responding to the concerns, Mrs. Nwachukwu pledged to promote a more inclusive environment for insurance agents. ARIAN, in turn, reaffirmed its commitment to professionalism, regulatory compliance, and the elimination of unethical practices.

Recognizing the role of young professionals in shaping the industry’s future, the incoming chairman also met with members of the Young Insurance Professionals network. Discussions covered mentorship opportunities, career advancement, technology adoption, and talent retention.

Mrs. Nwachukwu described investment in young professionals as a central pillar of her proposed two-year agenda, noting that the future growth and resilience of the insurance industry will depend largely on developing its human capital.

Speaking after the engagements, she expressed optimism about the level of cooperation across the sector.

“The willingness of stakeholders to work together is encouraging. As we prepare to assume leadership at the NIA, our focus will be on innovation, capacity development, and ensuring that every stakeholder has an active role in shaping the industry’s future. Sustainable growth can only be achieved through collaboration,” she said.

The NIA said it remains committed to promoting dialogue, strengthening compliance, and supporting reforms that will boost insurance penetration and contribute to national economic development.

The stakeholder meetings concluded with a shared commitment to building a stronger, more professional, and growth-oriented insurance industry in Nigeria.

The post Incoming NIA Chairman, Ebelechukwu Nwachukwu Charts Course for Stronger Insurance Sector Through Partnerships appeared first on Business Today NG.

As part of the initiative, the Commission released a consultation document outlining a proposed framework for zero-rated educational services. The plan is designed to support wider access to online learning materials and improve educational opportunities for students and other learners across the country.

According to the NCC, the proposed framework seeks to establish guidelines and eligibility requirements for educational platforms that may qualify for data-free access. If implemented, users would be able to connect to approved learning resources without the usual cost of mobile or internet data.

The telecommunications regulator explained that the consultation paper marks the beginning of a broader engagement process with relevant stakeholders and reflects its commitment to transparent and inclusive policymaking.

To ensure that the framework addresses the needs of the sector, the Commission has invited contributions from telecom operators, educational institutions, technology providers, civil society groups, and members of the public.

The NCC encouraged interested parties to review the proposal and submit recommendations that could help shape a policy aimed at expanding digital education and increasing access to learning resources nationwide.

The initiative is expected to contribute to efforts to bridge educational gaps, enhance digital inclusion, and make online learning more accessible to millions of Nigerians.

The post NCC: Students May Soon Access Approved Learning Platforms Without Data Charges appeared first on Business Today NG.

The anti-corruption agency told the court that the defendant received N4.55 million from Igbo Christian Okechukwu after promising to secure employment opportunities in the NSCDC for seven individuals.

The case was heard by Justice Ngozika Nwabulu, who examined documentary exhibits and witness testimonies presented by the prosecution to establish the allegations against the senior officer.

According to the charge, Barde collected the money in Abuja in 2017 while serving in the office of the NSCDC Commandant General. Prosecutors argued that the payment was accepted as an inducement to facilitate recruitment into the paramilitary agency, an act that contravenes provisions of the Corrupt Practices and Other Related Offences Act, 2000.
After reviewing the evidence, Justice Nwabulu found the defendant guilty and imposed a 12-month prison sentence. The court, however, gave him the option of paying a N4 million fine in place of serving the jail term.
Commenting on the judgment, the ICPC described the conviction as a significant step in its efforts to combat corruption and ensure that public officials who abuse their positions are held accountable.
The Commission reiterated its commitment to strengthening transparency, integrity, and accountability within public institutions across the country. It also urged government workers and members of the public to adhere to ethical conduct and respect the rule of law.
The anti-graft agency further assured Nigerians that it would continue to employ all legal means to prevent, investigate, and prosecute acts of corruption wherever they occur.

The post Court Jails NSCDC Officer for Collecting N4.55m in Fake Recruitment Scam appeared first on Business Today NG.

The individuals, identified as Yusuf Muhammad, popularly known as Sallau, Jabbi Alhaji Yalle, and Kabiru Muhammad, were arrested by operatives of the Department of State Services (DSS) Counter-Terrorism Unit on June 13, 2025. Investigators linked them to cross-border criminal operations involving arms smuggling and terrorist activities.

The trial, filed under case number SS/45C/2026, was heard before Justice Muhammad Nuraddeen Bello at High Court No. 23 in Sokoto.

In his ruling, Justice Bello held that the prosecution had proved its case beyond reasonable doubt and consequently sentenced the three defendants to death by hanging. The court also directed that all funds recovered from the convicts during the investigation be forfeited to the Federal Government.

The judge noted that the verdict adds to the growing number of successful prosecutions secured by the DSS in its campaign against terrorism and transnational criminal networks operating across Nigeria’s borders.

The development comes shortly after the Federal High Court in Abuja sentenced five men to 25 years imprisonment each over their involvement in the November 21, 2025 attack on St. Mary’s Catholic School in Papiri, Niger State.

The suspects, who were arrested by the DSS on May 31, 2026, included two Nigerien nationals. They pleaded guilty to four counts connected to terrorism offences before Justice Binta Nyako, who subsequently handed down the sentences.
According to court documents, the charges involved providing support for terrorist operations in violation of the Terrorism (Prevention and Prohibition) Act, 2022, and the Firearms Act.

One of the counts alleged that the defendants conspired to facilitate the delivery of 15 AK-103 rifles and about 1,434 rounds of 7.62mm ammunition from the Diffa region of Niger Republic to Malam Ahmad, said to be a member of the Boko Haram insurgent group operating in Borgu, Niger State.

Prosecutors argued that the accused knowingly participated in the arrangement, an act deemed contrary to the provisions of the Terrorism (Prevention and Prohibition) Act, 2022.

The post Foreign National, Two Others Sentenced to Death in Sokoto Terrorism Case appeared first on Business Today NG.

The legislation was adopted during plenary following deliberations by lawmakers under the Committee of the Whole, chaired by Senate President Godswill Akpabio.

The proposed amendment seeks to introduce a dual policing structure consisting of a federal police system and separate police services operated by state governments.

It provides the constitutional foundation for states to create their own law enforcement agencies while maintaining the existing federal police structure until state police formations become fully operational.

Under the arrangement, the federal police will continue to oversee national security matters, federal offences, crimes that cross state boundaries and security operations within the Federal Capital Territory.

State police services will be responsible for maintaining law and order, protecting lives and property, and addressing security challenges within their respective states.

The bill also sets out guidelines for the appointment, supervision, discipline and removal of senior police officers at both federal and state levels, while allowing federal intervention under specific emergency situations.

President Bola Tinubu had earlier submitted the proposal to the National Assembly as part of broader efforts to reform the country’s security architecture and improve public safety.

Lawmakers eventually passed the bill through a manual voting process after the Senate’s electronic voting system failed to function despite repeated attempts to activate it.

The post Senate Approves State Police Bill, Advances Security Reform Agenda appeared first on Business Today NG.

In a statement issued on Wednesday, the Force clarified that the individuals captured in the video were not bandits but recognized members of the Vigilante Group of Nigeria (VGN) and registered hunters assisting security agencies in ongoing operations within Musawa and Matazu Local Government Areas of the state.

According to the police, the footage showed a routine engagement between a police officer and the security volunteers as they moved to an assigned operational location to support efforts aimed at tackling crime and improving public safety.

The Force stated that allegations suggesting any form of collaboration between the officer and criminal elements were unfounded and intended to misinform the public.

The police condemned what it described as the deliberate spread of false information capable of creating unnecessary fear, weakening public confidence in security institutions and disrupting ongoing security operations.

The NPF urged members of the public to disregard the claims associated with the video and rely on information released through official police channels and other authorized government sources.

It also warned individuals and groups involved in producing or sharing misleading content that threatens public peace and security to desist, noting that legal action could be taken against offenders.

The Force reaffirmed its commitment to working closely with legitimate community security groups and other stakeholders to strengthen security efforts, protect lives and property, and combat criminal activities across the country.

The statement was signed by the Force Public Relations Officer, CSP Anietie Okokon Edem Iniedu, and dated June 24, 2026.

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