Speaking at a brief ceremony to sign the MoU at the NDLEA headquarters on Friday 17th July 2026, Chairman/Chief Executive Officer of the Agency, Brig Gen Mohamed Buba Marwa (Rtd) said the partnership may appear, on the surface, to bring together two unrelated mandates, but which, on closer examination, reflects a shared reality in the fight against organized crime in Nigeria.

According to him, “Our experience at the frontlines of drug law enforcement has shown us time and again that criminal networks rarely confine themselves to a single illicit enterprise.

The same syndicates that traffic in narcotics are often found dabbling in other forms of economic crime, including the piracy of intellectual works that rightfully belong to Nigeria’s creatives: our musicians, filmmakers, writers, and software developers. Proceeds from one illegal trade frequently find their way into financing the other. This is the criminal value chain we must disrupt together.

“Today’s MoU gives structure to that shared fight. Through it, our two agencies commit to exchanging intelligence, coordinating joint operations, building the capacity of our respective officers, and supporting one another with the technical resources needed to do this work well.

A Joint Working Committee will be established to drive this collaboration forward, meeting regularly to ensure that what we sign today translates into real results on the ground.“Let me be clear: this partnership is not just about law enforcement. It is about protecting the health and social wellbeing of our people, and about safeguarding the immense creative talent of this nation: a talent that deserves to thrive without the theft that piracy represents, and a society that deserves protection from the scourge of illicit drugs.”
He commended the NCC for recognizing the intersection between drug trafficking and piracy. “This is how effective government works; agencies finding the common threads in their missions and pulling together rather than in isolation”, Marwa added.
In his remarks, the Director General of NCC, Dr. John Asein noted that the alliance between NDLEA and NCC marks a significant milestone in the growing culture of inter-agency collaboration within the Nigerian public service, adding that the effort will enhance the common responsibility of protecting the Nigerian society from criminal enterprises that undermine national security, economic development and the rule of law.
In his words, “Copyright piracy is sometimes wrongly perceived as a minor commercial offence or a victimless activity. In reality, large-scale piracy is often a highly organised and profitable criminal enterprise. It deprives creators and investors of legitimate income, destroys jobs, discourages investment, reduces government revenue and weakens the foundations of Nigeria’s creative economy.
“International experience has demonstrated that organised copyright piracy is rarely an isolated criminal activity. Across several jurisdictions, the same criminal syndicates, logistics channels, financial networks and distribution systems used to traffic pirated goods have also been linked to other forms of transnational organised crime, including narcotics trafficking, money laundering, smuggling and cyber-enabled offences. This reality underscores the imperative for closer collaboration between agencies such as the National Drug Law Enforcement Agency and the Nigerian Copyright Commission.
“The same clandestine supply chains, transportation routes, storage facilities, financial channels and distribution networks used for trafficking in illicit drugs and other prohibited goods may also be deployed for the movement and sale of pirated books, films, music, software and other copyright products. Proceeds from piracy may equally be laundered or channelled into other criminal activities.
“This connection makes collaboration between the Nigerian Copyright Commission and the National Drug Law Enforcement Agency both necessary and timely. By combining our respective mandates, expertise and intelligence capabilities, we can more effectively identify criminal networks, trace illicit financial flows, disrupt illegal supply chains and dismantle the structures that sustain organised criminal enterprises.
“For the Nigerian Copyright Commission, this partnership offers an invaluable opportunity to leverage the National Drug Law Enforcement Agency’s world-class expertise in intelligence-led law enforcement. Over the years, the NDLEA has earned a well-deserved reputation, both nationally and internationally, for its professionalism, operational excellence and innovation in combating organised crime. Under the able leadership of the Chairman/Chief Executive, the Agency has demonstrated remarkable success in intelligence-driven operations, strategic investigations, forensic capabilities, surveillance, financial intelligence, international cooperation and effective inter-agency coordination.”

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The Charge was given by Olusegun Ayo Omosehin, Chief Executive Officer of NAICOM on Friday at the investiture of Mr. Akinjide Orimolade, as the 53rd President and Chairman of the Governing Council Institute.

He described the occasion as a defining moment that calls for visionary leadership, professional excellence, and unwavering commitment to serving the public interest.

Describing the event as “a call to stewardship at a defining moment,” the Commissioner noted that the industry’s future will be determined by the quality of leadership, depth of competence, and discipline in serving the public interest.

He commended the outgoing President, Mrs. Yetunde Olubunmi Ilori*, for her visionary leadership which strengthened CIIN’s position as the foremost professional body for insurance practitioners in Nigeria.

Congratulating the new President, he expressed confidence in Mr. Orimolade’s leadership, noting that his record as an accomplished professional and advocate of continuous learning positions CIIN well for the challenges ahead.

The Commissioner urged the new Council to focus on three priorities:

1Deepen Professionalism and Ethics : Raise standards of practice, ethical judgement, and continuous professional development to match regulatory ambition.

Build the Talent Pipeline : Expand mentorship, leadership development, and engagement with young professionals and tertiary institutions.

Champion Innovation and Public Trust : Equip practitioners with skills for digital transformation, data-driven underwriting, cybersecurity, and inclusive distribution.

On Industry Reforms and Recapitalization

Highlighting the Nigerian Insurance Industry Reform Act, 2025, the Commissioner stated that NAICOM’s agenda is focused on market conduct, policyholder protection, governance, and financial inclusion.

He emphasized that the ongoing *recapitalisation exercise is central to building a resilient market. With 14 days to the July 31, 2026 deadline, NAICOM commended operators making progress but stressed that the deadline is regulatory and must be treated with urgency.

“A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust,” he said.

NAICOM reaffirmed its commitment to a transparent, fair, and firm process and pledged continued partnership with CIIN to ensure professionalism and consumer confidence remain at the heart of industry growth.

The Commission urged CIIN to translated regulatory expectations into professional capacity through CPD, compliance education, and board training.

Strengthen ethical and market conduct standards, including fair treatment of policyholders and prompt claims handling.

Support industry readiness by identifying compliance gaps and providing professional input to NAICOM.

He assured CIIN of NAICOM’s continued partnership and regulatory support.

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She described the project as a landmark achievement in promoting the welfare and dignity of retirees across the country.

Oloworaran who chaired the commissioning of the Legacy House in Abuja, said the building

The facility was officially commissioned by the Governor of Kano State, Abba Kabir Yusuf, who reaffirmed his administration’s commitment to improving the welfare of retirees. He also announced a donation of ₦100 million to support the activities of the Nigeria Union of Pensioners.

In her remarks, the PenCom Director-General described the Legacy House as a lasting symbol of the invaluable contributions of Nigerian pensioners and underscored the need to continue strengthening institutions dedicated to protecting retirees’ welfare.

She also highlighted the Federal Government’s ongoing pension reforms under the administration of President Bola Ahmed Tinubu, noting that significant progress has been made in addressing longstanding challenges in the pension sector.

According to her, the reforms include the settlement of long-standing pension liabilities, increased monthly pension payments, improved administration of retirement benefits, stronger enforcement of pension compliance, as well as initiatives aimed at expanding pension coverage and enhancing retirement security for Nigerians.

Oloworaran reaffirmed PenCom’s commitment to collaborating with stakeholders to build a sustainable pension system that guarantees financial security and dignity for retirees.

The event also featured remarks by the President of the Nigeria Labour Congress (NLC), Joe Ajaero, and the President of the Nigeria Union of Pensioners (NUP), Comrade Godwin Abumisi, who expressed appreciation to the Governor of Kano State, the PenCom Director General, and other stakeholders for their continued support of pensioners.

The occasion reaffirmed the collective commitment of government, organised labour, and pension stakeholders to advancing pension reforms, strengthening retirement security, and improving the welfare and quality of life of retirees across Nigeria.

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According to the commission,the report which was published  by various media organizations lon July 15, 2026, misrepresented the legal status of Niger Insurance Plc, whose operating licence was revoked in 2022.

The commission disclosed this in a statement made aviation to BusinessTodayNG  that it remains the only Federal Government agency established by law and vested with the exclusive statutory powers to license, regulate, and cancel the licence of any insurance institution in Nigeria.

It said due to the insolvent state of affairs of Niger Insurance and its persistent inability to pay verified insurance claims, NAICOM, in the exercise of its statutory mandate to protect policyholders, cancelled the its licence in 2022. Consequently, Otunba Sanya Ogunkuade, Esq. was appointed by NAICOM as the Receiver/Liquidator of the Company.

NAICOM added that “Following the cancellation of the licence, some former directors of the Company instituted a suit at the Federal High Court in 2022, purposely to challenge the cancellation of the Company’s licence and the appointment of the Receiver/Liquidator.

“The  suit was struck out by the Federal High Court on 31 January 2023 on the grounds that the Plaintiffs lacked the power to institute the suit after the appointment of the Receiver/Liquidator, whose appointment had been duly registered by the Corporate Affairs Commission (CAC).

“The decision of the Federal High Court validated the cancellation of the Company’s licence and the appointment of the Receiver. An appeal by the Plaintiffs to the Court of Appeal by the Plaintiffs in the above suit was also struck out on 27th February 2025 by the Court of Appeal. A further appeal by the Plaintiffs to the Supreme Court is still pending

It added that an appeal against the judgment was also dismissed by the Court of Appeal on February 27, 2025, while a further appeal remains pending before the Supreme Court.

NAICOM noted that another suit filed by the same group of former directors resulted in a judgment delivered by the Federal High Court on June 5, 2026.

However, the Commission said the judgment is already being challenged at the Court of Appeal, where applications for a stay of execution have also been filed by both NAICOM and the Receiver/Liquidator.

The regulator maintained that the June 2026 judgment cannot override the earlier Court of Appeal decision, which upheld the cancellation of Niger Insurance’s licence.

The Commission also disclosed that some former directors whose names appeared as plaintiffs in the latest suit had written to disclaim any knowledge of the action, alleging that their names were used without their consent.

It further revealed that it has petitioned the Inspector-General of Police over what it described as the unlawful activities of individuals allegedly parading themselves as the management of Niger Insurance Plc.

According to the Commission, the petition seeks to prevent attempts to interfere with or dispose of the company’s assets, which are meant to satisfy legitimate insurance claims and other obligations.

The Commission reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business and that its affairs continue to be managed exclusively by the Receiver/Liquidator.

The commission also advised the  general public  to distance themselves from any person or group of persons purporting to act for or on behalf of the Company, other than the lawfully appointed Receiver/Liquidator

While reassuring that the company’s licence remains revoked, its former board and management remain dissolved, and the Receiver/Liquidator will continue to administer the company’s assets pending the final winding-up of its affairs.

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The campaign, which began with a town hall meeting in Lagos on Thursday, is aimed at sensitising investors on the existence of unclaimed monies, the role of the National Investor Protection Fund (NIPF) and the procedures for verifying and recovering legitimate claims.

The SEC Director-General, Emomotimi Agama, who was represented at the event by the Director, Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was necessary to ensure that funds belonging to investors were returned to their rightful owners.

Agama said unclaimed monies administered by the NIPF included return monies from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that had remained unclaimed.

He noted that the Commission considered it unacceptable for investors’ funds to remain unclaimed, adding that many investors and their families were either unaware that such monies existed or did not know the procedures for recovering them.

“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.

Agama said the SEC Board had approved a nationwide public enlightenment campaign to sensitise Nigerians on unclaimed monies, the role of the NIPF and the process for making legitimate claims.

He said the Lagos programme marked the commencement of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.

The SEC, he added, would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions had resulted in unclaimed monies.

The Director-General said the campaign would also address the transmission of securities following the death of an investor, noting that families were often unaware that their deceased relatives owned shares or other capital market investments.

He said even when beneficiaries were aware of such investments, many lacked knowledge of the legal and administrative procedures required to obtain probate or letters of administration and transmit the investments to the rightful beneficiaries.

“As a result, valuable investments and return on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.

Agama said the Lagos programme included an expert session on probate administration and the transmission of securities to demystify the process and provide practical guidance to investors and their families.

He urged investors to maintain proper records of their investments and encouraged families to take steps to preserve inherited wealth.

The SEC DG also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continued to exploit economic pressures and digital platforms to lure unsuspecting members of the public with promises of guaranteed and unusually high returns.

He urged the public to be cautious of investment opportunities offering risk-free returns, stressing that investor education and vigilance remained critical to combating financial fraud.

Speaking on behalf of the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, SAN, Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for extending the campaign to Lagos and recognising the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.

She said the issue had a practical impact on beneficiaries who were unable to access assets after the death of their loved ones.

Ogunojemite said the ministry was committed to ensuring that legal processes did not become barriers to beneficiaries seeking to recover legitimate assets.

“We will continue to provide partners for citizens to resolve such issues,” she said.

She described the SEC’s outreach as commendable, saying it would help restore assets to their rightful beneficiaries.

The Lagos State Government, she added, remained ready to collaborate with the SEC and other stakeholders to promote investor education and strengthen financial inclusion.

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This milestone , according to her was achieved through targeted initiatives that reached children, students, professionals, and various communities across Nigeria.

Speaking at her valedictory virtual press conference marking the end of her tenure as CIIN’s 52nd President, Ilori reflected on her administration’s key achievements.

She described her leadership journey as one driven by a steadfast commitment to expanding insurance education, strengthening professionalism, building capacity, and fostering deeper industry collaboration.

She expressed deep gratitude to the media for their unwavering support in publicizing the institute’s programs, noting that journalists played a vital role in boosting insurance awareness and enhancing public understanding of the sector’s economic importance.

“I came into office with a clear intention to make a difference,” Ilori said. “Leadership should always be measured by the impact it creates and the legacy it leaves behind.”

Ilori explained that her administration was guided by the EPIC agenda—focused on Education, Professionalism, Institutional and Individual Recognition, and Capacity Building. This strategic framework served as the foundation for the institute’s major initiatives over the past two years.

Key Milestones of the EPIC Administration

 Nationwide Advocacy: A defining achievement of her tenure was expanding “Insurance Week” into a nationwide campaign. The initiative took advocacy beyond traditional industry circles and directly into local markets, schools, universities, and public spaces.

 Early Childhood Education: To nurture financial literacy from an early age, the CIIN published two introductory books simplified for children aged 4–10 and 11–16, making insurance concepts accessible and relatable.

 Youth & Tech Innovation: To foster innovation, the institute promoted youth participation through a specialized Hackathon, bringing together students, tech experts, and insurance practitioners to develop digital solutions for the sector.

 The Million-Youth Project: Ilori highlighted a landmark partnership with the National Insurance Commission (NAICOM) and the Federal Ministry of Youth Development. This digital learning initiative aims to train one million Nigerian youths in insurance and financial literacy, equipping them with the skills to pursue careers in insurance, entrepreneurship, and sound financial planning.

She also praised the strengthened collaboration among insurers, regulators, and professional bodies, noting that these collective efforts contributed to major industry reforms, including supporting the progress of the new insurance bill.

Beyond domestic policy reforms, the CIIN under her leadership expanded its reach to Nigerian insurance professionals in the diaspora, upgraded facilities at the College of Insurance, and enhanced career development through directors’ conferences, specialized training, and student internship opportunities.

Ilori emphasized that the successes of her tenure were the result of industry-wide teamwork rather than individual effort.

“As I leave office, my desire is for this stakeholder collaboration to continue,” she concluded. “It is not about any single individual; it is about the institution and the sustainable growth of the Nigerian insurance industry.”

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This milestone according to the company highlights its ongoing commitment to customer satisfaction and the prompt settlement of genuine claims across its diverse business lines.

The company noted that the claims were paid across key portfolios, including Agriculture, Aviation, Bond, Engineering, Fire, General Accident, Marine, Motor, Oil & Gas, and Special Risk insurance, demonstrating the company’s capacity to support its policyholders when they need it most.

Speaking on the performance, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, noted that the impressive claims payout reflects the company’s financial strength, operational efficiency, and customer-centric philosophy.

“At Universal Insurance Plc, our customers remain at the heart of everything we do. Insurance is built on trust, and nothing demonstrates that trust more than our ability to honour genuine claims promptly. The payment of over ₦1.35 billion in claims within the second quarter of year 2026 is a clear testament to our unwavering commitment to standing by our policyholders in their moments of need.”

He emphasized that prompt claims settlement remains a core strategic priority for the company as it seeks to strengthen trust in the insurance industry and deliver exceptional service to individuals, businesses, and corporate organizations.

The insurer added that every genuine claim is processed with professionalism, transparency, and urgency to ensure minimal disruption to the businesses and daily lives of its clients.

As it deepens its market presence, Universal Insurance Plc plans to continue developing innovative products, leveraging technology for faster service delivery, and maintaining high standards of corporate governance to protect the lives, businesses, and investments of its clients.

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The milestone highlights the underwriting firm’s ongoing commitment to prompt claims settlement and its capacity to support customers during critical periods.

The insurer’s steady claims payout reflects its rigorous underwriting practices and solid financial health, which have been validated by the global rating agency GCR.

This performance coincides with the successful completion of the company’s Rights Issue, which recorded significant participation from existing shareholders, signaling strong investor confidence in Sovereign Trust’s corporate governance and growth strategy.

Commenting on the half-year results, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Lucas Durojaiye, emphasized that consistent claims payment remains the ultimate measure of an insurer’s reliability.

“Our promise to policyholders goes beyond selling insurance policies. We remain committed to honouring our obligations promptly and efficiently while continuing to build a stronger and more resilient organization for all our stakeholders.”

The newly injected capital from the Rights Issue has strengthened the insurer’s balance sheet.

According to the company, this capital boost positions Sovereign Trust Insurance for immediate business expansion, increased underwriting capacity, and long-term value creation for its shareholders and customers.

With a bolstered capital base and a clear execution strategy, the company aims to deepen market penetration, drive digital innovation, and secure its position as a leading player in Nigeria’s competitive non-life insurance sector.

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The insurer forecast insurance revenue of ₦6.615 billion during the period, while insurance service expenses are expected to amount to ₦2.419 billion.

The company also projected net expenses on reinsurance contracts of ₦795.8 million, resulting in an insurance service result of ₦3.400 billion.

The forecast further showed that investment income is expected to reach ₦1.713 billion, with no projected fair value gains on investment properties or impairment losses on financial assets measured at amortised cost. This brings the company’s net investment income to ₦1.713 billion.

It also estimated net insurance finance expenses of ₦42.5 million, comprising finance expenses of ₦23.6 million from insurance contracts issued and ₦18.9 million from reinsurance contracts held.

Consequently, the company expects to achieve a net insurance and investment result of ₦5.071 billion.

After accounting for other operating expenses of ₦2.252 billion, the insurer projected a profit before tax of ₦2.819 billion. Following an estimated income tax expense of ₦36.75 million, the company forecast a profit after tax of ₦2.782 billion for the third quarter ending September 30, 2026.

The forecast provides investors with an outlook on Guinea Insurance’s expected financial performance for the period, subject to prevailing business and market conditions.

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The company disclosed that the agreement, signed on July 10, 2026, marks a significant milestone in its multi-phase capital raising programme approved by its Board of Directors.

The signing ceremony, held at the company’s headquarters in Lagos, was attended by members of the Board, management team, issuing houses, legal advisers, stockbrokers and other stakeholders.

Under the arrangement, Regency Alliance plans to raise capital through a private placement of 7.37 billion ordinary shares targeted at strategic investors.

According to the company, the capital injection will strengthen its solvency margin, enhance underwriting capacity, support business expansion and finance investments in technology, product innovation and customer experience.

Regency Alliance noted that the transaction also reflects the confidence of strategic investors in the company’s corporate governance, financial outlook and long-term growth strategy.

The insurer said the additional capital would position it to pursue new business opportunities, improve operational resilience, deepen market penetration and deliver sustainable value to shareholders, policyholders and other stakeholders.

The Board added that it remains committed to completing the capital raising exercise in an orderly and transparent manner while maintaining high standards of corporate governance and regulatory compliance.

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