A Lagos-based business with 20 staff on its payroll recently lost a staff member after a brief illness. The family of the deceased staff member approached the company and asked for the payment of life assurance by the company. The company had no active policy in place and simply replied that they have no insurance …
Nigeria’s insurance sector recorded mixed fortunes in 2025 as rising claims and fluctuating loss ratios reshaped profitability across leading firms. A Pinnacle Daily review of the 2025 financial statements of 10 major insurers shows a market driven by large premium volumes, underwriting discipline, and strong investment income. While some firms successfully balanced claims obligations with …
The Federal Government has introduced a new Investment Budgeting framework to stop funding non-performing projects and boost accountability as Nigeria targets a $1 trillion economy. The Minister of State for Finance, Doris Uzoka-Anite, announced the reform during a meeting with Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group. Uzoka-Anite said the government …
Niger State has taken a major step toward Nigeria’s sugar self-sufficiency drive. Following a high-level meeting at the Government House in Minna, the National Sugar Development Council (NSDC) and the Lee Group announced plans to establish a large-scale sugar production project in the state. During the meeting, Governor Umar Bago assured the delegation of full …
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has warned that slow, costly, and fragmented cross-border payment systems are limiting economic opportunities for millions, especially in developing countries. Speaking on Thursday at the G-24 Technical Group Meetings held in Abuja, Cardoso said these inefficiencies block individuals and small businesses from fully participating in …
MEXC, a digital asset exchange and a pioneer of true zero-fee trading, has released its February Proof of Reserve report, confirming that all major assets maintained reserve ratios above 100%. It said BTC reserve coverage rose to 267%, demonstrating the platform's continued commitment to transparency and user asset protection. The February report shows reserve ratios …
The Corporate Affairs Commission (CAC) has removed more than 400,000 inactive companies from Nigeria’s corporate register in 2025, marking the largest clean-up exercise in its history. The Registrar-General of the Commission, Hussaini Magaji, disclosed the development in Abuja during activities marking the agency’s 35th anniversary. He explained that most of the affected entities had failed …
Employee corruption and occupational fraud are costing Nigeria’s Micro, Small and Medium Enterprises (MSMEs) between ₦5 trillion and ₦10 trillion annually, according to the Centre for the Promotion of Private Enterprise (CPPE). The organisation said this in a policy brief released by its Chief Executive Officer, Muda Yusuf, on Sunday. It described employee corruption and …
... Signs $14bn MOU with 42 companies For six years, Kebbi State counted its losses in silence. Before the festival’s suspension in 2020, the Argungu Fishing Festival drew between 30,000 and 50,000 visitors per edition. Hotels filled up weeks in advance. Traders recorded their best annual sales in four days. Transporters doubled fares and …
A tense exchange broke out on Wednesday between Natasha Akpoti-Uduaghan, senator representing Kogi Central, and Shuaibu Audu, minister of steel development, during a joint sitting of the Senate and House of Representatives committee on mines and steel development. The disagreement occurred at the ministry’s budget defence session, where lawmakers examined funding provisions and policy direction …
