National
Public Hearing: AGF, NDIC, others endorse Insurance Reform Bill
***CIIN demands mandatory Insurance Policy for all buildings, vehicles
The move by the Senate to reform the Insurance sector as contained in a draft bill to that effect has recieved overwhelming support from the Attorney – General of the Federation and Minister of Justice, Prince Lateef Fagbemi ( SAN) and major stakeholders on Friday.
The endorsement of the Attorney General and the Insurance stakeholders for the bill came at a public hearing on the proposed legislation.
The public hearing for the Bill entitled, “Nigerian Insurance Industry Reform Bill, 2024” organised by the Senate Committee on Banking , Insurance and other Financial Institutions.
The bill was sponsored by Senator Adetokunbo Abiru ( APC Lagos East).
In his support for the bill the Attorney General, represented by one of his aides, Mr Oloyede Hussein, said the proposed reform, will help to curb capital flight that has been the order of the day in the Insurance sector in Nigeria.
“The office of Attorney – General of the Federation, has studied the proposed provisions contained in the bill with strong conviction that it would reform the sector from one plagued by capital flight, to economy contributory sector”, he said .
In the same vein, the Managing Director of NDIC, Bello Hassan, in his presentation at the Public Hearing said the proposed legislation is commendable and that the corporation is 100% behind the proposed reforms.
However, in her presentation, the President of Chattered Institute of Insurance of Nigeria, Mrs Yetunde Ilori, acknowledged the support of the Insurance reform bill.
On the other hand, She said the provisions that will make all motors in Nigeria to be insured by their owners, should be included as being practiced in most other countries of the world.
According to her, such provision, would deepen insurance penetration in Nigeria, make the sector more viable and make risks management more effective for the insured.
The President of Nigerian Council of Registered Insurance Brokers, Babatunde Adeleke, in his presentation, said the council supported the reform bill but wants inclusion of provision that would compel all officially approved houses in Nigeria to be insured.
“This is very necessary and requires empowerment of building approving authorities and National Insurance Commission (NAICOM), with relevant laws.
“For NAICOM, require legislation by way of provision in the reform bill, should be provided for it, to seal off buildings or houses that are not insured, “he said.
The Chairman of the Committee , Senator Adetokunbo Abiru, said members of the committee are happy that all the key players in the Insurance sector are in support of the reform bill and that suggestions and observations made, shall be looked into, before final report on the proposed legislation, is submitted to the Senate.
National
Senator Natasha Calls for Economic, Cultural Renaissance in Northern Nigeria
The Senator representing Kogi Central in the National Assembly, Natasha Akpoti-Uduaghan has called for a rebirth of Northern Nigeria’s economy and cultural identity, urging the region to reclaim its historical standing as a center of agricultural and industrial prosperity. Speaking at the Sardauna Memorial Day in Kaduna, the senator emphasized the urgent need to revitalize the region’s economic output, which has sharply declined in recent decades.
Senator Akpoti-Uduaghan evoked the legacy of the Sardauna of Sokoto, Ahmadu Bello, whose leadership policies fostered economic growth and industrialization across Northern Nigeria in the mid-20th century.
She stressed that the once-thriving agricultural and industrial sectors in the region have deteriorated, diminishing its economic influence.
A Look Back to Economic Glory
The senator lamented the downfall of key industries, highlighting the sharp decline in Northern Nigeria’s groundnut industry. She pointed out that in 1959, groundnut exports from Northern Nigeria to the United Kingdom were valued at £27 million—equivalent to ₦3.6 trillion today. However, she noted that the industry now generates a meager $3 million annually, signaling a significant loss in economic potential.
“The collapse of the groundnut trade and other key industries represents a tragic loss to our region,” Akpoti-Uduaghan said. “We were once an economic powerhouse, but now, we are seeing a shadow of what we once were.”
The senator also cited the fall of the cotton industry, once integral to both local and global economies, with the Kaduna Textile Mill serving as a vital employment hub. Today, she said, the cotton industry has all but vanished, despite the global market generating $21 billion annually.
Senator Akpoti-Uduaghan urged Northern leaders to adopt a more progressive, developmental mindset to revive the region’s industries. She called for strategic planning and innovation to rebuild the entrepreneurial ecosystems that once flourished.
“It is crucial that we focus on rebuilding our economic resilience. We must move beyond dependence and work towards a prosperous future by harnessing our agricultural and industrial potential,” she urged. “This is the time for bold leadership.”
In her speech, Akpoti-Uduaghan also discussed the importance of economic diversification, acknowledging that while recent tax reforms have raised concerns, the region’s resistance is due to its lack of preparedness. She emphasized that a diversified economy would better withstand such changes, pointing out that a thriving groundnut industry could have alleviated the shock of economic reforms.
“Had we maintained a strong agricultural base like the groundnut industry, these reforms wouldn’t be as disruptive,” she said. “It’s time to stop making excuses and take concrete steps toward economic renewal.”
The senator further stressed the importance of preserving the North’s cultural heritage as part of the region’s revival. She called on all stakeholders—leaders, civil society, and citizens—to collaborate in protecting the cultural values that have defined the North for centuries.
The Sardauna Memorial Day event, which honored the legacy of Ahmadu Bello, saw the attendance of prominent figures such as Kaduna State Governor Senator Uba Sani, represented by Abdulazeez Ishak, and Northern Elders Forum Chairman, Prof. Ango Abdullahi.
Senator Akpoti-Uduaghan’s impassioned address has sparked renewed conversations about the North’s potential to reclaim its role as a major economic force in Nigeria.
With a call for innovative leadership and economic rejuvenation, the senator is leading the charge for the region to restore its economic vitality and cultural prominence.
National
Alaafin Oyo Throne: Makinde Seals Royal Transition Amid Kingmakers’ Rift
Governor Seyi Makinde of Oyo State has officially presented the staff of office to Prince Abimbola Owoade as the new Alaafin of Oyo, solidifying a royal transition that has sparked controversy among the Oyomesi, the traditional kingmakers of Oyo.
The ceremony, held on Monday, comes nearly three years after the passing of the late Alaafin, Oba Lamidi Olayiwola Adeyemi III, and despite resistance from five members of the Oyomesi, who argued that Prince Owoade’s selection was not legally sanctioned.
In a letter addressed to Governor Makinde, the dissenting kingmakers, represented by Adekunle Sobaloju (SAN), maintained that Prince Luqman Gbadegesin was their preferred candidate. The letter was signed by prominent Oyomesi members, including High Chief Yusuf Akínade (Bashorun of Oyo) and others acting as stand-ins for key traditional roles.
However, the state government defended its decision, with Commissioner for Information and Orientation, Prince Dotun Oyelade, stating that Owoade’s selection followed rigorous consultations and divinations, aligning with royal traditions.
The new Alaafin hails from the Owoade-Agunloye royal family and brings a distinguished academic and professional background to the throne. He holds degrees in Mechanical Engineering from both the University of Sunderland and Northumbria University in the UK and has served in key engineering roles, including his current position as a Project Coordinator at Manitoba Hydro, Canada.
This historic moment signifies a fresh chapter for the Oyo monarchy, even as it stirs discussions on the balance of power between the government and traditional authorities. As Prince Abimbola Owoade ascends the throne, the state looks forward to a reign that fosters unity and development for the Oyo Kingdom.
National
Mambilla Power Saga: Nigeria’s Cross-Examination Debacle Looms at ICC Arbitration
****Obasanjo, Buhari, Others Set to Testify as Mambilla’s 52-Year Legacy Hangs by a Thread
The International Court of Arbitration in Paris is set to witness high-profile legal drama as Nigeria faces potential disgrace in its decade-long battle over the $6 billion Mambilla Hydroelectric Power Project. The landmark case, initiated by Sunrise Power and Transmission Company against the Federal Government of Nigeria, reaches its climax this January.
Once a beacon of hope for Nigeria’s energy independence, the Mambilla project, conceived in 1972, now symbolizes decades of political interference, corruption, and bureaucratic bungling.
With the final arbitration hearing on the horizon, Nigeria’s chances of escaping liability appear grim, especially as key witnesses, including former ministers Abubakar Malami and Mamman Saleh, are conspicuously absent.
First awarded in 2003 under a Build-Operate-Transfer (BOT) model, the project has been dogged by abrupt policy reversals, contract cancellations, and re-awards.
The most controversial pivot came under President Olusegun Obasanjo, who shifted from BOT agreements to procurement contracts, fracturing the initial plan. Successive administrations, including those of Presidents Yar’Adua, Jonathan, and Buhari, oscillated between reviving the original agreement and renegotiating settlements.
The hearing promises explosive revelations as former Presidents Obasanjo and Buhari testify alongside ex-ministers and experts. Buhari is expected to defend his administration’s controversial 2017 re-award of the project, while Obasanjo faces scrutiny for altering its trajectory during his tenure.
Both are set for rigorous cross-examination, with Obasanjo’s testimony particularly fraught with detours into past scandals, including his BBC HARDTalk interview where he was labeled “the grandfather of corruption in Nigeria.”
The absence of Malami and Saleh, pivotal to the government’s defense, casts a long shadow over Nigeria’s case. Their negotiated settlement agreements with Sunrise in 2020—a $400 million compensation deal—remain critical but controversial elements of the dispute. Meanwhile, Sunrise’s star witness, former Attorney General Michael Aondoakaa, is poised to dismantle Nigeria’s counterclaims with damning insights into governmental lapses.
Beyond the courtroom drama, the stakes for Nigeria are monumental. A protracted legal battle and possible adverse judgment could further delay the project by six years, exacerbating the country’s energy crisis. With less than 4,000 MW of electricity shared among 240 million citizens, Mambilla’s delay perpetuates a cycle of economic stagnation, industrial decline, and social unrest.
President Bola Tinubu’s administration inheritd a quagmire of broken promises and unmet potential. While hopes for transformative leadership remain, the arbitration outcome will test Nigeria’s resolve to break free from decades of mismanagement.
Without decisive action, the Mambilla dream could remain just that—a dream, leaving millions of Nigerians in darkness.
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