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FG Moves To Exempt Minimum Wage Earners From Income Tax

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The Federal Government said that with the proposed Finance Bill 2020, minimum wage earners will be exempted from the Personal Income Tax in order to reduce the impact of inflation on Nigerians.
The government also said that the exemption and other items in the proposed Bill, alongside various economic policies and incentives would ensure the resilience of the Nigerian economy to exogenous shocks.
The assurance was given by President Muhammadu Buhari in his speech delivered virtually by Vice President Yemi Osinbajo, on Monday at the opening session of the 26th Nigerian Economic Summit Group Conference themed: “Building Partnerships for Resilience”.
President Buhari said, “We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax.
“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy but are also a fulfillment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”
Explaining the role of the private sector in building a resilient economy, President Buhari said “this government has always emphasised that the private sector has a key role to play in our efforts to build a more resilient and competitive economy as expressed in the Economic Recovery and Growth Plan.
“Private companies in design, construction, logistics, and finance are very much engaged in our infrastructural projects in power and rail as well as road and bridges and the installation of broadband infrastructure which is an essential requirement if Nigeria is to participate actively and benefit from the 4th Industrial Revolution.”
Continuing, the President added, “…it is clear that we must diversify the economy away from dependence on crude oil exports, speed up human capital development and improve on infrastructure. Above all, our economy must be made more resilient to exogenous shocks.
“It is important for the private sector to play a key role as we work together to identify national priorities and try to influence our future national trajectory.”
He gave insights into the collaboration between the CBN, the Nigerian Sovereign Wealth Investment Authority (NSIA), and other stakeholders in the creation of an Infrastructure Company (Infraco) Fund to address some of the nation’s critical infrastructure needs.
“It goes without saying that partnerships remain essential to attract the resources for building a solid national infrastructural base. I am pleased to inform you in this regard that we are working actively with the Central Bank, Nigerian Sovereign Investment Authority and State Governments under the auspices of the National Economic Council to design and put in place a N15 trillion Infraco Fund which will be independently managed.
“The Infraco Fund will help to close the national infrastructural gap and provide a firm basis for increasing national economic productivity and growth,” the President explained.
Restating the commitment of his administration to sustaining collaborations with the private sector in addressing challenges, President Buhari said “if there is one single lesson to be learnt from the COVID-19 pandemic, it is that partnerships are essential for credible responses with lasting effects.”
According to him, “Our national journey to economic prosperity is a long one, so we must all certainly work together. As we saw, partnerships were essential when we were faced with the serious challenge of combatting COVID-19.
“We saw the key role that partnerships played in our national effort to combat the COVID-19 crisis. While Federal and State Governments worked together to manage the health response and ensure the establishment of isolation centres and availability of test kits, personal protective equipment, and medicines, the private sector also played an active role as individual entities, and also worked together in groups like the Coalition Against COVID-19.”
During the speech presentation, the Vice President responded to the issue of import duties raised by some speakers at the summit. The Vice President noted that “the point of the reduction in levies on motor vehicles, commercial vehicles for transportation is to reduce the cost of transportation by reducing the cost of vehicles.”
He explained that “with subsidy removal and the increase in fuel price and the pass-through to food prices, transportation costs had to be reduced. Now the automotive policy is directed at localising the production of vehicles. So the logic was to increase the duty and levies so that local production becomes more competitive. But the annual demand for vehicles is about 720, 000 vehicles per year. Actual local production is 14,000 vehicles a year.
“So, the problem is that at the current rate of production, we will not meet the serious national needs and this will just mean higher prices of vehicles and greater strain on other sectors of the economy that depend on transportation. But we are not giving up on the local auto industry.
“Two important things to note; the first is that we still have a relatively high duty at 35%, so there is still a disincentive for importation. Second is that we are promoting policy that the government must buy only locally manufactured cars.”
The opening session of the summit featured presentations by speakers including Chairman of the Nigerian Governors Forum and Governor of Ekiti State, Mr Kayode Fayemi; Governor Aminu Bello Tambuwal of Sokoto State; Chief Executive Officer of MainOne, Ms Funke Opeke; and the Chief Executive Officer of GIG Group, Mr Chidi Ajaere; among others.

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NAICOM Partners UNDP To Scale Insurance Innovation, Climate Risk Resilience

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April 16, 2026

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The Commissioner for Insurance, Mr. Olusegun Omosehin, received a delegation from the United Nations Development Programme (UNDP) on a courtesy visit to the National Insurance Commission (NAICOM), aimed at deepening collaboration and setting strategic priorities to expand insurance access, enhance market stability, and scale climate and disaster risk solutions across Nigeria.

Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, expressed appreciation for the Commission’s leadership and reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector. He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment.

The UNDP delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.

In his response, the Commissioner for Insurance welcomed the UNDP team and expressed gratitude for their sustained support to the Nigerian insurance industry. He outlined five strategic pillars underpinning NAICOM’s reform agenda and reiterated the Commission’s commitment to a transparent recapitalization process, fostering innovation, and creating an enabling environment to significantly enhance insurance penetration in Nigeria.

The Commissioner noted that the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.

He further explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions. To support operators, NAICOM has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.

The Commissioner also affirmed NAICOM’s commitment to institutionalizing Environmental, Social, and Governance (ESG) principles and sustainable insurance practices through the development of an in house NAICOM ESG Framework, building on prior diagnostic work and toolkits developed in collaboration with partners such as FSD Africa and UNDP.

Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.
The meeting further explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).

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NIA To Honour Past Governing Council Members

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6 days ago

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April 16, 2026

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The Nigerian Insurers Association (NIA) has announced plans to honour its past governing council members and director general, in recognition of their invaluable contributions to the growth and development of the association.

This initiative underscores the association’s deep appreciation for the visionary leadership, dedication, and selfless service of those who have steered the affairs of the NIA over the years. Their efforts have laid a solid
foundation for the association’s achievements and strengthened its role as the collective voice of the insurance industry.

The event is scheduled to take place on April 30 in Lagos, under the theme, “Service as the Cornerstone of Leadership and Institutional Legacy.”

Speaking on the significance of the initiative, the Chairman of the NIA, Mr. Kunle Ahmed, noted that honouring past governing council members and director generals is not only a mark of respect, but also a way of preserving the association’s rich legacy.

He said that their guidance and commitment have been instrumental in shaping policies, fostering industry collaboration, and promoting public confidence in insurance as a tool for national development.

Ahmed emphasised that the structures laid down by the past leaders, the values they upheld, and the sacrifices they made continue to resonate in the association’s present achievements.

He said: “Institutions are built over time, but their true strength lies in the people who devote themselves in service.

“This event is our way of pausing to honour those whose leadership and sacrifices created the pathway we now walk. Their legacy is not confined to history—it lives on in every milestone we celebrate today.”

The NIA Chairman further stated that by celebrating the association’s past leaders, the NIA preserves its history, reinforces its values, and set a clear benchmark for future leadership.

According to him, the progress the association enjoy today is firmly anchored in the foresight and dedication of its past leaders.

“Without question, they remain the bedrock of the NIA’s enduring relevance and success, he said.”

The ceremony will bring together industry stakeholders, regulators, and partners to celebrate these distinguished leaders and reaffirm the Association’s commitment to excellence, innovation, and sustainable growth.

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Heirs Insurance Partners United Capital On Self-care, Wealth Event

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6 days ago

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April 15, 2026

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Heirs Insurance Group and United Capital Plc, recently hosted the Yoga and Money Meet Up, an exclusive wellness and financial empowerment event for ambitious women.
The event, which held in Lagos, offered a curated experience combining guided yoga and stress management sessions with expert-led conversations on insurance, investment and asset protection. The event reinforced Heirs Insurance Group’s and United Capital’s commitment to making financial wellness relevant and accessible to Nigerian women.
Speaking on the initiative, Ifesinachi Okoli-Okpagu, Chief Marketing Officer at Heirs Insurance Group, underscored the strong link between insurance and wellness. “Self-care is not just about indulgence; it is about making deliberate choices that safeguard one’s physical, mental, and financial well-being – and insurance is fundamental to that. For many women juggling careers, businesses, and family, this event addresses a significant pain-point: how we protect our assets while still juggling life”.
She introduced HerMotor insurance plan, designed for ambitious women who need more than just insurance. The unique product offers comprehensive motor coverage against accidents, fire, theft, and other unforeseen incidents that cause loss to the policyholder’s car. An added benefit is the 24/7 emergency roadside assistance for female car owners during car breakdowns arising from accidents or mechanical faults. The first-of-its-kind solution in the industry is delivered in partnership with AA Rescue, and includes a robust reward programme, where customers can access discounts from spas, wellness programmes, and more.
Dr. Odiri Oginni, Managing Director, United Capital Asset Management, added that the collaboration reflects a shared commitment to women’s empowerment. “Empowerment is at the core of what we do, and co-creating on an initiative that directly addresses the financial realities facing Nigerian women further emphasises this. We recognise that financial independence and personal wellness are deeply interconnected, and by creating opportunities that bring both together, we are reinforcing our commitment to empowering women to confidently pursue and achieve their dreams. This vision informed the creation of our Wealth for Women Fund, which provides women with a secure and accessible avenue to invest smartly and build long-term financial security.”
The Yoga and Money Meet Up reflects a joint vision to empower Nigerian women through financial education and protection.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.
United Capital Plc is a leading Pan-African financial and investment services group providing bespoke, value-added solutions to governments, corporations, and individuals across Africa. With operations in Nigeria, Ghana, and Côte d’Ivoire, and a growing pan-African footprint, the Group leverages technology, specialist expertise, and retail-led platforms such as InvestNow to deliver cutting-edge financial solutions. United Capital has been recognised by the Financial Times as one of Africa’s fastest-growing companies for three consecutive years.

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