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NAFDAC Gets Four COVID-19 Potential Remedy

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The Director-General of the National Agency for Food Drugs and Administration Control (NAFDAC), Prof. Mojisola Adeyeye has said her agency has received about four submissions as a potential cure for COVID-19.

The DG explained the submission was made after the agency called for expression of interest for the COVID-19 related medicines from researchers and practitioners.

The NAFDAC DG, who was a guest on a morning television show monitored on Tuesday by The Nation, said the four applications submitted would undergo due diligence.

The DG also said instead of spending huge sums of money to get the COVID organic from Madagascar, such monies should be spent on herbal remedies produced in Nigeria.

Giving an update on the number of applications received so far by the agency, she said: “I made a call for people to submit their application and I believe we have about three or four now and we are going to expedite the processing because it takes a while for us to go through the laboratory testing and what not but I have already given the directive to expedite.

“So, where we are right now is just to make sure that the information submitted is okay and by the end of the week, we may be sending these samples to the lab after we must have gone to inspect the site where the products are made because we don’t want a product that somebody will take and the person will start vomiting.

“So, we will go and inspect the site to make sure that whatever sample we are going to get must have been prepared in an environment that will not make the drug to compromise the health of the user.”

On the criteria that a remedy must meet before it is presented to NAFDAC as a possible cure or drug, she said: “If somebody says he or she has a remedy for COVID, first of all, we want to know the history of the plant or the family the plant belongs to, background information on the botanical characteristics of the plant, we will also want to know whether the plant has been used for anything before because sometimes, we use one plant for several diseases and the usage will be different for a particular disease.

“We will also ask for any written or published document about the plant because the plant may not come from Nigeria and it may be available in other climes. So, we want to ensure that we get enough information and once that application is submitted with the information, then we will start the process and part of the process involves inspecting where the medicinal product was prepared to be sure that it is not going to compromise the health of the people.

Commenting on the Madagascar COVID herbal mixture and the claim that Madagascar asked Nigeria to pay over €170,000 on a drug yet to be validated, she said: “I was made to understand that it has a plant called Artemisia and we have Artemisia in Nigeria which is an anti-malaria plant.

“I believe that it is better for us to spend the money in clinical trials on our own product than to spend that money on COVID Organics. That does not mean that we will not check the safety in NAFDAC. We will do all the due diligence because we do that anyway for any product that is submitted to us.

“We give two-year approval if everything is okay with that product and we will do that with COVID Organic but in terms of a clinical trial, it takes a longer time for a clinical trial because first; you have to have a hospital that its ethics board have to review the protocol that is submitted and once the hospital is okay with the clinical protocol, it has to come to NAFDAC, where we will do our own due diligence in terms of clinical protocol.

“So, it takes a while to get all these through and you have to also look for COVID patient and that is another logistics that may take time. So, that is why it is better for us to use that money to do our own local herbal medicine that may have the same effect.”

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Business

STI Boss Counsels Nigerians To Be Safety Conscious

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The Managing Director of Sovereign Trust Insurance Plc, Olaotan Soyinka has called on Nigerians to be cautious and safety-conscious during this period of the ‘ember’ months so as to safeguard lives and properties.

Olaotan stated that the possession of insurance policies should not be a reason for carelessness by holders of such policies.
He said “while it is generally known that accidents are common during the ‘ember’ months as a result of increased activities during the period with people rushing to meet up with their goals as the year rounds up, it is advisable that even in the midst of such activities, we should still exercise caution so that we do not get involved in unnecessary mishaps that could have been averted.”

Soyinka added that “while it is not in dispute that insurance helps to mitigate against risks, it should not be taken as a license to throw caution to the wind and be careless.”
He cautioned that rather, insurance should be seen as a respite in case of the unforeseen and inevitable.

It is widely known that cases of motor crashes, fire outbreaks and other perils are usually on the increase during the last months of the year, hence the need for caution to be exercised by all and sundry so as to prevent such misfortunes.

Sovereign Trust, a company listed on the Nigerian Stock Exchange commenced business on Jan 2, 1995 and has a network of offices spread across major commercial cities in the country. The company’s expertise is tailored towards non-life insurance products that include Motor Insurance, Fire and Property Insurance, Consequential Loss, All Risks, Houseowners/Householders’ Insurance, Burglary/Housebreaking, Professional Indemnity, Marine and Aviation Insurance, Personal Accident, Fidelity Guarantee, Cash-In-Transit, Products Liability, Machinery Breakdown, Contractor’s All Risk, Hulls and Passengers, Oil and Gas and a host of other policies under the stable of the organization.

The Underwriting Firm drives its operations with top-notch technology with great emphasis on human capital development and career advancement for members of its staff.

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Leadway Pensure PFA Celebrates 20th Anniversary

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Leadway Pensure PFA, a Pension Fund Administrator in Nigeria, proudly celebrates its 20th anniversary.
Over the last 20 years, the PFA has served thousands of customers across Nigeria and beyond, standing as a clear testament to its commitment to providing financial stability at various stages of workers’ career journeys.
Speaking on this remarkable achievement, Olusakin Labeodan, MD/CEO, Leadway Pensure PFA, stated: “As we celebrate 20 years of Leadway Pensure PFA, this milestone is more than a celebration of longevity, it is a tribute to trust, service and innovation. From the very beginning, our mission has been very clear, to deliver a pension system without barriers. Over two decades, we have transformed this vision into reality by simplifying pension access, embracing cutting-edge technology, and ensuring our services are always within reach. With a presence nationwide, a robust mobile platform and the AI-powered assistant LISA, we have placed pension services within the reach of eligible Nigerians.
We have supported countless customers in achieving life goals, from retirement to home ownership, by ensuring access, clarity and care at every step. This is a testament to the strong relationships and legacy we have built with every customer. Trust is at the heart of our service, propelling us to uphold world-class standards and earning us global certifications such as ISO/IEC 27001:2022 for information security, a mark of our unwavering commitment to safeguarding our customers’ funds,” he added.
Looking ahead, the company is committed to promoting youth-focused financial literacy, growing personal pension plans and strengthening customer engagement across every stage of the pension journey. “The next years and beyond will be shaped by the same dedication that brought us this far, a future-forward mindset, a culture of excellence, and an unyielding promise to stand by our customers every step of the way,” Olusakin concluded.
As it commemorates 20 years of service, Leadway Pensure reaffirms its commitment to simplifying retirement planning, delivering consistent value, and driving financial inclusion across Nigeria. With a clear vision for the future, the firm remains dedicated to being the trusted partner in providing financial wellness for generations to come.

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PenCom, NAICOM Bar Insurers From Doing Business With Defaulting Employers

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The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have directed insurance companies and their vendors to fully comply with Nigeria’s pension and insurance laws.
The new directive, contained in a joint circular signed by Abdulrahaman Muhammad Saleem, Director of Surveillance Department at PenCom, and Dr. Talmiz Usman, Director of Legal, Enforcement and Market Development at NAICOM, seeks to strengthen compliance with the Pension Reform Act (PRA) 2014 and the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The circular focus on compliance with the Contributory Pension Scheme (CPS) and the requirement for all employers to maintain Group Life Assurance (GLA) coverage for their employees.
Under Section 2 of the PRA 2014, every employer in the public and private sectors must participate in the CPS, remit pension deductions not later than seven working days after salary payment, and provide life insurance cover for employees.
However, despite continuous engagements, audits, and sanctions by PenCom, a significant number of employers, including some within the financial services industry, have remained in breach of these legal obligations.
PenCom revealed that it has appointed Recovery Agents to audit defaulting employers, impose administrative sanctions, and pursue judicial recovery of outstanding pension contributions and penalties.
Yet, the persistence of non-compliance has continued to threaten the sustainability and credibility of the CPS, prompting this joint enforcement strategy with NAICOM.
By this new circular, all Licensed Insurance Companies must possess valid Pension Clearance Certificates (PCCs) from PenCom and Group Life Assurance Certificates compliant with NIIRA 2025 before engaging in any operational or investment activity.
Every vendor, service provider, and counterparty that seeks to do business with insurance companies must also hold valid PCCs and GLA Certificates, as a pre-condition for any contractual agreement.
The directive further extends to investment transactions, including commercial papers, bond issuances, and bank placements. All counterparties involved must execute a Compliance Attestation, affirming that their own vendors and service providers also maintain valid PCCs and GLA Certificates.
This cascading requirement effectively embeds pension and insurance compliance throughout the investment value chain, ensuring that no entity within the insurance ecosystem operates outside the law.
Insurance firms are also required to integrate these compliance requirements into their internal policies, vendor selection, due diligence, and investment risk assessment frameworks.
Similarly, parent companies, subsidiaries, holding firms, and institutional shareholders of insurance entities must demonstrate full compliance before any business dealings are approved.
Recognising the operational adjustments that the new measures demand, PenCom and NAICOM have granted a six-month transition window from the date of the circular to enable full implementation.
During this period, insurance companies are expected to align their internal processes, communicate compliance expectations to vendors, and update their governance frameworks accordingly.

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