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Paying ransomt To Kidnappers Is Foolishness —Obasanjo

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5 years ago

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Former President, Olusegun Obasanjo, on Wednesday, has cautioned against the payment of ransom to kidnappers.

He, however, submitted that the government must develop means to deal with kidnappers and bandits heavily in place of ransom payment.

He noted that the governments of both President Goodluck Jonathan and Major General Muhammadu Buhari (retd.) paid ransom to kidnappers but they denied it.

Obasanjo said he does not believe in payment of ransom to kidnappers and bandits, saying it encouraged criminals indulging in the act.

The former president berated any government that pays ransom, describing them as follies.

Obasanjo spoke on Wednesday at his residence in Abeokuta, Ogun State, while playing host to members of Tiv professionals Group led by Prof Zacharys Anger Gundu.

Obasanjo insisted that it requires a “carrot and stick” approach to fight insecurity challenges to a standstill.

He said “Some people are still reaching out, and hoping that lives can still be saved. But a situation whereby anybody thinks paying ransom is the way out, that person is folly. He is a folly. This is because when you pay ransom, you encourage. But if you are not going to pay ransom, you must have the means to deal heavily with it. You must have the stick to deal with it.

“Government has always paid ransom. Not only this government, even during Jonathan (administration). They paid ransom, but they denied it.”

Obasanjo expressed fears that those beating drums of division in Nigeria don’t think about the interest of the minority ethnic groups.

He added, “Where do we want those minor groups to stand? Wherever they stand, now they are by virtue of Nigeria’s present situation a little bit protected. But if Nigeria breaks up and they are in a smaller country, they will be oppressed. They will always be exterminated. Are we thinking of that?

“I believe that if we will get it right in Nigeria, any leader must look at Nigeria with the prism of the diversity of Nigeria. For as long as you look at Nigeria with the prism of your ethnic group, then you aren’t going anywhere, either your ethnic group or religious group.

“But is there hope? There is hope.”

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Business

Leadway Assurance Partners AGRA, NADF, Verdure Climate To Advance Agricultural Insurance Solutions

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4 days ago

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December 1, 2025

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Leadway Assurance Company has forged partnership with Alliance for a Green Revolution in Africa (AGRA), the National Agricultural Development Fund (NADF), and Verdure Climate, to lead a national dialogue on identifying challenges and proffering actionable solutions on agricultural and climate risks in Nigeria.
The forum themed “Accelerating Agricultural Lending to Market Actors and Smallholder Farmers Using Index-Based Agric Insurance & Blended Finance Solutions,” held in Abuja recently.
In attendance at the forum were policymakers, financial institutions, agribusiness leaders, development experts, and critical value-chain actors, to examine scalable models capable of strengthening Nigeria’s agricultural resilience.
Recent data shows that over 82 percent of Nigerian farmers remain uninsured (Phys.org, 2024), while projections warn that climate-induced disruptions could cut Nigeria’s agricultural productivity by 10–25 percent by 2080, with some rain-dependent regions facing losses of up to 50 percent (IOSR Journal, 2024; ScienceDirect, 2025).
Against this backdrop, the dialogue provided a timely platform for advancing integrated solutions that combine insurance, credit, and climate-risk financing.
Speaking at the event, Ayoola Fatona, Global Head, Agriculture Risk Solutions, Leadway Assurance, reaffirmed the organisation’s commitment to financial inclusion and agricultural transformation. “We are in a mission to make insurance a catalyst for productivity by ensuring farmers can access credit, adopt climate-keen practices, and recover quickly from weather-related shocks. Collaborating with AGRA, NADF, and Verdure Climate allows us to co-create solutions that strengthen the entire value chain and secure the future of our food systems.”
In his opening address, Fatona underscored the urgency of building systems that empower farmers and de-risk financiers.
He noted that “the dialogue forms part of our AGRA-supported initiative to build farmers’ resilience through innovative insurance models and financial instruments across Niger, Kaduna, and Nasarawa States. As climate risks intensify, our responsibility extends beyond underwriting; we must become enablers of productivity, inclusion, and long-term stability. Index-based insurance, when integrated with blended finance structures, creates the transparency, speed, and scalability needed to unlock credit for market actors and smallholder farmers alike.”
He added that the collaboration among government, insurers, financiers, and development partners is essential to translating innovation into real impact for farmers, the maize grower in Nasarawa, the rice producer in Niger, and the aggregators supporting thousands across Kaduna.
Leadway Assurance has been investing in strengthening Nigeria’s agricultural insurance framework through initiatives such as index-based crop insurance, public-private partnerships with state governments, and capacity-building programmes for rural farming communities. Between 2024 and 2025, Leadway has supported interventions that expanded coverage for thousands of smallholder farmers across multiple states, contributing to improved financial stability and agribusiness continuity.

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Business

IICC Trains Enugu Workers On Compulsory Insurances

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1 week ago

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November 27, 2025

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As part of efforts to promote insurance awareness and penetration throughout the country, the insurance industry has organised insurance training session for workers in Enugu State.

President Bola Tinubu, signed the Nigerian Insurance Industry Reformed Act (NIIRA) 2025 into law in July 2025. The Act is expected to reform the insurance industry, ensure Nigerians enjoy the benefits of insurance which is a catalyst to growing the Nigerian economy.

To this end, the Insurance Industry Consultative Council (IICC) under the leadership of its Chairman. Mrs. Yetunde Ilori, led all arms of the industry, including NAICOM, NIA, NCRIB, ILAN, ARIAN and CIIN to Enugu where the delegates from various ministries of the State Government were educated about the benefits of embracing insurance.

Mrs. Ilori said that the industry thought it was necessary for Enugu to feel the industry, noting that the State Government under the leadership of the Governor, Peter Mbah has been so involved promoting compulsory insurances in the State. She also appreciated the Government for supporting the training by approving the attendance of its workers.

The President of ILAN, Mr. Ikechukwu Udobi addressed the delegates as being privileged to have been selected out of many to attend the training.

Speaking on behalf of the Government, the Secretary to the State Government, Professor Chidebere Onya appreciated the industry for deeming it fit to train the citizens of the Coal City State on benefits of insurance. He stated that insurance is indeed a catalyst to growing the State’s economy and the Government is definitely going to take advantage of this.

The delegates applauded the IICC for the thoughtful training with the caliber of experienced experts who delivered several informative and innovative papers on compulsory insurances.

Mr. Tope Adaramola, who represented the NCRIB acknowledged the faculties and the delegates for their contributions towards the success of the training, submitting that the IICC is so expectant of feedback from the training and hoping see the economy of Enugu grow through the adoption of compulsory insurances.

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Business

Sovereign Trust Insurance To Raise N5bn Through Rights Issue

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1 week ago

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November 27, 2025

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The Board of Directors of Sovereign Trust Insurance Plc, chaired by Mr. Abimbola Oguntunde, has approved an initial capital raise of N5 billion through a Rights Issue, says the management of the insurance company.

This represents a strategic first step in the company’s phased recapitalisation agenda, undertaken in alignment with the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) recently signed into law by President Bola Tinubu.

The NIIRA framework mandates stronger capital buffers and enhanced solvency positions across the insurance sector, reinforcing the need for proactive capital planning by responsible operators.

The Rights Issue is projected to be completed within the first quarter of 2026. In line with global best practice, the Company has commenced structured engagements with all appointed professional parties, including issuing houses, legal advisers and auditors, and is currently finalising the necessary regulatory approvals prior to the formal opening of the offer to shareholders.

At the company’s 30th Annual General Meeting held on 25 September 2025; shareholders approved a set of key resolutions designed to strengthen Sovereign Trust Insurance Plc’s strategic and financial position. Chief among these was the endorsement of a capital raise of up to N20 billion to reinforce the balance sheet, improve liquidity buffers, and expand underwriting capacity in line with the heightened capital expectations introduced under the NIIRA regime.

Shareholders also approved the payment of a 5 kobo dividend per share, affirming confidence in the Company’s financial discipline and commitment to sustained value creation.

The market responded positively to these developments, with the Company’s stock emerging among the top gainers on the Nigerian Exchange (NGX) over several trading sessions in October 2025 – a clear indication of growing investor confidence and the strength of the Company’s operational fundamentals.

Commenting on this development, the Managing Director/Chief Executive Officer, Mr. Olaotan Soyinka, reiterated Management’s resolve to position the company among the top five insurers in Nigeria – a target aligned with industry benchmarks for operational efficiency, premium growth, and digital service delivery.

He encouraged shareholders to participate fully in the Rights Issue when it opens, noting that the Company remains firmly committed to innovation, digital transformation, market agility, and underwriting excellence.

According to him, these pillars are critical for sustaining long-term performance, improving customer experience and consolidating the Company’s position in a rapidly evolving insurance landscape.

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