Connect with us

Pension

Senate Proposes Pension Fund For Road Construction

Published

on

Senators have called on the Federal Government to consider using money from the Contributory Pension Scheme for the rehabilitation and reconstruction of roads in the country.

Chairman, Senate Committee on Works, Sen. Adamu Aliero made the call when he led members of the committee on a courtesy visit to the Akwa-Ibom Governor, Emmanuel Udom on Saturday in Uyo.

The News Agency of Nigeria (NAN) reports that the roads inspected included the Calabar-Itu road, Construction of Ikot-Ekpene border-Aba-Owerri road among others.

According to Aliero, the Federal Government has decided to perhaps use the pension fund to reconstruct roads in the country as the annual budgetary allocation is insufficient to fund the over 522 roads.

He said that there was a proposal before the National Economic Council, that part of the fund which was almost N9 trillion, be used in funding infrastructure, particularly roads.

“The use of pension fund is currently under consideration by the three tiers of government and the Federal Government has said it will be floating bond using Nigeria Sovereign Investment Authority (NSIA) or converting the looted funds into the reconstruction and rehabilitation of roads,” he said

According to him, whenever the proposal is approved by the Federal Government, the National Assembly would give it accelerated approval.

“This is because we know that there is a deficit in infrastructural facilities in the country particularly road infrastructure,” Aliero said.

The chairman said that the committee was in Uyo to also assess the level of work done on the roads and to see whether the money appropriated for the job was justly utilised.

“In doing so we will know the way forward particularly because we have scarce resources and we have to prioritise on what should be done.

“Annual budgeting alone will not be enough to fund well over 522 roads we have in the federal government budget,” he explained

Aliero noted that Nigerian roads were in bad shape and needed to be improved upon to ease movement of goods and services.

“We have seen how bad the roads are; we will do what we have to do to salvage the situation,” he said.

The lawmaker however, expressed concern about a contractor in the state who was given N8 billion mobilisation fee, worked for about one month and disappeared for about ten months.

“With proper monitoring and supervision, this kind of thing wouldn’t have happened. We urge you to show more interest on what is going on in the state particularly federal government projects.”

Gov. Udom who was represented by the Secretary to the State Government, Mr Emmanuel Ekuwem said that the state government had intervened in the rehabilitation of some federal roads in the state.

“For instance, the Calabar-Itu highway, all things being equal, plying the road takes one hour if the road is in good shape. Time came last year when we were spending six to seven hours.”

The Governor said that getting refunds from the Federal Government was a herculean task adding however that, the state government was putting the right mechanism in place to get result.

“When we did that, we were looking forward to being encouraged by the Federal Government for refund,” he said. (NAN)

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Daily Economy To Unveil New Insurance Book Today

Published

on

By

Daily Economy Concept, the Publisher of Daily Economy, a multimedia platform, has announced plans to celebrate its second anniversary with the official launch of a landmark book titled “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons.”

The event is scheduled to hold today in Lagos and is expected to bring together key stakeholders from across Nigeria’s insurance and financial sectors.

The occasion will feature prominent personalities in the insurance and financial services industry. The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, will be the Chief Keynote Speaker and Chief Presenter of the book.

The Chairman of the Occasion is the Chairman of Prestige Insurance Brokers Limited, Prince (Dr.) Feyisayo Soyewo, while the Special Guest of Honour is the Group Managing Director/CEO of the African Reinsurance Corporation, Dr. Corneille Karekezi.

Other distinguished guests expected at the event include the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori; Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed; and President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers, Mrs. Ekeoma Ezeibe.

The book, written by Nike Popoola, a multiple award-winning journalist and Editor of Daily Economy, provides a comprehensive account of the transformation of Nigeria’s insurance industry over the past two decades. It documents major reforms, regulatory developments, recapitalisation efforts, and the contributions of notable industry leaders.

Speaking ahead of the launch, Popoola said the publication was inspired by the need to document the industry’s evolution and preserve its institutional memory.

“This book is the product of extensive research and years of covering the insurance sector. It tells the story of how the industry has evolved from a relatively underdeveloped sector into one that is increasingly relevant to Nigeria’s economy. Importantly, it highlights the people whose contributions have shaped this transformation,” she said.

Also speaking on the significance of the event, the Publisher of Daily Economy noted that the anniversary and book launch represent a major milestone for the organisation.

“As a publication committed to deepening financial literacy and industry knowledge, we are proud to present this book as a contribution to the insurance ecosystem. It is not just a celebration of our journey over the past two years, but also a platform to spotlight the growth and potential of Nigeria’s insurance industry,” the Publisher said.

The publication offers rich insights for industry professionals, policymakers, researchers, and students, while also featuring photographic documentation of key events that have shaped the industry over the last 20 years.

The event will provide a unique platform for knowledge sharing, networking, and reflection on the future of insurance in Nigeria.

Continue Reading

Business

Leadway Assurance To Champion Climate Risk Solutions At Symposium In Germany

Published

on

By

Representatives of Leadway Assurance Company will be participating in the Africa Climate Insurance Symposium 2026, scheduled for March 31 to April 1, 2026, in Frankfurt, Germany, to advance climate risk solutions for Africa.
The symposium aims to kick off an annual cycle of such events bringing together a unique community operating in the area of Agricultural Index Insurance and therefore creating a highly specialized community of practice.
Beyond the annual event the country level experts will form clusters and with support and mobilisation of external solicitors will connect on an interim half year basis virtually to monitor and report on progress made.
During the symposium, Leadway will contribute to the panel discussion on ‘Scaling Agricultural Index Insurance for Resilient Food Systems’ – The private sector perspective and present a case study on innovative insurance models tailored for smallholder farmers. The Group will also participate in the Solution Showcase segment, where it will highlight the Leadway WeatherGuard product and share insights on collaborative initiatives that foster public-private partnerships for climate adaptation.
Themed “How Africa’s Insurers are Reshaping Climate Resilience from the Ground Up,” the symposium brings together insurance experts, development partners, and Agricultural stakeholders to explore practical, scalable responses to climate risks.
Leadway’s participation in the symposium aims to demonstrate how locally tailored made Agricultural Index insurance products have provided climate resilience for over three million Nigerian farmers, providing timely payouts in excess of N15 Billion in payouts over a five year period. This approach supports have farmer livelihoods, enables reinvestment, and underlines insurance’s role in strengthening food security and economic stability for African communities.
Speaking ahead of the event, Mr. Fatona Ayoola Paul, Leadway’s Global Head of Agricultural Risk Solutions, emphasised the urgency of strengthening Africa’s resilient frameworks through innovation, partnerships and collaboration. He explained that Leadway’s agricultural index insurance model stands out for using weather data and satellite technology to trigger automatic payouts when adverse conditions, such as drought or excessive rainfall, are recorded.
Unlike traditional indemnity insurance, this approach eliminates the need for costly, time-consuming farm assessments, enabling faster support to farmers. The insurance also offers bundled services, such as agronomic advisory services and digital enrollment, ensuring practical accessibility and greater impact for smallholder farmers.
“The demand for scaling Africa’s agricultural production is happening at interesting times when climate uncertainties and vulnerability are providing opportunities for innovation. This is where the Agricultural index insurance becomes an innovative concept that is now a practical tool transforming livelihoods across the continent. Platforms like this symposium allow us to deepen collaboration, share proven models, and accelerate impact to broaden such ingenious interventions across the continent,” he said.
The Africa Climate Insurance Symposium unites agricultural index insurance experts to build a dedicated community of practice. It drives cross-country collaboration among insurers, regulators, governments, and development partners, while encouraging international knowledge exchange. Through formal discussions and informal networking, participants will quickly share and replicate successful models to enhance regional cooperation.
The event brings together leaders and partners active in the insurance value chains such as Insuresilience Investment Funds (managed by Blue Orchard), Africa Reinsurance Corporation, Swiss Reinsurance, Continental Reinsurance, Pula Advisors, the Global Secretariat (BMZ/KFW), World Bank Global Shield Financing Facility, the Gates and Bayer Foundation among others to advance climate risk finance in Africa and continue laying the groundwork for regional replication.
With collaboration from key organisations and public-private partnerships, the symposium advances accessible, innovative insurance that bolsters African climate resilience and supports vulnerable communities. Leadway exemplifies African leadership through its actionable solutions and insights.

Continue Reading

Business

Leadway Affirms Commitment To Healthcare Advancement

Published

on

By

Leadway Group has reaffirmed its commitment to advancing healthcare and medical education across Africa with the announcement of its support for the Association of Medical Schools in Africa Medical Education Conference 2026.
The 2026 conference themed “Increasing Capacity and Retention of the Global Health Workforce,” will convene a diverse audience of medical schools, healthcare professionals, academics, and industry stakeholders.
The event is designed to foster learning, collaboration, and innovation, while addressing critical challenges facing healthcare systems across Africa and beyond.
“At Leadway, we recognise that healthcare is fundamental to sustainable development and national prosperity,” said Managing Director, Leadway Pensure, Olusakin Labeodan, on behalf of the Leadway Group.
“Investing in platforms that strengthen medical education and support the development of a resilient health workforce is both a responsibility and a strategic imperative. Our support for the AMSA Medical Education Conference reflects our commitment to building systems that empower healthcare professionals, drive innovation, and improve outcomes across Africa.”
Also speaking on the initiative, Dr. Tokunbo Alli, Managing Director of Leadway Health, highlighted the company’s passion for progressive healthcare delivery.
“We believe that the future of healthcare in Africa depends on how well we equip, support, and retain our medical workforce. By supporting initiatives like this conference, especially the Bioethics workshop, we are contributing to the development of well-rounded professionals who are not only clinically competent but also grounded in ethical practice and global standards.”
The AMSA Medical Education Conference continues to serve as a vital platform for engagement, bringing together thought leaders and emerging professionals to exchange ideas, build networks, and shape the future of healthcare delivery on the continent.

Continue Reading