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Subsidy: FG Engaging Local Refiners To Crash Petrol Price — Buhari Aide

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The Federal Government has assured consumers of Premium Motor Spirit, PMS, otherwise known as petrol that the price of the product would soon crash relatively below N100 per litre, if its ongoing effort to regularize the activities of artisanal refiners materializes.
The government argued that integrating this class of actors into the mainstream petroleum production would enable Nigerians to procure the product at the price cheaper and affordable.
Speaking in Abuja during a meeting with the Domestic Refinery Owners Association of Nigeria, DROAN, the Special Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang, regretted that what Nigerians are paying for was the real cost of petrol but for services.
According to Enang, “So what Nigerians are actually paying for is not the real cost of the product, it is the services, and by the time we engage with you, and we are able to have the domestic Nigerian Refinery, all those other charges will be eliminated and like you have been telling me, the price of refined petroleum products will come under N100 per litre.”
Senator Enang said as soon as local refineries begin operation, the price of petroleum products would be forced to crash.
He explained that the reason why petroleum products prices are high is that the process of extracting, exporting, refining and bringing it back to Nigeria is very cumbersome and expensive.
He said, “As we succeed with you, which I believe that we will succeed, we will eliminate and be able to crash the price of refined petroleum product because what makes refined petroleum products costly is one, the cost of freight, sending it abroad to be refined, you pay Port Authority, you pay NIMASA, you pay for the chatter of the vessels that take it there.
“You pay the duties in the in Nigeria, you pay the duties in the country that it is landing, you pay the duty of those countries, you pay the labour of those countries where they refined and then you bring them back, you pay the freight, you pay the vessel if it is not landing early and it is hanging somewhere in the sea, and all that is transferred to the price of the refined products.
“And finally you’ll now see that NNPC will put their price, Petroleum Product Price Regulatory Agency, PPPRA, Department of Petroleum Product, DPR, will put their price.
The former Chairman, Senate Committee on Ethic, Rule Privileges noted further said that subsidy payment wasn’t benefiting ordinary Nigeria, but just a few corrupt individuals, hence the need to remove it became necessary.
He said, “As we were locked down, the price of crude oil collapsed, I think it led consequently to the lowering of the price of refined product and I think we relaxed and we thought we have ended it now suddenly the price went up.
“We said look, we no more can sustain subsidy in this country because subsidy only benefits a corrupt set of people and it doesn’t really touch the ordinary man.
“And having withdrawn subsidy it becomes that refiners are petroleum product must sell it at a market-driven price, and the price went up, therefore, it becomes necessary for us to accelerate our engagement with you as our Nigerian resources to solve Nigeria’s economic problem.”
On the local refiners, he said, for the purpose of integrating them and their efforts into the planning for the economy of Nigeria, the government had also engaged with the team that constructed the locally fabricated refinery in an Ahmadu Bello University Zaria, and they attended a briefing with the Minister of Science and Technology.
“We have also engaged with the team in federal University of petroleum, Efurum, they have a department that is fabricating locally, Nigeria Refinery, which will produce and refine petrol diesel, kerosene and make other byproducts available for other institutions.
“So since after the last meeting, these are the things that we’ve done to take the ministry forward, so it became necessary to have to invite you one, to brief you on what we’ve done, that although we were on National lockdown, we were not locked up in terms of thinking and planning for the economy”, he added.

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IMT 2025 Edition Names Former McKinsey Partner As Speaker

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By Sola Alabadan

The fourth edition of Insurance Meets Tech (IMT), a conference focusing on the convergence of insurance and technology, is scheduled to hold on September 11 in Lagos.
With the theme, “Innovating for the New Trybe,” IMT 4.0 will convene stakeholders across the financial, tech, and creative ecosystems, redefining how insurance meets digital innovation, lifestyle, and Africa’s future economy. This year’s edition will once again deliver a powerful dual-experience format:
IMT 4.0, the flagship C-suite and policy-focused discourse
IMT Redefined 2.0, the youth-forward segment exploring the convergence of insurance, culture, and innovation.
The 2025 headline speaker is Per Lagerström, a global thought leader, an insurtech innovator, financial expert, and entrepreneur with over 30 years of experience across financial services, technology, FMCG, and strategy consulting. A former Partner at McKinsey & Company, he founded BehaviorTech, a groundbreaking field that merges behavioural science, AI, and innovation to deliver transformative outcomes for people, businesses, and society.
As CEO of Yellowspot, an Ireland-based venture studio, he leads the development of disruptive ventures focused on financial planning, education, longevity, and human-centred digital transformation. Known for navigating complexity with clarity, Per has advised boards and executives across Europe, Africa, and the Americas. His work is driven by an unrelenting passion for unlocking potential at the intersection of science, technology, and human insight.
Odion Aleobua, Convener of IMT and CEO of Modion Communications, expressed his delight ahead of the event. “We are incredibly honoured to welcome Per Lagerström to Lagos, Nigeria for IMT 4.0. His experience at the cutting edge of behaviour-tech research, an astute financial guru and huge insight into insurtech innovation align with the conversations we drive at this year’s conference. IMT is about the future of protection for a new generation, and we are convening voices and celebrating ideas that matter.”
IMT 4.0 will also continue to explore the role of predictive technology, embedded insurance, disruptive underwriting, and inclusive innovation. With engaging panels, immersive workshops, product demos, and youth-led showcases, the event promises actionable insights and bold ideas for building relevance in a shifting risk landscape.
Commenting, Per Lagerström stated, “Financial services are undergoing rapid and fundamental change, driven by AI inflection and BehaviorTech advances, blurring industry boundaries and shifting consumer behaviours. The result places incumbent business models under tremendous pressure and create unrivaled opportunities for growth and value creation. I am excited to join the year’s edition of IMT to unpack the forces at work and share my playbook for navigating these extraordinary times.”
IMT 4.0 proudly announces an early strategic partner powering this year’s event. CubeCover, one of Nigeria’s leading insurtech and microinsurance providers, comes aboard as a proud Gold Sponsor, racing ahead as early co-travelers for this year’s edition.
To register for IMT 2025, visit www.insurancemeetstech.com. For inquiries, contact Odion at +234 902 222 2226.
About Insurance Meets Tech (IMT)
The Insurance Meets Tech (IMT) Conference is one of West Africa’s leading platforms for exploring the future of insurance through the lens of technology, innovation, and culture.
In its fourth year, IMT offers a robust, multi-stakeholder, two-pronged experience featuring IMT 4.0, focused on C-suite insights, and IMT Redefined, a dynamic youth engagement segment inspired by innovation, lifestyle and creativity. IMT is curated by Modion Communications, one of Africa’s most celebrated young Public Relations consultancies.

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SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

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By Sola Alabadan

SanlamAllianz, formed from the merger of Allianz and Sanlam, will begin 12-city nationwide roadshow on June 23, following the brand’s recent official introduction to the Nigerian market.
The campaign, which will take place in Lagos, Ibadan, Akure, Warri, Port Harcourt, Uyo, Onitsha, Enugu, Owerri, Kano, Jos, and Abuja, is part of the company’s strategic effort to deepen customer engagement, and raise awareness about the brand and insurance.
It is also intended to demonstrate the company’s commitment to making wealth creation and financial protection capabilities more accessible to individuals and businesses in the country.
Speaking on this initiative, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, said: “This nationwide campaign signals the scale of our ambition and the depth of our commitment to the Nigerian market. At the heart of insurance is trust, and trust begins with presence. Reaching customers where they are is fundamental to how we are building SanlamAllianz.
“This roadshow is a strategic move to bridge the gap between perception and reality, allowing us to engage directly with our customers and Nigerians in general, challenge long-held misconceptions, and position insurance as a practical tool for thriving in financial confidence, building resilience and long-term financial security.”
As part of the roadshow, SanlamAllianz will hold customer engagement forums in each of the 12 cities. The in-person sessions allow customers to interact directly with the company’s leadership and frontline teams. The forums aim to reconnect with customers under the unified brand and reaffirm its long-term commitment to the local market.
“Insurance only becomes relevant when it is understood, trusted, and connected to the realities people face,” said Yomi Onifade, MD/CEO of SanlamAllianz General Insurance.
“These forums are our way of reintroducing SanlamAllianz not just as a merged entity, but as a unified brand committed to showing up for Nigerians. We are creating a platform for real conversations — to listen, address concerns, and deepen understanding. This is how SanlamAllianz intends to lead, by listening actively, showing up with solutions, and shaping a future where insurance is truly embedded in the fabric of everyday Nigerian life,” he added.
By adopting a city-by-city physical rollout, SanlamAllianz Nigeria is positioning itself as one of the few players actively investing in deeper grassroots engagement toward deepening insurance penetration in Nigeria.

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NAICOM, OHCSF Move To Ensure Workers Benefit From Group Life Assurance

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By Sola Alabadan

In order to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) recently organised a capacity-building workshop on the compulsory insurance policy in Abuja.

Section 9(3) of the Pension Reform Act 2014 mandates employers to maintain a Group Life Assurance policy for their employees, with a benefit of at least three times the employee’s annual total emolument.

The workshop brought together stakeholders from government ministries, departments, and agencies to enhance understanding and implementation of the policy.

In her opening remarks, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, represented by Mrs. Oyekunle Patience, emphasised the importance of insurance in safeguarding public servants’ welfare and ensuring financial security for their families. She commended President Bola Tinubu for renewing the annuity policy and applauded NAICOM for initiating the training.

The Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Finance and Administration, expressed appreciation for the collaboration and assured participants of NAICOM’s commitment to transparency and accountability in policy implementation.

The workshop aimed to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, a critical component of the Federal Government’s welfare package.
The event marked a significant step in strengthening life insurance policy implementation across the federal civil service, reinforcing the government’s dedication to employee well-being.

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