NEPZA, Binance in Partnership on Virtual Free Zones in West Africa


L – Nadeem Ladki (Binance Executive Director-Regional Strategic Partnerships), Professor Adesoji Adesugba (NEPZA MD/CEO), Sameera Kimatrai (Binance Senior Legal Counsel), Luqman Edu (CEO Talent City), Sikiru Lawal (NEPZA Director)


By Favour Nnabugwu



The Nigeria Export Processing Zones Authority (NEPZA) is in partnership with Binance and Talent City for Nigeria to harbour the first Virtual Free Zone in West Africa.

NEPZA’s Managing Director, Prof.  Adesoji Adesugba stated this in Dubai, United Arab Emirates after holding meetings with officials of the two firms on Friday.

Adesugba, also Chief Executive Officer of the Authority, explained that the partnership when agreed would be similar to the Dubai Virtual Free Zone.

The NEPZA boss presented the vision of his management which centres on expanding frontiers of innovations in the operations and management of free zones in Nigeria and Africa as a whole.

” We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister and the economic development agenda of President Muhammadu Buhari. Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy,” Adesugba said.

Binance, a leading global digital, blockchain finance services firm operating worldwide with billions of dollars in operating capitalisation, was represented at the parley by Nadeem Ladki, its Executive Director, Regional Strategic Partnerships and Sameera Kimatrai, Binance Senior Legal Counsel.

AIO Reinsurers Forum holds in Lome, Togo from October 1

By Favour Nnabugwu



The 26th African Reinsurance Forum organised by the African Insurance  Organisation, AIO, is slated to hold in Lime, Togo from October 1-5, 2022 

Over 500 delegates drawn from Africa and beyond brainstormed on the theme “Sustainable growth: ‘The role of African Reinsurers in Economic Growth and Fevelopment’

In an invitation sent to reads,” We are pleased to inform you that the 26th African Reinsurance Forum of the African Insurance Organisation will take place from the 01st – 05th October 2022 at the Hôtel 2 Février Lomé, Togo.

The hybrid event will be hosted by the Comité des Assureurs du Togo – CAT.  We are expecting about 500 delegates participating In-person.

The AIO’s goal for setting up the Reinsurance Forum is to encourage business exchange through bilateral contacts and discussions in line with the organization’s objective: Promoting inter-African cooperation and developing a healthy insurance and reinsurance industry in Africa.

Since the inception of the Reinsurance Forum, there has been a lot of business exchange among African industry professionals but there is still much room for further improvement.

Lagos, FCT, 2 others receive $2.01 bn capital investment in Q2 2022

By Favour Nnabugwu
Four states out of 36 states and the federal capital territory (FCT), received a total capital investments of $2.01 billion in Q2 2022.
These states are Lagos ($1.05 billion), FCT ($454 million), Anambra ($24.7 million), Kogi ($2 million), and Ekiti ($0.50 million).
The total capital imported into the country in (Q2) 2022 stood at $1.54 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 percent.
Capital importation into the country dropped by 2.4 percent in the second quarter (Q2) of 2022, a new report by the National Bureau of Statistics (NBS) has shown.
When compared to Q1 2022, capital importation decreased by 2.40 percent from $1.57 billion.
Lagos state accounted for 68.66 percent of the total capital inflow in Q2 2022.
Further Index shows that the largest amount of capital importation by type was received through portfolio investment, which accounted for 49.33 percent ($757.32 million).
This was followed by other investments with 41.09 percent ($630.87 million) and foreign direct investment (FDI) accounted for 9.58 percent ($147.16 million) of total capital imported in Q2 2022.
The highest sectors that received capital investment were banking ($646.36 million) amounting to 42.10 percent of total capital imported in the second quarter of 2022.
This was followed by production ($233.99 million), and the financing sector ($197.31 million), while telecoms ($153.50 million); shares ($152.41 million); and IT services ($0.05 million) sectors received the lowest capital investment.
By banks, Citi Bank Nigeria Limited emerged at the top of capital investment with $450.94 million followed by Standard Chartered Bank Nigeria Limited with $323.24 million and Stanbic IBTC Bank Plc with $163.92 million.
Meanwhile, Providus Bank Plc ($0.30 million); Sterling Bank Plc ($0.99 million); and Guaranty Trust Bank Plc ($1.60 million) were the least banks with capital inflows.
The top three highest capital importation by country into Nigeria were the United Kingdom ($781.05 million), which accounted for 50.87 percent of the total capital inflow in Q2 2022; Singapore ($138.58 million); and South Africa ($122.26 million).
Insurers Committee to unveil 10 year strategic plan for sector-wide

By Favour Nnabugwu



Insurers Committee said it has concluded arrangements to give the Nigerian insurance industry a 10 year strategic document that will codify the long-term aspiration of the industry.

The decision was taken during the Insurers Committee meeting which took place in Lagos today.

Briefing journalists after the meeting, the vice-Chairman, Publicity Sub-Committee, Mr. Segun Omosehin, said all the associations in the industry have been asked to nominate their members who will constitute a committee that will take charge of drafting the document.

According to him, “Today we deliberated on the need for an industry-wide strategic plan, a strategic document that will codify the long-term aspiration of the industry within a given period of ten years.

Omosehin who is also the Managing Director/Chief Executive Officer, Old Mutual Insurance PLC, said the document will be a high level document that will have in it what the industry intends to achieve, adding that work on the document will commence soon.

“The need for a strategic plan is to enable us as an industry has codified strategic initiatives that will be implemented over a given period of ten years. This will help the successive leadership that comes in so that there are no vacuum.

It helps guide the action of leadership in terms of what we want to achieve as industry. It keeps us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a ten-year plan,” Omosehin explained.

The industry rebranding project, according to him, becomes an integral element of the document.

He said the industry’s proposed strategic document is to help each successive leader that comes in, for example, Nigerian Insurers Association (NIA), for instance, if am running for two years, there is a need for a broader industry-wide initiative that I am expected to run along with my own plan, this, he said, will help every leader to achieve an industry-wide objective.

Also speaking on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Mr. Rasaaq Salami, said NAICOM as a regulator, will be part of the plan which, according to him, will cover the various associations in the industry.

He said different associations in the industry have been asked to nominate members that will be part of the committee that will handle the drafting of the document.

Mr. Omosehin said other decision taken at the meeting was the revise guidelines on Bancassurance.

“We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.