LASERC Warns 38 Firms Over Unlicensed Power Generation
The Lagos State Electricity Regulatory Commission (LASERC) has identified 38 companies operating in Lagos that have failed to regularize their electricity generation permits under the state’s new regulatory framework. Despite previous directives, major entities including MTN Nigeria, Flour Mills, and various industrial operators continue to generate a combined total of nearly 600 megawatts without the […]
Nigerian Oil Regulators Partner to Streamline Compliance and Cut Costs
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Nuclear Regulatory Authority (NNRA) are collaborating to harmonize regulatory processes and improve radiological safety in the oil and gas sector. By eliminating overlapping requirements and moving toward a “single window” data submission approach, the agencies aim to reduce the operational costs for companies and improve […]
House Committee Recovers N521m in Unremitted VAT from CBN
The House of Representatives Public Accounts Committee has successfully recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). The funds, which relate to fees generated through the Remita platform between November 2018 and April 2024, were paid into the federal treasury following a legislative probe into revenue leakages. […]
CBI Partnering Insurtech Launches Digital Marketplace to Combat Industry Stagnation
Chris Ibe, Executive Chairman of Baywood Group, has warned that traditional Nigerian insurers face extinction within five years unless they embrace digital transformation. To address these inefficiencies, CBI Partnering Insurtech—a subsidiary of Baywood Holdings—has launched an AI-driven web aggregator marketplace designed to simplify the purchase and management of insurance policies via mobile devices. Licensed by […]
Mutual Benefits Assurance Reports Strong 2025 Financial Growth
Mutual Benefits Assurance Plc recorded significant growth in its audited 2025 financial results, with insurance revenue rising to N80.05bn from N66.92bn in 2024. Profit after tax increased to N16.42bn, up from N11.32bn, while total assets grew to N176.25bn. The company also reported an improved insurance service result of N8.77bn, attributed to disciplined underwriting and efficient […]