Business
Association Kicks Against NAICom’s Charges

Rivers State Commander, Vigilante Group of Nigeria, Pastor Humphrey Opuada Gally (2nd left), and the Deputy Commandaer, Comrade Chukwuka Osumah (left), decorating the Commander of Abua/Odual Local Governemnt Area, Joy Davies with her new rank, during the dcoration of officers of the outfit in Oyigbo, yesterday.
The leadership of
Shareholders Association of Nigeria has kicked against the National Insurance Commission (NAICom) charges.
Speaking to newsmen on Monday in Lagos, the National Chairman of the Association, Mr Alex Adio described the NAICom fee charges as indiscriminate and inimical to the insurance industry prospect and growth.
Adio said the charging had actually affected the prospect of good investment in the country.
The association’s chairman said NAICom’s unwholesome charges on insurance companies operating in the country was not only killing the public quoted companies, but adversely affecting the growth of the industry.
He said the insurance industry had immensely contributed to the economic growth of the country and the Gross Domestic Product (GDP) of Nigeria.
Adio emphasised that many insurance companies operating in the country had worked tiredlessly to increase their gross premium , but NAICom charges have become burdensome on their operations to weigh down their businesses and made such quoted companies unattractive to new investment.
He said existing equity owners in the quoted insurance companies were at a point of hopelessness and financial crunch except the federal government comes to their aid through bailout policy.
The association called on government to look into the NAICom charge on gross premium and not on profit After Tax, stressing that there should be an outright removal of one percent gross premium levy or downward review of the levy to cater for shareholders’ interest as regard dividends pay-out and other benefits to the insurance companies.
He called on the government to scrutinise NAICom activities.
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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