Business
PFI, LeapFrog Investments Partner To Boost Nigeria’s Insurance

A overloaded bus with smuggled second hand clothings impounded by Nigerian Customs Service in Owerri on Monday .
Prudential Financial, Inc.
(PFI) and LeapFrog Investments have announced the launch of a 350 million dollars (N70 billion) investment partnership to access high-growth markets in Africa. A statement by Bemigho Awala, Accounts Manager, LeapFrog, said in Lagos that e new investment vehicle would target investments in life insurance companies in Nigeria.
It also target other leading economies, including Kenya and Ghana, to be made over a three- to five-year period,” said the statement, made available to newsmen.
It said that Charles Lowrey, Executive Vice-President and Chief Operating Officer of PFI’s International Businesses, noted that the venture would expand PFI’s invest in Africa.
“This investment expands PFI’s footprint into Africa, a continent that we believe offers tremendous potential for growth over the long term.
“We are delighted to partner with LeapFrog Investments, given their deep experience in Africa, and their Impressive record of success as insurance investors focused on emerging consumers”.
It quoted Doug Lacey, Partner at LeapFrog Investments, as saying: “The global insurance industry is looking for ways to close the protection gap for millions of people in emerging markets.
“This partnership will help to address that need. Nigeria is a very exciting market, ranked in the top three in Africa for growth prospects, alongside Kenya and Ghana.
“Insurance penetration in Nigeria remains low and we see real opportunities for growth. “We are delighted to broaden our relationship with PFI, a values-driven partner whom we know and greatly respect for its global leadership in life insurance, retirement and asset management”.
Report say that PFI is an investor in LeapFrog’s most recent private equity fund, and also a member of the LeapFrog Insurance Innovation Circle, a knowledge-sharing and innovation initiative that convenes many of the world’s leading insurers and reinsurers.
It is a financial services leader with more than 1 trillion dollars of assets under management as 0f September 30, 2015, with operations in the U.S., Asia, Europe and Latin America.
PFI’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation or more than a century.
On the other hand, LeapFrog invests in extraordinary businesses in Africa, Asia, and partners their leaders to achieve leaps of growth, profitability and impact.
Today, LeapFrog companies reach over 51 million people across 21 emerging markets and more than 36 million are emerging consumers, often accessing insurance, savings, pensions or credit for the first time.
The LeapFrog team draws on decades of operational experience and in-market knowledge to help build companies that achieve profit with purpose.
Launched seven years ago, LeapFrog has now unlocked over 1 billion dollars in third-party assets, dedicated to investing in companies serving emerging consumers.
Business
Nigeria’s Gold, Other Solid Minerals Being Stolen – NEC
The National Economic Council has expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control to cover illegal mining.
This is just as the council raised the alarm that the nation’s solid minerals, including gold, are being mined and stolen.
Imo State Governor, Hope Uzodimma, who chairs the committee, disclosed this while briefing State House correspondents after the 153rd NEC meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, yesterday.
Uzodimma said the expanded mandate is part of the government’s efforts to curb resource theft and increase revenue from Nigeria’s solid minerals sector.
“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council.
“NEC received our report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen and not adding to national revenue,” said Uzodma.
He noted that the expanded role would enable the committee to coordinate with the Ministry of Solid Minerals Development and other federal and subnational institutions to combat widespread illegal gold mining and other forms of mineral smuggling that have deprived the country of much-needed foreign exchange.
“Going forward, our committee, working with other government agencies, will look at how to ensure that the revenue of the country arising from solid minerals like gold and other forms of solid minerals are not allowed to be stolen,” the governor added.
NEC’s Ad-hoc Committee on Crude Oil Theft Prevention and Control was first established under former President Muhammadu Buhari in August 2022.
It was reconstituted under President Bola Tinubu in December 2023 with Uzodinma as chairman.
The committee was initially mandated to address the challenge of crude oil theft and pipeline vandalism.
Its creation followed rising oil theft that had crippled national production and forced international oil companies to shut down key pipelines.
At the time, oil production had crashed to around 700,000–800,000 barrels per day, far below Nigeria’s OPEC quota, costing the government billions of dollars in lost export revenue.
Uzodimma explained that through what he called a “collaborative approach” involving regulators, operators, and the security forces, the committee had helped raise daily crude oil production to over 1.7 million barrels per day in the past 22 months.
The governor stated, “Before May 29, 2023, when President Bola Tinubu was sworn in, our crude oil production was around 700,000 to 800,000 barrels a day.
“Working with stakeholders, the regulators, operators in the industry, and the Navy, we were able to involve all the governors of crude oil-producing states and raise different security organisations.
“You would agree with me that as I speak, daily production is now in excess of 1.7 million barrels a day, and cases of pipeline vandalism and vandalisation of oil assets have also been on the decline.”
The council, he said, was satisfied with the progress and decided to deploy the same model of intergovernmental coordination, private-sector partnership, and multi-agency surveillance to the mining sector, plagued by resource theft.
“We are determined to ensure that crude oil production and gas are properly preserved for the benefit of our citizens.
“Now, with this new directive, we will also protect our gold and solid mineral assets,” Uzodinma added.
Nigeria’s illegal mining economy, particularly in gold, lithium, and other high-value minerals, has grown into a multibillion-naira shadow industry.
According to data from the Nigeria Extractive Industries Transparency Initiative, the country loses an estimated $9bn annually to illegal mineral extraction and smuggling.
The Federal Government has linked several unlicensed mining operations to armed groups in the North-West and North-Central regions, where gold has become a source of illicit financing for bandits.
A 2023 NEITI audit also showed that over 80 per cent of mining activities in Nigeria were conducted informally, without licenses or environmental oversight.
In September 2024, the Ministry of Solid Minerals Development revoked over 900 dormant licences and announced plans for a national gold reserve policy. But enforcement remains difficult, with weak surveillance, limited manpower, and overlapping regulatory mandates.
According to Uzodimma, the expanded mandate aims to integrate the fight against illegal mining into the broader national resource protection framework previously used in the oil sector.
“We have done well,” he claimed, adding, “Among other things, we recommended that NNPC, working with security agencies and their consultants, should strengthen security in all the creeks and extend coverage to offshore regions. That will help in curtailing and supervising illegal entries and exits of vessels into our export terminals. This same spirit will now guide our solid minerals sector.”
The committee is expected to submit its first progress report on the expanded mandate at the next NEC meeting in November.
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