The Nigerian Airspace Management Agency has appealed to the Federal Government to suspend the 50 per cent revenue deduction currently being made at source from its internally generated revenue, a practice capable of hindering smooth operations of the agency and hampering the safety of air passengers.

Before now, NAMA has been calling for the suspension of the mandatory 50 per cent deduction from its revenue, emphasising the need for the placement and modernisation of ageing navigational equipment currently in use across the country.

Speaking at the 54th Annual General Meeting of the Nigerian Air Traffic Controllers Association held in Abuja on Tuesday, the Managing Director of NAMA, Ahmed Farouk, mentioned funding as the agency’s most pressing challenge, insisting that the deductions significantly constrain its ability to maintain and upgrade critical infrastructure required for safe and efficient airspace management and operations

Farouk stated, “The most significant constraint we face today is funding. This challenge is significantly exacerbated by the deductions-at-source of between 30 per cent and 50 per cent from NAMA’s internally generated revenue. While we understand the fiscal realities facing the government, these deductions are hindering our ability to execute vital projects.”

The NAMA boss added that the nature of its operations, particularly the need for continuous facility modernisation and statutory maintenance, demands consistent investment.

He argued that withholding half of its earnings leaves little room for reinvestment into the systems that uphold airspace safety and efficiency.

It further appealed to the government to consider granting a waiver on the deductions, describing such a move as a game-changer for the aviation sector.

According to the agency, should the waiver be granted to the agency, NAMA will rechannel the resources into critical infrastructure, modern technology, and workforce development.

He said, “The Honourable Minister, distinguished ladies and gentlemen, while we celebrate these achievements, we must also be candid about our challenges. Our most significant constraint remains funding. The scale of facility modernisation and the relentless cycle of statutory maintenance required to uphold the highest degree of safety and operational efficiency are capital-intensive.

“This challenge is significantly exacerbated by the deductions-at-source of between 30% and 50% made directly from NAMA’s internally generated revenue. While we understand the fiscal pressures on the government, these deductions severely limit our capacity to undertake the comprehensive projects our airspace demands.

“Therefore, from this esteemed platform, I wish to make a heartfelt appeal to the Federal Government to graciously consider a waiver of these deductions. Such a gesture would be a game-changer for Nigerian aviation safety. It would allow NAMA to reinvest every Naira of its earnings into critical infrastructure, cutting-edge technology, and the continued development of our human capital, the very ‘Human Edge’ we are here to discuss.”

NAMA also expressed its commitment to supporting the welfare and professional growth of its personnel, especially Air Traffic Controllers, whom it described as the custodians of Nigerian skies.

The agency pledged to remain a custodian of their growth and well-being and expressed hope that ongoing stakeholder deliberations would result in productive outcomes and guide future collaborations.

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has said that the global shift towards sustainable finance is redefining investment decisions, corporate governance and risk management, adding that Nigeria’s capital market must adapt to remain competitive and relevant.

Speaking at the 2025 Annual Conference of the Chartered Institute of Stockbrokers in Abuja, Dr. Agama described sustainability as a global imperative that goes beyond technology and ethics, noting that environmental, social and governance (ESG) considerations are now shaping responsible investment and capital allocation across the world.

“In line with this, the Commission has taken bold steps to align our market with global sustainability standards. Through initiatives such as the adoption of the International Sustainability Standards Board (ISSB) framework, the Green Bond Programme, and our collaboration with development partners, we are laying the groundwork for a financial system that supports the transition of our country to a low-carbon, inclusive economy”, he stated.

He stressed that stockbrokers and other market operators have a critical role to play by promoting sustainable investment products, advising issuers on ESG disclosures and guiding investors towards responsible assets.

According to him, the SEC and the Chartered Institute of Stockbrokers (CIS) share a common vision of building a capital market that mobilises savings for productive investment, creates jobs and drives economic diversification.

He pointed out that the SEC’s “partnership with the Institute in areas such as professional certification, investor education, financial literacy, and policy advocacy continues to yield positive results.

“Yet, we must do even more. The task ahead is to ensure that the capital market becomes central to Nigeria’s economic transformation agenda — a market that finances infrastructure, empowers MSMEs, supports green and digital enterprises, and contributes meaningfully to the realization of a trillion-dollar economy.”

He commended the resilience and professionalism of market operators despite challenging conditions, saying it reflects the enduring strength of the Nigerian capital market and its potential to transform the nation’s economic landscape.

“With the world changing fast, the Nigerian capital market must not only keep pace but lead by example,” he added. “Let us therefore recommit to innovation that empowers, ethics that endure, and sustainability that delivers long-term prosperity for all.”

The Nigerian insurance industry has recorded a 49.3 per cent growth in Gross Premium Written to N1.21tn at the end of the second quarter of 2025.

This was disclosed in the second quarter Bulletin of the Insurance Market Performance put together by the Research & Statistics Department of the National Insurance Commission.

The first quarter of 2025, the insurance industry posted a gross premium written of N769.2bn across both life and non-life businesses, marking the highest premium ever generated in the first quarter of any year.

In the period under review, the report indicated that Gross Premium Written stood at N1.21tn, indicating a 49.3 per cent growth rate compared to the same period of the prior year and 57.8 per cent quarter-on-quarter.

NAICOM said, “The insurance market achieved a gross premium written of N1,213.7bn, a notable performance amid macroeconomic challenges in the country. Data collected during the period indicates a growth rate of 49.3 per cent, marking a substantial increase even at a period when the national output is still growing at a single digit.”

In terms of market structure, the non-life segment of the industry retained its dominance, as the segment contributed 67.2 per cent to the total premium pool, similar to its performance from the corresponding quarter of 2024.

Analysis of the non-life market showed that the Oil & Gas portfolio remained the major contributor, accounting for 31.2 per cent of the total non-life premiums during the quarter.

This was followed by fire insurance with 18.9 per cent and motor insurance at 15.8 per cent. Meanwhile, the General Accident, Miscellaneous, Marine and Aviation portfolios contributed 8.9 per cent, 8.8 per cent and 7.4 per cent, respectively.

Conversely, the life insurance segment accounted for 32.8 per cent of all premiums generated during the period. The distribution within the Life segment showed that Annuity was the major contributor at 41.8 per cent, followed by Group Life at 29.5 per cent, and Individual Life accounted for the remaining 28.7 per cent of the premium.

The industry’s robust performance extended to its total asset base. The insurance industry recorded total assets of about N4.4tn in the second quarter of 2025, which represents a 19.2 per cent increase compared to the N2.3tnreported during the same period in 2024. The total assets were divided between the non-life business, which stood at N2.49tn, and the life business, which accounted for N1.91tn.

In terms of profitability, the NAICOM report said that during the second quarter of 2025, the market average of the net loss ratio stood at 59.4 per cent, higher than the 55.4 per cent reported in the prior corresponding period.

The net loss ratio in the non-life segment stood at 60.5 per cent, while the life business recorded 57.1 per cent in the same period under review. Overall, the average net loss ratio is above the global comfort range of 40–55 per cent, but not excessively high.

This data suggests that insurers are fairly responsive in paying claims but could face profitability pressure if expenses are high. However, the life segment is healthier and more stable than the non-life segment, leaving more room for profitability.

“In conclusion, the average net loss ratio of 59.4 per cent reflects that the industry is claims responsive but with a tight margin. Notwithstanding the relatively favourable market average, eleven insurers accounted for the reported net loss ratio during the review period. These underwriters recorded net loss ratios of 100 per cent or higher,” the regulator said.

Providing a projection on the industry, NAICOM said, “From the market statistical insights of the second quarter of 2025, it is apparent that the insurance industry has demonstrated growth, profitability and resilience amidst operational and macroeconomic challenges. Furthermore, in cognisance of the ongoing regulatory initiatives, including sector-wide digitisation, risk-based supervision, and recapitalisation, among other measures, the industry outlook could be adjudged as decidedly positive.”

The Nigerian Airspace Management Agency has appealed to the Federal Government to suspend the 50 per cent revenue deduction currently being made at source from its internally generated revenue, a practice capable of hindering smooth operations of the agency and hampering the safety of air passengers.

Before now, NAMA has been calling for the suspension of the mandatory 50 per cent deduction from its revenue, emphasising the need for the placement and modernisation of ageing navigational equipment currently in use across the country.

Speaking at the 54th Annual General Meeting of the Nigerian Air Traffic Controllers Association held in Abuja on Tuesday.

The Managing Director of NAMA, Ahmed Farouk, mentioned funding as the agency’s most pressing challenge, insisting that the deductions significantly constrain its ability to maintain and upgrade critical infrastructure required for safe and efficient airspace management and operations

Farouk stated, “The most significant constraint we face today is funding. This challenge is significantly exacerbated by the deductions-at-source of between 30 per cent and 50 per cent from NAMA’s internally generated revenue. While we understand the fiscal realities facing the government, these deductions are hindering our ability to execute vital projects.”

The NAMA boss added that the nature of its operations, particularly the need for continuous facility modernisation and statutory maintenance, demands consistent investment.

He argued that withholding half of its earnings leaves little room for reinvestment into the systems that uphold airspace safety and efficiency.

It further appealed to the government to consider granting a waiver on the deductions, describing such a move as a game-changer for the aviation sector.

According to the agency, should the waiver be granted to the agency, NAMA will rechannel the resources into critical infrastructure, modern technology, and workforce development.

He said, “The Honourable Minister, distinguished ladies and gentlemen, while we celebrate these achievements, we must also be candid about our challenges. Our most significant constraint remains funding. The scale of facility modernisation and the relentless cycle of statutory maintenance required to uphold the highest degree of safety and operational efficiency are capital-intensive.

“This challenge is significantly exacerbated by the deductions-at-source of between 30% and 50% made directly from NAMA’s internally generated revenue. While we understand the fiscal pressures on the government, these deductions severely limit our capacity to undertake the comprehensive projects our airspace demands.

“Therefore, from this esteemed platform, I wish to make a heartfelt appeal to the Federal Government to graciously consider a waiver of these deductions. Such a gesture would be a game-changer for Nigerian aviation safety. It would allow NAMA to reinvest every Naira of its earnings into critical infrastructure, cutting-edge technology, and the continued development of our human capital, the very ‘Human Edge’ we are here to discuss.”

NAMA also expressed its commitment to supporting the welfare and professional growth of its personnel, especially Air Traffic Controllers, whom it described as the custodians of Nigerian skies.

The agency pledged to remain a custodian of their growth and well-being and expressed hope that ongoing stakeholder deliberations would result in productive outcomes and guide future collaborations.

The President of the Dangote Group, Aliko Dangote, has said there are plans to expand the Dangote oil refinery from the 650,000 capacity to 1.4 million barrels per day, the largest in the world.

Dangote said this in an interview with S&P Global.

The PUNCH first reported in July that the refinery planned to scale up to 700,000 bpd by December this year.

According to S&P Global, the Nigerian business mogul is seeking to double the size of the refinery with Middle Eastern funding, putting it on track to become the largest in the world.

The Dangote refinery has transformed Nigeria into a net exporter of diesel and jet fuel and supplies vast quantities of petrol once imported from Europe.

Dangote was said to have described his ambitions to develop African energy independence as a “herculean task.”

“We have to build the refinery again, either here or somewhere else. But really, somewhere else is not possible because we’d have to go and spend so much building infrastructure, and we have the infrastructure already here,” Dangote was quoted as saying.

In Nigeria alone, S&P Global Commodity Insights projected that net gasoline imports could more than double from 2026-27 to hit almost 200,000 bpd by 2030, underpinned by economic development and rapid population growth.

“In July, Dangote unveiled plans to expand the refinery from its current 650,000 bpd to 700,000 bpd by the end of the year.

Now, the target is to reach 1.4 mbpd, with no specified date, a scale that would surpass the world’s largest 1.36 mbpd refinery in Jamnagar, India,” the report said.

Engineers working at the Lekki complex had said it was designed with room for growth, pointing out empty concrete plots capable of holding a second refining system.

Expanding could involve building a second refinery with the same configuration, one engineer said, potentially with the addition of a vacuum distillation unit to boost light ends yields.

Dangote said the company is also working on potential linear alkylbenzene and base oil projects and aims to grow its annual polypropylene capacity from one million metric tonnes to 1.5 million mt in the next few years.

Though the International Energy Agency said the world will already have 11.4 mbpd more refining capacity than it needs by 2030, concentrated mostly in China and India.

But Dangote was said to have rejected a model that leaves Africa dependent on imported fuel and remains determined to disrupt a market shaped by economies of scale. He warned that the continent will be in trouble without huge private investment.

“Most African governments will not have the capacity to build a refinery,” Dangote said, calling smaller projects like Angola’s new Cabinda facility “a drop in the ocean.”

Platts said the company’s own maturing debt was recently seen as a key funding hurdle before it secured a critical $4bn financing agreement in August.

To expand the refinery and develop a new petrochemicals project in China, Dangote is actively considering a strategic partnership with Middle Eastern companies.

“Our business concept is going to change. Now instead of being 100 per cent Dangote-owned, we’ll have other partners,” he said.

Within the next year, he noted that the refining business will list 5 – 10 per cent of its shares on the Nigerian stock exchange.

“We don’t want to keep more than 65-70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.

He added that the door remains open for the Nigerian National Petroleum Company Limited to boost its stake after it trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said.

It was reported that the plant’s main petrol engine, the residue fluid catalytic cracker, recently went offline in September shortly after a three-week turnaround in August, fuelling rampant speculation over future downtime.

Dangote Vice President responsible for overseeing refinery operations, Devakumar Edwin, said the RFCC restarted around October 7 and should soon be back at full capacity.

“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” Dangote said on the maintenance plans.

The month-long turnaround will involve shutting down the RFCC but not the CDU and other secondary units. The entire refinery only requires a full turnaround every five years, Edwin said.

Dangote said that the RFCC turnaround will be planned to avoid clashing with a seasonal demand peak towards the year-end, without providing dates.