By Tony Obiechina, Abuja

Following the failure of NICON Insurance Limited’s management to raise the minimum capital requirement for the risk underwriting entity’s licence category, the National Insurance Commission (NAICOM), the insurance industry regulator, has commenced the formal winding-up of the firm.

Consequently, the commission has appointed Chukwuma-Machukwu Ume, as Receiver/Provisional Liquidator to take control of the company’s assets, manage its outstanding obligations and oversee the transfer of its life insurance portfolio to another insurer.

Specifically, the industry regulator had cancelled NICON Insurance’s certificate of registration with effect from 3 August, 2026, after the company failed to comply with the prescribed minimum capital requirement within the period allowed by the regulator.

NAICOM’s decision followed its 3 August communication to the company’s board, in which it cited NICON’s failure to satisfy the minimum capital requirement applicable to its category of insurance licence to justify its decision as provided for in the NIIRA 2025 and other applicable regulatory provisions.

The Receiver/Provisional Liquidator hinted about his appointment in a public notice dated 4 August, confirming that the industry regulatory commission engaged him under the provisions of the Nigerian Insurance Industry Reform Act, 2025, to commence the winding-up process.

Based on the provisions of the law, as Receiver/Provisional Liquidator is mandated to identify, recover, secure, take possession of NICON Insurance’s assets and facilitate the transfer of NICON’s life insurance portfolio to another licensed life insurer, subject to the approval of NAICOM.

In addition, the Receiver/Provisional Liquidator will also undertake the verification and settlement of the company’s legitimate liabilities in accordance with the provisions of the law.

In line with his mandate, Ume has directed individuals, policyholders, businesses and other entities with claims against NICON Insurance to provide documentary evidence and details supporting their claims, adding that the verification exercise will help establish the company’s outstanding obligations and determine legitimate claims for settlement under the applicable liquidation framework.

This is even as he disclosed that steps were being taken to address the interests and entitlements of NICON Insurance employees in line with the relevant laws and procedures governing the liquidation.

By David Torough, Abuja

The Federal Government has stepped up efforts to ease financial pressures across Nigeria’s tertiary education system, with academic staff in federal universities, polytechnics and colleges of education set to receive their full Consolidated Academic Tools Allowance (CATA) for January to August 2026, while the Nigerian Education Loan Fund (NELFUND) continues to provide financial support to students from less-privileged backgrounds.

The Minister of Education, Dr Tunji Alausa, announced the release of the CATA funds on Wednesday shortly after inaugurating the Ministerial Committee on Accreditation, saying the payment was in line with the provisions of the 2025 Federal Government–Academic Staff Union of Universities agreement.

Alausa said the funds had been released to all federal universities, polytechnics and colleges of education, directing the institutions to commence payment to eligible academic staff.

“ The Office of the Minister of Education is happy to announce that the full CATA payment has now been released by the Federal Government from January to August 2026 to all universities, all polytechnics and colleges of education,” he said.

CATA is designed to assist academic staff in purchasing essential tools and materials needed for teaching, research and other academic activities.

The minister disclosed that payment to non-academic staff was also being processed, expressing optimism that the funds would be made available within the next few weeks.

Alausa said the development reflected President Bola Tinubu’s commitment to prioritising the welfare of workers in the education sector, adding that the administration was also investing in infrastructure across tertiary institutions, as well as in basic and postgraduate education.

He maintained that the government’s broader objective was to provide Nigerian children with quality education capable of competing with global standards.

Meanwhile, Vice President Kashim Shettima has described NELFUND as a major social intervention capable of removing poverty-related barriers to tertiary education.

Speaking when he received the management team of the University of Abuja, led by its Vice Chancellor, Prof. Hakeem Fawehinmi, Shettima said the student loan scheme had provided crucial financial relief to children from poor backgrounds by covering tuition and offering monthly upkeep allowances.

He described NELFUND as a “very beautiful initiative” created to give poor families “respite and breathing space,” arguing that financial hardship should no longer prevent qualified students from accessing higher education.

According to the Vice President, the scheme has become a vital social equaliser and an instrument for poverty alleviation, helping students remain in school despite economic pressures.

Fawehinmi also commended the scheme, saying NELFUND had contributed to relative stability in the education sector by enabling students to attend school and meet some of the financial demands of staying in tertiary institutions.

The Vice President, while receiving the University of Abuja delegation, also commended the institution’s management for restoring stability after what he described as years of challenges. He pledged continued Federal Government support for the university.

The two developments highlight the administration’s twin approach to tertiary education reform: improving the welfare and working conditions of academic staff while expanding financial support for students who might otherwise be unable to afford higher education.

With the release of the eight-month CATA arrears and the continued implementation of NELFUND, the Federal Government says it is seeking to address both sides of the tertiary education challenge—staff welfare and students’ access—alongside investments in infrastructure and broader education reforms.

By David Torough, Abuja

The Federal Government has pledged its support for the National Institute for Policy and Strategic Studies (NIPSS) to harness Nigeria’s Orange Economy as a driver of job creation, entrepreneurship, economic diversification and sustainable development.

The Minister of Information and National Orientation, Mohammed Idris, made the commitment on Tuesday in Abuja when the Director-General of NIPSS, Prof.

The meeting focused on the research being undertaken by participants of NIPSS Senior Executive Course 48 and plans for a National Summit and Exhibition on the Orange Economy.

Idris commended NIPSS for choosing the creative economy as the focus of its research, describing the sector as a significant opportunity to diversify Nigeria’s economy, create jobs for young people and promote sustainable prosperity.

“I want to commend NIPSS for this initiative of examining the Orange Economy and entrepreneurship for sustainable development,” the minister said.

He assured the delegation that the Ministry and its agencies would support both the research and the proposed summit. According to him, effective communication would be essential to ensuring that Nigerians and the international community understand the opportunities available in the creative economy.

“This Ministry is essentially about taking information to the public and taking it back from the public. It is a two-way thing,” Idris said.

The minister also highlighted the role of the National Orientation Agency (NOA), which has a nationwide presence, in gathering feedback on the views, needs and aspirations of Nigerians at the grassroots.

He said President Bola Tinubu’s administration remained committed to listening to citizens and adjusting policies and programmes where necessary in the national interest.

“The first question the President asks whenever I sit with him is: ‘What are Nigerians saying?’” Idris said.

To strengthen coordination, the minister said the Ministry would designate an official to work with NIPSS as preparations for the proposed summit advance.

Omotayo said NIPSS was seeking the Ministry’s partnership in its research and the planned national summit, which is expected to examine how the Orange Economy can contribute to Nigeria’s economic transformation and the administration’s ambition of building a trillion-dollar economy.

He said participants in Senior Executive Course 48 had conducted research visits across Nigeria and to several countries to examine how creative industries are being developed and leveraged for economic growth.

The proposed summit, he added, would bring together government representatives, creatives, entrepreneurs, investors and other stakeholders to explore opportunities across the sector.

“The Orange Economy is a very huge sector. We have identified about 48 subdivisions, and we believe the summit will bring out the potentials in every sector,” Omotayo said.

According to the NIPSS Director-General, Nigeria’s growing creative and digital industries have considerable potential to tackle youth unemployment while creating new avenues for entrepreneurship, investment and wealth creation.

Idris reaffirmed the Ministry’s commitment to working with NIPSS and other strategic institutions to turn research and policy ideas into practical opportunities for Nigerians, particularly young people, while strengthening the country’s position in the global creative economy.

The meeting was attended by senior government officials and representatives of NIPSS and the private sector, including Permanent Secretary of the Federal Ministry of Information and National Orientation, Dr. Binyerem Ukaire; former Minister of Information and Culture, Alhaji Lai Mohammed; and other officials.