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Nigeria, Benin Forge Unified Trade Path on New Framework

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By David Torough, Abuja

In a decisive move to boost regional economic integration, Nigeria and the Republic of Benin have agreed on a comprehensive trade framework aimed at removing trade bottlenecks, strengthening bilateral ties and unlocking new economic opportunities.The agreement was reached during a high-level bilateral meeting held at the Ministry of Economy and Finance in Cotonou, Benin Republic.

The session brought together top government officials, customs authorities and trade policy experts from both countries to harmonise cross-border trade processes and develop a unified trade agenda.
Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, hailed the framework as a strategic advancement in West Africa’s drive for regional economic prosperity.
“This agreement demonstrates the strong political will of both nations to foster inclusive and sustainable trade,” Oduwole stated, noting that it follows the Memorandum of Understanding signed by Presidents Bola Ahmed Tinubu and Patrice Talon at the recent West African Economic Summit.She said the agreement will be driven by four key thematic areas: trade facilitation, enforcement, data sharing, and infrastructure development.“Our shared goal is to dismantle trade barriers, enhance logistics, and leverage trade as a tool for job creation and inclusive growth,” she added. “Nigeria is also positioning itself to play a leading role in shaping equitable global trade systems.”The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, reiterated the Service’s commitment to the agreement, highlighting the extensive technical engagements that led to the joint framework.“This outcome reflects over 48 hours of technical consultations between both customs administrations. It’s a blueprint aligned with the economic vision of both Presidents,” Adeniyi said.He disclosed that a formal Memorandum of Understanding, building on the framework, is scheduled for signing in the first quarter of 2026. He also outlined plans for corridor-based trade solutions, system connectivity, and enhanced facilitation measures targeted at small and medium-scale enterprises.“Our systems are now interconnected. We’re rolling out corridor-specific initiatives to simplify customs procedures, eliminate bureaucratic delays, and support local businesses,” he said.Adeniyi also commended his Beninese counterpart, Mrs. Adidjatou Hassan Zanouvi, for her collaborative efforts and Benin’s support for Nigeria’s leadership at the World Customs Organisation (WCO) Council meeting in Kinshasa, DRC.As part of the bilateral engagement, both delegations jointly toured the Port of Cotonou to evaluate operational procedures and identify opportunities for modernisation. They also visited the Seme-Krake Joint Border Post, reinforcing their commitment to integrated and secure border management.The newly established framework is expected to mark a turning point in Nigeria-Benin trade relations—one grounded in transparency, digital innovation, and shared economic growth.

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Veritas Kapital Records N13.6bn Premium in 2025

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Veritas Kapital Assurance Plc has reported an eight percent rise in Gross Written Premium to N13.6 billion in the first half of the year.Managing Director of Veritas Kapital Assurance, Dr. Adaobi Nwakuche disclosed this in a statement on Wednesday in Lagos.Nwakuche said the performance reflected strong market presence and effective distribution channels.

She noted that Net Insurance and Investment Income surged by 244 per cent to N5.
2 billion, from N1.52 billion recorded in the full year 2024.According to her, Profit After Tax reached N3.2 billion, already surpassing the company’s total earnings for the full year 2024.“These results affirm the strength of our values-driven model, built on our people’s dedication, a clear strategy, and unwavering focus on customer value,” she said.
Nwakuche said Total Assets rose by 11 per cent to N37 billion from N33.1 billion in 2024, showing improved financial health and operational efficiency.She added that shareholders’ funds increased to N15.1 billion from N11.92 billion in 2024, underscoring investor confidence and sound governance.“This performance is the result of disciplined underwriting, investment optimisation, expanded digital capabilities, and strong customer-focused service delivery.“The H1 2025 results go beyond growth. They show Veritas Kapital’s evolving role as a partner in progress, delivering solutions relevant to individuals, businesses, and communities. “Each figure tells a story of protection delivered, promises honoured, and futures secured. We are building trust, not merely growing profits,” Nwakuche said.She added that as Nigeria adapts to new economic realities, Veritas Kapital is charting a course defined by agility, innovation, and intentionality.The company, she said, is investing in digital access, claims responsiveness, and talent development, while reinforcing its core values of integrity, transparency, and service.

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FG Disburses N5.12bn Pension Arrears to 90,689 DBS Pensioners

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By Tony Obiechina, Abuja

The Federal Government has released funds for the disbursement of N5.12 billion in pension arrears to 90,689 Defined Benefit Scheme (DBS) pensioners under the Pension Transitional Arrangement Directorate.This was contained in a statement by the Head of Corporate Communications of PTAD, Olugbenga Ajayi.

He said that the directorate had finalised the disbursement of the money.
The Nigeria Customs Service, the Nigeria Immigration Service, and Prisons Pension Department (CIPPD) pensioners are 8,626, received N276,032, for one-month arrears; the Police, Pension Department (PPD) pensioners are 9,681, received N619,584, for two months as arrears.
The Civil Service Pension Department (CSPD) pensioners are 12,773, received N408,736, for one-month arrears, and the Parastatals Pension Department (PAPD) pensioners are 59,609, received N3,814,He said that the payment reaffirms the administration’s commitment to ensuring that pensioners receive their due entitlements in line with the Renewed Hope Agenda of President Bola TinubuAccording to the statement, the approvals align with the President’s Renewed Hope Agenda.
“This move shows President Tinubu’s strong commitment to senior citizens’ welfare and marks a new era in DBS pension management,” said PTAD, Executive Secretary, Tolulope Odunaiya.Among the key measures is the immediate implementation of an extra budgetary allocation to enforce new pension rates for DBS pensioners.The President also endorsed the adoption of a proposed pension harmonisation policy, which will be incorporated into the 2026 pension budget. Additionally, health insurance coverage for all DBS pensioners has been approved, ensuring access to essential healthcare services.The proposed reforms include a new pension rate of N32,000 and incremental increases of 10.66% and 12.95% for pensioners from defunct and privatised agencies. Other components of the reform package include harmonisation of pension rates across all DBS pensioners and their enrolment into the National Health Insurance Scheme (NHIS).In June, PTAD announced the successful disbursement of N8.6 billion in pension arrears to 148,625 eligible DBS pensioners across various sectors. The payments reflect the implementation of the N32,000 pension increment approved by President Tinubu in 2024.PTAD had previously settled arrears related to the first pension increment of 20% to 28%, which came into effect in January 2024.

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NAF Offensive Decimates 592 Terrorists, Destroys 372 Assets in Eight Months

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By David Torough, Abuja

The Nigerian Air Force (NAF) has killed no fewer than 592 terrorists and destroyed 372 enemy assets in Borno within the last eight months, surpassing the total operational gains recorded in 2024.A statement by NAF’s spokesman, Air Commodore Ehimen Ejodame yesterday said the Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said this during a courtesy visit to Gov.

Babagana Zulum of Borno.
Abubakar said the offensive had destroyed 206 technical vehicles and 166 logistics hubs in deep hostile territory, with coordinated day-and-night strikes from Gonori to Rann, Dikwa to Damboa, Azir to Mallam Fatori.He said the offensive had been boosted by the deployment of A-29 Super Tucano aircraft capable of precision and night missions, Mi-171 helicopters for medical evacuation and logistics, and enhanced intelligence, surveillance and reconnaissance platforms for round-the-clock target tracking.
He added that a new Mi-35 gunship was expected to further intensify close-air support for ground troops in the theatre.“Backed by an upgraded fleet and precision night-strike capabilities, NAF aircraft executed 798 combat sorties, clocking over 1,500 operational flight hours in the Air Component of Operation Hadin Kai.“This year, our air war is faster, sharper, and more surgical.“We are taking out high-value targets, crippling their logistics, and hunting down every cell that threatens the peace of the North-East,” he said.The CAS also praised the “Borno Model” of combining community-driven non-kinetic measures with decisive military action, saying it had proven effective in the counter-insurgency campaign.He also inspected facilities at the NAF Base, met with aircrew and ground personnel, and received operational briefings.He reaffirmed the NAF’s commitment to precision air power, intelligence-led operations, and inter-agency collaboration to protect Nigerians.In his response, Gov. Zulum praised the NAF for its sustained air support in degrading terrorist capabilities and protecting communities.According to him, the NAF has been a steadfast partner in their fight against insurgency.“Your operations have saved countless lives and allowed our communities to begin rebuilding.“The people of Borno recognise your sacrifices and stand firmly behind you,” he said.

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