COVER
Nigeria to Save over $1.1bn from Afreximbank’s AMCE Project

By Tony Obiechina, Abuja
The Africa Medical Centre of Excellence (AMCE), a state-of-the-art healthcare facility spearheaded by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, is set to transform Nigeria’s healthcare sector by reducing outbound medical tourism, retaining over $1.
1bn annually within the country.The facility which is slated for launch in June 2025, will provide world-class medical services in oncology, haematology, cardiovascular care, and general healthcare, offering high-quality treatment to over 350,000 patients within its first five years.
During a stakeholder and media tour, a delegation led by Afreximbank President and AMCE Board Chairman, Prof.
Benedict Oramah, alongside top government officials, corporate executives, and industry leaders, assessed the project’s rapid progress.The delegation which included the Deputy Senate President Senator Barau Jibrin and Secretary to the Government of the Federation Senator George Akume, toured the construction site and received updates on key milestones, including the completion of civil and structural works, infrastructure services, and advanced medical technology installations.
Oramah emphasized that AMCE represents a groundbreaking investment in Africa’s self-sufficiency in healthcare. He highlighted that beyond reducing capital flight from medical tourism; the facility will create 3,000 jobs, boost intra-African trade in medical services, and strengthen pharmaceutical supply chains.
“The Africa Medical Centre of Excellence (AMCE) represents a defining moment in Africa’s pursuit of self-sufficiency in healthcare. For too long, our continent has borne the heavy burden of non-communicable diseases, capital flight from medical tourism, and the exodus of skilled professionals seeking opportunities abroad. AMCE is set to change that narrative.
“By delivering world-class, lifesaving care to over 350,000 patients within its first five years, this facility will ensure that quality healthcare is no longer a privilege reserved for those who can afford to travel overseas.
“It will create 3,000 jobs, stimulate Intra-African trade in medical services, and strengthen critical supply chains in pharmaceuticals and healthcare delivery. Most importantly, it will help Nigeria retain the over $1.1bn lost annually to outbound medical tourism, redirecting those resources towards strengthening our own systems,” he said. He further stated the initiative is more than an investment in infrastructure—it is an investment in Africa’s future.
“Through strategic partnerships with governments, international stakeholders, and the private sector, we are demonstrating that Africa has both the ambition and the capability to provide world-class healthcare for its people. The AMCE is not just a medical facility; it is a statement of intent, a symbol of progress, and a beacon of hope for a healthier, more self-reliant continent,” he said.
Speaking at the event, Chief Executive Officer of AMCE, Brian Deaver, highlighted the hospital’s impact: “The Africa Medical Centre of Excellence is not just a hospital—it is a bold step toward reshaping the future of specialised healthcare in Africa. By integrating cutting-edge medical technologies, pioneering research, and world-class training, AMCE is creating a sustainable healthcare ecosystem that will set new standards for medical excellence across the continent.
“This facility is more than a response to Africa’s healthcare challenges—it is a proactive investment in the well-being of millions. From early diagnostics to advanced treatment and long-term disease management, AMCE will provide a seamless continuum of care that improves patient outcomes, strengthens medical expertise, and retains talent that might otherwise seek opportunities abroad.
“As we move closer to our launch, our focus remains unwavering: building a centre of excellence that not only delivers life-saving care but also drives economic growth, supports local innovation, and reinforces Nigeria’s position as a leading destination for specialised medical treatment. Through strategic partnerships and state-of-the-art infrastructure, we are not just treating diseases—we are transforming healthcare delivery for generations to come.”
Deputy Senate President, Senator Barau Jibrin said the Africa Medical Centre of Excellence represents a transformative leap for healthcare in Nigeria and across the continent.
“Witnessing the rapid progress of this project reaffirms our commitment to fostering world-class medical infrastructure that will provide accessible and high-quality care for all. The Government of Nigeria remains dedicated to supporting initiatives that strengthen our healthcare system and enhance the well-being of our people,” he said.
Secretary to the Government of the Federation, Sen. George Akume said the healthcare is the backbone of national development, and the Africa Medical Centre of Excellence is a shining example of what strategic investment and collaboration can achieve.
“This project will not only position Nigeria as a hub for cutting-edge medical services but also create jobs and drive innovation in the sector. The government is proud to support such a visionary initiative that will serve generations to come,” he added.
COVER
Heirs Insurance Posts N61bn Gross Written Premium

Heirs Insurance Group has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across business lines and metrics.The insurance group reported a combined Gross Written Premium of N61bn in 2024 for its life and general insurance companies, indicating a 70 per cent increase from the N35.
8bn recorded in the previous year. Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the pan-African investment company, with investments across 24 countries and four continents. The insurance group also recorded a combined insurance revenue of N31.4bn, which is about 53 per cent higher than N20.5bn in 2023. Profit Before Tax rose from N4.8bn in 2023 to N11.2bn, more than double the previous year’s figure, and representing a 133 per cent year-on-year growth, and the group paid about N10.4bn in claims during the year under review compared to N4.18bn. Its total assets grew by 66 per cent, rising from N55.8bn in 2023 to N92.9bn in 2024.Analysing the financial performance of the entities that make up the group indicated that Heirs Life Assurance reported an 85 percent increase in Gross Written Premium from N23.87bn in 2023 to N44.22bn in 2024. Insurance revenue rose by 109 per cent to N15.1bn from N7.3bn in 2023 as its profit before tax grew to N5.5bn, up from N1.88bn, indicating a 193 per cent increase. Claims paid by Heirs Life also rose to N5.67bn, a 120 percent increase from N2.5bn paid to customers in 2023.Heirs General Insurance also maintained a strong growth trajectory as its Gross Written Premium rose by 42 per cent to N16.9bn from N11.9bn in 2023. Insurance revenue hit N14.3bn, a 19 per cent increase from the N12bn recorded in 2023, and profit before tax grew by 104 per cent, rising from N2.4bn in 2023 to N4.9bn in 2024. HGI also demonstrated strong claims responsiveness, with claims paid amounting to N4.7bn, up 25 per cent from N3.7bn in the previous year.The insurance broking and risk management consulting firm in the group, Heirs Insurance Brokers, posted growth as well. Its revenue grew by 54 per cent from N1.28bn in FY2023 to N1.97bn in 2024, driven by increased client acquisition and retention. Profit Before Tax rose by 53 per cent fromN528.59m in the prior year to N805.91m in 2024, highlighting strong cost discipline and operational efficiency.In a statement accompanying the financial results, the group said it had achieved year-on-year growth due to its strong leadership and corporate governance and a focus on driving digital innovation to make insurance simple and accessible.It added, “Beyond technology, the group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria. Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates for more inclusive policies to enable cross-border travel, among many other initiatives.”Heirs Insurance Group serves both corporate and individual customers across Nigeria.COVER
Confusion Trails Mohammed Babangida’s BOA Chairmanship Appointment

By Mike Odiakose, Abuja
The Presidency has denied reports claiming that Mohammed Babangida, son of former military president Ibrahim Babangida, turned down his recent appointment as Chairman of the Bank of Agriculture (BOA) by President Bola Tinubu.The clarification came after a letter, purportedly signed by Mohammed Babangida and circulated by Chief Dele Momodu, publisher of Ovation magazine and chieftain of the African Democratic Congress (ADC), suggested that Babangida had declined the offer due to personal and professional reasons.
However, presidential media aide Olusegun Dada swiftly dismissed the claims in a post on X (formerly Twitter), stating that Babangida had not only accepted the appointment but also expressed deep gratitude to President Tinubu for the opportunity.“Muhammed Babangida has officially accepted his appointment as Chairman of the Bank of Agriculture,” Dada wrote. “He thanks President Bola Ahmed Tinubu for the trust reposed in him and categorically denies any report suggesting otherwise.”In a statement attributed to Babangida and shared by Dada, the former military president’s son condemned the letter as false, malicious, and intended to mislead the public and discredit the Tinubu administration.Further debunking the claim, Alhaji Mahmud Abdullahi, a media aide to Babangida, described the circulating letter as “fake” and the handiwork of mischief-makers. He insisted that the document was fabricated, bearing a forged signature and incorrect contact details.“Mohammed Babangida did not reject the appointment. The letter in circulation is fake,” Abdullahi said. “He remains grateful for the honour and is committed to serving the nation in this capacity.”The Presidency emphasized that those responsible for spreading the false information would be investigated and prosecuted, reaffirming its commitment to transparency and national cohesion.Tinubu had recently approved a series of high-profile appointments aimed at strengthening key government institutions, with Mohammed Babangida’s BOA chairmanship among the most notable.COVER
Retired Police Officers Defy Rain, Protest Against Pension Scheme

By David Torough, Abuja
In a powerful show of frustration and resilience, scores of retired police officers braved heavy rain yesterday to protest at the gates of the National Assembly in Abuja. Their demand was clear: an immediate exit from the Contributory Pension Scheme (CPS), which they described as exploitative and dehumanising.
The elderly demonstrators, many in their 60s and 70s, carried placards and sang solidarity songs, accusing the government of neglecting their welfare after decades of service to the nation. Among them was retired Chief Superintendent of Police, Manir Lawal, who said: “We deserve to retire in dignity. This scheme has impoverished us.”Undeterred by the weather, the retirees vowed to remain at the protest site until the leadership of the National Assembly addressed their concerns. Security personnel were on hand to ensure order, but the mood remained calm and determined.Meanwhile, a similar demonstration took place in Ilorin, Kwara and Plateau States, where members of the Association of Retired Police Officers of Nigeria (ARPON) staged a peaceful protest. The group, led by retired CSP Yakubu Jimoh, echoed demands for an exit from the CPS and called for the creation of a dedicated Police Pension Board—similar to pension structures enjoyed by the military and other security agencies.Jimoh cited glaring disparities in pension benefits, stating that while senior police officers such as AIGs and DIGs had successfully exited the scheme, rank-and-file officers were left behind with meagre monthly stipends and inadequate gratuities. “Imagine being paid just N2.4 million after 35 years of service, and receiving N30,000 monthly. It’s insulting,” he said.Legal Adviser of ARPON, retired SP Adekunle Iwalaiye, emphasised that the protest was not about incitement or lawlessness, but a cry for justice. “We are Nigerians too. We have bullet wounds and sacrifices. Our pensions must reflect that.”However, the Nigeria Police Force has warned of attempts by “external elements” to hijack the peaceful movement. According to a statement posted on X, such individuals were allegedly encouraging confrontation and disorder. The police urged retirees to remain calm and assured them of ongoing efforts to resolve their demands.Inspector-General of Police, Kayode Egbetokun, met with the protesters in Abuja and denied allegations that he was opposed to exiting the CPS.He acknowledged the hardship endured by pensioners and confirmed ongoing high-level engagements, including a recent meeting with National Security Adviser Nuhu Ribadu, to improve retirement benefits.“I empathise with you. I am not opposed to leaving the CPS, but it’s beyond the power of any IGP to unilaterally remove the force from the scheme,” he explained. Egbetokun encouraged the retirees to remain hopeful, noting that alternative solutions to enhance the current system were being explored.In a related development, civil servants in Abuja have urged the Federal Government to fulfill its promise to pay four months’ arrears of the N35,000 wage award.Many expressed disappointment over the delay, accusing the government of insincerity and urging it to disburse the payments in full.As protests and demands for improved pensions grow louder across Nigeria, both retired and active personnel are calling on the government to honor its commitments and restore dignity to public service.