This was part of the resolutions reached at the end of the conciliation meeting held at the Ministry of Labour and Employment between the Federal Government and the Nigerian Labour Congress.

The Federal Government outlined a series of measures to cushion the effects of rising petroleum pump prices on Nigerian workers, including a transport intervention of ₦ 70,000 monthly for six months, beginning in November 2026.

The resolutions also provide for payment of peculiar allowance arrears in three equal monthly instalments from November, while nineteen months of outstanding allowances for health workers are to be redeemed within three months, beginning in December 2026.

On tax relief, the meeting agreed that the matter should be taken to the National Executive Council, NEC, for consideration.

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According to the notice to Nigeria Exchange  Limited, shareholders and the investing public, the company said it submitted the application on October 16, 2026, following the resolution of outstanding matters that had previously prevented the SEC from reviewing the proposal.

The proposed scheme follows a court-ordered meeting held on December 22, 2023, where shareholders considered and approved the arrangement between the company and holders of its fully paid ordinary shares.

The proposal was initiated by Coronation Capital (Mauritius) Limited and its related parties, collectively referred to as the core shareholders, to acquire the shares of other shareholders in Coronation Insurance.

The company applied to the SEC for formal approval on December 27, 2023. However, the commission was unable to proceed with its review because of certain pending matters.

According to the notification, those matters have now been resolved. Coronation Insurance subsequently wrote to the SEC on September 22, 2026, informing the commission of the development and requesting formal approval of the scheme.

The SEC acknowledged the conclusion of the outstanding matters in an email dated October 7, 2026, and requested that the company submit a formal application accompanied by all required documents. Coronation Insurance said it complied with the request on October 16, 2026.

The company also disclosed that it had informed the core shareholders of the developments, adding that they had confirmed their continued interest in proceeding with the scheme, provided its implementation complies with applicable laws, regulations, market rules and precedents.

Under the proposed arrangement, the consideration payable for the shares will be based on the highest trading price recorded for the company shares on NGX during the six months preceding the date of the notification.

The company stated that the consideration price remains subject to the receipt of all required regulatory approvals.

The notice added that the company said several steps remain before the scheme can be completed.

These include obtaining the SEC’s formal approval, securing an order from the Federal High Court sanctioning the scheme, and filing a certified true copy of the court order with the Corporate Affairs Commission.

The company will also be required to pay the scheme consideration to minority shareholders, apply to the NGX for the delisting of its shares and complete the delisting process.

Completion of the scheme remains subject to SEC approval, the sanction of the Federal High Court and the filing of the certified true copy of the court order with the Corporate Affairs Commission.

The company said it would continue to update shareholders and the investing public on further developments.

It also advised shareholders and investors to exercise caution when dealing in its shares until further announcements are made.

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The retiring directors are Hajia Yabawa Lawan Wabi mni, Mrs. Priya Heal, Dr. Oluwafunsho Obasanjo and Mr. Aminu Babangida.

In a notification to the Nigerian Exchange Limited (NGX), shareholders, stakeholders and the general public, the company said the retirements were in line with the directors’ terms of engagement and applicable corporate governance practices.

The Board and Management of Veritas Kapital Assurance expressed appreciation to the outgoing directors for their dedication, invaluable contributions and strategic leadership during their respective tenures.

According to the company, the directors played important roles in supporting its growth and success.

The Board also wished the retiring directors success in their future endeavours, acknowledging their service and contributions to the organisation.

Veritas Kapital Assurance further stated that the appointment of new directors to fill the vacancies created by the retirements would be announced in due course.

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The West African Insurance Companies Association (WAICA) is set to host a knowledge-sharing webinar on flooding at construction sites and Contractors’ All Risk (C.A.R.) insurance cover on November 6, 2026.

The webinar, scheduled for 11:00 a.m., will examine key insurance considerations relating to flooding at construction sites, with special discussions on the Designers’ Risk Clause (DE 3) and Advance Loss of Profits (A.L.O.P.) cover for project delays.

The session will be conducted by Talent Asia Training and Consulting, Singapore, with Mr. Pooba Mahalingam, Director of Training and Business Development at the firm, serving as the speaker.

The webinar is expected to provide participants with an opportunity to deepen their understanding of construction-related risks and the insurance coverage available to address potential losses arising from flooding and project delays.

The discussion will also focus on the relevance of the Designers’ Risk Clause (DE 3) within Contractors’ All Risk policies, as well as the role of A.L.O.P. cover in addressing financial consequences associated with delays to construction projects.

Participants interested in attending the online session are required to register in advance through the Zoom registration link provided by the organisers:

Registration link: https://zoom.us/meeting/register/FF7QQK1DSO-3cNNRyRezog

The webinar is part of WAICA’s knowledge-sharing initiative aimed at providing insurance professionals and other stakeholders with opportunities to enhance their technical knowledge of specialised insurance covers and risk management issues.

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This call was made by the Director General, PenCom, Omolola Oloworaran, at the day two of ongoing National Pension week held in Lagos, with the theme “Inclusion Day (SME Fair)”

She  highlighted  the importance of small businesses to Nigeria’s economy, particularly their contributions to job creation, skills development, local production and distribution, innovation and economic activities in communities across the country.

The DG who was represented by Samuel Chigozie Uwandu, Commissioner, Inspectorate,emphasised that small businesses are more than commercial ventures, describing them as sources of livelihood for families, providers of employment and avenues for people who might otherwise struggle to enter the formal labour market.

She noted that behind every small business are individuals and families who make daily sacrifices, take risks, solve problems and work to build a better future despite challenging business conditions.

According to her the contributions of entrepreneurs deserve recognition, alongside practical support from institutions, policymakers and development partners to create an enabling business environment and expand opportunities for growth.

She stressed that the success of a business should not be measured solely by its ability to survive from day to day, but by its capacity to grow, withstand economic difficulties, create opportunities for others and provide lasting financial security for its owner.

To achieve this, entrepreneurs were encouraged to move beyond survival-oriented operations and embrace deliberate planning for growth and sustainability.

Key practices identified include proper record-keeping, financial discipline, separating personal finances from business funds, maintaining good customer relations, improving operational efficiency and responsibly managing income and expenditure.

Business owners were also encouraged to reinvest a reasonable portion of their profits into their enterprises.

Such reinvestment, the address noted, could help businesses acquire better equipment, improve technology, expand stock, train employees, enhance service delivery and reach new markets through advertising.

However, it acknowledged the need to balance reinvestment with the legitimate personal and family needs of entrepreneurs, stressing that the objective is to strike a sustainable balance between present needs, business expansion and future financial security.

She further stressed that business growth comes with increased responsibilities, noting that a stronger enterprise should be judged not only by its profitability but also by how it treats employees, meets its obligations and contributes to society.

She reminded Business owners of their responsibilities to pay applicable taxes and fulfil relevant statutory obligations, while governments were urged to provide an enabling environment for businesses to operate and grow.

She also called on employers to treat their workers fairly by paying salaries on time, providing safe working conditions and complying with applicable pension and tax requirements.

Employees, she noted, are not merely a cost of doing business but partners whose knowledge, skills, experience and commitment contribute directly to the success of an enterprise.

She called for timely remittance of employees’ pension contributions in accordance with applicable laws.

She warned that delayed or unremitted contributions could undermine workers’ retirement security and weaken confidence in the pension system.

She described pension compliance as more than a regulatory requirement, presenting it as a responsibility that reflects respect for employees and recognition of their contributions to business success.

She observed that many entrepreneurs devote their most productive years to building their businesses, working long hours, reinvesting earnings, supporting their families and creating employment opportunities, while giving insufficient attention to their retirement plans.

She challenged business owners to consider how they would sustain themselves financially if their businesses experienced prolonged downturns, circumstances prevented them from continuing to work or they eventually needed to hand over responsibility to the next generation.

She therefore encouraged entrepreneurs to develop a savings culture, prepare for unexpected events, separate retirement savings from business working capital and explore appropriate pension and long-term savings arrangements.

“For self-employed Nigerians and those operating in the informal sector,she  identified the Personal Pension Plan (PPP) under the contributory pension framework as an option for eligible individuals to build retirement savings.

“Business owners are encouraged to seek guidance from licensed Pension Fund Administrators (PFAs) and other relevant pension operators when considering appropriate arrangements.

The commission emphasised that retirement planning should begin while entrepreneurs are still actively earning, allowing them to build savings over time and strengthen their financial resilience.

It argued that business owners should aspire to retire with dignity rather than depend entirely on the continued operation of their businesses or financial support from family members.

The commission however called for stronger businesses, responsible business practices, protected employees, sustainable economic development and a more secure future for entrepreneurs and their families.

Participants were encouraged to engage constructively, share practical experiences, identify workable solutions and commit to actions that could make a measurable difference in the lives of Nigerian entrepreneurs and their employees.

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According to statement released today Profit after tax rose 86.4% to ₦14.7 billion, already 40% above the Group’s full-year 2025 profit after tax of ₦10.5 billion, with a quarter of the year still to run.

The statement added that the  performance reflects a structural shift in Nigeria’s capital market: more investors, increasingly retail and increasingly onboarding through digital self-service channels, trading more often across a deeper market.

NGX Group is converting that activity into earnings while improving efficiency and investing in the people and infrastructure the next phase of growth requires.

Financial Highlights

Earnings per share was ₦5.33 for the period, reflecting the enlarged share base following the 1-for-3 bonus issue approved by shareholders in April 2026 (9M 2025 restated for the bonus issue: ₦2.68).

Digital Participation Is Driving Growth

Transaction fees more than doubled to ₦20.7 billion. Growth was driven by higher trading volumes and a widening investor base, as retail investors increasingly access the market through digital self-service, from account opening to order execution, on platforms connected to the Exchange. Listing fees grew by 24.4% to ₦3.7 billion, reflecting continued capital raising activity and continued new admissions to the market.

Significant Wealth Creation for Investors

The Group’s results mirror the value being created for investors across the market. As at 30 September 2026, the NGX All-Share Index had gained 61.43% year-to-date, while equity market capitalisation rose by 64.12% from ₦99.38 trillion at December 2025 to ₦163.10 trillion, representing an increase of ₦63.72 trillion. This growth reflects the significant expansion in the value of listed equities held by millions of Nigerians, pension funds and institutional investors.

Disciplined Investment for Scale

Total income grew faster than operating expenses (64.8% versus 56.8%), lowering the cost-to-income ratio to 49.7% from 52.3% and lifting operating profit 73.5% to ₦14.9 billion.

Cost growth reflects deliberate investment in capacity ahead of the next stage of market development, chiefly:

These investments lay the foundation for the Group’s technology roadmap, including platform modernisation, data services and digital access, which management expects to drive further operating leverage as volumes scale.

Strategic Investments and Balance Sheet

Share of profit from equity-accounted investees rose 69.6% to ₦5.7 billion, driven primarily by Central Securities Clearing System Plc (CSCS), underlining the value of the Group’s position across the market value chain.

Total assets stood at ₦79.1 billion and shareholders’ equity at ₦61.1 billion as at 30 September 2026. Shareholders received ₦8.2 billion in dividends during the period, up 86.7%, in addition to the 1-for-3 bonus issue.

Chairman’s Statement

Commenting on the results, the Group Chairman, Alhaji (Dr.) Umaru Kwairanga, said: “These results show what a well governed and strategically astute market institution can deliver as Nigeria’s capital market deepens. Our priority as a board has been to ensure that the capital market grows in terms of products, listed companies and investor participation and that the growth is matched by disciplined cost allocation to investments that strengthen the market’s foundations. We are focused on returning optimal value to our shareholders through consistent robust dividends and bonus issues in tandem with the market and the company’s growth.”

Group Managing Director/Chief Executive Officer’s Statement

Group Managing Director/Chief Executive Officer, Temi Popoola, said: “More Nigerians are investing, and more of them are doing it digitally. That broadening participation more than doubled our transaction revenue and is creating real wealth for investors. We are investing ahead of that curve, in our people, our infrastructure and our technology roadmap, so that the market can absorb the next wave of investors efficiently and securely. Our focus for the rest of the year and beyond is to scale our platforms, deepen market data and digital access, and extend our partnerships across Africa.”

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A search conducted on him led to the recovery of a locally made pistol, two (2) live cartridges and a suspected charm. Preliminary investigations are ongoing to establish the circumstances surrounding the possession and intended delivery of the recovered firearm and ammunition. The suspect is currently in custody and is providing useful information to aid the investigation.

The Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips, reiterated the Command’s commitment to combating illegal firearms possession, arms trafficking, cultism and other criminal activities across the State. He urged residents to remain vigilant and promptly report suspicious activities to the Police, noting that credible information from the public remains vital to maintaining peace and security.

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The partnership, was  finalized through a  Memorandum of Understanding (MoU), focuses on safeguarding digital transactions, strengthening fraud detection and improving protection for consumers who depend on electronic platforms for financial services.

A major component of the initiative involves extending the application of the NCC’s Telecommunications Identity Risk Management System (TIRMS) to industries that use telephone numbers to verify customers and authorise transactions.

Speaking at the 95th Telecom Consumer Parliament in Lagos, the Executive Vice-Chairman and Chief Executive Officer of the NCC, Dr. Aminu Maida, said the Commission planned to broaden the system’s reach beyond telecommunications in collaboration with the CBN.

According to Maida, the platform would enable organisations to identify telephone numbers that have been recycled or associated with suspected fraudulent activities, helping to minimise the risk of unauthorised access to bank accounts and other digital services.

He explained that telephone numbers have become an important component of digital identification, as Nigerians increasingly depend on them to access banking services, manage pension accounts and conduct online shopping.

The Commission’s plan to extend TIRMS to other sectors is therefore aimed at addressing security vulnerabilities that may arise when telephone numbers are reassigned or linked to fraudulent activities.

While efforts to strengthen digital payment security took centre stage, participants at the forum also highlighted persistent challenges affecting telecommunications consumers, including poor network performance, billing concerns and limited access to customer support.

Prof. Chiso Ndukwe-Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF), called on the NCC to make telecommunications Quality of Service (QoS) information available at street and community levels.

She said publishing more detailed network performance data would help expose recurring service disruptions and enable subscribers to make better-informed decisions.

Ndukwe-Okafor also expressed concern that 36 per cent of telecommunications subscriptions remained on 2G networks, warning that customer service systems built primarily around smartphone applications could leave some users behind.

To illustrate the impact of persistent network problems, she cited the case of an 87-year-old subscriber whose calls reportedly dropped when he moved from one part of his bedroom to another. She said the problem had continued for two years.

The CADEF executive director further called for clearer information on tariffs, data consumption, automatic renewals and deductions. She also advocated defined timelines for reversing failed airtime and data transactions.

She urged the Commission to simplify complaint resolution so subscribers would not have to move between network operators, the NCC and other consumer protection agencies to obtain assistance.

Ndukwe-Okafor also called for prompt communication about service outages, accessible complaint channels for people with disabilities and consumers without smartphones, and effective remedies for complaints recorded as resolved.

Also speaking at the Lagos forum, the NCC’s Executive Commissioner for Stakeholder Management, Ms. Rimini Makama, urged telecommunications operators and other industry participants to demonstrate practical commitment to better service delivery, transparent billing and consumer protection.

Makama noted that dependable telecommunications services had become increasingly important to Nigerians as digital activities expanded across different areas of daily life.

She highlighted the effects of network performance on small business owners waiting for payment confirmations, students participating in online lessons and families using telecommunications services to remain connected.

The discussions at the 95th Telecom Consumer Parliament underscored the need to address both digital financial security and persistent service delivery concerns as Nigeria’s telecommunications and financial sectors become increasingly interconnected.

Through its collaboration with the CBN, the NCC is seeking to strengthen safeguards against fraud involving telephone identities, while concerns raised by consumer advocates point to the continued importance of reliable networks, transparent charges and accessible complaint resolution mechanisms.

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In a letter conveying Alhaji Kwairanga’s selection as the Man of the Year 2026, the Board of Editors of the Magazine said it was in recognition of his towering leadership as custodian of Nigeria’s capital market, his role in driving national economic development, his championship of corporate governance, transparency, integrity and influence that defined Nigeria’s economic narrative in 2026. These, the givers of the award said, clearly stand him out as a man of excellence worthy of celebration, “hence the decision of our management to accord you this special recognition as the Top10 Magazine’s Man of the Year 2026,” the letter said.

In a year marked by economic reforms, market volatility and renewed investor search for trust and transparency, Dr. Kwairanga stood tall as a symbol of stability, integrity and visionary leadership. Under his watch, the Nigerian Exchange has emerged as one of Africa’s best performing markets, restoring investor confidence, attracting foreign inflows and providing capital for enterprise growth that creates jobs for millions of Nigerians.

As overseer of NGX Regulation, he has championed board accountability, shareholder protection, ESG compliance and global best practices, elevating Nigerian corporate governance to world standard. His influence goes beyond the trading floor of Marina. He is a trusted counsel to regulators, a respected voice in the Presidency’s economic circle, a bridge between the private sector and government, and a mentor to a generation of investors and entrepreneurs who see in him the embodiment of ethical capitalism.

A man of unblemished integrity, quiet philanthropy and profound intellect, Dr. Kwairanga represents the best of Northern and Nigerian leadership – humble yet powerful, principled yet pragmatic, traditional yet globally minded. In a nation in search of role models who prove that one can be successful without cutting corners, powerful without being oppressive and wealthy without losing humanity, Alhaji Kwairanga stands as a beacon.

“For his towering leadership as custodian of Nigeria’s capital market, his role in driving national economic development, his championship of corporate governance and transparency, his integrity and influence that defined Nigeria’s economic narrative in 2026, the Board and Management of the Top10 Magazine unanimously select Alh. (Dr.) Umaru Kwairanga as Man of the year 2026”, stated publishers of the Top10 Magazine.

The Top10 Magazine is a monthly publication established over ten years ago as a platform to celebrate excellence and people of excellence from all human endeavours.
The Top10 Man of the Year Award was also instituted the same year as an annual award by the magazine as the highest honour reserved annually for one distinguished Nigerian whose leadership, integrity, influence and national impact have defined the year.

This year’s recipient, Alhaji Umaru, a man of untainted character and impeccable reputation, is renowned for his unwavering commitment to success. Dr. Kwairanga has 25 years’ cognate experience in the banking, pensions, investment, manufacturing and commercial sectors. He has served previously as a Council member of the Nigerian Stock Exchange and is currently a Council member of the Institute of Directors of Nigeria; and an active director on the boards of many quoted/listed and unquoted companies including Ashaka Cement Plc where he served for over ten years, first as a director and later as chairman of the Board. He is currently the GMD/CEO of Finmal Finance Services Limited.
He is a Fellow of Chartered Institute of Stockbrokers, Fellow of Certified Pension Institute Nigeria (2005) and Fellow of Institute of Directors of Nigeria. He is Chairman – Commerce, Trade and Investment subcommittee of Gombe State transition committee.

Dr. Kwairanga has a B.Sc (Hons) Business Administration (1991) and MBA (1995) both from University of Maiduguri and M.Sc. Finance & Governance from Liverpool John Moores University (2007).
Mr. Tony Iji, Publisher/Editor-In-Chief of the Top10 Magazine, said the award will be presented to Alhaji Umaru at the Top10 Magazine’s Annual Excellence Awards night slated for November 22, 2026 which will be graced by crème de la crème of the society.

To mark this high-profile event, the magazine is putting together a special award edition to celebrate him and other awardees. The edition which will comprehensively chronicle his achievements, leadership journey, and contribution to Nigeria’s capital market and the economy in general.

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Newsconnect Online reports that the Commission will hold its Second Stakeholder Engagement Forum on the Study of the Level of Competition in the Nigerian Telecommunications Industry on Wednesday, October 28, 2026.

The forum is scheduled to take place at the Lagos Continental Hotel, Victoria Island, Lagos, with proceedings expected to begin at 10:00 a.m.

The engagement forms part of the NCC’s ongoing stakeholder consultation on competition within the telecommunications industry, providing an opportunity for industry players and other relevant stakeholders to engage with the Commission on the subject.

Competition remains a key issue in Nigeria’s telecoms sector, where operators compete for subscribers, investment and market opportunities. The outcome of the Commission’s study could provide insights into the state of competition in the industry, although the NCC has not disclosed any findings or conclusions from the ongoing assessment.

As part of efforts to encourage participation, the Commission has invited stakeholders to the forum and provided a QR code through which interested participants can access the second stakeholder consultation on the study.

The Lagos engagement is expected to provide a platform for discussions and contributions from stakeholders as the regulatory body continues its assessment of the competitive landscape in the Nigerian telecommunications industry.

The NCC has directed members of the public and interested stakeholders to visit its official website, www.ncc.gov.ng, or follow its social media platforms, including @ngcomcommission, for further information.

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