March 2025 – The Telescope

THE TREASURE IS NO LONGER HIDDEN: ZACCH ADEDEJI’S REVOL UTIONARY IMPACT AT FIRS

Zacch Adelabu Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), is a man of unusual brilliance and native intelligence. He is an industrious, brilliant, vibrant, result-oriented and accomplished professional, committed to efficiency. Additionally, he is a tax expert with a strong philosophy. Adedeji’s tax philosophy is centered around fairness and simplicity. His mantra, “We tax the fruit, not the seed,” reflects his commitment to taxing prosperity, not poverty. This approach has made tax processes clearer and more cooperative, benefiting taxpayers across the board.

He has been a game-changer in Nigeria’s tax administration since his appointment. His leadership has transformed the FIRS into a beacon of efficiency, transparency, and innovation, making him a treasure that is no longer hidden.

One of Adedeji’s first major moves was the comprehensive restructuring of the FIRS. He envisioned a system that would work seamlessly for both the government and the people. Under his guidance, the agency has become more cohesive, adaptable, and driven by cutting-edge technology. This restructuring has re-defined how tax operations are conducted, bringing in unprecedented efficiency and transparency.

Prioritizing staff welfare is crucial to Adedeji wherever he had worked. At FIRS, he also recognized the importance of staff welfare in achieving the FIRS’s goals. He invested in the well-being of employees, understanding that a thriving workforce is the backbone of any successful organization. By valuing his staff, Adedeji created an environment where employees felt motivated and valued, leading to improved performance and a new standard of excellence within the agency.

Innovating for a better tomorrow is part of Adedeji’s culture. So, has also been instrumental in integrating innovation into the FIRS’s operations. He led the introduction of some new modules into the TaxProMax system, automating over 80 percent of previously manual processes. This move has significantly reduced inefficiencies and made life easier for taxpayers. Additionally, Adedeji’s “One Stop Shop” approach has streamlined tax office operations, providing fast, transparent, and efficient services.

Adedeji is also concerned with combating corruption and promoting integrity. His commitment to these is evident in his launch of the Anti-Corruption and Transparency Unit (ACTU) with the backing of the ICPC. This initiative aims to combat corruption and uphold integrity in tax administration. Furthermore, Adedeji is leading the National Single Window Project (NSWP), which promises to transform Nigeria’s trade sector with a unified digital platform for import and export activities .

A leader with vision and expertise, Zacch’s story should be a model for Nigerian youths who want to do well in society. Due to his power of character and exceptional brilliance and experience, at age 33, he became commissioner for Finance in Oyo State between 2011 and 2014.

Zacch hails from Iwo Ate town, a mainly agrarian community, in Ogo Oluwa Local Government Area of Oyo State. His father was a cocoa farmer while mother is a trader-cum-farmer. He spent considerable time assisting his father and tilling the ground with his mother in the farm. But while doing that, he made up his mind that the quest to acquire education was a battle of his life. That quest for education took him to the Federal Polytechnic in Ede. While going to school, he was also assisting his father in his cocoa farming. Zacch could not have chosen any other course in his post-secondary educational pursuit other than accountancy. He was his father’s bookkeeper for the sale of cocoa produce.

At the Federal Polytechnic in Ede, Osun State, where he studied Accountancy for his Ordinary National Diploma, Zacch came out with a distinction. Rather than return for his HND, he opted to further his studies at the Obafemi Awolowo University, Ile Ife, where he read management and accounting and finished with First Class honours. He did not allow the death of his father at about the time he was starting at Ife to extinguish his hope of having functional university education. Those who knew him in school said he was an embodiment of the humble background he hailed from. Yet, he paraded a brilliance that is rare among youths of his age.

After his national service, he worked with P & G, an American multinational, until 2011. Then former Oyo State Governor, late Senator Abiola Ajimobi recruited him upon coming in contact with his deposit of human intelligence. At age 33, he was appointed head of Oyo State’s Finance ministry till 2015,

Before serving in Ajimobi’s cabinet, Zacch was already at the management level at P&G. He saved the company hundreds of millions of dollars in needless expenditure and deployed his financial wizardry to catapult the company’s profit to new heights. For this exceptional display, the company dispatched him to one of the best business schools in Switzerland to share his experience with them. This feat earned him a seat at the management cadre of the American goods company earlier than any young recruit by the firm. He rose to become the Corporate Finance Manager for West Africa.

It was at that time that he met a great leader, Senator Abiola Ajimobi, sometime in 2009. He was just attending to what he would ordinarily consider a routine payment query when they met. Ajimobi was happy to meet a young chap from Oyo State making waves at such a company. From that time, a journey of mentoring, love and support that would remain with Zacch for a lifetime started. It was a meeting that also changed his trajectory from the private sector to the public sector. So, Ajimobi appointed him Finance Commissioner for Oyo State at age 33.

Notable among his achievements include: raising Internally Generated Revenue (IGR) from about N600 million monthly to about N2 billion in a short period, blocking leakages by streamlining government bank accounts through which a lot of money was haemorrhaged from about 100 to about 10.

Apart from his professional achievements, Zacch is also a kind and compassionate person. While in Ajumobi’s government, Zach’s name was a refrain on many people’s lips. He helped the needy with a baffling resolve that speaks to his desire not to forget where he came from. A story was told of a woman he once encountered on the Oyo/Ogbomoso road whose baskets of tomatoes were flung off the moving taxi one morning. The woman was said to have thrown herself on the road, literally asking death to come and finish her up as all her investments had been incinerated by those mangled tomatoes. Having driven past, Adedeji was said to have asked his driver to reverse the vehicle. He reportedly uplifted the benumbed woman with a cash gift which, till date, the distressed woman must have concluded came from a benevolent angel sent from heaven. His quip was said to have been, if his mother had been faced with such fatality while he was in Iwo-Ate, he probably would not have risen to where he is today.

Towards the last days of December 2017, Zacch was appointed chairman of the Abubakar Tafawa Balewa University, ATBU, Teaching Hospital, Bauchi by President ‎Muhammadu Buhari.

Later on Buhari also appointed him to head the National Sugar Development Council. As executive secretary of that agency, Zacch left an indelible mark, raising standards and re-engineering processes to deliver better quality service and increased productivity. When tapped as Special Adviser on Revenue by President Bola Tinubu, a lot of people speculated he would ultimately head the country’s tax agency, Federal Inland Revenue Service (FIRS).

Zacch, as the executive chairman of FIRS, has brought unprecedented transformation to the agency within a short period, making a record-breaking revenue collection.

Under Adedeji’s leadership, the FIRS has achieved remarkable revenue collection milestones. FIRS, under Zacch, surpassed tax revenue target in 2023, leading to a higher revenue benchmark of N19.4 trillion set by government for 2024. These achievements demonstrate Adedeji’s exceptional ability to drive revenue growth and set new performance standards.

Dr. Zacch Adedeji’s impressive track record at the FIRS is a testament to his exceptional leadership, vision, and expertise. His ability to drive reform, innovation, and revenue growth has positioned him as a key player in Nigeria’s economic development. As he continues to steer the FIRS towards greater heights, one thing is certain – the treasure is no longer hidden, and Zacch Adedeji is leading the way.

THE GIANT SRIDES OF MUSTAFA CHIKE-OBI: ILLUMINATING THE PATH FOR FIDELITY BANK’S TRANSFORMATION

Mustafa Chike-Obi, Chairman of Fidelity Bank, is a man whose name rings with economic advocacy and thought leadership. He is one of Nigeria’s most respected economic thinkers whose insights shape the country’s financial discourse and economic landscape. Also he is a man whose name is associated with dignity, value and leadership.

The son of legendary mathematician and politician, Prof. Chike Obi, Mustafa’s leadership style is anchored on integrity, vision, and a deep sense of responsibility. This he has shown in different areas, notably the financial sector. And over the years, he has demonstrated that banking goes beyond profit-making—it is about creating value, fostering economic stability, and building institutions that stand the test of time.

Integrity, strategy, foresight, and resilience determine success. And In Nigeria today, few names resonate as profoundly as Mustafa Chike-Obi in these areas. As the Chairman of Fidelity Bank Board , Chike-Obi has brought an exceptional blend of experience, strategic acumen, and an unwavering commitment to growth. His influence on the board and management of the bank stands as a beacon of progress, illuminating the path for Fidelity Bank’s transformation into one of Nigeria’s most formidable financial institutions.

Not long ago, Mustafa Chike-Obi was presented the Lifetime Achievement Award at the ThisDay Awards for his exceptional leadership and contributions to banking and finance, the Board Chairman of Fidelity Bank Plc.

At a well-attended event featuring leaders across Nigeria’s public and private sectors, the erudite banking professional joined a host of awardees who were recognized for their leadership across various sectors of the economy.

Lauding the event organisers for the recognition, Chike-Obi said: “This is one of the proudest moments of my life. I thank the ThisDay team, led by the ebullient Prince Nduka Obaigbena, for this award and I wish them every success as they celebrate three decades of impactful reporting.”

Also honoured in the Lifetime Achievers category of the ThisDay Awards were Atedo Peterside, founder of Stanbic IBTC Bank; Mohammed Hayatu-Deen, founder of Alpine Group; and Maiden Ibru, Chair and Publisher of the Guardian Newspaper.

Themed, “When the Going Gets Tough… The Tough Get Rewarded”, the prestigious award ceremony was held at Eko Hotels & Suites, Victoria Island, Lagos, to commemorate the 30th anniversary of Thisday Newspapers and the 12th anniversary of Arise News Channel

The son of legendary mathematician and politician, Prof. Chike Obi, Igbo from Anambra State, who name his children Muslim/Arabic and Yoruba names, respectively. Mustafa was named after the Turkey Prime Minister during and after the First World War while Balogun was given a Yoruba name because his father was a student of Yoruba history.

“He believed that the Yoruba are the most organised among the ethnic groups in the south because of their war-like capabilities. There was a time the Fulani wanted to conquer Yorubaland, but they were stopped in Osogbo by the Yoruba army. Balogun was a war chief in the Yorubaland, and that was why he named my brother Balogun. He liked the name,” explained Chike-Obi.

He continued, “My father named me Mustafa for almost the same reason. Mustafa Kemal Ataturk was a Prime Minister of Turkey during and after the First World War. Mustafa took Turkey from the primitive age to the modern age, and as a result, the country went from a Muslim state to a modern secular state. My father liked the way he helped the Turkish nationalists against the imperialists. So, for almost the same reasons, he named me Mustafa.” He said.

Chike-Obi’s journey to the pinnacle of banking excellence is one marked by a deep-rooted understanding of investment banking, risk management, and economic development. With a career spanning over three decades in international and domestic financial markets, he has been instrumental in shaping policies and driving economic initiatives that bolster Nigeria’s financial ecosystem. And with his advice, the management of Fidelity Bank has been nothing short of transformative, characterized by innovation, expansion, and an unwavering focus on customer-centric banking.

A Legacy of Excellence in Finance, Chike-Obi’s expertise is not accidental. It is the result of years of dedicated service in high-stakes financial roles. Like his father, who the African Mathematics Union suggests was the first Nigerian to hold a doctorate in mathematics; Mustafa is a First Class graduate of Mathematics from the University of Lagos. But while his late father chose to blaze a trail in academia and politics, Mustafa embraced the financial services industry. He later bagged a Master’s degree from the Stanford University Graduate School of Business.

Having decided to chart his own path, through the financial industry, Mustafa began his career at the Chase Merchant Bank where he worked from 1980 – 1982 as Head of Treasury Department. Instructively, he is reputed to have created the Treasury Department concept in Nigerian banking, which is now a critical part of the industry. Later, he moved to Goldman Sachs where he worked as Co-Head Trading, Mortgage-Backed Securities; and Bear Stearns & Co as Co-Head Emerging Markets Trading from 1992 to 1995.

After that, he founded Madison Park Advisors, a financial service advisory and consulting firm specialising in hedge fund and private equity investment – located in New Jersey, U.S.A. He was also Managing Director of Shoreline Group from 2001 – 2006; and served as an economic adviser to former Vice President Atiku Abubakar.

In 2010, Chike-Obi was appointed the first MD/CEO of AMCON by former President Goodluck Jonathan. The Asset Management Corporation of Nigeria was set up that year, following the Central Bank of Nigeria’s banking sector intervention, with the objectives of buying up non-performing loans from the banks, recapitalising them and finding buyers to run them transparently.

With his verifiable body of work in investment banking and the financial services sector; exposure, experience, and education; not forgetting his high level of achievements and accomplishments in the global financial industry. It beggared no surprise or shock that he was spotlighted as the man to lead the agency from inception and help it achieve its major objective to be a key stabilising and re-vitalising tool to revive the financial system by efficiently resolving the non-performing loan assets of Nigerian banks.

During his five-year tenure at AMCON, Chike-Obi stuck to the corporation’s three cardinal objectives: acquiring the toxic loans, managing them, and disposing of the acquired assets at a profit.

He also succeeded in setting the national tone for fiscal responsibility, accountability, and efficiency and credited with ensuring that the banking crisis was resolved in a commendable manner with the lowest possible loss of depositors’ money and at no cost to the national treasury.

Indeed, the laudable achievements of AMCON and the stabilisation of the banking sector could be largely credited to the careful consideration and steady implementation of its mandate by Chike-Obi.

He stated, “AMCON was set up to stabilise, rather than bail out the financial system. There are four major stakeholders in each bank: the shareholders, the management, the staff, and the depositors. Those bailed out were the depositors and the staff. The depositors got all of their money back, and most of the staff were retained.

“Management was completely wiped out, so they were not bailed out, and all of the existing management was removed. The shareholders lost, in many cases, over 90 percent of their investment, and so they were not bailed out. They were left with a nominal amount.”

Under Chike-Obi, banks were fully capitalised up to regulatory standards, and AMCON has ensured that the processes of doing all of these were at the minimum possible cost. That requires maximising recoveries, minimising expenses and maximising disposal of assets acquired.

AMCON has restructured over 50 per cent of NPLs it got in terms of value, with the implied recovery rate of the restructured loans at over 100 per cent.

Speaking of one of his success stories in the corporation, he said, “There were three banks that were bridged in 2011, although it was never part of the plan to bridge those banks when AMCON came into existence. Even though we had a mandate to recapitalise institutions, we never expected recapitalising to 100 per cent.

“Those three banks came about because they could not find any buyers at the time, and we knew that we had to divest as soon as was practical, then stabilise and recapitalise the bank; doing so made it divestible.

We thought that we would recover 20 per cent of our investment in those banks, but we ended up recovering close to 30 per cent, so we did better than we expected.”

After his tenure at AMCON in 2015, he returned to Alpha African Advisory Limited. This financial advisory firm provides a range of first-in-class service offerings to support clients in achieving their desired objectives, as executive chairman. That was in 2015.

Chike-Obi’s track record, especially his ability to manage bad loans at AMCON successfully, made him a well sought-after person. And as time went by, he was tapped to join Fidelity Bank help it achieve its set objectives.

His role as the pioneer Managing Director of the Asset Management Corporation of Nigeria (AMCON) placed him at the epicenter of Nigeria’s financial recovery, where he played a pivotal role in stabilizing the banking sector post-2009 financial crisis.

When Fidelity Bank appointed him Chairman in July 2020, expectations were high. Many anticipated a period of calculated financial engineering, and Chike-Obi did not disappoint. Under his stewardship, the bank has recorded impressive growth in profitability, customer deposits, and service innovation.

Since assuming Fidelity Bank Board chairmanship, Chike-Obi has worked creatively with the management to transform the bank into a new era of growth, guiding the bank’s management toward new frontiers of success. The bank, which was once a mid-tier financial institution, is now aggressively competing with Nigeria’s top-tier banks. The growth trajectory has been evident in key performance indicators—profitability has surged, customer deposits have expanded, and technological innovations have placed Fidelity Bank at the forefront of digital banking solutions.

A Legacy of mentorship and professional development is part of Chike –Obi. This hallmark of his leadership, which has now found its way into Fidelity Bank corporate culture , is the commitment to nurturing young professionals in the banking and finance industry. He believes in knowledge transfer and has mentored several young bankers, equipping them with the skills and insights needed to navigate the complexities of the financial world.

The management of Fidelity Bank has copied this. And it has invested heavily in talent development, offering training programmes and leadership initiatives to groom the next generation of financial experts. This approach has not only enhanced employee performance but has also strengthened the institution’s corporate culture.

Apart from this legacy of mentorship and professional development, one of his most significant contributions has been strengthening the bank’s corporate governance framework. Recognizing that strong governance is the bedrock of institutional success, Chike-Obi has championed policies that ensure transparency, accountability, and ethical banking practices. This has not only improved investor confidence but has also enhanced the bank’s credibility among regulatory authorities.

With him leading the board, Fidelity Bank has expanded its footprint, acquiring new markets and solidifying its position in Nigeria’s competitive banking sector. The bank’s focus on financial inclusion has seen it extend services to underserved communities, reinforcing its commitment to national economic development.

Championing Digital Banking and Innovation is quite noticeable in Fidelity Bank since Chike-Obi emerged the board chairman. Of course, the management understands that the future of banking lies in technology and innovation, some influence of Chike-Obi seems involved in fast-trracking. He has driven Fidelity Bank’s digital transformation agenda, ensuring that customers enjoy seamless banking experiences through digital platforms. The bank has launched mobile banking applications, AI-driven customer service solutions, and fintech partnerships to enhance service delivery.

His advocacy for a cashless economy aligns with Nigeria’s drive toward digital financial services. Fidelity Bank has aggressively pushed for mobile banking adoption, making transactions easier, faster, and more secure for millions of Nigerians.

Beyond his role at Fidelity Bank, Chike-Obi is a respected economic thinker whose insights shape Nigeria’s financial discourse. He is a vocal advocate for policies that promote economic stability, financial inclusion, and private sector-led growth. His analysis of macroeconomic trends and financial regulations has made him a sought-after voice in Nigeria’s banking and finance sector.

As Chairman of Fidelity Bank Board, he has not only steered it toward growth but has also championed initiatives aimed at strengthening Nigeria’s economic resilience. He has consistently emphasized the importance of fiscal discipline, responsible lending, and investment in critical sectors such as infrastructure, SMEs, and agriculture.

Remi Makanjuola’s Profound Commitment to Efficiency, Innovation, Safety and Aviation Sector Growth at Caverton Helicopters

Chief Remi Makanjuola, Chairman of Caverton Helicopters is a man dedicated to excellence, vision and commitment to the development of Nigeria’s Aviation Industry and providing top-tier aviation services to the oil and gas sector, providing a very insightful and enjoyable experience to its clients.

Chief Makanjuola opened shop for business with one Agusta 109 Helicopter in September 2002. In that year, recognizing a significant gap in Nigeria’s aviation sector, particularly in offshore support for the oil and gas industry, Chief Makanjuola founded Caverton Helicopters. The company was established to bridge the existing void in onshore helicopter services and soon expanded its operations to offer offshore support. Operating from a state-of-the-art 10,000 square meter flight facility at Murtala Muhammed International Airport in Lagos, Caverton Helicopters quickly positioned itself as a leading indigenous oilfield services company in Nigeria.

Mkanjuola’s leadership style is characterized by a commitment to excellence, innovation, and community development. His ability to identify opportunities and implement strategic initiatives has been pivotal in Caverton’s rise as a formidable player in Nigeria’s aviation sector. As a result of these qualities, he has been able to attract and retain top human resources. And over years, he has progressively expanded the frontiers of operation of Caverton Helicopters.

Under Chief Makanjuola’s visionary leadership, Caverton Helicopters embarked on an ambitious expansion and modernization program. In 2018, the company unveiled a fleet of 11 brand-new helicopters, including the state-of-the-art Bell 407 GXP and the reliable Bell 412 EP. These acquisitions were part of a contract with the Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited Joint Venture, underscoring Caverton’s commitment to providing top-tier aviation services to the oil and gas sector.

Chief Makanjuola’s dedication to excellence is further exemplified by Caverton’s investment in training and maintenance infrastructure. The company established the Caverton Aviation Training Centre at the Murtala Muhammed International Airport, featuring the first helicopter level D Full-Flight Simulator in Africa. This facility enables pilots to undergo comprehensive training in a realistic virtual environment, enhancing safety and operational efficiency.

Additionally, Caverton’s Maintenance, Repair, and Overhaul (MRO) facility has been recognized as a game-changer in the Nigerian aviation industry. Equipped with cutting-edge technology and staffed by highly skilled professionals, the MRO facility ensures that aircraft are maintained to the highest standards, thereby promoting safety and reliability in aviation operations.

In February, 2024, the Executive Vice Chairman and Chief Executive Officer, National Agency for Science and Engineering Infrastructure, Khalil Halilu, was at Caverton MRO Centre in Ikeja, Lagos. He commended Caverton Helicopters for placing Nigeria and Africa on the global map among the committee of reliable, dependable, and standard wise aviation industries in the world.

The NASENI boss made the statement during a tour of Caverton Offshore Support Group Plc and the Signing of a Memorandum of Understanding between NASENI and Caverton, for the establishment of a Drone Assembly Plant, Drone Training School, and a Service Centre for helicopters.

According to him, “it has been a privilege visiting, receiving a detailed tour of the Caverton premises and seeing first-hand the important work that it does at the centre.”

A statement quoted Halilu as saying, “I am very inspired by what I have seen today. It is a testament to the can-do Nigerian spirit. From modest beginnings you have built a successful business that continues to grow, and to adopt and deploy world-class technology, processes and talent to place Nigeria on the global aviation map.

At NASENI, we are always looking to engage with players at the cutting-edge of technology and innovation in Nigeria, especially across our focus areas of Defence and Aerospace; Engineering and Manufacturing; Renewable Energy and Sustainability; Health and Biotechnology; Agriculture and Food Sustainable; Transportation and Mobility; Education and Creative Industry; IT and Software; and Construction and Smart Cities and I can say that we found a worthy partner in Caverton.”

“I look forward to what we will build and implement upon the framework of this important MOU. Today indeed marks the beginning of a transformational journey for NASENI, for Caverton, and for Nigeria.”

Responding, the Chief Operating Officer, Caverton Offshore Support Group, Rotimi Makanjuola, said he was delighted to welcome the august visitor to his company’s domain. “The whole idea is to reaffirm our partnership with NASENI. We have an MoU together and so the idea is to try and see which other way we can partner and collaborate

“We have MRO here, we have done third party work for the Air Force, the Navy and other foreign governments like in the Republic of Benin. We are talking with Senegal, we are talking with Ivory Coast to have our support in training their helicopter pilots. I think it is something we can do in Nigeria as well. This is true, indeed.

And this became a reality five years ago, Makajuola unveiled the Full Flight Simulator at the Maintenance, Repair, Overhaul (MRO) and training facility of Caverton Helicopters. That event took Peter Hitchcock, Vice President of Training & Simulation at Thales to Nigeria. Also on ground was Mr Reisar, French Minister of Trade at that time.

With what happened that day , the Thales Reality H full-flight simulator, regarded as one of the most advanced commercial helicopter simulators in the world, became operational at the company’s Ikeja base. The first Level D full flight simulator in Africa allows pilots to train in complete safety for a variety of complex situations, including adverse weather conditions, helicopter failures and such other emergencies that could occur during flight operations. Besides, it will not only provide the needed services to helicopters that operate in Nigeria, it will also save our country over $500 million foreign exchange in maintenance, training and spares annually.

“We have safely finalized the shipping, commissioning and acceptance of the first level D full flight helicopter simulator in Africa, representing a major milestone in the continued effort to improve the efficiency and safety of flight operations.” Said Hitchcock at that time. He expressed satisfaction about working with Caverton, despite uncertainties brought about by the COVID-19 pandemic at that time.

Mr Riester who represented the French government, reaffirmed Hitchcock statement.

“This amazing simulator is another illustration of a success story between France and Nigeria and the strength of the partnership between Thales and Caverton. Supported by Bpifrance on export credit, this project involves unprecedented top technology at the scale of Africa, allowing Nigeria to fulfill its ambition to become the training hub of the region.”

True statement indeed. With that MRO facility on ground, Caverton Helicopters spread operational bases across Nigeria and Cameroon and a staff strength with many pilots and engineers. And the company has been able to provide a wide array of services to the offshore oil and gas industry as well as other business sectors including marine and coastal surveillance, emergency medical evacuation, search and rescue. From one Agusta 109 Helicopter in September 2002, Caverton currently operates a mixed fleet of over 30 modern aircraft across multiple locations in West Africa. And since inception, Caverton has successfully operated for major International Oil Companies with a combined contract value of over $2 billion.

Caverton has really done well in a critical sector. But the MRO is the real deal on the watch of Chief Makajuola. And who is he?

Born into a lineage that valued education and service, Chief Remi Makanjuola pursued higher education in the United Kingdom. He attended the University of Leicester for his undergraduate studies and later obtained a master’s degree from the University of Manchester. This solid educational foundation equipped him with the knowledge and skills that would later define his illustrious career.

As he continues to lead Caverton Offshore Support Group, Chief Remi Makanjuola’s legacy serves as an inspiring testament to the impact of visionary leadership and altruism. His contributions have not only elevated Nigeria’s aviation industry but have also fostered educational advancement and community development, leaving an enduring imprint on the nation’s socio-economic landscape.

Beyond his corporate achievements, Chief Makanjuola has demonstrated a profound commitment to philanthropy, particularly in the field of education. In 2018, to honor the memory of his late mother, Alhaja Adiat Abegbe Makanjuola, he donated an ultra-modern 500-seat lecture hall to Summit University in Offa, Kwara State. This gesture not only commemorated his mother’s dedication to the Ansar-Ud-Deen Society but also provided a significant boost to the university’s infrastructure, enhancing the learning environment for countless students.

As Caverton helicopter continues to spread its wings further, its MRO facility draws world-wide ovation. The multifaceted maintenance facility can carry out major checks on engines, main gearbox, tail rotor gearbox and other parts of aircraft. It is also expected that Caverton facility will be the maintenance hub for West and Central Africa, as there is no other major maintenance for choppers that provide oil and gas shuttle and other services in Gabon, Ghana, Equatorial Guinea, Cameroon and Cote d’Ivoire.

To the extent that present economic realities and escalating foreign exchange rates are making it increasingly challenging for Nigerian airline operators to carry out proper maintenance on their aircraft, the Caverton MRO project has come at a most fortuitous moment for the nation. With the average cost of a C or D check running into hundreds of thousands of dollars, there are already serious concerns for flight safety since airlines could, counting cost, begin to cut corners. The biting economic situation has already led to some airlines either being grounded or taking their services out of the country. The Caverton example has shown that with government’s support, local investors can create businesses that add value to our society and provide needed jobs.

The lessons from the Caverton story are many but two stand out. First, affirmative action, when well designed and accessed by genuine beneficiaries, can actually work in Nigeria. Had the federal government not put the local content law and policy in place, Caverton Helicopter might probably have remained another air-shuttle company. Credit is therefore due to President Goodluck Jonathan who signed the bill into law. Second, and, much more importantly, while Caverton needed that window to take off as a big company, it did not rest on its oars. This it has grown beyond a one-off contract with Shell and a marginal player in a sector dominated by two expatriate companies, to becoming a major player, while expanding outside of Nigeria into other areas of opportunity within the space. So beyond being a testimonial to local content, the continuing odyssey of Caverton is a tribute to the ingenuity of Nigerian enterprise.

Makanjuola provides a clear example of the main ingredients that serious minded businessmen need to succeed: tenacity, integrity and purposeful risk taking. This combination has made Caverton a clear leader in its field – to the glory of the nation. And his story provides ultimate lesson for those in authority is this: There are many Cavertons waiting to fly if only the government will pursue the right policies and create the environment to give them wings.

ELEVATING SAFETY IN NIGERIA’s SKIES: OLUBUNMI KUKU’S TRANSFORMATIVE LEADERSHIP AT FAAN

Olubunmi Oluwaseun Kuku, Managing Director of the Federal Airports Authority of Nigeria (FAAN), is a Seasoned Professional, a woman of excellence and exemplary leadership. Appointed in 2023, Kuku has been a game-changer since her appointment, bringing a unique blend of expertise, passion, and vision to the forefront. She has emerged a trailblazing leader, redefining the contours of excellence and efficiency. A powerhouse of leadership, she is committed to creating a better everyday life experience wherever she works. She is a leader with vision and determination, a very strategic and result-oriented person, and these made her a transformative leader, committed to initiatives that redefine operational efficiency and safety in Nigeria’s aviation industry.

In 2023, she made history as the first female Managing Director of FAAN. In December of that year, a significant milestone was achieved in Nigeria’s aviation history when she was appointed Managing Director and Chief Executive Officer of the agency. Her appointment not only shattered the glass ceiling in a traditionally male-dominated industry but also heralded a new era of innovation, operational efficiency, and unwavering commitment to safety in Nigeria’s aviation sector.

With a remarkable career that spans over two decades of experience across in the aviation sector, Mrs. Kuku has earned a reputation as a consummate professional. Her impressive career trajectory, marked by numerous achievements and accolades, is a testament to her dedication, hard work, and unwavering commitment to excellence.

Before her appointment, Kuku has honed her skills in various high-impact roles. Her tenure as Vice President and Head of Visa Consulting & Analytics for Sub-Saharan Africa at Visa saw her drive significant growth and development in the region. She also brought her expertise to Ernst & Young (EY) as a Partner in Business Consulting, showcasing her ability to navigate and transform complex business environments. Furthermore, her role as a General Manager at the Nigerian Airspace Management Agency (NAMA) overseeing Business Development & Investment underlined her capability in steering organizations towards success.

Kuku’s influence extends beyond the corporate realm into strategic sectors of the economy. She has played a pivotal role in driving transformative growth, notably in her advisory capacity for Strategy & Infrastructure Development at the Nigerian Airspace Management Agency. Her hands-on involvement with the former Minister of Aviation and as General Manager for Business Development at the Nigerian Airspace Management Agency underscored her deep commitment to the aviation sector.

Upon assuming leadership at FAAN, Mrs. Kuku articulated a clear vision centered on commitment to safety and security, enhancing professionalism, improving user experience, ensuring seamless passenger facilitation, and upholding the highest standards of security and safety. She emphasized the importance of blocking financial leakages, optimizing revenue generation, and eliminating waste to bolster the agency’s financial health. Her commitment to staff welfare and capacity building has been evident, recognizing that a motivated and well-trained workforce is essential for achieving FAAN’s objectives.

In reflecting on her journey, Mrs. Kuku attributes the successes achieved to the collective efforts of FAAN’s dedicated staff, the support from the federal government, and the collaborative spirit of industry stakeholders. Her leadership exemplifies a blend of strategic vision, operational expertise, and an unwavering commitment to excellence, positioning Nigeria’s aviation sector for sustained growth and global competitiveness.

Kuku’s transformative leadership seems to be redefining the Nigerian aviation landscape right now. Her vision, expertise, and passion to position FAAN as a model for airport authorities across Africa are raging like wild fire. Under her stewardship, FAAN has undertaken several initiatives aimed at boosting operational efficiency:

Safety Management Systems (SMS): Recognizing safety as the cornerstone of airport operations, FAAN has scaled up the implementation of SMS designed to identify, assess, and mitigate risks associated with airport operations. This proactive approach emphasizes continuous monitoring, evaluation, and improvement, ensuring the safety of passengers, personnel, and aircraft.

Infrastructure Upgrades: To achieve this , Kuku said Federal Airports Authority of Nigeria would require a sum of N580bn for the rehabilitation of airports’ runways across the country.

She dropped this hint sometimes ago while receiving the Permanent Secretary of the Ministry of Aviation and Aerospace Development, Ibrahim Kana. Mrs Kuku, lamented the state of the runway in the country, pointing out that the airports’ runways which were built in the late 70s have outlived their lifespan. She added that aside from the runways, other airports’ infrastructures such as terminals also needed major rehabilitation which has been affecting operational efficiency and safety.

She drummed. “N580bn is required to fix runways across all airports, their life span is between 20 to 25 years but most of the airports were built in 1978. Many of FAAN’s facilities, including terminals and runways, are ageing and in need of significant repairs and upgrades.

“This affects operational efficiency and safety and necessitates substantial investment for modernization. Also, despite efforts to enhance security at airports, FAAN continues to face challenges in managing security risks, particularly with the increase in air travel and the potential for terrorist activities or other threats at key airport locations. On-land Encroachment, due to the lack of a perimeter fence, the Authority landmass is constantly being encroached on all over the country.

“Obsolete equipment such as old fire tenders, generators, air conditioning systems conveyor lines with worn-out slats, belts, and motors, can be found in many airports that have low efficiency and have high maintenance cost.

The FAAN MD promised she would modernize the airports’ infrastructure by renovating terminals, expanding runways, and upgrading navigational aids. Equally, she hinted that the building of a befitting head office for FAAN will also be given priority in 2025 to provide “a centralised and modern facility to enhance operational efficiency. Priority will be given to improving critical facilities at major international airports and enhancing regional airport capacity to meet growing passenger and cargo demands.

“We need to be deliberate about it. So many haphazard jobs and abandoned projects at the airports. The runways require major rehabilitation,” she said.

Speaking on its strategic focus areas for 2025, apart from adopting innovative strategies to increase revenue, Kuku added that FAAN will also focus on Public Private Partnerships to expand investment opportunities and develop underutilized assets.

“Staff training on aviation security and safety procedures will be intensified to address emerging challenges and risks in the industry, FAAN will upgrade and maintain e-procurement systems to reduce technical downtimes and we plan to align FAAN’s goals with National Aviation policies and international standards.

“FAAN will integrate environmentally sustainable practices into its operations, focusing on energy efficiency, waste management, and carbon emission reductions. The Authority will collaborate with industry stakeholders to adopt green airport initiatives and promote environmental stewardship.

“FAAN will prioritize increasing its workforce strength to support growing operations and ensure employee welfare through improved working conditions, comprehensive training, and enhanced benefits,” she added.

Speaking at the event, Kana expressed strong confidence in the ongoing transformation within Nigeria’s aviation sector. He attributed the progress to the solid structural framework at FAAN, driven by the leadership of its managing director.

“The aviation sector demands constant innovation and expertise and that is why I am urging everyone to put on their thinking caps and contribute to improving the system. Together, we can elevate Nigeria’s aviation industry to global standards,” Ibrahim stated

He, however, promised the ministry’s continuous support for the FAAN, for its management to sustain the momentum of development.

Training and Capacity Building: Understanding that human capital is pivotal to operational excellence, FAAN has trained over 3,000 personnel across various safety-critical courses. This comprehensive approach ensures that staff are well-equipped to maintain and enhance safety standards across all airports.

Strengthening Security Measures: Security remains a top priority under Mrs. Kuku’s leadership. In June 2024, FAAN inaugurated 120 officers of the Aviation Security (AVSEC) Special Force, equipped to handle security challenges across airports. This initiative aligns with global standards and demonstrates a commitment to safeguarding passengers, crew, and airport infrastructure.

Mrs. Kuku’s exemplary leadership has garnered international recognition. In September 2024, she was nominated to serve as a Regional Advisor representing Africa on the Airports Council International (ACI) World Governing Board. This role amplifies her influence in shaping policies and strategies that impact airports across the continent, advocating for infrastructure development, safety regulations, and sustainable practices

Mrs. Olubunmi Kuku’s tenure as Managing Director of FAAN has been marked by transformative initiatives that have redefined operational efficiency and safety in Nigeria’s aviation industry. Her strategic reforms, commitment to capacity building, and emphasis on security have not only enhanced the functionality of the nation’s airports but have also set a benchmark for excellence in the sector. These initiatives are poised to elevate passenger experience, bolster safety measures, and align Nigeria’s airports with international standards.

As she continues to lead with vision and determination, the future of Nigeria’s aviation landscape appears promising, with FAAN poised to soar to new heights under her exemplary guidance.

STREAMLINING TRADE : NIGERIA’S QUEST FOR EFFFICIENCY THROUGH NATIONAL SINGLE WINDOW

The closing days of January, 2025, saw at Ikeja in Lagos, a huge gathering of opinion-makers, heads of government ministries, corporations, chambers of commerce and journalists- all critical stakeholders in trade, business and economy and global development.

Between January 28 and 30, 2025, stakeholders and industry experts in Nigeria’s trade sector , converged at the Marriott hotel, Ikeja Lagos, for a three-day forum themed ‘Shaping the Future of Nigeria through seamless trade facilitation to explore the transformative potential of collective action.” It was to discuss the implementation of the National Single Window (NSW). The event, which drew participants from government agencies, private sector organizations, and international partners, aimed to facilitate dialogue and collaboration towards streamlining Nigeria’s trade processes.

The gathering came about as a result of Nigeria’s quest for efficiency in its determination to achieve its ambitious goal of a $1 trillion economy by 2031, just six years away. Then there was a disclosure that government was set to implement the National Single Window project, expected to generate $3 billion in annual revenue, this year.

Expectedly, there was a consensus among stakeholders and industry experts at the opening of a three-day workshop on the presidential initiative called the National Single Window project launched by President Bola Tinubu in April, 2024.

The NSW is a digital platform designed to enable businesses to submit applications and documents required for various regulatory approvals and clearances from a single point of entry. This initiative is expected to reduce the complexity, time, and cost associated with obtaining necessary permits and approvals, thereby improving the ease of doing business in Nigeria.

Speaking at the events, Minister of Marine and Blue Economy, Mr Gboyega Oyetola, Minister of Industry and minister of Trade and Investment, Dr Jumoke Oduwole drummed. They were of the opinion that the initiative would help reduce cost of doing business and also redefine trade.

Oyetola emphasized the initiative would significantly reduce the cost of doing business in the country and eliminate sharp practices in trade processes.

“As highlighted by the World Bank, the cost of doing business at Nigerian ports can be up to 40 percent higher than in other West African countries due to delays and administrative bottlenecks, leading to an estimated annual revenue loss of ₦2.5 trillion within the business community.”

According to him, the implementation of the Single Window System could enhance efficiency, potentially reducing these costs by at least 25 percent. By streamlining operations, events, improving transparency, and minimizing delays, the system not only drives cost savings but also strengthens overall trade facilitation. He emphasized that the cumulative impact across all areas—including reduced costs, enhanced efficiency, and greater transparency—would ultimately contribute to the overall ease of doing business.

He disclosed of advancing multimodal connectivity by improving road, rail, and inland waterway links to and from the ports. Expectedly, these improvements aim to reduce transportation costs, enhance logistics, and boost trade. He gave as an example, how his ministry in collaboration with the Lagos State Government, cleared the age-long Apapa – Tincan – Mile 2 traffic for landside operations and provided tugboats, mooring boats, pilot cutters, bollards, and fenders across all port locations for effective seaside operations. The Minister said.

He added that he had made effort to maximise crane productivity and ensured a reduced transit time for vessels and trucks. He explained that these had led to a reduction in both the vessel and truck turn-around times. The vessel turn-around-time went down from an average of seven days to an average of five days, while truck turn-around-time went from an average of 10 days to a few hours.

“But we are not resting on our oars, as our ultimate goal is to make Nigeria the hub of maritime in West Africa,” said Oyetola.

In her own address, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, stressed that the establishment of a National Single Window system for trade is not merely a policy objective but “a transformative reform that will fundamentally redefine the way trade is conducted across our borders.”

“Our single window project will provide a centralized digital platform for traders to submit, process, and access trade-related documentation- eliminating corruption through improved transparency, reducing administrative burdens, and significantly enhancing the ease of doing business in Nigeria.

“Many of you will recall that in my previous capacities in the Presidency, I have been part and parcel of the NSW project since 2016. The time for delivery is now.

“Under President Tinubu’s eight-point agenda, economic growth and job creation are key priorities. The NSW will play a significant role in achieving these goals,” she said.

Also speaking, Minister of State for Finance, Dr Uzoka-Anite, stressed that the initiative would not only enhance ease of doing business in the country but also attract foreign direct investment.

“I know that this is going to give us a minimum of $3 billion annual returns, that is annual revenue generation. And as our trade grows, we intend to become a transshipment nation which means we will become like the Singapore and the Dubai of this world, in Africa. So we can actually process and facilitate trade in Africa.”

“In Indonesia their NSW programme was launched in 2007 to simplify trade, and since then they have achieved significant reduced clearance time. The average time for cargo clearance at ports dropped from seven days to just three days, traders saved millions of dollars annually through reduced administrative costs and delays.

She described the project as a cornerstone of modern trade facilitation that represents a significant leap forward in the nation’s journey towards becoming a global trade hub.

She also gave examples of Vietnam and Rwanda. “This ease of trading facilitated by their NSW helped Vietnam increase exports, particularly in manufacturing and agriculture. Such a similar impact would be significant for Nigeria as we continue to build our foreign reserves and strengthen the Naira.

“Here in Africa Rwanda established its NSW in 2012 to promote regional and international trade which has since resulted in speedier border crossing times which decreased by 50 percent thus boosting the movement of goods in Rwanda.

“The NSW reforms contributed to Rwanda becoming one of the fastest-growing economies in Africa and improved Rwanda’s trade within the East African Community (EAC),” the Minister said.

In his remarks, Executive Chairman, Federal Inland Revenue Service, FIRS, Dr. Zacch Adedeji, asserted that the NSW would fast track Nigeria’s $1trn economy realization.

However, he lamented that for too long, Nigeria’s trade facilitation processes had been hampered by a complex web of bureaucratic hurdles, characterized by cumbersome and inefficient procedures, which has led to delays at the ports, increased costs of doing business, and a substantial erosion of Nigeria’s competitiveness in the global marketplace.

This, he noted, “has resulted in substantial revenue losses to the country, reduction in foreign direct investments, and hindered the full realization of our nation’s economic potential.” “I believe that by establishing an integrated platform that seamlessly connects all critical actors – seaports, airports, free trade zones, government agencies, financial institutions, and the private sector – we are set to revolutionize the way we conduct international trade.”

Comptroller General of the Nigeria Custom Service, Bashir Adeniyi, who was represented, said the concept was not new to Nigeria as similar efforts had been made in the past, suggesting ways to overcome the challenged that stunte similar efforts in the past.

“Over the years, we have witnessed various efforts aimed at integrating government agencies, streamlining processes, and fostering efficiency in trade facilitation.

“However, these attempts have been fraught with challenges, ranging from fragmented technological systems and institutional silos to misaligned stakeholder expectations and inadequate physical a n d technological infrastructure.

“While these obstacles have slowed our progress, they have also provided invaluable lessons that shape the roadmap for future successes.

“To succeed, we must embrace a singular purpose backed by unwavering governmental resolve, ensuring that the Single Window is not perceived as the sole mandate but as a national strategy supported by all stakeholders, including the private sector, financial institutions, and regulatory agencies.

“The centrality of Customs in this ecosystem is undeniable, but success requires a symbiotic relationship where each stakeholder plays its part with precision and commitment,” he said.

Managing Director of NPA, Dr Dantsoho, emphasised the need for all stakeholders to work in unity to achieve the goal of the project.

He referenced the one stop shop initiative as demonstrating the possibility for government agencies to collaborate and work in harmony with zero tolerance for delays in service delivery and timely interventions without bottle necks.

Speaking earlier, the Head of NSW Secretariat, Mr. Tola Fakolade, said the project will simplify the ways things are being done, adding that NSW was first implemented in Singapore and also used in Djibouti, Kenya and others and where it recorded successes.

Fakolade said the first phase of the project would start this year with training and testing, saying his office expects cooperation from all stakeholders

In conclusion, the Stakeholders Forum on National Single Window marked an important milestone in Nigeria’s quest for efficiency in trade processes. As the country moves forward with the implementation of the NSW, it is essential that stakeholders continue to collaborate and work together to ensure the platform’s success.

CBN AND MACRO-ECONOMIC STABILITY

The Central Bank of Nigeria (CBN) has been at the forefront of implementing strategic measures to maintain price and monetary stability in the country. Facing persistent inflationary pressures, the CBN has adopted a series of orthodox monetary policy measures, aimed at restoring confidence, strengthening policy credibility, and focusing on its core mandate of price stability.

For a while now, Nigerians have grappled with rising inflation, which has eroded purchasing power and posed significant challenges to economic stability. As of December 2024, headline inflation stood at 34.80%, driven primarily by core inflation, while food inflation showed some signs of moderation. The National Bureau of Statistics (NBS) attributed the rise in food inflation to increases in prices of items like yam, water yam, sweet potatoes, maize, rice, and corn.

In response to these inflationary pressures, the CBN’s Monetary Policy Committee (MPC) initiated a tightening cycle using orthodox approaches. Throughout 2024, the Bank implemented several bold policy measures across six MPC meetings, including raising the Monetary Policy Rate (MPR) by a cumulative 875 basis points to 27.50%, increasing the Cash Reserve Ratio (CRR) of Other Depository Corporations (ODCs) by 1750 basis points to 50.00%, and adjusting the asymmetric corridor around the MPR.

Foreign exchange reforms and external reserves were also worked upon. To enhance efficiency in the foreign exchange (FX) market, the CBN introduced unified multiple exchange rate windows. This reform has yielded tangible results, with remittances through International Money Transfer Operators (IMTOs) rising 79.4% in the first three quarters of 2024 to $4.18 billion, compared to $2.33 billion in the same period of 2023. Additionally, the CBN cleared a backlog of foreign exchange commitments totaling $7.0 billion, restoring market confidence and improving FX liquidity.

These efforts have contributed to a relative stability in the foreign exchange market, narrowing exchange rate disparities, and increasing external reserves, which stood at over $40 billion as of December 2024.

Banking Sector Reforms are also on the agenda. In a bid to strengthen the resilience and global competitiveness of Nigeria’s banking sector, the CBN introduced new minimum capital requirements for banks, effective by March 2026. International banks are now required to have a minimum capital of N500 billion, national banks N200 billion, and regional banks N50 billion. This move aims to stabilize the banking sector amid economic challenges, positioning it to support the ambition of a $1 trillion economy.

The CBN also launched the Women’s Financial Inclusion Framework Initiative (WIFI) under the National Financial Inclusion Strategy, designed to bridge the gender gap in financial access. This initiative aims to empower women through financial services, education, and digital tools, thereby promoting inclusive economic development.

CBN need to put Nigeria’s Position on the radar in the context of Global Economic landscape. This is crucial. On the global stage, advanced economies are transitioning toward monetary easing, and cautious optimism is emerging around potential improvements in capital flows to emerging markets. Nigeria’s ability to attract these inflows will depend on investor confidence in domestic reforms, particularly those ensuring macroeconomic stability and delivering positive real returns on investment.

We commend the CBN for these positive developments. Despite these, challenges still remain. Domestic structural challenges, exchange rate pass-through effects, and energy price adjustments continue to exert pressure on prices and economic activity. Managing the disinflation process requires a careful balance of policies that mitigate short-term costs while anchoring long-term stability.

The apex bank’s commitment to price and monetary stability, coupled with coordinated policy measures and structural reforms, is essential to navigate these challenges and achieve sustainable economic growth. And we urge collaboration between policymakers, the private sector, and civil society. This is crucial to drive meaningful change for the overall economic development of Nigeria.

The CBN’s efforts at sustaining price and monetary stability are multifaceted, involving stringent monetary policies, foreign exchange reforms, banking sector strengthening, and financial inclusion initiatives. While significant progress has been made, continued vigilance and proactive measures are necessary to consolidate these gains and ensure long-term economic stability.
[04/03, 12:57 pm] Mr Ogoh 2: INSURANCE

Health Insurance: A Vital Need for Nigerians
The Current situation of life in Nigeria makes taking health insurance a wise choice today, with current economic realities. Crucially, the importance of health insurance cannot be overstated. It serves as a critical tool for financial protection, access to quality healthcare, and the promotion of preventive care. For Nigerian citizens, embracing health insurance is not just a personal benefit but a collective step toward a healthier and more secure society. By understanding the value of health insurance and actively participating in available schemes, Nigerians can ensure better health outcomes and contribute to the development of a resilient healthcare system.

In Nigeria, access to quality healthcare has long been a pressing concern. Despite various initiatives, a significant portion of the population remains without adequate health coverage. As of 2021, only about 3% of Nigerians had health insurance, leaving the vast majority vulnerable to the financial burdens of medical expenses. This statistic underscores the urgent need for citizens to recognize the importance of health insurance and to take proactive steps toward securing their health and financial well-being.

The National Health Insurance Scheme (NHIS), established in 2005, was designed to provide social health insurance, allowing participants to pay regular contributions into a pooled fund. This fund is then used to cover medical expenses, thereby reducing the reliance on out-of-pocket payments.

Despite this initiative, the uptake has been limited, with coverage primarily among formal sector employees. This leaves a substantial portion of the population, particularly those in the informal sector, without coverage.

The low penetration of health insurance in Nigeria can be attributed to several factors, including lack of awareness, misconceptions about insurance, and financial constraints. However, the benefits of health insurance far outweigh these challenges. Here are compelling reasons why Nigerian citizens should prioritize obtaining health insurance:
i. Financial Protection Against Unexpected Medical Expenses
Illnesses and accidents are often unforeseen and can lead to substantial medical bills. Without insurance, individuals may find themselves depleting their savings or going into debt to cover healthcare costs. Health insurance provides a safety net, ensuring that policyholders are protected from the financial strain of unexpected medical expenses.
ii. Access to Quality Healthcare Services
Health insurance plans often grant access to a network of accredited healthcare providers, ensuring that policyholders receive quality medical attention when needed. This access can lead to better health outcomes and a higher standard of care.
iii. Promotion of Preventive Care
Many health insurance plans cover preventive services such as vaccinations, screenings, and regular check-ups. Engaging in preventive care can lead to early detection of health issues, making treatment more manageable and less costly in the long run.
iv. Reduction in Out-of-Pocket Expenditures
Nigeria has one of the highest rates of out-of-pocket health expenditures globally, with individuals bearing a significant portion of healthcare costs directly. Health insurance alleviates this burden by covering a substantial part of medical expenses, allowing individuals to allocate their resources to other essential needs.
v. Contribution to Health Sector Development
Increased participation in health insurance schemes can lead to a more robust healthcare system. With more funds pooled through insurance, there is potential for improved healthcare infrastructure, better training for medical professionals, and enhanced availability of medical supplies.

To fully reap the advantages of health insurance, citizens should consider the following strategies: selecting the appropriate plan, regular policy reviews, utilizing covered services, understanding policy terms

Selecting the Appropriate Plan: it is crucial to choose a health insurance plan that aligns with individual health needs and financial capabilities. Reviewing the coverage details, network of healthcare providers, and premium costs can help in making an informed decision.
Regular Policy Reviews: healthcare needs can evolve over time. Regularly reviewing and updating insurance policies ensures that the coverage remains relevant and adequate. This practice can prevent situations where policyholders are underinsured or overpaying for unnecessary coverage.
Utilizing Covered Services: policyholders should take full advantage of the services covered under their insurance plans. This includes attending regular check-ups, screenings, and utilizing wellness programs. Engaging with these services not only promotes better health but also ensures that individuals get value from their insurance premiums.
Understanding Policy Terms: a thorough understanding of the terms and conditions of the insurance policy is essential. Being aware of coverage limits, exclusions, and the claims process can prevent misunderstandings and ensure a smoother experience when accessing healthcare services.

Commendably, over the years, the Nigerian government has made efforts to expand health insurance coverage. For instance, the Lagos State Government introduced the “ILERA EKO” health insurance scheme, administered by the Lagos State Health Management Agency (LSHMA), to provide affordable and quality healthcare services to residents.

By enrolling in health insurance schemes, individuals not only protect themselves and their families but also contribute to the overall improvement of the healthcare system. Collective participation leads to a more substantial pooling of resources, which can be utilized to enhance healthcare infrastructure and services.

Health Insurance: A Vital Need for Nigerians

The Current situation of life in Nigeria makes taking health insurance a wise choice today, with current economic realities. Crucially, the importance of health insurance cannot be overstated. It serves as a critical tool for financial protection, access to quality healthcare, and the promotion of preventive care. For Nigerian citizens, embracing health insurance is not just a personal benefit but a collective step toward a healthier and more secure society. By understanding the value of health insurance and actively participating in available schemes, Nigerians can ensure better health outcomes and contribute to the development of a resilient healthcare system.

Monthly Archives: March 2025