₦airaland Forum

This Wura husband wey no get sense?

*3 WAYS TO AVOID BENIN CITY BYPASS TRAFFIC, WHEN TRAVELING FROM LAGOS STATE TO ANAMBRA STATE:*

Benin Bypass traffic is a nightmare 😩 especially on weekends and during "ember months".

These 3 routes I listed below are the main workarounds that some drivers use to dodge it. Here’s the quick reality check on each route:

*1. Ore → Ondo → Akure → Ekpoma → Ewu → Agbor → Onitsha*.

*Best for*: Day travel, road condition
- *Pros*: Road from Akure to Ekpoma is decent. You completely avoid Benin City, and the bypass.
- *Cons*: Akure → Ekpoma stretch can be slow with trucks. Ewu junction is a known hotspot, travel in daylight.
- *Time*: ∼10 to 11hrs from Lagos, if no holdup.

*2. Ore → Akure → Sabongida-Ora → Iruekpen → Ekpoma → Ubiaja → Ewohimi → Onicha-Olona → Asaba → Onitsha*.

*Best for*: People who know Edo State inner roads.
- *Pros*: You cut through Edo State interior. Zero Benin City traffic.
- *Cons*: Sabongida-Ora to Ubiaja roads are patchy in rainy season. Lots of small towns = more police checkpoints. This route needs a good driver, who knows the turns.
- *Time*: ∼11 to 12hrs. Slower, but steady.

*3. Ibadan → Osun → Kogi → Okene → Auchi → Illah → Asaba → Onitsha*.

*Best for*: Night travel, or when you want to avoid Edo State entirely.
- *Pros*: Ibadan-Okene express road, is in better shape. You enter Anambra State, from the Asaba bridge side.
- *Cons*: Okene to Auchi stretch, has bad sections. Illah ferry or road can be tricky, if it rains. Also a longer distance.
- *Time*: ∼12 to 13hrs

*Key tips if you are using any of these:*
1. *Leave Lagos latest 4am to 5am* - You want to be past Ore and Akure before noon.
2. *Fuel up in Akure and Okene* - Filling stations get scarce, on the inner routes. You don't want to run out of fuel inside a rural town.
3. *Travel in daylight* - Routes 2 and 3 especially. Stick to major towns.
4. *Use Google Maps, and ask trustworthy-looking locals* - Some of these roads change yearly, due to construction or floods.

*Fastest route right now*: Route 1 is what most Anambra State to Lagos State drivers use. It is the best balance of distance and road quality.


But if you have the money, please just jejely enter Flight and save yourself all these stress.

emmanuelewumi:
I don't think they took Purchasing Power Parity into consideration before arriving at this.

The figures might work in Europe, North America and Japan

That was explained in the next post.

You're right to question it — it *feels* unrealistic because we're mixing 2 different lenses: *Net Worth vs Income*, and *Global USD vs Local Purchasing Power*.

Let's break it:

*1. "99.9% of Nigerians are poor" - By this net worth chart? Yes.*
- *LEVEL 2 "Low Income"* starts at ₦3M in net worth.
- *World Bank 2026 data*: ∼87% of Nigerians live below $2.15/day = extreme poverty. Another ∼10% are just above that.
- *Median net worth in Nigeria* is estimated <$1,000. Most people own little beyond basic assets, and many people have debt.

So by *global USD net worth standards*, yes, 99%+ of Nigerians fall under LEVEL 1-2. That's why banks call Nigeria a "frontier market".

But that's misleading locally because ₦3M goes way further in Nigeria, than $2,000 does in USA.

*2. "50% of Americans earn $10k-$20k annually" - Not quite*
That's a common myth.

*US Median Household Income 2025/2026: ∼$80,000/year*
*US Median Individual Income: ∼$45,000 - $50,000/year*

Only ∼8-10% of US workers earn <$15,000/year. Those are usually students, part-time workers, and retirees.

So by the *Income* chart I posted:
- *$15K-$50K = Working Class*
- *$50K-$150K = Middle Class*

That means ∼60% of Americans are "Working Class to Middle Class" by income. Not "poor".

Where the confusion comes from: Many Americans have *low net worth* even with $50K income. US median household *net worth* is ∼$192,000. So most Americans are LEVEL 3-4 by net worth.

*3. Why the chart feels "harsh"*
*USD is global, not local*: $100K net worth = LEVEL 4. In US that's barely a downpayment. In Nigeria that's ₦150M = mansion + land + cars
*Net Worth ≠ Income*: You can earn $100K/yr but have $0 net worth if you spend it all. And you can have $1M net worth while earning $30K/yr if you inherited.
*Banks use USD*: World Banking giants classify clients globally in USD, so that they can compare Dubai vs Nigeria vs UK.

*The real takeaway for Nigeria*
Don't fully judge yourself by the USD label. Also judge yourself by our local purchasing power, the Naira.
- *₦150M net worth in Lagos* = LEVEL 4 on paper, but you're top 0.5% in Nigeria, and can live very comfortably.
- *$1M "Dollar Millionaire"* in Nigeria = ₦1.5B. There are only 4,200 of those in Nigeria as of 2026. That's why it's still a big deal here.

So: *The numbers are factually correct for global USD classification. But "poor" by global USD ≠ "poor" by local living standards in Nigeria.*

Here’s the common *global wealth classification*, from poorest to wealthiest. This is the standard one used today:

*Wealth by Net Worth*

*Net worth = Assets - Debts. Excludes primary home sometimes, but usually includes all assets*.

1. *Destitute / In Poverty*: <$2,000 (*having less than 3 Million Naira*). Basic survival. World Bank "extreme poverty" is <$2.15/day (*making less than N3,000 per day*). - LEVEL 1.

2. *Low Income*: $2,000 - $10,000 (*having between 3 to 15 Million Naira*). Can afford basics, but has little to no savings or investments. - LEVEL 2.

3. *Lower Middle Class*: $10,000 - $100,000 (*having between 15 to 150 Million Naira*). Has some savings, can afford small assets, car, and maybe land. - LEVEL 3.

4. *Upper Middle Class / Mass Affluent*: $100,000 - $1,000,000 (*having between 150 Million Naira to 1.5 Billion Naira*). Is likely a Home owner, and can afford investments, and retirement funds. - LEVEL 4.

5. *Millionaire*: $1,000,000 - $5,000,000 (*having between 1.5 Billion Naira to 7.5 Billion Naira*). Has Financial security. Can live off investments. LEVEL 5.

6. *High-Net-Worth Individual HNWI*: $5,000,000 - $30,000,000 (*having between 7.5 Billion Naira to 45 Billion Naira*). Is likely a Private banking client. Has Multiple properties, businesses. - LEVEL 6.

7. *Very-High-Net-Worth Individual VHNW*: $30,000,000 - $100,000,000 (*having between 45 Billion Naira to 150 Billion Naira*). Likely has Family offices, and significant business holdings. - LEVEL 7.

8. *Ultra-High-Net-Worth Individual UHNW*: $100,000,000 - $1,000,000,000 (*having between 150 Billion Naira to 1.5 Trillion Naira*). Owns companies, private jets, can afford philanthropy. - LEVEL 8.

9. *Deca-millionaire*: $10,000,000 - $99,999,999 (*having between 15 Billion Naira to 150 Billion Naira*). Often grouped under VHNW.

10. *Centi-millionaire*: $100,000,000 - $999,999,999 (*having between 150 Billion Naira to 1.5 Trillion Naira*). Often grouped under UHNW.

11. *Billionaire*: $1,000,000,000 - $9,999,999,999 (*having between 1.5 Trillion Naira to 15 Trillion Naira*). Top 0.0001% globally. Only 3,200 people worldwide in 2026. - LEVEL 9.

12. *Decabillionaire*: $10,000,000,000 - 99,999,999,999 (*having between 15 Trillion Naira to 150 Trillion Naira*). Only 50 people worldwide in 2026. - LEVEL 10.

13. *Centibillionaire*: $100,000,000,000+ (*having above 150 Trillion Naira*). Only 15 people worldwide in 2026. e.g. Elon Musk, Bezos, etc. - LEVEL 11.


*Wealth by Annual Income*

*Different lens - how much you earn per year*.

*Poor*: <$15,000 (*earning less than 22.5 Million Naira per year*).

*Working Class*: $15,000 - $50,000 (*earning between 22.5 to 75 Million Naira per year*).

*Middle Class*: $50,000 - $150,000 (*earning between 75 to 225 Million Naira per year*).

*Upper Middle Class*: $150,000 - $500,000 (*earning between 225 to 750 Million Naira per year*).

*Affluent*: $500,000 - $1,000,000 (*earning between 750 Million to 1.5 Billion Naira per year*).

*Wealthy*: $1,000,000 - $10,000,000 (*earning between 1.5 to 15 Billion Naira per year*).

*Rich*: $10,000,000+ (*earning above 15 Billion Naira per year*).

LMAOOO 😂😭
The 2pm CEO vs 11pm emotional FBI agent. We know you.

*2pm you*: "I'm good. I’ve moved on. God has done it. Blocked and deleted."
*11pm you*: _scrolling through 2022 pictures_ "But why did she/he use this filter??"
*11:47pm you*: typing "Hey, hope you’re good" ... deleting ... typing again ... God and your guardian angel in the group chat: "DO NOT SEND IT" 🙏

That quiet night is dangerous o. Your brain will bring out receipts you didn’t even know you saved.
The loneliness hits different when the memes, work, and noise are gone.

*Survival guide for 11pm you tonight:*
1. *Don’t text the ex*. If you must type it, type it in notes. Send it to God instead 😂
2. *Put your phone on charge outside the room*. Distance = peace.
3. *Play worship, podcast, or comedy*. Fill the quiet with something else.
4. *Remember why it ended*. Nostalgia is a liar. It only shows you the good parts.

You’re not weak. Night time just makes feelings loud. By 8am you’ll be back to "I’m unbothered" 😂

I get why it pains you bro. Seeing people chase, beg, and get played while someone else gets treated differently hurts. It feels unfair.

But let’s break this down so it doesn’t keep breaking your heart:

*1. The “hard to get vs easy” idea isn’t the full picture*
What looks like “rules and regulations” isn’t always about not liking you.
Some women move slow because:
- They’ve been hurt before and need to see if you’re safe
- They value themselves and don’t want to rush into anything
- They’re testing character, not looks

And what looks like “giving in easily” to another guy isn’t always about “high attraction.” Sometimes it’s desperation, low self-worth, manipulation, or even a bad decision they’ll regret later. Don’t confuse speed with value.

*2. Chasing someone who’s not interested drains you*
You’re 100% right on this part:
*If someone consistently gives you excuses, dry texts, and no effort, stop chasing.*
Your time, money, and energy are valuable. A person who likes you will show it with actions, not just words. No one is that busy to not make time for someone they really want.

*3. The truth about attraction + respect*
Yes, physical attraction matters. But what makes people _stay_ is: respect, trust, peace, and shared values.
The guys who “get her in a few hours” often don’t keep her. The guys who build slowly often build something real.

*The bitter truth that saves you pain:*
1. *Stop auditioning for people*. If you have to beg for attention, you’re in the wrong room.
2. *Watch actions, not access*. Fast access doesn’t mean real interest. Consistent effort does.
3. *Work on you*. The more you build your purpose, money, health, and peace, the less you’ll chase and the more the right people will be drawn to you.

Bro, don’t let pain turn into bitterness against all women. Some are good, some are bad. Same with men. The goal is to spot the difference early and walk away from games.

You deserve someone who chooses you clearly, without you having to fight for basic attention.

I hear the anger and hurt in what you’re saying 💔 It sounds like you’ve seen women and children go through real pain, and that’s frustrating.

Let’s break it down with truth + balance, because the situation is more complex than “all women” or “all men”:

*What’s real in what you’re pointing out*
1. *Single motherhood is hard*. Raising a child alone with no support is exhausting financially, emotionally, and physically. Many women do end up carrying 100% of the responsibility.
2. *Transactional relationships are risky*. When sex/money gets mixed without commitment, trust, or protection, it often leads to pregnancy, heartbreak, and blame. Both men and women can be involved in that.
3. *Avoiding accountability hurts everyone*. “It’s a long story” often means shame, fear, or repeated cycles. Running from responsibility doesn’t build a stable home for the child.

*Other sides we also have to see*
1. *Not all women are like this*. Many mothers work 2-3 jobs, run businesses, and train their children with their “two hands” because they have no choice. The economy in Nigeria right now makes survival very tough for a lot of people.
2. *Men also have responsibility*. Pregnancy takes 2 people. The law + morality says both parents should provide for the child. “Dump and run” by men is also part of why single motherhood increases.
3. *The root issues*: poverty, lack of sex education, unemployment, broken homes, pressure to “make it fast”. People make desperate choices when they feel they have no options.

*The “bitter truth” that actually helps*
Blame won’t raise the children. What does help:
- *For ladies*: Value yourself beyond money/gifts. Learn a skill. Work. Plan. If you’re going to be sexually active, think about consequences first. Don’t give your body + future to anyone just for money.
- *For men*: If you sleep with someone, be ready to take responsibility. Don’t impregnate and disappear.
- *For everyone*: Teach the younger generation about self-worth, financial independence, and that quick money often comes with long pain.

Calling women names won’t change them. But honest conversations, skills, jobs, and personal discipline can break the cycle.

Your voice matters because you care enough to say it. The goal should be: *fewer broken homes, fewer children suffering, more men and women taking responsibility.*

pluto09:
These ones don't need advertisement nau.

No stock needs advertising. Updates, information, and News about stocks and companies, are not advertisements. If they are to you, then you are sick and need a doctor.

crownprince2017:
See the insurance merchant here, the same person will advertise them, the same person will announce their death n people still they listen to him...chai the love for quick money will always keeps a lot of people on the rope.


As for me, I can never touch insurance stock with even a very long pole..I love to sleep well at night.

Even for stocks like

Custodian Insurance
NEM Insurance
Mansard Insurance
?

*There is no type of smoking that is beneficial to the body.*

*The core problem isn’t just “what” you’re burning. It’s the burning itself*
When any plant material, tobacco, shisha, herbs, cannabis, etc. is burned, you inhale:
- *Particulate matter* - tiny particles that irritate lungs
- *Carbon monoxide* - reduces oxygen in blood
- *Other combustion chemicals* - many are known irritants/toxins

Your lungs are built for oxygen + CO2 exchange, not smoke.

*Common myths the post debunks*
1. *Shisha/Hookah is safer because of water*
Water cools the smoke and makes it smoother. It does NOT filter out nicotine, carbon monoxide from the charcoal, or fine particles. A 1-hour shisha session can equal smoking many cigarettes in smoke volume.
2. *Herbal cigarettes = natural = healthy*
“Natural” ≠ “safe”. Burning any herb still makes combustion products that damage airways.
3. *Cannabis smoke is medicinal*
Some compounds in cannabis are studied for medicine. But _smoking_ it still puts smoke in your lungs. That’s why doctors use oils, pills, or other forms instead of smoke for medical use.
4. *“Light/mild” cigarettes or vaping are healthy*
Lower branding doesn’t remove harm. Vaping doesn’t involve burning, but the aerosol can still contain nicotine and other chemicals that affect lungs and heart. And if you don’t use nicotine already, starting for “health benefits” makes no sense.
5. *Smoking “cleanses” or “opens” the lungs*
Coughing after smoke is your body reacting to an irritant, not a detox.

*The real distinction*
A plant can have beneficial compounds when taken as food, tea, or medicine.
But *burning it changes everything*. Same logic: vegetables are healthy, but burning vegetables and inhaling the smoke isn’t.

*Bottom line*
There are different _levels of risk_ between products and how often you use them.
But “less harmful” is *not* the same as “beneficial”.

The healthiest version of smoking is *not smoking at all*. Lungs don’t need smoke to detox. They need clean air.

If the appeal is social like shisha with friends, the safer swap is the hangout without the pipe.

*Why people suddenly slump/collapse in public*.

It usually comes down to 1 thing: *the brain or heart suddenly isn’t getting enough blood + oxygen*.

*Major Medical Causes*
1. *Cardiac Arrest*
Heart stops pumping. Blood + oxygen to brain cut off → person drops instantly. This is the #1 emergency cause.
2. *Stroke*
Blood vessel in brain is blocked or bursts. Brain function gets disrupted fast.
3. *Severe High Blood Pressure*
Called the "silent killer". Unmanaged hypertension can cause sudden heart/brain failure.
4. *Low Blood Sugar*
From skipping meals, intense exercise without food, alcohol on empty stomach.
_If someone is conscious_: give Coke, glucose, soda, fruit juice to raise sugar quickly.
5. *Dehydration*
Common in hot areas + crowded places like Lagos, markets, buses. No water + heat + long hours = low blood volume → collapse.
6. *Lifestyle Factors*
- *Extreme stress + exhaustion*: Body is overworked
- *Hidden illnesses*: Undiagnosed diabetes, high cholesterol, weak heart
- *Poor habits*: No sleep, bad diet, smoking, heavy alcohol, no exercise
- *Ignoring warning signs*: Pushing through dizziness, chest tightness, chronic fatigue

*BOTTOM LINE*
Most public slumping is a *medical emergency*.

*Warning signs to never ignore*: dizziness, chest pain, fast heartbeat, excessive heat, extreme fatigue, uncontrollable sweating.
Get checked. Do regular *BP and blood sugar tests* even if you "feel fine".

*If you see someone slump*
1. *Call for help immediately* - shout, call 112/ambulance
2. *Check if they’re breathing*
3. *Start CPR if you’re trained* while waiting for help
4. *Loosen tight clothes, lay them flat, raise legs slightly* if you suspect fainting/dehydration and they’re breathing

In Nigeria’s heat + traffic + stress, dehydration and low blood sugar are really common triggers. But cardiac issues are the most dangerous.

_Note: This is general health information, not a diagnosis. If you or someone has these symptoms, please see a doctor or go to the hospital immediately._

pluto09:
People here still dey buy insurance public offers

You will be surprised.

Has anyone here received their IEI public offer shares into their portfolio?

*IEI public offer: 5 investors took 65% of N25.84bn*

International Energy Insurance Plc’s public offer was *147.67% oversubscribed*, raising *N25.84 billion*. But the bulk went to just 5 big applicants.

*The breakdown*
1. *The Big 5*:
- Applied for *100,000,001 shares and above* each
- Got *5,218,748,000 shares* worth *N16.7 billion*
- That’s *65% of total value raised* and *64.6% of total 8.07bn shares* allotted
- Only *0.01% of total applications* by count

2. *Everyone else - 33,635 applicants*:
- Accounted for *N9.14 billion*, just *35% of total*
- *24,848 investors* were in the 1,001–50,000 shares bracket. That’s 73.86% of all applications but only ~N855.66m in value
- *3,912 applicants* in 1–1,000 shares bracket: N12.52m total

Every application across all 11 brackets got *100% allotment*. So the concentration is from application size, not preferential treatment.

*Refunds & timeline*
IEI will refund *N60.32 million* total:
- *N10.68m* excess from 40 applications
- *N49.64m* with no corresponding application
Refunds via RTGS/NEFT with interest by *6 Aug 2026*.
E-allotment via CSCS by *18 Aug 2026*.

*Why this matters*
1. *Recapitalisation*: IEI needs capital to meet new insurance minimum-capital requirements. Shareholders approved up to *N17.5bn* raise in Jan 2026.
2. *Norrenberger angle*: They already converted N2bn deposit to equity and hold *50.61% controlling stake* after acquiring 649.8m shares. This offer further strengthens their position.
3. *Investor appetite*: Strong subscription despite IEI’s history of financial challenges. Shows institutional/HNW appetite for insurance stocks under the new capital regime.

So it was oversubscribed, but dominated by big money. Retail showed up in numbers, but not in value.

Here’s the breakdown:

*The UK side*
- *Who*: Oladipupo Atandare, 50, from Dagenham + Latifat Yusuf, 44, from Hornchurch
- *What*: Charged with international drug trafficking
- *Seizure*: 180kg+ of cocaine seized in the UK on *5 August 2026*
- *Court*: Appeared at Barkingside Magistrates Court on *8 August*, remanded. Next hearing at *Snaresbrook Crown Court on 7 September 2026*

Met Police said this charge is specifically for the UK seizure, but they’re still investigating links to Nigeria.

*The Nigeria side*
- *Seizure*: *184.5kg of cocaine* worth ~£20m found in brown boxes at a courier facility in Lagos. Announced Tuesday by Nigerian authorities.
- *Arrests*: Several people, including:
1. *A logistics company employee*
2. *Afolabi Kazeem Michael, 49* - aka *"KC Luxury"* on Instagram with ∼700k followers. He posts flashy cars, gold, "luxury businessman" content.

NDLEA/Nigerian authorities have called him the alleged *"arrowhead"* of the Nigerian arm of the cartel.

*What this means*
This looks like a classic "parallel shipment" setup. Same quantity ∼180kg+ moved both to UK and Nigeria through courier/logistics channels. That’s why UK Met Police + NDLEA are working together.

The influencer angle is what’s blowing up online because KC Luxury was very public with the lifestyle content. That’s usually how these cases get attention - "from IG flex to court".

Both countries are still doing inquiries, so more names could come out before the September court date.

If I was the President of this Country, I will ensure we have 6 Minister of Works always.

Each attending to the Federal Roads in each of the 6 Geo- political zones, and the President as the Coordinating Minister for Works, overseeing and oversighting a healthy competition amongst the 6 Geo- political Ministers for Works.

*What the passenger is saying about Aug 20, 2026*
*Location*: Benin–Asaba Expressway
*What happened*: Cars and trailers stuck/gridlocked because of bad portions of the road
*The call-out*:
1. *Peter Obi* had advised APC/FG to "fix existing roads first before new projects"
2. *Dave Umahi, Minister of Works* is being accused of "looking for Peter Obi to debate instead of fixing roads"

That frustration is real. Benin–Asaba is part of the East-West/Benin-Ore-Lagos corridor and it’s been a nightmare for years. When trailers get stuck, the whole south-south/south-east supply chain gets hit.

*Context on the Obi vs Umahi back-and-forth*
This isn’t the first time.
- *Peter Obi* has repeatedly said FG should prioritize maintenance and completion of existing roads over starting new "coastal highway" type projects.
- *Dave Umahi* has responded in press briefings/interviews saying the ministry is working, but also calling out critics to "come debate the facts" on road projects.

So the passenger’s anger is: _"Stop the media fight, fix the road we’re stuck on."_

*Why Benin–Asaba keeps failing*
1. *Heavy trucks + rain* = potholes turn to craters fast
2. *Funding/delayed contracts* - some sections have been re-awarded multiple times
3. *Maintenance culture* - repairs done but not sustained

*What’s the way forward?*
People are asking for:
1. Emergency palliative work on the worst spots immediately
2. Transparency on which contractor is handling which section + timelines
3. Less "debate" and more site visits + equipment on ground

The minister’s job is tough with budget constraints, but when citizens are sleeping in trailers on that road, "come debate me" doesn’t land well.

That’s a hot take 😅 and honestly, a lot of people are saying it out loud now.

Let’s break what the lady is actually saying:

*Her logic*
*"If you’re earning 100k, and you enter a relationship, you’ll be splitting it into 2"*
Rent, data, transport, dates, food, gifts, emergencies... it adds up fast in Lagos.
Her point: _Don’t start what you can’t finish. Don’t use "love" to suffer both of you._

From a practical side, she’s not wrong. Money stress kills relationships faster than anything.

*The flip side men are saying*
1. *"So poor men shouldn’t love?"* - Love and companionship aren’t only for rich people.
2. *"100k is enough to build with the right person"* - If both people are low-earning but have vision, they grow together. The problem is when one person expects "big spender" lifestyle.
3. *"Dividing 100k into 2" assumes the woman brings 0* - In healthy relationships both people contribute, not just the man.

*The real issue underneath*
It’s not really about 100k. It’s about *expectations vs reality*.

If a lady expects: weekend brunches, iPhone gifts, salon, trips on 100k salary → then yes, stay away.
If a lady expects: honesty, partnership, growth, cooking at home, planning together → then 100k can work.

The painful part is many guys find out which type she is _after_ they’ve already invested 5 years and emotions.

*My honest take*
Don’t stay away from women because you earn 100k.
Stay away from _performative dating_ if you earn 100k.
Date with clarity: "This is what I can do now. This is what I’m building toward. Can we build together?"

The right person won’t ask you to divide your 100k into 2 for "soft life". She’ll ask how to multiply it into 200k together.

Imagine. You see neat girl, and yet you leave am? Na graduate pig you later date?

Mention one thing that your Ex was very good at. Be honest o.

Federal Government has declared a Public Holiday on Tuesday, August 25, 2026, for Eid Mawlid al-Nabi (Eid-el-Maulud), to celebrate the Prophet Muhammad's birthday.

toyeoye:
📉 Insurance selling remains intense.

⚠️ SUNUASSUR and GUINEAINS have already printed fresh 52-week lows.
🟢 VERITASKAP stands alone in green at ₦1.39 (+3.73%).
... the pressure is clearly sector wide.

Worst sector of the stock market is Insurance

*Summary of the Geregu Bond issue:*

*What happened*
- *Senator Abdul’aziz Yari*, Chairman of Geregu Power Plc, used *personal funds* to settle the company’s outstanding bond obligation.
- This came after bondholders/investors raised concerns following a recent default.

*Key details*
1. *Not his debt*: Yari made it clear the debt wasn’t personally his, and it wasn’t created by the current Board/management.
2. *Origin of bond*: The bond was issued in *2022* when Geregu Power was under *Femi Otedola’s* ownership and Board, before the present ownership took over.
3. *Next step*: Discussions are ongoing with Otedola and the previous management on how the obligation arose and how Yari should be *reimbursed*.
4. *Why he paid*: To protect bondholders and prevent further damage to confidence in Geregu Power.

*Bottom line*
- *Bondholders have been paid*. The waiting is over for them.
- *The fight now is between Yari vs Otedola/previous management* over who ultimately bears the cost.
- Yari has assured shareholders that Geregu’s obligations will be honoured and the company’s future is secure.

Uncertainty + bond default headlines usually kill liquidity and drive sellers out.

Yesterday, a total of Fortis Global Insurance Plc shares, worth about 5.24 Billion Naira was Sold off.

Who by?

Veritas Kapital Assurance Plc: Listing of Veritas Kapital Assurance Plc’s Private Placement of
15,000,000,000 Ordinary Shares of 50 Kobo each at N1.00 Per Share

Trading Licence Holders are hereby notified that an additional 15,000,000,000 ordinary shares of 50 Kobo
each of Veritas Kapital Assurance Plc (the Company) were today, Thursday, 20 August 2026, listed on
the Daily Official List of Nigerian Exchange Limited (NGX).
The additional shares listed on NGX arose from the Company’s Private Placement of 15,000,000,000
ordinary shares of 50 Kobo each at N1.00 per share. With the listing of the additional shares, the total
issued and fully paid-up shares of Veritas Kapital Assurance Plc have now increased from 13,866,666,666
to 28,866,666,666 ordinary shares of 50 Kobo each.
This is for your information please.

Godstime Iwenekhai
Head, Issuer Regulation Department

NOTIFICATION OF SUSPENSION OF TRADING IN THE SHARES OF UNIVERSAL INSURANCE PLC

Trading License Holders and the investing public are hereby notified that pursuant to the provisions of Rule 7.0,
Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules) which states that:
“Notwithstanding any of the foregoing provisions, The Exchange, may in accordance with any of its Rules, place the
trading of any security on suspension. It may also do so if it is of the view that such suspension will be in the interest
of the investing public and in accordance with the SEC Rules”; the shares of Universal Insurance Plc (the Company)
have been suspended from trading on the facilities of Nigerian Exchange Limited (NGX), effective today, Thursday,
20 August 2026 following the revocation of the Company’s operational license by the National Insurance
Commission (NAICOM) for failing to meet the capital requirement for its category of license and the appointment of
a liquidator to take over the assets of the Company.
This is for your information please.

Godstime Iwnekhai
Head, Issuer Regulation Department

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