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Nigeria News (Standard)

Lagos-Based Great Nigerian Insurance Launches ₦15.6bn Rights Issue After SEC Approval

Insurer offers six new shares for every seven held, aims to strengthen capital base amid regulatory reforms

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Insurer offers six new shares for every seven held, aims to strengthen capital base amid regulatory reforms

Great Nigerian Insurance Plc has commenced a ₦15.6 billion rights issue in Lagos after securing the green light from the Securities and Exchange Commission (SEC) on Monday. The offer involves 6,000,000,000 ordinary shares at 50 Kobo each, priced at ₦2.60 per share, and is open to shareholders recorded as at 4 June 2026.

According to a notice issued by the company to shareholders and the investing public, the rights issue will be allotted on the basis of six new ordinary shares for every seven existing shares held. The insurer said this move follows receipt of formal approval from SEC and will proceed in line with the commission’s stipulated terms.

This latest capital raising comes on the heels of a recently concluded private placement that saw Great Nigerian Insurance Plc add ₦8.2 billion to its capital base. The combined transactions are expected to bolster the firm’s financial position as insurance companies in Nigeria continue to adjust to new regulatory requirements and market realities.

Industry analysts note that recapitalisation exercises such as this are crucial for Nigerian insurers seeking to remain competitive and compliant with guidelines set by both SEC and the National Insurance Commission (NAICOM). Stakeholders say increased capital will enhance Great Nigerian Insurance Plc’s ability to underwrite larger risks and improve claims settlement capacity.

The company has advised eligible shareholders and stakeholders to take up their rights in accordance with approved timelines. Market observers expect that proceeds from the offer will support business expansion plans and further consolidate its position within Nigeria’s evolving insurance sector.

Source: https://guardian.ng/business-services/insurer-commences-15-6-billion-rights-issue/

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Nigeria News (Standard)

Nigeria, Cameroon Sign Security Pact to Boost Border Collaboration

Memorandum aims to address cross-border threats; regional stakeholders say renewed effort vital for North-East stability

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Memorandum aims to address cross-border threats; regional stakeholders say renewed effort vital for North-East stability

Nigeria and Cameroon have signed a new Memorandum of Understanding (MoU) on security cooperation, seeking to strengthen joint efforts against cross-border threats along their shared border. The agreement was formalised on Wednesday, 17 June 2026, following a meeting between delegations from both countries in Abuja.

Officials from Nigeria and Cameroon outlined that the MoU will enhance intelligence sharing and coordinated patrols in border communities, which have faced persistent security challenges including smuggling, armed group activities, and trafficking. The pact is expected to facilitate improved response to incidents and foster greater trust between security agencies on both sides of the border.

The renewed agreement comes as border states in Nigeria’s North-East, particularly Borno and Adamawa, continue to grapple with insecurity linked to non-state armed groups operating across national boundaries. Both countries have previously launched joint military operations but experts say bureaucratic bottlenecks and lack of sustained collaboration have hindered long-term success.

Although details of the MoU were not made public, government representatives stressed its significance for regional stability. “This partnership marks an important step towards securing our borders and ensuring the safety of our citizens,” a senior Nigerian official said after the signing ceremony. Cameroonian officials echoed this sentiment, noting that effective cooperation was key to addressing mutual security concerns.

Analysts believe implementation of the MoU will require strong political will and regular evaluation to maintain momentum. Local stakeholders in affected communities have called for transparent engagement with civilians and sustained investment in border infrastructure. Both governments are expected to announce further steps in coming weeks as they move to operationalise the new agreement.

Source: https://www.premiumtimesng.com/news/more-news/888402-nigeria-cameroon-sign-mou-on-security.html

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Nigeria News (Standard)

Nigerian Army Rotates Troops in North-East, Withdraws 174 Soldiers from Boko Haram Operations

Latest rotation aims to sustain morale and operational effectiveness in fight against insurgency across Borno and Yobe States

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Latest rotation aims to sustain morale and operational effectiveness in fight against insurgency across Borno and Yobe States

The Nigerian Army has rotated its frontline troops battling Boko Haram insurgents in the North-East, withdrawing 174 soldiers from ongoing operations across Borno and Yobe States as at Wednesday, 17 June. The troop rotation is part of a routine exercise designed to maintain combat readiness and ensure the welfare of personnel deployed in high-risk areas.

According to military sources, the withdrawal comes as part of the Army’s policy to regularly replace soldiers who have spent extended periods in conflict zones with fresh personnel. The process, which began earlier this month, saw batches of troops being redeployed out of Operation Hadin Kai’s theatre of operations, while replacements have already taken up positions at various formations across the affected states.

This development is significant for Nigeria’s ongoing counter-insurgency efforts in the North-East geopolitical zone. The region has been under persistent threat from Boko Haram and ISWAP fighters, with thousands of civilians displaced over the years. Regular troop rotations are seen by defence analysts as crucial for maintaining morale among soldiers and reducing fatigue that can impact operational effectiveness.

Military authorities have repeatedly stated that the welfare and mental health of personnel remain a top priority. “The Army will continue to ensure regular rotation for all troops deployed in the North-East so that no soldier stays beyond approved timelines,” a senior officer familiar with the exercise said on Wednesday.

While some stakeholders have previously called for more frequent rotations given the intensity of fighting in Borno and Yobe, Army officials maintain that current procedures comply with established guidelines. There was no immediate reaction from opposition parties or civil society groups regarding this latest redeployment.

With new batches now on ground in strategic locations, security experts expect continued pressure on insurgent hideouts as the military sustains its campaign to restore peace in Nigeria’s North-East.

Source: https://www.premiumtimesng.com/news/top-news/888403-nigerian-army-rotates-more-soldiers-fighting-boko-haram-withdraws-174.html

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Nigeria News (Standard)

Katsina Court Sentences Woman to Death for Smuggling 438 Bullets to Zamfara Bandits

DSS arrest at Jibia Motor Park leads to rare capital punishment verdict as authorities intensify crackdown on arms couriers

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DSS arrest at Jibia Motor Park leads to rare capital punishment verdict as authorities intensify crackdown on arms couriers

A Federal High Court in Katsina State has sentenced Hauwa’u Mukhtar to death by hanging after convicting her of smuggling 438 rounds of ammunition intended for a notorious bandit kingpin in Zamfara State. The court delivered its verdict on Monday, following her arrest by Department of State Services (DSS) operatives at Jibia Motor Park on 16 September 2023.

According to the prosecution, Mukhtar was apprehended while attempting to transport 438 rounds of 7.62mm ammunition, with intelligence reports indicating the deadly cargo was meant for a bandit leader identified simply as ‘Ado’, who is believed to operate from the Dunburum Forest in Zamfara. The DSS charged her with conspiracy to commit terrorism and aiding terrorist activities.

This case has drawn national attention due to the growing trend of women being recruited by criminal logistics networks supplying arms and ammunition to bandit groups across Nigeria’s North-West region. Security analysts say the successful conviction marks one of the most significant terrorism-linked cases involving a female suspect in recent years, as authorities work to disrupt supply lines fueling insecurity.

Presiding judge, Justice A.B. Bawale, ruled that the prosecution presented overwhelming evidence against Mukhtar, including witness testimonies and physical exhibits of the seized ammunition. The court found her guilty on both counts and imposed the maximum penalty under the Katsina State Penal Code Law, 2021. The defence’s arguments were rejected in their entirety.

Security officials have described Mukhtar’s sentence as a strong deterrent for those aiding armed groups. A senior DSS officer, speaking after the judgment, said: “This should serve as a warning that anyone caught supporting terrorists will face the full consequences of the law.” Legal observers note that Mukhtar’s legal team may yet file an appeal, but authorities maintain that stiffer sentences are needed as part of broader efforts to curtail banditry and restore peace across affected communities.

Source: https://www.pulse.ng/story/katsina-female-arms-smuggler-death-sentence-2026061712120510979

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