Relief for Last-Mile Delivery Operators as TSS Motors launches Forland T5 light Trucks

Nigeria’s fast-growing logistics and distribution sector has received a major boost as Transit Support Services Ltd. (TSS Motors) unveiled the locally assembled Forland T5 light truck, a new range of mini trucks designed to slash the high operating costs that have long plagued last-mile delivery operators.

The company said the introduction of the Forland T5 series, assembled at its Enugu plant, is aimed at providing businesses with a durable, affordable and fuel-efficient solution for the most expensive stage of the supply chain—the final delivery to customers.

Although the last mile is typically the shortest leg of the distribution process, it remains the most complex and costly, accounting for a significant share of transportation and shipping expenses.

By leveraging local vehicle assembly, TSS said it is passing on substantial cost savings to logistics operators and businesses.

Speaking on the new product, TSS Senior Sales Executive, Miss Blessing Aluh, said the company developed the Forland T5 in response to the growing demand for practical and cost-effective delivery vehicles.

“Businesses have long been searching for a practical solution to the high cost of last-mile deliveries. With our Forland T5, that much-awaited solution has finally arrived in Nigeria.

“TSS has come to the rescue with a truck specially adapted for last-mile delivery because of its low maintenance cost. It is guaranteed to reduce operating expenses and make deliveries more efficient,” she said.

According to Aluh, the T5 is built by Forland, the specialised light truck division of Foton, and manufactured to high international quality standards.

The truck is powered by an 82-kilowatt DAM 15R petrol engine noted for its fuel efficiency and low emissions.

It is offered in both box-body and cabin-and-chassis configurations, giving businesses the flexibility to choose a model that best suits their operations.

Aluh explained that the cabin-and-chassis version would enable customers to fit a wide range of specialised bodies, including flatbeds, enclosed box bodies, drop-side bodies, refrigerated vans, mobile clinics and mobile vending units for food, snacks and beverages.

The air-conditioned cabin comfortably seats the driver and a salesperson, while the vehicle comes with a manual transmission and hydraulic braking system.

To meet varying operational needs, TSS is offering the Forland T5 in 1.5-tonne and 2-tonne payload variants, alongside a 2.5-tonne dual-fuel CNG/petrol version.

Like other Forland vehicles marketed by the company, the T5 is backed by nationwide after-sales support, including a one-year or 100,000-kilometre warranty.

TSS said local assembly has also made the vehicle more affordable, with the flatbed version priced at less than ₦16 million.

Aluh noted that customers have the option of buying the flatbed model and building a customised body elsewhere or purchasing a factory-fitted box-body version directly from the company.

“What this means is that you can build your box body elsewhere or customise it the way you need it. But we also supply box bodies,” she said.

She added that TSS can also facilitate bank financing for qualified buyers, enabling customers to spread payment for the vehicles over an agreed period.

Nigeria’s stock market surpasses South Korea as world’s top-performing equity market

Nigeria’s stock market has emerged as the world’s best-performing equity market, overtaking South Korea as a combination of stronger economic fundamentals, policy reforms, improved foreign exchange liquidity and renewed investor confidence continues to fuel a remarkable rally on the Nigerian Exchange (NGX).

The latest performance marks a significant milestone for Nigeria’s capital market, with analysts attributing the surge to sustained reforms, firmer global oil prices, currency stability and growing optimism among domestic and international investors.

While South Korea’s market has struggled amid a global technology sell-off and a weakening currency, Nigeria has benefited from improving macroeconomic conditions that have boosted investor sentiment and strengthened capital inflows.

One of the major factors behind the contrasting performances has been currency movements.

The South Korean won has depreciated by about five per cent against the US dollar this year, making it one of Asia’s weakest-performing currencies and reducing returns for foreign investors.

In contrast, the naira has appreciated by about four per cent against the dollar since January, significantly enhancing dollar-denominated returns for foreign investors and helping propel the Nigerian market to the top of global rankings.

The rally has been driven largely by financial services stocks, with banking and insurance companies posting substantial gains.

Among the standout performers is Fortis Global Insurance Plc, which has delivered an estimated 1,400 per cent return in dollar terms this year, making it one of the strongest-performing stocks on the exchange.

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Unlike South Korea, whose stock market is heavily concentrated in technology and artificial intelligence companies, Nigeria’s listed firms have relatively limited exposure to the sector.

That difference has shielded the local market from the recent global sell-off in technology stocks, allowing investors to maintain confidence in Nigerian equities.

Investor sentiment also received a significant boost after S&P Dow Jones Indices (S&P DJI) placed Nigeria on its 2027 Country Classification Watchlist for a possible upgrade from a “Standalone” market to a Frontier Market.

Although the move does not amount to an immediate reclassification, it is widely regarded as a major endorsement of Nigeria’s ongoing capital market reforms.

According to S&P DJI, improvements in market regulation, accessibility, transparency, enforcement and overall market integrity were among the key reasons for placing Nigeria under review.

The global index provider noted that continued policy consistency and operational resilience would be crucial in determining whether Nigeria qualifies for Frontier Market status during the 2027 review.

The Nigerian market extended its impressive rally on July 8, 2026, when the NGX All-Share Index climbed 2.27 per cent to close at 242,459.98 points, compared with 237,083.28 points recorded a day earlier.

Market capitalisation also increased by N3.45 trillion, rising to N155.59 trillion as investors returned strongly to the market.

The latest gains pushed the market’s year-to-date return to 55.81 per cent, a sharp rebound from 46.78 per cent recorded on July 7 and effectively erased losses suffered during the June market correction.

Telecommunications giant Airtel Africa played a pivotal role in the rally after its shares appreciated by the maximum daily limit of 10 per cent to close at N5,801.40, providing significant support for the benchmark index.

In a statement, the Nigerian Exchange described the S&P DJI watchlist decision as a positive signal that Nigeria’s recent regulatory and structural reforms are gaining recognition from one of the world’s leading index providers.

The exchange noted that while the watchlist status does not automatically translate into an upgrade, it demonstrates growing international confidence in the direction of Nigeria’s capital market.

Nigeria’s capital market has undergone a series of reforms led by the Securities and Exchange Commission (SEC) in collaboration with NGX Group, the Central Securities Clearing System (CSCS) and other stakeholders.

The reforms have focused on strengthening investor protection, improving market transparency, enhancing operational efficiency, modernising post-trade infrastructure and aligning Nigeria’s market with international best practices.

According to the Director-General of the SEC, Dr. Emomotimi Agama, the Commission remains committed to building a modern and efficient capital market capable of supporting innovation, intelligent investing and long-term economic growth.

He said the reform agenda includes faster settlement systems, tokenised securities and deeper derivatives markets aimed at making Nigeria’s capital market more competitive globally.

Agama reaffirmed the SEC’s commitment to maintaining a fair, orderly and transparent market while working closely with exchanges, market operators and other stakeholders to strengthen investor confidence and market integrity.

Also reacting to the development, NGX Group Managing Director and Chief Executive Officer, Temi Popoola, described Nigeria’s inclusion on the S&P DJI watchlist as an encouraging endorsement of the country’s reform efforts.

He said the recognition reflects the collective work of regulators, market infrastructure institutions and operators in building a more transparent, efficient and globally competitive marketplace.

According to Popoola, although the watchlist status does not yet amount to a formal market reclassification, it validates the progress already made and reinforces Nigeria’s attractiveness to both domestic and international investors.

He added that the NGX would continue working with stakeholders to deepen market liquidity, improve accessibility, strengthen investor confidence and sustain reforms capable of positioning Nigeria as a preferred investment destination.

Despite the optimism surrounding the market’s global ranking, some analysts believe the achievement should be viewed with caution.

Market analyst and investor Adeleke Adebayo argued that the development would only be meaningful if it translates into tangible benefits for ordinary Nigerians and local investors.

According to him, celebrating Nigeria’s emergence as the world’s best-performing stock market means little if the gains do not improve living standards or strengthen the broader economy.

He noted that the capital market lost more than N13 trillion in market capitalisation during the recent correction and said attention should remain focused on addressing inflation, economic growth, job creation and the welfare of citizens.

Adebayo questioned whether outperforming countries such as South Korea would have any practical value unless it leads to stronger businesses, improved household incomes and measurable economic progress.

He maintained that the true success of the market should ultimately be judged by its ability to support economic development, attract sustainable investment and positively impact the lives of Nigerians.

While opinions differ on the significance of the latest ranking, analysts agree that maintaining the market’s momentum will depend on sustained policy consistency, macroeconomic stability, stronger corporate earnings and the successful implementation of ongoing reforms aimed at deepening Nigeria’s capital market.

Nigeria’s stock market surpasses South Korea as world’s top-performing equity market

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Lasaco Assurance Plc has reinforced its reputation as a reliable insurance provider after paying N17.60 billion in claims during its 2025 financial period, reaffirming its commitment to settling genuine claims promptly despite prevailing economic challenges.

The company said the impressive claims payout reflects its unwavering dedication to protecting policyholders and honouring its obligations whenever insured losses occur.

According to recent industry data, the N17.60 billion paid in claims underscores Lasaco Assurance’s financial strength and its resolve to deliver on its promise to customers across its motor, property, life and other insurance portfolios.

For millions of Nigerians who rely on insurance to protect their vehicles, homes, businesses and livelihoods, prompt claims settlement remains one of the most important measures of an insurer’s credibility. Lasaco said its latest claims record demonstrates its continued focus on customer satisfaction and dependable service delivery.

The company noted that every genuine claim is carefully assessed and settled in line with policy terms, reinforcing public confidence in its operations and strengthening trust in the Nigerian insurance industry.

Beyond its claims performance, Lasaco Assurance Plc has also recorded significant progress in strengthening its capital base.

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The insurer recently concluded a successful rights issue, achieving a 104.5 per cent subscription from existing shareholders, a development the company described as a strong vote of confidence in its long-term growth strategy and corporate leadership.

The successful capital raise has further positioned the company to expand its operations, improve service delivery and enhance its capacity to meet the evolving insurance needs of individuals, families and businesses across Nigeria.

Lasaco also disclosed that it is on course to meet the National Insurance Commission (NAICOM) recapitalisation requirements well ahead of regulatory deadlines.

According to the company, the ₦18.47 billion fresh capital injection, alongside other ongoing strategic initiatives, provides a solid financial foundation that will enable it to remain competitive and continue delivering value to policyholders for years to come.

Management said the strengthened capital structure will further improve the company’s underwriting capacity, claims-paying ability and overall financial resilience, giving customers greater confidence that their insurance policies are backed by a financially stable institution.

The insurer reiterated that prompt claims settlement remains at the heart of its business philosophy, assuring existing and prospective customers that it will continue to honour valid claims without unnecessary delays.

Industry analysts note that timely claims payment is one of the key indicators of an insurer’s financial health and operational efficiency. They believe companies that consistently fulfil their claims obligations are more likely to strengthen customer confidence and contribute to the growth of insurance penetration in Nigeria.

As the Nigerian insurance sector continues to evolve under ongoing regulatory reforms, Lasaco Assurance Plc says it remains committed to innovation, financial stability and customer-centric service, positioning itself as a trusted partner for individuals and businesses seeking reliable insurance protection.

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements