148 Nigerians Win ₦23m in Stanbic IBTC’s Reward4Saving Season 4 Promo

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08/08/2025

Stanbic IBTC Bank has successfully enhanced the financial well-being of 148 savers by distributing ₦23 million in the recent May and June draws of its Reward4Saving Season 4 promo.

The second and third monthly draws, along with the inaugural quarterly draw of 2025, have had a positive impact on individuals across Nigeria. This initiative continues to transform everyday savings into substantial rewards and also inspires a growing saving culture among individuals.

In the combined May and June monthly draws held at Stanbic IBTC’s head office in Lagos, 140 customers each received ₦100,000, totalling ₦14 million in cash prizes. Under the supervision of regulatory authorities including the Federal Competition & Consumer Protection Commission (FCCPC), the Advertising Regulatory Council of Nigeria (ARCON); and the Lagos State Lotteries and Gaming Authority (LSLGA), the draws were conducted transparently, rewarding savers who maintained a minimum balance of ₦10,000 in their Stanbic IBTC Savings Account or @ease Wallet for 30 consecutive days. From market traders to students and retirees, these winners are now better equipped to pay school fees, grow small businesses, or meet family needs.

The excitement peaked with the emergence of eight additional winners from the first quarterly draw which took place on the same day. Seven winners, one from each business zone, each claimed N1 million; while one grand quarterly winner took home ₦2 million, totalling ₦9 million. These draws show how Stanbic IBTC values every saver’s effort.

The recent draws build on the Reward4Saving promo’s strong start in May 2025, with ₦30 million already shared among 218 winners in this fourth season; and over ₦300 million awarded to more than 2,000 savers since the Reward4Saving promo began in 2021. Stanbic IBTC is making a lasting impact in the lives of Nigerians.

Emmanuel Aihevba, the Country Head of Personal Banking at Stanbic IBTC Bank, commented on the promo and the draws achieved so far this year.

“The combined draws of two monthly events, as well as the first quarterly draw of the Reward4Saving Season 4 promo celebrate our customers’ dedication. We are rewarding 148 savers with a total of ₦23 million to support their aspirations ranging from education to entrepreneurship. At Stanbic IBTC, we are committed to appreciating our loyal customers by providing meaningful opportunities that enhance their financial well-being and promote a culture of saving across Nigeria.”

Kesena Igben, a retiree who won a monthly prize, beamed: “My daughter came with me to receive my prize. On our way to Stanbic IBTC office, she said, ‘Daddy, you are so excited.’ I said to her, ‘Did you know that this has saved me money on petrol expenses for two weeks?’ So, for me to have money that Stanbic IBTC gave me, which took away the pain of spending on petrol for two weeks, is great to me.”

Stanbic IBTC’s dedication to fairness is evident with its Reward4Saving promo earning the “Most Transparent Consumer Promotion” award from ARCON in both 2023 and 2024.

Join the excitement! Save ₦10,000 or more for 30 consecutive days in a Stanbic IBTC Savings Account or @ease Wallet to qualify for the next draw.

NCC Hosts National Broadband Mapping System in Abuja

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08/08/2025

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L-R: Project Manager, Africa-BroadBand (BB) Maps, International Telecommunication Union (ITU), Dana Jon Kamason; Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Rimini Makama; Executive Vice Chairman/Chief Executive Officer, NCC, NCC; Dr. Aminu Maida; Deputy Ambassador, European Union (EU) Delegation to Nigeria, Zissmos Vergas; Head, Green and Digital Economy, EU Delegation to Nigeria, Inga Stefanowicz; and Project Officer, Africa-BB-Maps, ITU, Elind Sulmina, during a three-day National Broadband Mapping System held in Abuja this week.

Sterling Bank Names First Beneficiaries of ₦2B ‘Beyond Education’ Fund

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08/08/2025

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Sterling Bank, Nigeria’s leading financial institution, has announced the first recipients of its ₦2 billion Beyond Education Scholarship, a groundbreaking nationwide initiative designed to fund university education for 600 exceptional young Nigerians and connect them to future careers in high-impact sectors.

The announcement reflects a major step in the Bank’s commitment to long-term, inclusive national development through strategic investment in human capital.

At its core, the Beyond Education program is built not just to provide scholarships, but to create real-world pathways to employment and socio-economic mobility.

Launched in June 2025, Beyond Education is Sterling Bank’s most ambitious education-focused intervention to date.

The scholarship fully covers undergraduate tuition at two forward-looking, accredited institutions, Miva Open University, Nigeria’s first licensed online private university, and Hillside University of Science & Technology (HUST), a STEM-centered campus in Ekiti State.

Unlike conventional scholarship programs, Beyond Education is intentionally designed to support Nigeria’s critical development agenda. It aligns with Sterling’s HEART strategy, an investment framework focused on Health, Education, Agriculture, Renewable Energy, and Transportation.

The goal is to build a talent pipeline for sectors that are vital to the country’s future.

“This is more than a scholarship. It’s a national development strategy,” said Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank. “We’re closing the gap between education and employability. Our mission is to prepare young people for the future of work in sectors that matter most to Nigeria’s progress.”

The first 30 scholars were selected through a transparent, community-driven voting process open to Sterling Bank account holders. All nominees were thoroughly vetted to ensure they met admission requirements at the partner universities.

The inaugural winners are:

Abdulahi Afolabi, Damilare Tijani, Abdulwahab Eniafe, Abubakar Isah, Tahir Enesi Ibrahim, Julius Agbene Agbo, Chinedu Kelechi Patrick, Ayomide Ojo, Fyneseed Nwogu, Miracle Woyinmomoemi Daniel, Serene Clinton, Temiloluwa Orekunrin, Udeme Umoh, Victor Esogwa, Rosemary Kosipre, Ali Mohammed, Usman Isiaka Ololade, Kayode Aikulola, Saviour Philip, Ademola Afolabi, Emmanuel Enekwa, Bashir Sani Ibrahim, Ezekiel Adeseye, Deborah Umeaku, Abba Kaka Lawan, Haisam Sunusi Mahmuda, John Gumuan, Afan Ajiji, Bajepade Kehinde, and Chioma Igwe.

While the scholarship covers full tuition, recipients are responsible for associated costs such as internet access, learning materials, and living expenses, a structure designed for sustainability and scale.

To ensure effective rollout, nominations for the next round of candidates will pause until September 2025.

However, voting remains open, and verified nominees are encouraged to continue engaging their communities as the next cohort will be selected in the coming weeks.

With 570 scholarships still to be awarded, Sterling Bank remains committed to expanding access to quality education and helping shape a future-ready workforce for Nigeria.

About Sterling Bank

Sterling Bank is a leading Nigerian financial institution recognized for its innovative HEART strategy, which channels investment into Health, Education, Agriculture, Renewable Energy, and Transportation. The Bank is widely known for its inclusive banking models and purpose-led initiatives that deliver measurable impact.

Former CFI of NAICOM, Sunday Thomas, to Chair NAIPE 2025 Conference

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07/08/2025

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The Nigerian Association of Insurance and Pension Editors (NAIPE) has named the MD/CEO of Arthur Stevens Asset Management Limited, Mr. Olatunde Amolegbe as Keynote Speaker for its 2025 National conference slated for Tuesday, September 16, 2025 at Oriental Hotel, Victoria Island, Lagos by 10:00am.

The 2025 Annual Conference of NAIPE would be a landmark edition, as it marks 10 years of holding the conference.

‎The conference themed: “Strengthening Pension and Insurance Framework for Better Economy,” would be chaired by a veteran insurance practitioner and administrator per excellence, former Commissioner for Insurance, National Insurance Commission (NAICOM) as well as former Director General of Nigerian Insurers Association (NIA), Mr. Sunday Thomas.

Special Guests of Honour include the Commissioner for Insurance, Mr. Olusegun Omosehin; Director General of the National Pension Commission (PenCom), Mrs. Omolara Oloworaran and Mr. Ike Chioke, Chairman, Rex Insurance Limited.

The Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed; the President, Pension Fund Operators Association of Nigeria (PenOp), Mr. Christopher Bajowa, among others have confirmed their presence at the event.

‎Other stakeholders expected at the event are financial sector stakeholders, government agencies, trade union organisations such as Nigeria Labour Congress; Nigeria Union of Pensioners, Trade Union Congress, Students, advocacy groups and civil society organisations etc.

The Keynote Speaker, Mr. Olatunde Amolegbe is a Past President, Chartered Institute of Stockbrokers. He is a Fellow of the Institute with well over 23 years of cognitive industry practice in Investment Banking, Corporate Finance, Asset/Portfolio Management, Securities Trading and Investment Analysis & Research.

The Chairperson of the Association, Mrs. Nkechi Naeche-Esezobor, while commenting on the conference, said: “In line with the 10th Anniversary of the Conference, the theme of the Conference is apt as it will avail stakeholders the opportunity to analyse the various frameworks guiding the insurance and pension sectors, while proffering solutions to challenges that have hindered smooth implementations of these frameworks.”

Why Is Nigeria Recording More Malnutrition Deaths Than War-Torn Palestine?

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07/08/2025

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By Elvis Eromosele

At the end of July 2025, the world was shocked to learn that 169 people, including 93 children, had died of malnutrition in Palestine since the outbreak of the devastating war with Israel.

For context, the war has gone on actively for close to two years. Tragic and painful as this figure is, it is utterly dwarfed by a chilling statistic from Nigeria: over 652 children have died from malnutrition in Katsina State alone, and that’s just in the first half of 2025.

This jarring incongruity provokes a bleak and sobering question: How can a nation not technically in war end up outpacing a war zone in deaths due to hunger and malnutrition?

The answer lies at the intersection of poor governance, chronic insecurity, and systemic neglect.

Nigeria, Africa’s most populous country and one of its largest economies, is officially at peace. It enjoys a democratic government, a huge bureaucracy, and vast natural and human resources. Yet it continues to record child mortality from malnutrition that rivals or surpasses that in active war zones.

The latest report from Doctors Without Borders (MSF) on Katsina is most alarming. Katsina, located in Nigeria’s northwest, is a besieged state by banditry, kidnappings, and deepening insecurity. In Katsina, whole villages have been turned into ghost towns and farmlands into killing fields. As a result, food production has dwindled, healthcare systems have broken down, and families have been forced into displacement, poverty, and starvation.

The root of the crisis points to both structural and systemic failures. Malnutrition, especially in children, is both a symptom and a signal. It indicates a broader failure of the health system, food distribution channels, social protection programs, and ultimately, government accountability.

The key issues driving the malnutrition crisis in Nigeria are numerous. First, armed violence, especially in northern Nigeria, has led to mass displacements. Families fleeing for their lives leave behind farms and other means of livelihood. Internally displaced persons (IDPs) camps are often overcrowded, underfunded, and inadequately supplied with food and clean water. Children under five, the most vulnerable, suffer the most.

Secondly, in many parts of northern Nigeria, healthcare delivery is either non-existent or dangerously underfunded. Malnutrition requires urgent and specialised treatment, something scarce even in urban centres, let alone rural communities ravaged by conflict.

Then there is the issue of cuts in international funding. MSF attributed part of the problem in Katsina to funding cuts by international donors. As global attention shifts to other emergencies, including Ukraine, Sudan, and Palestine, humanitarian support to Nigeria has dwindled. But this raises a painful point: Why is the Nigerian government not stepping in to fill the void?

Another challenge is the failure of preventive nutrition programs. Nigeria has repeatedly failed to sustain preventive nutrition programs that address child hunger and under-nutrition before they become life-threatening. School feeding programs are poorly implemented or discontinued in many states, and outreach on infant nutrition and breastfeeding is inconsistent at best.

Plus, malnutrition doesn’t make headlines like terrorism or economic policy. As a result, the issue often slips under the radar of national priorities. There’s a lack of real-time data, poor coordination among ministries, and a bureaucratic unwillingness to act until disaster strikes.

The effects of runaway malnutrition deaths are long-term and deeply unsettling. Think human capital loss, undermined development goals and national and international shame. It’s a ticking time bomb.

I concede that there is no magic bullet. Yet, I’ll argue that the path to the solution requires urgent, coordinated, and sustained action. In my mind, the way forward is to move from rhetoric to action. Here’s what must happen now:

Malnourishment must be officially declared a national emergency. The state and federal governments need to increase nutrition-sensitive interventions and allocate ring-fenced funds to food relief, health centres, and child care.

In addition, primary health centres need to be able to detect, treat, and manage malnourishment cases. Trained workers, therapeutic diets availability, and a functional cold chain need to be the standard, not a luxury.

Besides, the government must secure farming villages, especially in the North, and invest in agriculture. Farmers need to be protected, provided with equipment, and incentivised to plant crops. Food insecurity is the first domino that must fall in the malnutrition chain.

Moreover, Nigeria must regain confidence with international donors as well as develop homegrown solutions. Partnerships with NGOs, faith-based organisations, and community leaders can be used to increase reach and amplify impact.

Furthermore, the Nigerian public must demand transparency and accountability. Children dying from hunger are not just statistics; they are indictments of leadership failure. Civil society must amplify its stories and push for reforms.

It is unacceptable that Nigeria, a country with so much potential, is losing more children to malnutrition than countries at war. We all should ask ourselves this question: What is peace worth if children are starving and dying?

The time for silence has passed. Nigeria must act now to stop the silent war of hunger that is killing its future. History will not be kind to us otherwise.

Elvis Eromosele, a corporate communications professional and sustainability advocate, wrote via [email protected].

Stanbic IBTC Bank Nigeria PMI: Employment Growth at 21-Month High amid Sharp Expansion of New Orders

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07/08/2025

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The start of the third quarter saw a pick-up in growth momentum in the Nigerian private sector. Rates of expansion in output and new orders accelerated, leading to a sharp rise in purchasing activity and the fastest increase in employment since October 2023.

Firms were helped to some degree in their efforts to secure new business by a further softening inflationary pressure.

Output prices increased at the slowest pace in more than two years. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI rose to a three-month high of 54.0 in July, up from 51.6 in June. The reading signalled a solid monthly improvement in the health of the private sector, extending the current sequence of expansion to eight months. Sharp and accelerated expansions in output and new orders were recorded in July.

In both cases, the increases were the fastest in three months. Panellists reported improving customer demand, in some cases due to softening inflationary pressures. The launch of new products was also a factor supporting growth.

Rising new orders and efforts to speed up the completion of projects encouraged firms to take on extra staff at the fastest pace since October 2023. Extra workforce capacity meant that companies were able to keep backlogs of work broadly stable, following increases in each of the prior three months. Companies also increased their purchasing activity sharply in response to higher new orders, feeding through to a marked accumulation of inventories.

A renewed shortening of suppliers’ delivery times also helped with stock building. The pace of purchase price inflation eased for the third consecutive month in July and was the weakest since April 2020. Costs for purchases continued to rise sharply, however, linked to currency weakness and higher raw material prices. In contrast to the picture for purchase prices, the rate of staff cost inflation quickened and hit a five-month high.

The latest rise in part reflected increased employment, but also efforts to help staff with higher costs, in particular those related to transportation fares. In line with the picture for purchase costs, the pace of output price inflation eased for the third consecutive month and was the weakest since May 2023. Some firms reportedly took advantage of softer purchase cost pressures to offer discounts in a bid to secure new business.

Companies remained optimistic that output will rise over the coming year, but sentiment eased from the near three-year high posted in June. Those firms that predicted an increase in output linked this to plans to raise capital for business expansions and advertising.

Heirs Insurance Floats ₦5m Grant to Empower Retirees, Pre-Retirees

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07/08/2025

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Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has launched the Heirs Insurance Retirement Dream Competition, to empower retirees and pre-retirees with grants to actualise their retirement aspirations.

With a ₦5 million prize pool, the competition invites senior citizens between the ages of 50 and 75 years, across Nigeria, retired or approaching retirement and have previously been in paid employment, to share their retirement goals for the opportunity to turn those long-held dreams into reality. Three winners will be selected. The top entry will receive a ₦2.5 million grant, while the first and second runners-up will receive ₦1.5 million and ₦1 million respectively.

To participate, applicants must submit a 1-minute video entry sharing a dream that would empower them to enjoy their retirement life, via the website, www.heirsinsurancegroup.com/retireesclub. Submissions are open from August 6 to September 12, 2025.

The competition is an off-shoot initiative of the Heirs Insurance Retirees Club, a newly launched community for retirees to network, access expert guidance on health and financial well-being, and improve their overall quality of life post-retirement. Retirees can join this community through the application link on the website: www.heirsinsurancegroup.com/retireesclub

The Heirs Insurance Retirees Club and the Heirs Insurance Retirement Dream Competition are part of the group’s wider effort to empower Nigerians, in line with the company’s purpose to improve lives and transform Nigeria. Through this initiative, Heirs Insurance Group demonstrates its commitment to making insurance accessible to everyone.

The winners of the competition will be announced in October 2025.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

Sovereign Trust Insurance Reports 45% Revenue Rise in Q2 2025

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07/08/2025

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Sovereign Trust Insurance Plc has shown a consistent rise in its revenue generation going by the unaudited second quarter result released on the floor of Nigerian Exchange Limited (NGX) just recently. The underwriting firm generated a total sum of N34b in the second quarter of 2025, compared to the sum of N23.5b that was recorded in the same period in 2024, representing a growth rate of 45%.

The second quarter performance indicates that the underwriting firm is very much on course with meeting the aspirations of its various Shareholders in the days ahead.

The Investments Return for the 2^nd quarter grew from N446.4m in the same corresponding period in 2024 to N1b in the same period in 2025, representing a 130% growth rate.

The Profit Before Tax also increased by 36% from N1.1b in the second quarter of 2024 to N1.5b in the same corresponding period of 2025. Profit After Tax also increased by 20% from N941.6m to N1.3b in the second quarter of 2025.

The Company’s Total Assets grew by 14% moving to N27.7billion in the second quarter of the year as against N24.4b that it was in the same corresponding period of 2024. The Total Liabilities witnessed a 20% surge from N10.1b in June of 2024 to N12b in June 2025 while Total Equity of the company grew by 10% from N14.3b in the second quarter of 2024 to N15.7b in the same corresponding period of 2025.

Conclusively, the Basic Earnings Per Share, (kobo) increased by 42% from 7 kobo in the second quarter of 2024 to 10 kobo in the same period of 2025.

Undoubtedly, the underwriting firm is poised to continue in its growth trajectory and is doing all to ensure that the shareholders and stakeholders of the company are delighted at every point in time.

Stanbic IBTC Capital: “Best Investment Bank in Nigeria 2025” at Global Banking and Finance Awards

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07/08/2025

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Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, has been awarded the prestigious title of “Best Investment Bank in Nigeria 2025” at the Global Banking and Finance Awards.

This distinguished recognition underscores the institution’s dedication to delivering world-class investment banking solutions that foster sustainable growth and generate long-term value for clients throughout Nigeria and beyond.

The Global Banking and Finance Review Awards are internationally recognised within the financial community for celebrating companies that demonstrate exceptional expertise and excellence across various sectors.

These awards acknowledge innovation, achievement, strategic vision, and progressive changes taking place within the financial industry worldwide.

Commenting on the award, Oladele Sotubo, Chief Executive of Stanbic IBTC Capital, stated: “This award is a tribute to our team’s dedication to excellence and our clients’ trust in our capabilities. We are honoured to receive this recognition, which reflects our commitment to providing innovative investment banking solutions that meet the evolving needs of our clients and contribute to Nigeria’s economic development.”

The Global Banking and Finance Review Awards encompass a comprehensive range of financial services categories, including foreign exchange, banking, insurance, hedge funds, pension funds, compliance, corporate governance, wealth management, Islamic finance, exchange-traded funds, project finance, technology, and corporate social responsibility. The awards are open to companies of all sizes, offering a competitive and broad view of the global financial markets.

Stanbic IBTC Capital’s recognition as Nigeria’s Best Investment Bank comes at a time when the institution continues to expand its offerings and strengthen its position as a trusted partner for businesses seeking sophisticated financial solutions.

The award recognises the bank’s expertise in corporate finance, capital markets, advisory services, and structured finance.

Oladele said: “We sincerely thank our clients and partners for their trust in us to help them achieve their goals and financial aspirations. This accomplishment is a result of their faith in our abilities and the unwavering dedication of our team to pursue excellence.”

As Nigeria’s economy continues to evolve and grow, Stanbic IBTC Capital remains committed to playing a pivotal role in facilitating access to capital markets, supporting corporate growth initiatives and contributing to the overall development of the Nigerian financial sector.

Tinubu Directs Free Healthcare for Retirees, Pension Increment

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07/08/2025

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President Bola Tinubu has directed the expedited rollout of the free healthcare access initiative for low-income retirees under the Contributory Pension Scheme (CPS), describing it as a critical component of social protection and dignity in retirement.

He also called for the prompt implementation of long-overdue pension increases and a minimum pension guarantee, which would provide a safety net for the most vulnerable pensioners under the CPS.

The President gave the directives after receiving a briefing from Ms. Omolola Oloworaran, the Director General of the National Pension Commission (PenCom).

President Tinubu further mandated the PenCom DG to urgently resolve the longstanding police pension issue, emphasising that members of the police force who serve and protect the nation deserve to retire with dignity and peace of mind.

The DG also briefed the President on ongoing efforts to ensure the value preservation of pension fund assets, especially in the face of inflation and macro-economic pressures, as well as plans to introduce foreign currency contributions to enable Nigerians in the diaspora to participate in the pension system

Tinubu strongly supported the reforms, reaffirming his administration’s commitment to inclusive growth and protection for ordinary Nigerians.

During the briefing, the DG updated the President on a suite of transformative pension initiatives to enhance retiree welfare and expand the pension scheme’s reach.

NAICOM: NIIRA 2025 Represents a New Era for Insurance Business in Nigeria

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07/08/2025

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The National Insurance Commission (NAICOM) has expressed its profound gratitude to His Excellency, President Bola Ahmed Tinubu, GCFR, for assenting to the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).

This marks a significant milestone in the history of our industry and underscores this administration’s commitment to the financial sector’s reform and economic growth.

NIIRA 2025 is a game-changer for our industry, providing a modernised framework that will enhance insurance penetration, promote economic growth, protect policyholders’ interests and attract investments into the sector. We are confident that this new law will unlock the potential of the insurance sector, enabling it to contribute more meaningfully to Nigeria’s economic development and in achieving the $1 trillion dollar economy.

We also want to thank and appreciate the visionary leadership and commitment of the National Assembly for the passage of NIIRA 2025 particularly the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Distinguished Senator Mukhail Adetokunbo Abiru, FCA, the sponsor of the Bill. This is a testament to your dedication and commitment to the growth and development of the insurance industry.

We also express tremendous gratitude to his counterpart in the House of Representatives, Hon. Ahmed Usman Jaha, Chairman of the House of Representatives Committee on Insurance and Actuarial matters and all the members of their various committees for their dedication support and patriotism which saw the swift passage of the Act at the National Assembly.

Our appreciation further goes to the Coordinating Minister of the Economy and the Honourable Minister of Finance Mr. Wale Edun as well as the Minister of State for Finance Dr. Doris Uzoka-Anite and all other stakeholders too numerous to mention for their critical role in this monumental achievement.

We wish to extend our appreciation to our insurance industry stakeholders for this milestone after various calls for memorandum, discussions and reviews.

The new legislation marks a significant milestone in the country’s efforts to reinvigorate the insurance industry, over two decades after the enactment of the Insurance Act 2003. The Act marks a new era in the ongoing efforts to strengthen the Nigerian insurance industry, enabling it to compete favourably in the African insurance market and globally.

NAICOM is confident that the new law will serve as a catalyst for growth, innovation, and enhance market confidence in the insurance sector, unlocking its full potential and significantly driving economic development.

The Nigerian Insurance Industry Reform Act 2025 (NIIRA2025) represents a transformative milestone and a true game-changer for the nation’s insurance landscape.

A Brighter Future for Nigeria’s Insurance Industry

NAICOM believes that the new law is a promising opportunity to transform the industry and will have a high positive impact on the contribution of the insurance sector to the country’s GDP and economy as a whole.

With its focus on strengthening the industry’s regulatory framework, enhancing consumer protection, and promoting a more robust and effective industry, the Act is set to unlock the growth and potential of the insurance sector. As the industry looks to the future, stakeholders are optimistic about the positive impact of the Act on the economy and the lives of Nigerians.

Today we celebrate a new dawn in the insurance sector as the sector is ready for business and the Nigerian economy becomes the ultimate beneficiary.

We pledge to work tirelessly to ensure the successful implementation of the NIIRA 2025, leveraging its provisions to drive growth, innovation, and excellence in the insurance industry.

Once again, we thank all our stakeholders for your unwavering support and commitment.

NIA: NIIRA 2025 Signifies a New Era for Financial Services Sector in Nigeria

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07/08/2025

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The Nigerian Insurers Association (NIA) welcomes with great appreciation the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a pivotal legislation that sets the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.

This Act, signed into law by President Bola Ahmed Tinubu, GCFR, represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernizing operations within the industry. It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030.

The Association extends heartfelt gratitude to all stakeholders whose tireless efforts shaped the development and successful passage of the Act: the National Assembly, for their deliberations and legislative stewardship, the National Insurance Commission (NAICOM), for regulatory guidance and technical expertise, and other key government agencies, our esteemed member companies, whose feedback and vision have been invaluable and the civil society advocates, academia, and policy experts who contributed insight and integrity throughout the reform process. Your collaborative spirit and unwavering commitment to the future of insurance in Nigeria have made this achievement possible.

As a leading voice of the industry, the Nigerian Insurers Association pledges its full support toward the successful implementation of the NIRRA Act. We are dedicated to facilitating sector-wide understanding and adoption of the Act’s provisions, engaging our member companies and stakeholders through capacity-building, advocacy, and technical support, partnering with regulators to ensure seamless execution and compliance and promoting innovation and inclusion, in line with the goals of the legislation

This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development.

Signed:

Mr. Kunle Ahmed

Chairman

NIA

The 2025 Almond Insurance Industry Awards Now Open for Voting

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07/08/2025

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L-R: Mr. Obinna Chilekezie, Secretary, 2025 Almond Insurance Industry Awards Panel of Judges; Chief (Mrs.) Jean Chiazor Anishere (SAN), member of the panel; Ms. Prisca Soares, Chairman of Panel, and Jide Fadun, member, during the media briefing, unveiling of award nominees and commencement of voting process of the 2025 Almond Insurance Industry Awards held in Lagos.

The 2025 Almond Insurance Industry Awards Panel of Judges headed by Ms. Prisca Soares has officially released the names of nominees in the various awards categories at a well-attended press conference in Lagos.

The very thorough nomination process which lasted for one month had top management staffers of insurance and broking firms, corporate and individual clients nominating companies and individuals based on the criteria provided.

Although some of the nominations were disallowed due to non-compliance with the criteria, 914 persons and companies participated in the process-a significant Jump from the 392 nominations received in 2024. At the end of the rigorous fine-tuning exercise by the Judges, the following companies and individuals have emerged as nominees in the various categories.

LIFE INSURANCE COMPANY OF THE YEAR

LEADWAY ASSURANCE COMPANY LIMITED
AIICO INSURANCE PLC
AXA MANSARD INSURANCE PLC
CAPITAL EXPRESS ASSURANCE CO. LTD
CORNERSTONE INSURANCE PLC

GENERAL INSURANCE COMPANY OF THE YEAR

LEADWAY ASSURANCE COMPANY LIMITED
NEM INSURANCE PLC
MUTUAL BENEFITS ASSURANCE PLC
CUSTODIAN & ALLIED INSURANCE CO. LTD
AXA MANSARD INSURANCE PLC

INSURANCE BROKING COMPANY OF THE YEAR

SCIB NIGERIA & CO. LTD
FSL INSURANCE BROKERS LTD
HOGG ROBINSON NIGERIA LTD
ARK INSURANCE BROKERS
YOA INSURANCE BROKERS

INSURANCE CEO OF THE YEAR

MR BABATUNDE FAJEMIROKUN MD/CEO AIICO INSURANCE PLC
MR OLUFEMI ASENUGA MD/CEO MUTUAL BENEFITS ASSURANCE LTD
MRS. EBELECHUKWU NWACHUKWU MD/CEO REX INSURANCE LTD
MR OLAMIDE OLAJOLO MD/CEO CORONATION GENERAL INSURANCE PLC
MR KUNLE AHMED MD/CEO AXA MANSARD INSURANCE PLC

INSURANCE BROKER OF THE YEAR

MR SOLANKE OGUNLANA MD/CEO SCIB NIGERIA & CO. LTD
MR ADEYINKA FALADE MD/CEO FSL INSURANCE BROKERS LTD
MR KAYODE AWOGBORO MD/CEO ARK INSURANCE BROKERS LTD
MRS ENITAN SOLARIN MD/CEO YOA INSURANCE BROKERS LTD
MR AMOS ADEYEYE MD/CEO HOGG ROBINSON NIGERIA LTD

INSURANCE WOMAN OF THE YEAR

MRS EBELECHUKWU NWACHUKWU MD/CEO REX INSURANCE LTD
MRS MARY ADEYANJU MD/CEO CONSOLIDATED HALLMARK INSURANCE LTD
MRS ADAOBI NWAKUCHE MD/CEO VERITAS KAPITAL ASSURANCE LTD
DR ADETAYO JOHN-FISHERS MD/CEO FIRST STANDARD INSURANCE BROKERS
MRS EZEIBE EKEOMA MD/CEO CRYSTAL TRUST INSURANCE BROKERS

TAKAFUL INSURANCE COMPANY OF THE YEAR

NOOR TAKAFUL INSURANCE LTD
SALAM TAKAFUL INSURANCE LTD
JAIZ TAKAFUL INSURANCE LTD
CROWN TAKAFUL INSURANCE LTD
HILAL TAKAFUL INSURANCE LTD

MICROINSURANCE COMPANY OF THE YEAR

CASAVA MICROINSURANCE LIMITED
GOXI MICROINSURANCE LIMITED
ALLY MICROINSURANCE LIMITED
SAGAMU MICROINSURANCE LIMITED
CHI MICROINSURANCE LIMITED

MOST VALUABLE INSURANCE CUSTOMER OF THE YEAR

DANGOTE GROUP
NIGERIA LNG LIMITED
BUA GROUP
HEAD OF SERVICE OF THE FEDERATION (HEAD OF SERVICE)
NNPC LIMITED

Speaking at a press conference in Lagos, the Chairman of the Awards Panel of Judges Ms. Soares, said that winners in the various categories will be based on the decision of voters which makes up 10%, the Judges’ decision also forms 10% and the collated Data from the National Insurance Commission (NAICOM) makes up 80%.

In a bid to continue to maintain the Integrity of the Awards, and reduce the incidences of duplicate voting, the Panel has agreed that a One Time Password (OTP) be deployed in the voting process this year. To this end, she implored nominees to encourage their clients and the general public to visit the Awards Website: (www.almondinsuranceindustryawards.com) to cast their votes.

Although voting is FREE, companies as well as individual clients can vote just once in each of the categories.

The voting process will be closed on the 5th of September 2025 to allow for final processing by the Awards Panel of Judges before the Awards Nite on the 7th of November 2025 at the Stable Event Centre 45, Bode Thomas Street Surulere Lagos where winners will be announced in an atmosphere of glitz and excitement.

The Annual Almond Insurance Industry Awards and Consumers’ Nite was instituted to reward the “Can Do Spirit” of the men and women in the various arms of the insurance industry who strive daily to sell insurance products and services in Nigeria despite the myriad of challenges in the business environment and the low acceptability of Insurance in Nigeria.

The Awards which started in 2018 has grown to become the biggest night for insurance practitioners, policy makers, entertainers and the general public to have fun in a relaxed atmosphere.

The epoch-making event will as always feature top rated Nigerian entertainers in music, comedy and dance.

The Show Host this year is the Legendary Nollywood Actor Segun Arinze.

VOTE NOW because Voting ends on the 5th of September

#Almond Insurance Industry Awards

#Insurance Biggest Nite

#Rewarding Excellence

#Insurance Meets Pop Culture

CBN, NDIC Re-affirm Commitment to Financial System Stability

By

Business Journal

-

07/08/2025

0

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has congratulated the new Managing Director and the Executive Director Operations of the Nigeria Deposit Insurance Corporation (NDIC) on their appointments and expressed optimism about deepening collaboration between the two institutions.

This was disclosed during a courtesy call by the newly appointed Management of the NDIC, led by the Managing Director/Chief Executive, Mr. Thompson O. Sunday at the CBN Headquarters in Abuja.

“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times that we are in”, the CBN Boss stated. He reiterated that the visit underscored the shared commitment of both institutions to strengthen collaboration towards safeguarding Nigeria’s financial system, amidst evolving economic challenges.

Governor Cardoso averred that his two years in office have revealed critical lessons in the financial industry, requiring that the CBN and the NDIC proactively deal with potential shocks by leveraging modern tools for financial stability. He described the NDIC’s visit as timely, urging both institutions to work closely in mitigating risks and ensuring depositor confidence.

Earlier in his address, the NDIC MD/CE, Mr. Thompson O. Sunday, commended the CBN for its reform programmes under the leadership of Mr. Cardoso, particularly the stabilisation of the forex market as well as the ongoing recapitalisation of Deposit Money Banks.

He stated that the NDIC was committed to aligning its operations with the NDIC Act 2023 (as amended), explaining that the Corporation was in the process of embarking on a strategic restructuring to better align operations with its risk minimization mandate as well as developing a new corporate strategy as the one in use was due to expire at the end of the current year.

Mr. Sunday reiterated the NDIC’s willingness to collaborate with the CBN towards enhancing financial system stability, expressing appreciation for the CBN’s support in premium collection from insured institutions. He also outlined the Corporation’s recent milestones, to include the payment of N54.62 billion to 691,418 depositors of the defunct Heritage Bank, and the declaration of a liquidation dividend of 9.2 kobo per Naira to uninsured depositors within a year of closure and the ongoing efforts to develop a target funding framework.

The NDIC Chief Executive also listed some challenges facing the Corporation to include the absence of a unique identifier such as the Bank Verification Number (BVN) for corporate customers and the difficulty in collecting premiums from insured institutions that do not maintain accounts with the CBN. He expressed the willingness of the Corporation to work with the CBN to address these gaps. The NDIC Managing Director also appealed to the CBN to consider developing a joint crisis preparedness framework with the Corporation towards enhancing crisis management. Mrs. Rita Sike, the CBN Director of Financial Policy and Regulation Department, in her response stated that the joint crisis preparedness framework could be dealt with under the auspices of the Financial Services Regulation Coordinating Committee (FSRCC), explaining that the CBN was in the process of enhancing the Credit Risk Management System (CRMS) to integrate the Global Standing Instruction (GSI), which will allow for the on-boarding of Other Financial Institutions (OFIs).

The NDIC team included the Executive Director, Operations, Dr Kabir Katata; Director, Human Resources, Mr. Yakubu Shehu; Director, Legal Department, Mr. Olufemi Kushimo; and Mrs. Regina Dimlong, Assistant Director, Communications & Public Affairs Department.

The CBN team also included Mrs. Rita Sike, Director of Financial Policy and Regulation Department, Mr. Nnadi Maduka of Corporate Communication Department and Mrs. Salamatu Jubril- Adeniji of Compliance Department.

Tinubu Assents to Nigerian Insurance Industry Reform Bill 2025 to Drive Financial Sector Transformation

By

Business Journal

-

05/08/2025

0

President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025 — a landmark legislation to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.

The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework. The new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.

This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.

The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy.

As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces critical measures such as:

Stringent capital requirements to ensure the financial soundness of operators;
Enforcement of compulsory insurance policies to enhance consumer protection;
Digitisation of the insurance market to improve access and efficiency;
Zero tolerance for delays in claims settlement;
Creation of dedicated policyholder protection funds, especially in cases of insolvency;
Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.

The National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.

The reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.

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