NGX Group Chair, Umaru Kwairanga, Receives International Business Achiever Award 2026

02/06/2026

The acceptance speech by Alhaji (Dr.) Umaru Kwairanga, Group Chair of NGX and MD/CEO of FINMAL Finance Services Limited at the International Business Achiever Award (IBAA 2026). British Council, Ghana | Saturday, 30 May 2026.

It is a profound honour and privilege to receive the International Business Achiever Award 2026.

I accept this award with deep humility because it is not mine alone. Every achievement is built on the support, guidance, and commitment of many people.

First, I must acknowledge my mentors and father figures, especially Alhaji Dr. Umaru Mutallab, CON and Alhaji Aliko Dangote, GCON, whose guidance, discipline, and commitment to excellence helped shape my professional and entrepreneurial journey. Their example continues to inspire my approach to leadership, business, and service.

I also dedicate this recognition to the hardworking and loyal team at FINMAL Finance Services Limited. Together, we have grown what began as a modest investment firm into an institution with national and continental relevance. Their professionalism, resilience, and belief in our shared vision remain the foundation of our success.

As Chairman of NGX Group Plc, I must equally commend the Group Managing Director and CEO, Mr. Temi Popoola, and the entire Board; Management and Staff of NGX for their dedication and transformative leadership, which have positioned the Nigerian Capital Market among the best-performing markets globally in recent years.

I also appreciate His Excellency, President Bola Ahmed Tinubu GCFR, for putting in place bold, hard but needed policies that have turned around a struggling economy and put it on the path to growth.

At FINMAL, we have always believed that business success must go beyond profitability. True leadership is about creating value, expanding opportunities, empowering people, and building institutions that contribute meaningfully to economic and social development.

As Africa continues to evolve, there is an urgent responsibility on institutions and business leaders to remain innovative, inclusive, ethical, and committed to sustainable growth. We must continue to build enterprises that are globally competitive while remaining firmly rooted in service, impact, and African excellence.

This recognition is therefore not just a celebration of past achievements, but also a reminder that there is still much work to be done, particularly in deepening financial inclusion, supporting entrepreneurship, strengthening institutions, and unlocking opportunities for the next generation of Africans.

To the young people and emerging entrepreneurs here today, my message is simple: remain resilient, disciplined, and purpose-driven. Excellence is rarely accidental. It is built through consistency, vision, hard work, and the courage to persevere even in difficult moments.

Let me once again thank M-Gibes College of Business and Management and the organisers of IBAA 2026 for this recognition and for creating a platform that celebrates excellence, enterprise, leadership, and impact across Africa for this honour, and congratulate all the distinguished award recipients being celebrated tonight.

May we all continue to use our platforms, businesses, and talents as instruments for transformation, prosperity, and lasting progress across Africa.

Thank you very much, and God bless you all.

Alhaji (Dr.) Umaru Kwairanga

MD/CEO, FINMAL Finance Services Limited

Chairman, NGX Group Plc

AMEC Launches GEO Principles to Bring Rigour to AI-led Communications Measurement

Business Journal

01/06/2026

AMEC, the International Association for the Measurement and Evaluation of Communication, has launched the AMEC GEO Principles and a companion resource, A Practitioner’s Guide to GEO Measurement, to help communications professionals measure the growing influence of AI-led discovery, generative search and large language models.

The resources respond to a fast-changing information environment in which AI-generated summaries, conversational search and zero-click discovery are increasingly shaping how organisations, brands and issues are found, understood and trusted online.

GEO, or Generative Engine Optimisation, is increasingly used to describe how organisations appear in AI-generated answers and discovery environments. AMEC’s principles are designed to help practitioners assess this responsibly, without reducing measurement to simplistic rankings, vanity metrics or opaque scores from individual tools.

The principles were developed over more than six months through AMEC Agency Group collaboration, AMEC board review, academic scrutiny, vendor and practitioner feedback, and iterative testing. The work was led by primary contributors James Crawford of PR Agency One, Mary Elizabeth Germaine of Ketchum, Ben Levine of FleishmanHillard TRUE Global Intelligence, Matt Oakley of Hotwire Global, Amber Daugherty of Big Valley Marketing and Rob Key of Converseon, with input from AMEC’s Academic Advisory Group and wider AMEC members.

The resources were launched at the AMEC Global Summit in Dublin on 20 May, during a panel chaired by Rayna Grudova-de Lange, Founder and CEO of InsightHQ.

The AMEC GEO Principles set out a practical framework for measuring AI-led discovery across three connected areas: upstream reputation signals, including earned coverage, third-party commentary, reviews, expert content and owned assets; search and content readiness, including whether an organisation’s digital presence is credible, accessible and structured for interpretation by search engines and AI systems; and downstream AI outputs, including how an organisation appears in AI-generated answers, citations, framing, omissions and potential reputational risk.

The principles also introduce baseline evidence requirements, including repeatable prompts, documented methods, transparent assumptions and clear limitations. They reinforce that AI outputs should be treated as directional evidence rather than absolute truth, and caution against relying on any single score, platform or tool.

James Crawford, managing director of PR Agency One and AMEC Board Director, said:

“Anyone working in PR or communication will know how quickly clients and boards have started asking how GEO and LLM outputs should be measured. There is excellent innovation taking place, but there are also uneven standards, overclaiming, vanity metrics and methodologies that are not always transparent enough.

“AMEC has a responsibility to bring discipline to that conversation. These principles give the industry a more rigorous way of looking at AI-led discovery: one that recognises its importance, but also its limits. The most useful measurement will come from triangulating evidence: the reputation signals that feed the information environment, whether organisations are technically and editorially discoverable, and what AI systems then present to users.”

Johna Burke, CEO and Global Managing Director of AMEC, said:

“As AI increasingly shapes what people see, trust and act upon, the communication industry must hold itself to higher levels of transparency, evidence and accountability.

“The AMEC GEO Principles were built through global collaboration across agencies, practitioners, academics, technology leaders and AMEC’s international community because no single organisation, platform or perspective can fully define or measure AI-driven discovery alone.

“This initiative reflects the collective expertise, scrutiny and commitment of professionals across regions who understand that rigorous, transparent and ethical evaluation is essential to maintaining trust in the AI era.”

About AMEC

AMEC is the International Association for the Measurement and Evaluation of Communication. Established in 1996, it is the global professional body for media evaluation and communications measurement, with members across agencies, in-house teams, research providers, technology companies and media intelligence businesses in more than 80 countries. AMEC is known for developing global standards and resources including the Barcelona Principles, the Integrated Evaluation Framework and the Data Quality Initiative.

About the AMEC Academic Advisory Group
AMEC’s Academic Advisory Group provides academic input and expert guidance to support AMEC’s work in advancing standards in communications measurement and evaluation.

The group includes internationally recognised scholars and practitioners from universities and research organisations across Australia, the UK, Germany, the US, Italy, Switzerland and Norway, with expertise spanning public communication, corporate communication, public relations research, evaluation, reputation, social media, internal communication and communication management.

Members include Distinguished Professor Jim Macnamara, University of Technology Sydney; Professor Anne Gregory, University of Huddersfield; Professor Ansgar Zerfass, University of Leipzig; Professor Don Stacks, University of Miami; Dr Tina McCorkindale, Institute for Public Relations; Associate Professor Stefania.

AIICO Insurance Drives Community Health Impact with Malaria Prevention Outreach in Oyo State

Business Journal

01/06/2026

AIICO Insurance Plc has reaffirmed its commitment to improving public health outcomes and advancing sustainable community development through its support for a large-scale malaria prevention outreach in Ibadan, Oyo State, in commemoration of World Malaria Day 2026.

The initiative, implemented in partnership with HACEY, reached over 5,000 community members across four Primary Health Centres in Ibadan North Local Government Area, delivering targeted health education and essential preventive resources to vulnerable populations, particularly pregnant women and nursing mothers.

Malaria remains a critical public health challenge in Nigeria, which accounts for approximately 24.3% of global malaria cases.

Recognising the urgency of sustained intervention, AIICO’s support focused on strengthening awareness, promoting preventive behaviours, and improving access to life-saving tools within high-risk communities.

As part of the outreach, 600 long-lasting insecticidal nets (LLINs) were distributed to pregnant women and nursing mothers, while structured health education sessions were conducted to deepen understanding of malaria prevention, early diagnosis, and treatment. In addition, door-to-door sensitisation campaigns extended the programme’s impact into surrounding communities, reinforcing key messages on environmental sanitation and proactive health-seeking behaviour.

Speaking on the initiative, The Manager, Corporate Responsibility and Sustainability at AIICO Insurance Plc, Mrs. Abimbola Shobanjo, noted: “Malaria continues to pose a significant threat to maternal and child health in Nigeria, and addressing it requires more than awareness—it requires deliberate, sustained action at the community level. At AIICO, we see social impact as a core part of our responsibility, not an add-on. This outreach reflects our commitment to supporting vulnerable populations with the knowledge and tools they need to protect themselves and their families. By investing in prevention and community engagement, we are contributing to healthier, more resilient communities.”

The programme also strengthened collaboration between the private sector and public health institutions, working closely with the Oyo State Primary Health Care Board and frontline health workers to ensure effective delivery and long-term impact.

Beyond immediate outcomes, the outreach contributed to improved awareness, reinforced preventive practices, and encouraged sustained community participation in malaria control efforts. It also highlighted the critical role of corporate organisations in complementing government efforts to tackle pressing public health challenges.

With over six decades of history, AIICO Insurance Plc continues to integrate sustainability and social impact into its business strategy, focusing on initiatives that create measurable value for individuals, communities, and society at large.

About AIICO Insurance Plc

AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients.

Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Stanbic IBTC Bank Nigeria PMI: New Order Growth Hits Nine-Month High in May

Business Journal

01/06/2026

Growth momentum strengthened in the Nigerian private sector during May. Marked rises in output and new orders were recorded, with firms ramping up their purchasing accordingly. Expansions in employment remained muted, however.

On the price front, higher fuel costs continued to cause sharp increases in input costs and output prices, but rates of inflation softened from April. 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.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Private sector activity in Nigeria improved to its best level in nine months, with the headline PMI rising to an impressive 54.1 points in May from 52.4 points in April.

This impressive business condition was primarily due to accelerated expansion in both output (56.6 vs April: 53.4) and new orders (57.0 vs May: 54.6) as evidence pointed to improving customer demand and the launch of new products. Input prices maintained an uptrend, but the pace of increase eased for the second consecutive month. This is also reflected in higher output prices with the steepest increase seen in the manufacturing and agriculture sectors.

According to the National Bureau of Statistics (NBS), the Nigerian economy grew by 3.89% y/y in Q1:26, slightly below our estimate of 3.99% y/y GDP growth rate for the quarter as implied by the Stanbic IBTC Bank PMI, with the deviation stemming from lower-than-expected non-oil sector’s growth performance.

The oil sector grew by a modest 2.57% y/y (vs Q4:25: 6.79% y/y) while the non-oil sector’s growth also slowed to 3.94% y/y from 3.99% y/y in Q4:25.

The breakdown of the 19 different sectors that make up the domestic economy shows the agriculture; manufacturing; construction; information & communication; trade; and finance & insurance as the biggest drivers of Nigeria’s GDP growth in Q1:26. These sectors accounted for 82.4% of real GDP growth rate during the quarter.

Given the lower-than-projected real GDP growth in Q1:26, the economy may now well grow by 4.13% y/y in 2026 from our initial forecast of 4.22% y/y, and 3.87% y/y in 2025. Electioneering activity; continuous government investment attraction drive; and improved spending on infrastructure should continue to keep the non-oil sector active during the year.

Meanwhile, we retain our expectation that crude oil production will likely average 1.7m bpd in 2026 from 1.64m bpd recorded in 2025 and we do not see production touching the 2.0m bpd psychological benchmark until at least 2030.”

The headline PMI rose to 54.1 in May from 52.4 in April, signalling a solid monthly improvement in business conditions and one that was the most pronounced since August 2025. The health of the private sector has now strengthened in four consecutive months.

Central to the solid improvement in business conditions were marked and accelerated expansions in both output and new orders during May. Rates of growth hit seven- and nine-month highs respectively. Anecdotal evidence pointed to improving customer demand and the launch of new products.

Output growth was recorded across all four broad sectors covered by the survey. Improving demand, and the prospect of further growth in the months ahead, led companies to expand their purchasing activity and inventories in May.

Here too, rates of expansion quickened from April and were sharp. Efforts to secure inputs were helped by an improvement in vendor performance, as prompt payments, goods arrangements with suppliers and better road conditions helped to speed up deliveries.

Employment continued to rise only slightly midway through the second quarter, although sustained job creation has now been recorded in each month for a year. Meanwhile, backlogs of work increased for the fourth successive month amid customer payment delays, material shortages and power failures.

Increasing fuel costs following the outbreak of war in the Middle East continued to drive up purchase prices in May. Purchase costs rose rapidly again, despite the rate of inflation easing to a three-month low. Purchase prices increased at a much quicker pace than staff costs, which rose modestly again in May.

Where companies increased staff pay, this was often to provide help with higher living costs, and those for transportation in particular. In line with the picture for input costs, output prices continued to rise sharply in May. Here too, however, the rate of inflation eased to the lowest since February.

Plans to increase advertising and expand operations through the opening of new branches and introduction of new products were behind optimism in the year-ahead outlook for output. Sentiment dipped, however, and was the lowest for a year.

Mutual Benefits Delivers Strong 2025 Financial Performance, Record Profit Growth, Balance Sheet Expansion

Business Journal

29/05/2026

Mutual Benefits Assurance Plc has announced its audited financial results for the year ended December 31, 2025, reporting a strong performance marked by significant growth in profitability, improved insurance revenue and continued expansion of its balance sheet.

The results underscore the company’s resilience, disciplined execution and strategic positioning within Nigeria’s insurance industry.

The audited results, drawn from Mutual Benefits’ consolidated and separate financial statements, reflect sustained momentum across underwriting, investment income and operational efficiency.

Highlights include a rise in insurance revenue to ₦80.05 billion, up from ₦66.92 billion in 2024, driven by growth across key business segments. Profit for the year increased to ₦16.42 billion, compared to ₦11.32 billion in 2024, reflecting strong bottom-line expansion, while profit before tax stood at ₦17.41 billion, up from ₦11.80 billion in the prior year.

Furthermore, total assets expanded to ₦176.25 billion, compared to ₦147.13 billion in 2024, reinforcing balance sheet strength. In addition, total equity grew to ₦69.73 billion, from ₦54.79 billion in 2024, supported by retained earnings and improved profitability, while earnings per share rose to 81 kobo, compared to 54 kobo in the previous year.

The leading insurer also recorded improved net investment income of ₦19.87 billion, supported by higher interest income, fair value gains, and disciplined portfolio management.

Equally important, Mutual Benefits reported strong operational performance, with its insurance service result improving significantly to ₦8.77 billion, compared to 1.07 billion in 2024. The result reflected stronger underwriting discipline, improved claims management and enhanced reinsurance structuring.

Growth in net insurance and investment performance was supported by diversified income streams, including ₦10.88 billion in interest income and improved returns from financial assets measured at amortised cost and fair value.

Meanwhile, the company’s total assets growth to ₦176.25 billion was driven by expansion in financial assets at amortised cost, which rose to ₦86.99 billion, alongside broader investment portfolio diversification. Shareholders’ funds attributable to owners of the parent company strengthened to ₦65.00 billion, reflecting continued value creation and prudent capital management.

Speaking on the results, the Managing Director of Mutual Benefits Assurance Plc, Olufemi Asenuga, said the performance reflects the success of the company’s long-term strategic priorities.

“The 2025 results demonstrate the strength of our underwriting discipline, the resilience of our investment strategy and the effectiveness of our ongoing transformation agenda. We remain committed to delivering sustainable value to our policyholders, shareholders and all stakeholders while strengthening our leadership position in Nigeria’s insurance industry,” he stated.

Asenuga further reaffirmed the company’s focus on digital transformation, operational efficiency and enhanced customer experience as key enablers of future growth.

Looking ahead, Mutual Benefits Assurance Plc remains committed to expanding its market presence, deepening digital distribution channels and strengthening claims efficiency.

The company will also continue to pursue growth opportunities across retail and corporate insurance segments in Nigeria and selected African markets.

Heirs Insurance Group Opens Entry for 5th Essay Championship with ₦11.5m Prizes for Students, Teachers, Schools

Business Journal

28/05/2026

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has opened applications for the fifth edition of its annual Essay Championship, targeted at Junior Secondary School students nationwide. The initiative aims to drive insurance and financial literacy at an early age and to ensure proper insurance education among educators.

This year’s edition features N11.5 million prizes for winning students, teachers, and schools, reinforcing the Group’s commitment to driving insurance awareness at an early stage.

The winning student will receive a N5 million scholarship along with a N1 million education grant for their school. The first and second runners-up will receive N3 million and N1 million scholarships, respectively. In addition, insurance-focused themes and quizzes have been embedded into the application process for students, ensuring early engagement with the concept of insurance.

Students are invited to submit original essays of no more than 500 words on the topic “The Power of Insurance in Creating Safer and More Secure Societies.” Submissions running through from May 27 until July 8, 2026, via the official portal at www.heirsinsurancegroup.com/essay.

All entries will be evaluated by renowned academics, with Deloitte & Touche providing independent quality assurance to guarantee transparency and fairness in the selection process.

In addition, the Teachers’ Insurance Awareness Prize continues in the 2026 edition, honouring teachers who actively promote insurance education in schools and communities. Recently introduced, the teachers’ prize was designed to recognise and reward educators for their efforts in advancing insurance awareness.

For the Teachers’ Insurance Awareness Prize (TIAP), the top teacher will receive a ₦1 million cash prize, with an additional ₦500,000 grant awarded to their school. To qualify, teachers must implement an insurance awareness project and provide evidence of their initiative and its impact by submitting their projects on the essay championship portal.

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.

NGX Seeks Cross-Listing Opportunities with Nairobi Securities Exchange

Business Journal

26/05/2026

Alhaji (Dr) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) says NGX is ready to explore opportunities to strengthen cross-listing frameworks between NGX and the Nairobi Securities Exchange (NSE) during a bilateral meeting in Nairobi, Kenya.

Kwairanga maintained that such collaboration with the NSE will enable issuers to access deeper pools of capital and broaden investor participation across both regions. It would also lead to robust discussion on the potential for co-ordinated efforts to attract African multinationals and high-growth companies to list within African markets rather than offshore exchanges.

The NGX Chair expressed appreciation for the opportunity to engage and acknowledged the Nairobi Securities Exchange’s role as one of Africa’s leading capital market institutions and a critical gateway to East African capital flows during the meeting with the Chairman of NSE, Mr. Kiprono Kittony.

He emphasised the importance of sustained peer-level engagement among African exchange leaders, particularly at a time when the continent is advancing economic integration and capital market modernisation. He also noted that stronger collaboration among African exchanges is no longer aspirational, but increasingly necessary to improve market depth, liquidity, competitiveness, and global relevance.

Speaking on market developments & strategic momentum within the NGX, Kwairanga

highlighted the strong performance of Nigeria’s capital market over the past two years, supported by banking sector recapitalisation, macro-economic reforms and improving investor confidence.

He also noted that the NGX All-Share Index has ranked among the world’s top-performing equity indices, reflecting renewed domestic and international interest in Nigerian equities. He also made reference to the recent decision by FTSE Russell to reclassify Nigeria to Frontier Market status, effective September 2026, describing it as a significant milestone expected to enhance international investor participation and expand capital inflows into the market.

During the meeting, Kwairanga briefly highlighted NGX Group’s broader transformation agenda, including technology modernisation, market development initiatives, sustainability leaderships and regional partnerships.

Other key issues proposed by the NGX Group Chairman at the meeting included:

Product Innovation & Market Development:

Exchange perspectives on ETFs, derivatives, fixed income products, and other innovative instruments that can deepen African capital markets and improve investor diversification opportunities.
Explore the feasibility of future pan-African investment products that leverage the strengths of both markets.

Technology, Data & Market Infrastructure:

Share insights on trading infrastructure modernisation, market surveillance systems, cybersecurity resilience, and the growing strategic value of market data services.
Discuss opportunities for knowledge exchange around operational efficiency and digital market expansion.

Sustainability & ESG Leadership:

Recognise that both exchanges play important roles in advancing sustainable finance and corporate governance standards across the continent.
Explore opportunities for collaboration on ESG disclosure frameworks, sustainability-linked products, and capacity-building initiatives for listed companies and market participants.

Investor Participation & Financial Literacy:

Discuss collaborative initiatives to deepen retail participation and strengthen investor education across African markets, particularly among younger demographics and digitally enabled investors.

Advancing the African Capital Markets Integration Agenda:

Reference the broader continental integration agenda under the African Continental Free Trade Area (AfCFTA) and the African Exchanges Linkage Project (AELP).
Emphasise that deeper cooperation among African exchanges will be essential to mobilizing long-term domestic capital and reducing overreliance on external markets.
Position NGX Group and NSE as natural strategic partners capable of helping shape the next phase of Africa’s capital market integration and institutional collaboration.
Express NGX Group’s continued support for stronger engagement through the African Securities Exchanges Association (ASEA) and other continental platforms.

In his closing remarks, Kwairanga proposed the establishment of working-level engagement teams to identify actionable collaboration opportunities arising from the discussion and expressed openness to future bilateral engagements, reciprocal visits or joint initiatives on the sidelines of regional and international capital market events.

He reaffirmed a shared commitment to building more integrated, resilient, liquid, and globally competitive African capital markets.

NAICOM Issues First Insurtech Licence, Reinforcing Commitment to Innovation, Market Integrity

Business Journal

26/05/2026

L-R: Mr. Suleiman Olalekan Ajani, MD/CEO, CBI Insurtech and Mr. Ekerete Ola Gam-Ikon (Deputy Commissioner, Finance and Administration, National Insurance Commission).

The National Insurance Commission (NAICOM) has formally granted an operational licence to CBI Partnering Insurtech Limited, marking a significant milestone as the first fully licensed Partnering Insurtech company in Nigeria.

This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem.

The licence was presented during a formal handover ceremony, where the Commission reiterated its commitment to advancing innovation, regulatory reform, and policyholder protection across the insurance sector.

In his remarks, the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, highlighted NAICOM’s ongoing efforts to align Nigeria’s insurance industry with global best practices. He referenced the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, alongside the Commission’s pioneering insurtech guidelines, as some of the key pillars driving this transformation.

He noted that fostering innovation within a robust and well-governed regulatory framework remains a core strategic priority for the Commission.

Ekerete further emphasized that the licence is granted subject to strict compliance with regulatory and ethical standards, reinforcing NAICOM’s dual mandate of enabling innovation while safeguarding policyholders’ interests. He also pointed to the growing international recognition of Nigeria’s regulatory approach, particularly in leveraging technology to accelerate insurance sector development.

While formally presenting the licence, he stated:

“This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Limited and expect full compliance with all applicable regulations. This licence carries an obligation to uphold the highest standards of governance and ethical conduct. NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”

In response, the Managing Director of CBI, Suleiman Olalekan Ajani expressed appreciation to NAICOM for its guidance and rigorous licensing process, stating:

“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection.”

NDIC Reiterates Commitment to Strong Deposit Insurance Funding to Enhance Financial System Stability

Business Journal

25/05/2026

L – R: Executive Director, Corporate Services, Nigeria Deposit Insurance Corporation (NDIC), Emily Osuji; Managing Director/Chief Executive, Thompson Oludare Sunday; Director-General, Budget Office of the Federation (BOF), Tanimu Yakubu and NDIC’s Executive Director, Operations, Kabir S. Katata during a courtesy visit by the NDIC’s Executive Management Team to the DG, BOF in Abuja.

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to continuously strengthening its Deposit Insurance Funds (DIFs) as part of efforts to promote the stability and resilience of the nation’s financial system.

The Managing Director/Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, in Abuja.

Sunday explained that the need to build strong Deposit Insurance Funds is critical to enhancing the Corporation’s capacity to respond effectively to potential systemic crises in the banking sector without relying on government intervention.

He noted that while financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as a key component of its contingency planning and crisis preparedness framework.

According to him, this strategic approach enabled the Corporation to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours following the revocation of their operating licences by the Central Bank of Nigeria in December 2025.

The NDIC Boss further stated that the Corporation would continue to strengthen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework. He added that the NDIC remains committed to working closely with the Budget Office to promote evidence-based planning and enhance its contributions to national economic growth and development.

Sunday also underscored the importance of the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a significant role in supporting the realisation of that goal.

In his remarks, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, commended the NDIC for its transparency in managing the Deposit Insurance Funds.

He urged the Corporation to leverage technology-driven investment strategies to further strengthen the funds for the protection of depositors in the event of bank failures and to sustain public confidence in the financial system.

He also encouraged the NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions to further consolidate its funding framework.

CIIN Concludes Insurance Week 2026 with Awards Galore

Business Journal

25/05/2026

L-R: Mrs. Ekeoma Ezeibe, President/Chairman of Council of NCRIB presenting the Best Insurance Student in WAEC award to Akunyili Samuel Chukwukadibia while Mrs. Yetunde Ilori, President/Chairman of Council of CIIN looks on at the Grand Finale of the 2026 Insurance Week gala night in Lagos.

The Chartered Insurance Institute of Nigeria (CIIN) concluded its annual Insurance Week 2026 with a Gala Night last Friday in Lagos with several awards going to deserving persons and institutions in Nigeria.

For instance, Mr. Oduh Sunday of NEM Insurance Plc emerged as the Year 2026/2027 CIIN Ambassador while Akunyili Samuel Chukwukadibia became the Best Insurance Student at the West African Examinations Council (WAEC) Examination.

In the same vein, the Best Supporting MDA award went to the Police Service Commission (PSC).

The hackathon competition was won by InsurScenario while other competitors included CoverBot, Mediclaim AI, Team Topsborg, Team Nexus and The Risk Architects.

Some of the prizes included:

Winner for Ambassador: 55-inch smart TV
1st runner up: 250 litre deep freezer
2nd runner up: 9kg washing machine

In her speech, Mrs. Yetunde Ilori, the President/Chairman of Council of CIIN expressed delight at the success of the Insurance Week 2026.

She commended operators in the insurance sector for their participation and support, in addition to other industry operators and stakeholders outside the market.

Vitality Health Becomes Discovery Health – Global Health Solutions, Strengthening Next-Generation Healthcare in Nigeria

Business Journal

25/05/2026

Discovery Health has announced that Vitality Health International (Africa), its established employer health insurance business, has rebranded to ⁠⁠Discovery Health – Global Health Solutions.

This transition reflects Vitality Health International (Africa)’s established health insurance business – integrated with the Vitality wellness programme and introduces expanded healthcare offerings, delivering continuity for existing clients and enhanced capabilities that meet the evolving healthcare needs of employers and their people across Nigeria and the wider continent.

In Nigeria, Discovery Health – Global Health Solutions continues the long-standing partnership – dating back to 2022 – with Leadway Health HMO, ensuring precise market relevance and a seamless healthcare solution for local employers and their employees.

“While our name is changing, our commitment to our clients and to our core purpose – namely, to make people healthier and to enhance and protect their lives – remains the same,” explains Emma Knox, CEO of Discovery Health – Global Health Solutions (formerly CEO of Vitality Health International).

“Discovery Health Global enables the future-focused growth of the Vitality Health International (Africa) business in two ways. First, by continuing the proven operating model of partnering with in-market insurers in the rest of Africa to deliver employer-focused solutions, to meet employees’ individual healthcare needs. Second, by enabling expansion into a broader range of solutions that meet our clients’ healthcare needs more completely, such as through our Administration Services Only (ASO) offering – a fully managed healthcare administration solution.”

Driving innovation and excellence through a trusted partnership with Leadway Health HMO

Leadway Health HMO, a subsidiary of Leadway Holdings and an associate company of Leadway Assurance company limited, is Global Health Solutions’ in-country insurance partner in Nigeria. With more than 50 years of insurance experience in the Nigerian market, Leadway brings scale, trust and regional expertise to the fore.

“Our partnership with Leadway Health has supported our expansion in Nigeria and strengthened our ability to deliver meaningful health insurance solutions at scale,” says Knox. “Together, we are focused on improving health outcomes and contributing to healthier societies.”

Dr Tokunbo Alli, CEO of Leadway Health added: “We are pleased to continue our relationship through Global Health Solutions. This partnership reflects our shared commitment to improving access to healthcare and enhancing quality of life for employers and their employees across Nigeria.”

Built on the strength of Africa’s leading healthcare administrator and managed care provider

Through Global Health Solutions, employers across Africa will also continue to benefit from access to Discovery Health’s 34 years of experience in healthcare administration and managed care, a support structure that has been integral to Vitality Health International (Africa)’s operations to date.

As South Africa’s largest medical aid administrator and managed care service provider, Discovery Health brings to the fore world-class clinical governance, advanced risk management and one of the most sophisticated healthcare data platforms globally. “Discovery Health remains the backbone of our operations, delivering measurable value, improved health outcomes and sustainable cost management for organisations operating in Africa,” adds Knox.

A Platform Built for Africa’s Future

Knox concludes: “Through Discovery Health – Global Health Solutions, we are moving beyond traditional health insurance to build an integrated healthcare ecosystem for employers across Africa. By bringing together tailored health insurance, the Vitality wellness programme and advanced administration and clinical capabilities on a single platform, we can meet a far broader range of healthcare needs for employers and their people, while staying true to Discovery’s core purpose: making people healthier and enhancing and protecting their lives.”

About Discovery Health

Discovery Health is South Africa’s leading medical scheme administrator and managed care organisation, with more than three decades of experience in delivering high quality, sustainable healthcare solutions at scale.

The business was established in 1992 with the core purpose of making people healthier and enhancing and protecting their lives.

At present, Discovery Health provides administration and managed care services to more than 3.6 million members in Africa. Operating at exceptional scale, Discovery Health combines world-class data science, advanced digital platforms and deep clinical expertise to deliver efficient administration, sophisticated risk management and seamless service experiences for members, employers and healthcare professionals.

Its fully integrated health insurance platform spans the entire value chain, enabling fast, accurate claims processing, personalised member journeys and best-in-class servicing across digital and human channels.

About Discovery

Discovery Limited is a South African-founded financial services organisation that operates in the healthcare, life assurance, short-term insurance, banking, savings and investment and wellness markets.

Since inception in 1992, Discovery has been guided by a clear core purpose – to make people healthier and to enhance and protect their lives. This has manifested in its globally recognised Vitality Shared-Value insurance model, active in over 37 countries with over 50 million members.

The model is exported and scaled through the Global Vitality Network, an alliance of some of the largest insurers across key markets including AIA (Asia), Ping An (China), Sumitomo (Japan), John Hancock (US), Manulife (Canada) and Vitality Life & Health (UK, wholly owned). Discovery trades on the Johannesburg Securities Exchange as DSY.

The African Continent’s Richest Indian Meets CAR President, Faustin-Archange Touadéra

Business Journal

25/05/2026

Prateek Suri, Chairman of Maser Group and CEO of MDR Investments, recently met Faustin-Archange Touadéra following the group’s growing expansion in Africa’s mining sector after securing gold mining interests in the Central African Republic and Ghana.

The meeting marked another important step in MDR Investments’ long-term strategy to strengthen its presence within Africa’s natural resources industry. During the interaction, Suri expressed gratitude and took blessings from the President while reaffirming the group’s commitment to responsible investments and long-term partnerships across the continent.

Mining remained a key focus of the discussions, with both sides also exploring future opportunities in healthcare, infrastructure development, renewable energy, and broader economic cooperation aimed at supporting growth and employment generation in the region. The group has also increasingly focused on clean energy and sustainable infrastructure projects as part of its long-term Africa strategy.

Often described as one of the richest Indians based in Africa and among the youngest billionaires associated with the continent’s business landscape, Suri has built a diversified business presence through Maser Group and MDR Investments across sectors including consumer electronics, logistics, infrastructure, mining, renewable energy, and private investments. MDR Investments has increasingly positioned itself as a major Africa-focused investment platform pursuing large-scale opportunities through strategic partnerships and development-led projects.

The group’s long-term confidence in Africa is also reflected through its broader technology and infrastructure ambitions. A Maser Group subsidiary has already acquired large parcels of land across parts of Africa for future AI and data center developments, underlining the company’s belief in Africa’s digital and industrial future.

During the meeting, Ben Chia also expressed strong confidence in the group’s Africa strategy, stating, “After the success of Suri’s understanding of Africa, we are ready to invest more and more.” His remarks reflected growing investor confidence in MDR Investments’ long-term vision and expansion across the continent.

Following the group’s latest gold mining developments in the Central African Republic and Ghana, MDR Investments is now exploring additional mining rights and expansion opportunities in other emerging African markets. Sources close to the developments indicate that the company is evaluating long-term investments connected to mineral exploration, industrial infrastructure, renewable energy ecosystems, and resource-linked economic projects across the continent.

Alongside business expansion, Suri also highlighted the initiatives being carried out through the Maser Foundation, the philanthropic arm focused on healthcare, women empowerment, and child education across Africa. He noted that beyond commercial success, creating meaningful impact for communities remains central to the group’s broader vision for Africa.

The meeting further reflects the growing confidence international investors are placing in Africa’s mining, clean energy, and development sectors, with MDR Investments continuing to position itself as a long-term strategic player in the continent’s evolving economic landscape.

Oriental News Summit: Kola Adesina to Lead Dialogue on Nigeria’s Oil Industry Decarbonisation

Business Journal

24/05/2026

As Nigeria intensifies its drive toward net-zero emissions by 2060, Kola Adesina, Managing Director of Sahara Group and a leading Nigerian energy entrepreneur, will headline the 2026 Oriental News National Conference.

The high-level summit, organised by Oriental News Nigeria, one of the country’s foremost online publications, is scheduled for Thursday, 23rd July 2026 at the Radisson Blu Hotel, Isaac John Street, Ikeja GRA, Lagos, commencing at 9:30 a.m.

The main theme of the conference is:

“Carbon Capture: Accelerating Decarbonization Initiatives in Nigeria’s Extractive Industry Through Broad Regulatory Reforms.”

This theme is particularly timely as the National Assembly works toward passing the National Decarbonization Bill to provide a comprehensive legal framework for climate action, building on the existing Climate Change Act 2021. Complementing this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rolled out a Decarbonisation Blueprint and Handbook for the upstream sector.

Engr. Kola Adesina, former Chairman of Egbin Power Plc and current Board Chairman of Ikeja Electric, will lead the conversation. He is expected to share deep insights into the impact of fossil fuel emissions and spotlight Sahara Group’s ongoing decarbonisation efforts. The company is implementing a robust three-pronged net-zero strategy targeting 2060, centred on a cleaner energy mix, operational efficiency, and nature-based solutions.

Sahara is actively investing in natural gas as a transition fuel, expanding renewable energy projects, and supporting large-scale reforestation across Africa, Asia, Europe, and the Middle East.

Sub-Theme: Addressing Finance Challenges, Investment Strategies, Operational Sustainability, and Climate Change Management.

The conference will bring together top government officials, regulators, oil and gas operators, manufacturers, financial institutions, and other key stakeholders to discuss Nigeria’s Energy Transition Plan (ETP). Discussions will be informed by recent regulatory and legislative developments in 2025 and 2026, with a focus on expanding renewable energy, reducing gas flaring, and advancing cleaner industrial processes.

Energy experts will also examine global trends in the oil and gas industry, particularly how operators worldwide are reducing emissions and the mounting pressure on Nigeria to cut emissions across critical sectors of the economy.

Speaking on the summit, the Convener and Publisher of Oriental News Nigeria, Mrs. Yemisi Izuora, said:

“Every year, Oriental News Nigeria creates a platform for critical stakeholders in the energy, finance, and industrial sectors to discuss regulatory issues and investment opportunities. Our goal is to support both private and public sector initiatives that drive economic growth and sustainable development.”

Now in its 5th year, the 2026 edition aims to promote environmental sustainability by addressing the practical challenges facing operators in the oil and gas, petrochemicals, and manufacturing sectors.

The summit will facilitate the exchange of ideas on viable decarbonisation solutions, showcase real-world case studies, and explore innovative tools such as digital technologies, low-carbon hydrogen, carbon capture, utilisation and storage (CCUS), and alternative fuels.

Participants will also interrogate regulatory frameworks, decarbonisation pathways adopted by operators, and the financing gaps slowing progress toward Nigeria’s net-zero targets.

The event will feature keynote addresses, panel discussions involving stakeholders from the petroleum industry, manufacturing, finance, and regulatory agencies, as well as thematic dialogues and policy exchanges.

The summit offers a unique opportunity for vendors, producers, suppliers, and users to network, align environmental commitments with business performance, and translate sustainability goals into actionable operational strategies.

Media Remains Nigeria’s Biggest Development Partner, Says BOI MD Olusi

Business Journal

24/05/2026

The Managing Director/Chief Executive Officer of Bank of Industry, Dr. Olasupo Olusi, has described the media as Nigeria’s most important development partner, noting that effective communication remains critical to national growth and institutional impact.

Speaking during an interactive session with media partners in Lagos, Olusi said journalists play a central role in shaping development outcomes by amplifying progress, accountability, and national aspirations.

“The media is the biggest agent of development anywhere,” he said. “Communicating what needs to be done and what has been done is critical in the journey of any development institution.”

Olusi used the engagement to unveil major milestones in BOI’s ongoing transformation agenda, which he said is focused on strengthening support for Nigeria’s private sector and driving inclusive economic growth.

On the BOI he met when he was appointed, Olusi said: “I inherited a very strong institution. The Bank of Industry was already one of the leading development finance institutions in Africa, and certainly a respected institution in Nigeria. I usually describe it as inheriting a Rolls-Royce.” He noted that the current leadership is innovating and repositioning the Bank to become even more effective in delivering long-term financing and developmental impact for Nigeria’s private sector.

“I came with the mindset of a development economist who truly believes in impact-making,” he said.

Olusi revealed that BOI has established an Impact Fund financed through a percentage of the Bank’s annual profits to support strategic national investments.

According to him, the Fund invested $15 million in the New Africa Medical Centre of Excellence in Abuja and N25 billion in the National Credit Guarantee Company (NCGC) to improve access to financing for MSMEs lacking collateral.

“The objective is to remove the long-standing barriers preventing small businesses from accessing finance,” he explained.

The BOI boss also announced plans to commence non-interest banking operations following final regulatory approvals from the Central Bank of Nigeria.

He said the initiative would provide inclusive financing options for Nigerians who prefer non-interest financial products.

In addition, Olusi disclosed that BOI has established more than 20 youth and skills hubs nationwide focused on ICT, agro-processing, fashion, printing, and entrepreneurship development.

“These hubs are designed to help young Nigerians learn, innovate, package products, and eventually establish sustainable businesses,” he stated.

Reaffirming BOI’s commitment to Nigeria’s economic transformation, Olusi said the Bank remains focused on creating measurable impact across communities and sectors nationwide.

“The opportunities for making a difference in Nigeria are enormous across all sectors and spheres of life,” he added.

Stakeholders at Inspenonline Retirement Summit Advise Workers on Strategic Retirement Plan

Business Journal

22/05/2026

L-R: Idu Okwuosa-Okeahialam, Group Managing Director/CEO, Royal Exchange Plc; Ibrahim Buwai, Head of Corporate Communications/representative of the Director General, National Pension Commission; Tom Ogboi, Chairman, STI Leasing Ltd/Chairman of occasion; Julius Odidi, Head, NAICOM Lagos Control Office, and Chuks Udo Okonta, Publisher, Inspenonline/Promoter Retirement Summit during the Inspenonline Retirement Summit 2026 in Lagos on Wednesday.

Stakeholders at the 2026 Inspenonline Retirement Summit have advised workers across both the formal and informal sectors of the economy to strategically plan their retirement utilising multiple available windows.

While advocating an increased subscription to insurance and pension products, experts at the event in Lagos, urged Nigerians to initiate retirement planning early in their career paths to ensure a comfortable life after active service.

The Chairman of STI Leasing Limited Mr. Tom Ogboi, applauded the organisers of the summit, calling for heightened sensitisation on how workers can enjoy life post-retirement.

Sharing his personal experience, Ogboi disclosed that he retired as far back as 2002 and has been able to enjoy his retirement doing what he loves due to strategic planning.

He emphasised that preparing for this phase of life must be intentional for every worker.

In the same vein, the Chief Executive Officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE) Dr. Muda Yusuf, lamented the current plight of retirees in Nigeria.

He noted that many ex-workers who dedicated their active years to service are now suffering due to systemic collapse and low retirement awareness.

To mitigate this, Yusuf advocated for the creation of a specialised government agency saddled with the responsibility of: Increasing public awareness and advocacy. Driving enlightenment and education on retirement matters. Ensuring workers actively structure their retirement plans while still in active service.

Addressing the gathering, the Media, Branding, and Communications Lead at the Pension Fund Operators Association of Nigeria (PenOp), Olajumoke Akinwunmi, stated that the pension industry has evolved significantly to ensure retirees receive their benefits as and when due.

She added that pension fund assets have grown consistently, yielding strong investment returns to deliver value to contributors.

Akinwunmi highlighted the Personal Pension Plan (PPP) as a tool designed to bring flexibility to pension onboarding, particularly for players in the informal sector.

She disclosed that individuals from the age of 18 are eligible to onboard, noting that the plan offers numerous benefits aimed at supporting businesses and livelihoods both during working years and in retirement.

The Publisher of Inspenonline and Convener of the Summit, Mr. Chuks Udo Okonta, explained that the initiative was established three years ago to bridge the critical knowledge gap clouding retirement matters in Nigeria.

“When you search online for localised information on retirement matters, you hardly find comprehensive data. There is a lack of serious advocacy locally, and as a media platform, we felt this is one of the ways we can deepen retirement education. We will continue this drive until every worker is fully enlightened,” Okonta said.s

Also speaking at the event, the Commissioner for Insurance, Mr. Olusegun Omosehin, who was represented, urged workers to utilise the instrumentality of insurance products to secure a stable retirement.

Concurrently, the Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran—represented by the Head of Corporate Communications at PenCom, Mr. Ibrahim Buwai, noted that the commission has enhanced and revolutionised pension administration in Nigeria through its Pension Revolution 2.0 initiative.

He disclosed that the recently rebranded Micro Pension Plan (MPP) has been strategically repositioned to offer more robust, accessible, and secure long-term financial safety nets for self-employed Nigerians and informal sector workers.

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