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New Africa Fintech Audit Puts Disclosure, Dispute Handling in Focus

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In Africa’s fast-evolving fintech market, growth and brand recognition are only part of the reputation equation. A new independent audit by Africa Reputation Pulse (ARP) places greater emphasis on the factors that can strengthen or weaken institutional credibility: transparency, trust, leadership standing, strategic momentum and demonstrated market reach.

The Africa Fintech Reputation Intelligence Report 2026 examines 14 leading fintech and payments companies across the continent, reviewing publicly available evidence from 1 January to 30 September 2026. Its findings offer a comparative assessment of how the companies performed across five reputation dimensions, and why visibility alone does not necessarily translate into stronger institutional standing.

MTN MoMo ranked first with 18 out of 25 points, followed by Moniepoint, Interswitch, Flutterwave and PawaPay, which each scored 17 points. Although the four companies shared the same overall score, the audit identified different strengths among them, demonstrating that reputation leadership can be achieved through distinct strategic pathways.

The report’s central message is that fintech reputation is increasingly about more than customer awareness, expansion announcements or industry awards. The quality of public disclosure, the handling of disputes, evidence of business momentum and the credibility of leadership all contribute to how a company is assessed.

The Findings Behind the Rankings

The audit highlights five important findings for the sector:

MTN MoMo takes the top position. With 18/25 points, it combined multi-market scale with the strongest disclosure performance in the assessment and a clean structural separation under the report’s scoring rubric.

Four companies follow closely, but for different reasons. Moniepoint, Interswitch, Flutterwave and PawaPay each scored 17/25. Their respective strengths included strategic momentum, consistency, reach and a clean record under the assessment criteria.

Recognition Does not Automatically Translate into Stronger Reputation Performance

The audit found that OPay and PalmPay, despite significant brand recognition, were constrained in their assessments by unresolved legal and customer-dispute issues documented in the reviewed evidence. These findings reflect the audit’s defined scoring criteria, not a general judgement on either company’s overall business performance.

Transparency is a competitive reputation asset. The report examines how companies communicate verifiable information about their operations, business developments and institutional standing. Its analysis points to the importance of disclosure that enables stakeholders to distinguish demonstrated performance from promotional claims.

The Market is too Diverse for a Single Reputation Formula

The 14 companies operate across different countries, business models and payment segments. The audit therefore assesses them using a common framework while considering their documented African footprints and individual strategic contexts.

What the Rankings Mean for Africa’s Fintech Sector

The findings come at a time when fintech companies are competing not only for customers and transaction volumes, but also for regulatory confidence, strategic partnerships, investor attention and long-term institutional credibility.

In this environment, reputation is not simply a communications outcome. It is shaped by the relationship between what a company says, what it discloses, how it responds when challenges arise and what the available evidence can substantiate.

The report’s comparative analysis suggests that companies seeking to strengthen their reputation should pay closer attention to the fundamentals: credible disclosure, consistent leadership communication, demonstrable strategic progress and transparent handling of material disputes.

For executives and communications teams, the implications are practical. Reputation management cannot be isolated from governance, customer experience, risk management and business strategy. A strong campaign may increase visibility, but sustaining stakeholder confidence requires evidence that stands up to scrutiny.

A different way to assess fintech reputation

“Fintech reputation cannot be measured by visibility alone. A company may be widely recognised and still face questions about disclosure, leadership or how disputes are handled. Equally, companies can build a stronger reputation through consistent evidence of progress, credible communication and responsible institutional conduct. The important question is not simply who attracts the most attention, but what the available evidence tells us about the strength of each company’s reputation.”

— Philip Odiakose, Lead Analyst, Africa Reputation Pulse (ARP)

What makes the report different?

The Africa Fintech Reputation Intelligence Report 2026 applies a structured, evidence-led framework to assess the reputation performance of 14 fintech and payments companies.

The assessment covers five dimensions: Continental Reach, Strategic Momentum, Transparency, Trust and Leadership Standing.Each company is assessed against the same scoring rubric, with a maximum possible score of 25 points. The report explains its ranking approach and documents the evidence supporting individual company assessments.

The audit draws on public information, including company disclosures, official announcements, regulatory and court records, and published media. It distinguishes company claims, reported allegations and documented facts from the analyst’s interpretation. AI supports research and report production, but findings and ratings are subject to human analyst review.

The report is a comparative reputation assessment based on the evidence reviewed for the stated period. It is not a customer satisfaction survey, a measure of transaction volumes across the entire continent or a determination of legal liability.

 

Access the Full Report

The Africa Fintech Reputation Intelligence Report 2026 provides company-level assessments, comparative rankings, quarterly developments and strategic analysis of the reputation factors shaping 14 of Africa’s fintech and payments businesses.

Fintech executives, investors, regulators, communications leaders, researchers and other stakeholders are invited to explore the findings and request access to the full report.

Request Report: https://www.africareputationpulse.com/report/africa-fintech-reputation-intelligence-report-2026

 

About Africa Reputation Pulse (ARP)

Africa Reputation Pulse (ARP) is an Africa-focused reputation intelligence and strategic audit initiative examining how organisations, public institutions, professional bodies and major public-facing entities are represented, perceived and evaluated through available evidence.

ARP focuses on independent analysis, transparent methodology and practical intelligence to support better institutional decisions.

RMB Nigeria Wins Merchant Bank of the Year for Eighth Time, Earns Deal Advisory Excellence Honour

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L-R: Sector Head, TMT, Fintechs and Multinational Corporates (MNCs), Hector Okposo; Executive Director and Chief Risk Officer, Rand Merchant Bank (RMB) Nigeria, Taiwo Gabriel; Former CEO of Ecobank Nigeria, Patrick Akinwuntan; Transactor, Debt Financing Solutions, RMB Nigeria, Itunu Olaomo; and Transactor, Corporate Finance, RMB Nigeria, Rashidat Agboke-Abe at the presentation of the award for Deal Advisory Excellence of the Year at the 2026 BAFI Awards held recently in Lagos.

RMB Nigeria has secured two honours at the 2026 BusinessDay Bank and Other Financial Institutions (BAFI) Awards, winning Merchant Bank of the Year for the eighth time and Deal Advisory Excellence of the Year.

The eighth Merchant Bank of the Year award marks a significant milestone for RMB Nigeria and underscores the bank’s consistent performance, innovative approach and strategic leadership across Nigeria’s corporate and institutional market.

The Deal Advisory Excellence award further recognises the depth of the bank’s sector expertise, market insight and execution capabilities in supporting clients through complex transactions and critical strategic decisions.

Commenting on the awards, Bayo Ajayi, Chief Executive Officer of RMB Nigeria, said:

“These awards reflect the strength of our client partnerships and the consistency with which we deliver on our commitments. Being named Merchant Bank of the Year for the eighth time is a significant achievement, and one we share with the clients who continue to trust us with their most important financial and strategic decisions.’’

“We remain focused on combining deep market understanding, innovative thinking and the strength of the RMB network to help our clients navigate complexity, unlock opportunities and pursue sustainable growth.”

Speaking on the Deal Advisory Excellence award, Chidi Iwuchukwu, Executive Director and Head of Investment Banking, Broader Africa, RMB Nigeria, said:

“Successful deal advisory goes beyond structuring and executing transactions. It requires a deep understanding of our clients’ ambitions, the sectors in which they operate and the market dynamics shaping their decisions.’’

“This recognition underscores our commitment to bringing together the right expertise, commercial insight and execution discipline for complex mandates, helping clients navigate critical milestones and achieve their strategic objectives.”

Together, the awards reinforce RMB Nigeria’s position as a trusted partner to corporate and institutional clients, drawing on capabilities across investment banking, corporate and institutional banking, markets and strategic advisory. The dual honours also underscore RMB Nigeria’s long-term focus on creating value for clients while contributing to the continued development of Nigeria’s financial markets and broader business ecosystem.

In related news, RMB Nigeria was recently awarded M&A Deal of the Year 2025 by the Association of Issuing Houses of Nigeria (AIHN), recognising its role as exclusive financial adviser to Helios Investment Partners on the US$583 million acquisition of Axxela Limited.

By combining deep local expertise with the reach and capabilities of the broader FirstRand Group network, RMB Nigeria continues to support clients in navigating evolving market conditions, executing complex transactions and pursuing growth opportunities.

About RMB Nigeria

RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank. RMB Nigeria provides clients with innovative, value-added solutions across advisory, funding, trading, corporate banking, and principal investing.

10 Key Takeaways from the Africa Sustainability Forum 2026

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By Elvis Eromosele

When the dream for the Africa Sustainability Forum (ASF 2026) first began to take shape, I asked myself a straightforward question: Is this going to be just another talk shop?

We have all attended conferences packed with high-minded rhetoric that vanishes the moment the lights go down. I wanted something different. I wondered, suppose we could focus sharply on action, real-world partnerships, and solutions that actually work?

The ASF 2026 surpassed every expectation. Held under the theme “Sustainable Futures: Driving Just Transitions, Green Growth, and Shared Prosperity,” the forum proved that Africa’s sustainability movement is moving decisively from conversation to implementation.

A Coalition for Change

The event brought together an extraordinary panel of visionary speakers, including: Marilyn Obaisa-Osula, Partner and Head of ESG, Sustainability and Climate Change Services, PwC West Market Area, Fola Odufuwa, Managing Director, New Frontier Capital Advisors, Agharese Lucia Onaghise, Executive Director, Food and Beverage Recycling Alliance (FBRA), Olori Data Matemilola, Executive Director, Solace Foundation, Mrs. Olutunde Osunleye, Principal Manager, Regulatory Services, NCC (representing Dr. Aminu Maida, Executive Vice Chairman/CEO, NCC), Monday Irenoa, Managing Director, Omisej Nigeria, Chinwe Obi, Sustainability Manager, Nestlé Nigeria, Dr. Adeyemi Adun, Group Lead, Environmental and Sustainability, Dangote Industries Limited and Ola Igwe, Business Operations and RevOps, ALX among others.

The forum’s impact was amplified by generous support from leading corporate and regulatory stakeholders, including Nestlé Nigeria, MTN Nigeria, the Nigerian Communications Commission (NCC), Rite Foods, Flour Mills of Nigeria (FMN), Guinness Nigeria, FBRA, PwC Nigeria, Omisej Nigeria Limited, and Aren Paper Mills. Their active participation underscored a vital truth: cross-industry collaboration is essential to turning environmental challenges into economic opportunities.

Top 10 Takeaways from ASF 2026

  • A Just Transition Grounded in African Realities

Africa’s shift toward a green economy cannot follow a copy-and-paste global blueprint. As Dr. Marilyn Obaisa-Osula highlighted, a “Just Transition” must balance decarbonisation goals with the continent’s immediate realities, energy access, job creation, industrial development, and affordability. Sustainability must elevate livelihoods, not stall economic growth.

  • Radical Collaboration (SDG 17) is Non-Negotiable

No single entity can solve systemic environmental issues alone. True progress requires deep strategic alliances among governments, corporate leaders, investors, and local communities. The cross-sector backing at ASF 2026 proved that business viability and environmental responsibility are mutually reinforcing.

  • Circular Economy: Turning Waste into Wealth

Waste must no longer be viewed as refuse, but as valuable raw material for new industries. Discussions led by FBRA and industry experts showed how organic waste can yield fertiliser, plastics can transform into durable building tiles, and beverage cartons can be repurposed into polyboards. Source-sorting and localized recovery systems are critical to unlocking millions in green job creation.

  • Moving Beyond ESG Compliance to Boardroom Strategy

Sustainability governance must evolve beyond token updates and yearly compliance reports. Boards must embed climate risks and green opportunities directly into strategic decision-making, capital allocation, and risk management frameworks to ensure long-term resilience.

  • Bridging the Digital Infrastructure & Connectivity Gap

Fola Odufuwa emphasised that digital inclusion is foundational to sustainable development. While Nigeria boasts approximately 35,000 telecommunications towers, millions remain disconnected from the digital economy. Accelerating wholesale data policies, expanding rural infrastructure, and unlocking regional digital trade protocols (like AfCFTA’s Digital Trade Protocol) are vital to driving shared prosperity.

  • Financing Africa’s Next Growth Engine

Mobilising private capital is essential to scaling green solutions. Sustainable finance models must back local entrepreneurs, build resilient infrastructure, and scale high-impact innovations across the continent. Financial inclusion models, such as fintech platforms expanding access to underserved populations, demonstrate how inclusion generates strong business returns.

  • Enabling Policies and Realistic Timelines

Policy documents cannot sit on shelves. Governments must clearly communicate existing green economy frameworks and support them with practical business incentives. Moreover, moving from a linear model to a circular economy requires realistic implementation timelines, workforce retraining, and institutional support for transitioning enterprises.

  • Empowering Youth with Green Skills and Employability

With Africa’s burgeoning youth demographic, vocational training and technical education must align with emerging green industries. Young Africans were urged to take individual initiative: identify market needs, acquire specialised skills in renewable energy, recycling, and sustainable manufacturing, and position themselves for the jobs of tomorrow.

  • Harnessing Trade and Homegrown Digital Platforms

Pan-African frameworks, including the African Continental Free Trade Area (AfCFTA), supported by institutions like Afreximbank, AfDB, and the Pan-African Payment and Settlement System (PAPSS), provide a springboard for growth. Building homegrown digital and financial platforms ensures economic value remains within the continent while enabling African businesses to scale seamlessly across borders.

  • Authentic Storytelling and Action-Oriented Leadership

Corporate communications must reject superficial “greenwashing” in favour of verified outcomes, clear targets, and measurable data. Business leaders were challenged to step up as executive thought leaders, demonstrating how sustainability drives competitiveness. Crucially, success should not be measured by conference announcements, but by real-world metrics: businesses created, jobs funded, skills imparted, and environments restored.

The Path Forward

ASF 2026 closed not with a sense of completion, but with a call to work. The true test of our time together lies in what we build next. As attendees return to their respective organisations, the mandate is clear: translate these lessons into measurable progress so that when we gather again, we return with proven solutions and impact.

Eromosele, a corporate communications expert, sustainability advocate, and Lead Coordinator for the Africa Sustainability Forum 2026, writes via [email protected].

 

ALX Enterprise Convenes Executive Roundtable on AI Adoption, Workforce Readiness

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ALX Enterprise recently convened a closed-door executive roundtable at The Art Hotel, Victoria Island, Lagos, bringing together senior business leaders and human resources executives to explore practical approaches to artificial intelligence (AI) adoption, change management and workforce readiness.

The roundtable, themed “How the Intelligent Enterprise Runs on AI and Smarter Talent,” brought together several leaders from organisations across various sectors, including Union Bank, Meristem, SeamlessHR, Mercurie, CareerBuddy, Aradel Holdings, Tetracore Energy, Norrenberger, MTN, SeamlessHR, and Boston Consulting Group (BCG), among others.

Guests were welcomed by Ola Igwe, Chief of Staff and Operations at ALX Nigeria, who opened the session with a brief check-in and participant introductions before handing over to Ruby Igwe, Regional Director, West and Central Africa, ALX Enterprise, to lead the afternoon’s discussions.

Facilitating the lead presentation and an open debate on “Who Owns AI Adoption?” Ruby Igwe emphasised that successful AI adoption requires organisations to prioritise people, leadership and change management alongside technology.

“At ALX, we have always believed that developing talent and equipping people with the right skills are essential to driving meaningful change. Through our work with young people, we have helped build the capabilities they need to thrive in a changing world, while ALX Enterprise extends this commitment to businesses, helping them strengthen leadership, develop workforce capabilities and navigate technological change.

As AI reshapes how organisations operate, our focus is on ensuring that businesses are not simply adopting new tools, but building the people, leadership and organisational readiness to use them effectively. Ultimately, the intelligent enterprise is one that combines technology with smarter talent to drive sustainable business growth,” she said.

She called on business leaders to establish clear accountability, develop appropriate safeguards, invest in workforce capabilities and build the organisational trust required to sustain adoption.

The discussions moved from strategy to practice through an interactive simulation led by Oluwapelumi Thomas, Learning Manager, ALX West and Central Africa. Participants took on the role of a task force tasked with transforming an organisation into an AI-first business within a year, navigating competing investment priorities and potential challenges involving data security, measurable business outcomes and employee adoption.

The exercise highlighted the importance of balancing governance, quick-win projects, access to AI tools and workforce training to achieve sustainable results.

Temitope Ekundayo, Sales and Partnerships Manager, ALX Enterprise, subsequently outlined the organisation’s four-stage enterprise methodology: Diagnose, Design, Deliver and Measure. The approach combines dedicated programme management, tailored learning experiences and measurable outcomes aligned with each client’s business priorities.

ALX Enterprise’s experience includes training more than 3,000 corporate learners, supporting 147 employees at a Nigerian energy operator and delivering 55 management learning cohorts for MTN Côte d’Ivoire, among others, within six months.

The roundtable also explored opportunities for organisations to work with ALX Enterprise through tailored corporate training, AI programmes, leadership development, talent recruitment and strategic partnerships.

Through the engagement, ALX Enterprise reinforced the need for organisations to approach AI as a people and business transformation priority, equipping employees with the capabilities, guidance and leadership support required to translate technological potential into meaningful business outcomes.

 

Africa’s Green Transition Hinges on Energy Access, Jobs, Investment

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L – R: Epa Ogie Eboigbe, Publisher, Epa.com, and Executive VP of iNSDEC LTD/GTE, Olori Data Matemilola, Executive Director, Solace Foundation, and the Project Director of the Olowu Hope Initiative,
Mr. Fola Odufuwa, Managing Director, New Frontier Capital Advisors, Martha Okpeke, Director, Mediacraft Associates, Elvis Eromosele, Lead Coordinator, Africa Sustainability Forum, and Louisa Olaniyi, Compere, at the Africa Sustainability Forum which held in Lagos.

Africa’s transition to a greener economy will depend on its ability to expand affordable energy access, mobilise climate finance, create decent jobs and develop local industries, speakers at the inaugural Africa Sustainability Forum 2026 have said.

The Forum, held in Lagos, brought together business leaders, policymakers and sustainability professionals to examine how African economies can pursue climate goals while addressing poverty, infrastructure gaps and the need for industrial growth.

Under the theme Sustainable Futures: Driving Just Transitions, Green Growth and Shared Prosperity, discussions focused on the need to translate sustainability commitments into practical economic outcomes for businesses, households and communities.

In a presentation titled What Does a Just Transition Mean to Africa?, Marilyn Obaisa-Osula, Partner and Head of ESG, Sustainability and Climate Change Services and Net Zero Leader for PwC’s West Market Area, argued that Africa’s transition must reflect the continent’s development priorities.

Her presentation identified five central requirements: universal access to affordable and reliable energy, decent jobs for a growing workforce, industrialisation and local value addition, fair distribution of transition costs, and protection for workers and communities dependent on fossil-fuel industries.

The scale of the challenge is considerable. The presentation cited estimates of approximately 600 million Africans without electricity and one billion without access to clean cooking. It also highlighted a substantial financing gap, with less than $2.5 billion committed towards energy access against an estimated annual requirement of about $15 billion.

The sustainability expert argued that a credible transition must therefore expand energy access and support industrial development while keeping emissions low. She called for greater access to concessional and grant financing, the processing of critical minerals within Africa, regional value chains and stronger social protection for affected workers and communities.

Dr Aminu Maida, Executive Vice Chairman, Nigerian Communications Commission (NCC), in his presentation highlighted the importance of clear and consistent policies in giving businesses and investors the confidence to commit capital.

He discussed green telecommunications infrastructure, infrastructure sharing and the Commission’s efforts to support growth across the digital economy, stressing that a sustainable future would require effective regulation, partnerships and collaboration among stakeholders. The EVC was represented by Mrs. Oluntunde Osunleye, Principal Manager, Regulatory Services, at the Commission.

Fola Odufuwa, Managing Director of New Frontier Capital Advisors, in his fireside session titled “Beyond ESG: Financing Africa’s Next Growth Opportunity”, drew attention to the gap between Nigeria’s international connectivity and the cost of distributing internet capacity within the country. He argued that policymakers should assess infrastructure investments by the number of people and businesses that can use them, rather than by the infrastructure delivered alone.

Odufuwa also called for updated wholesale data policies and more effective implementation of regional digital and trade frameworks. He explained that the economic implications extend beyond telecommunications. Better connectivity could allow Nigerian service providers, manufacturers and entrepreneurs to reach customers across Africa, particularly as the African Continental Free Trade Area (AfCFTA) creates opportunities for trade across a market of approximately 1.4 billion people.

He posited that the Pan-African Payment and Settlement System (PAPSS), established with Afreximbank’s support, is an initiative designed to facilitate cross-border payments in African currencies and reduce reliance on traditional payment arrangements involving currencies outside the continent.

He called on African countries to draw on their own histories, institutions and development needs when shaping sustainability policies, while working with international frameworks where appropriate.

Olori Data Matemilola, Executive Director, Solace Foundation, and the Project Director of the Olowu Hope Initiative, called for sustainability initiatives to reach homes, schools and communities rather than remain confined to boardrooms and policy discussions.

She highlighted the health and environmental challenges associated with dependence on firewood and argued that cleaner cooking solutions must be affordable, accessible and safe.

She urged sustainability organisations, businesses, educators and development partners to support community-based education and help turn awareness into practical change.

Earlier In his welcome address, Elvis Eromosele, Managing Editor of TheNumbersNG.com and Lead Coordinator of ASF 2026, said the Forum was designed to focus on practical ideas, partnerships and action rather than sustainability as a concept.

The consensus at the forum: the success of the green transition will depend not only on investment and regulation but also on whether households and vulnerable communities can participate in, and benefit from, the changes taking place.

 

 

Face of Independence Nigeria 2026 Crowns Edidiong Udoidua as Overall Winner

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The Convener/Founder of Face of Independence Nigeria, Barrister Mrs. Catherine Ajije Oloidi has reported that the 2026 event was successfully concluded, marking a significant milestone in its commitment to celebrating beauty, excellence, leadership, cultural identity and purposeful representation among young Nigerians.

Held at Eko Hotel & Suites, Lagos, on October 24, 2026, the grand finale brought together distinguished guests, industry professionals, pageant enthusiasts, supporters and emerging talents for an evening dedicated to celebrating confidence, individuality, national pride and the power of purpose.

The event had in attendance the First Lady of Lagos State, Dr. Mrs. Claudiana Ibijoke Sanwo-Olu; Amb. Dr. Charles Omini, Special Envoy to West Africa International Human Rights Protection Service (FORUM); Ola Awakan – Director-General, NTDA; Elder Asu Beks, a distinguished maritime reporter; Hon. Amb. Uyime Adams, Deputy Director, APC WASGON/National Director, Inter-governmental Affairs, International Human Rights Protection Service (FORUM) and Dr. Folorunsho Coker, former DG – NTDA.

At the conclusion of the competition, Edidiong Udoidua representing FCT Abuja was crowned Face of Independence International Winner for 2026/2027, emerging as the overall winner of the edition. Her crowning marks the beginning of a new chapter of representation, responsibility and opportunity within the Face of Independence platform.

The competition provided a platform for contestants from different States and backgrounds to showcase their confidence, communication skills, stage presence, creativity and commitment to issues that matter to their communities. Beyond the glamour of the runway and the excitement of the crowning moment, the pageant reaffirmed the importance of using visibility and influence to inspire positive change.

Face of Independence Nigeria continues to position itself as a platform where beauty meets purpose, encouraging young women to embrace their identities, develop their leadership potential and become active contributors to national development.

The organisation recognises that a crown represents more than an achievement; it carries the responsibility to lead, inspire and serve.

The 2026 edition also celebrated the diversity of Nigeria and the importance of regional representation, with additional titles awarded to contestants who will carry the Face of Independence identity into the next phase of the platform.

OFFICIAL TITLE-HOLDERS — FACE OF INDEPENDENCE NIGERIA 2026/2027

– Chidinma Anita Nmerole — Face of Independence, East

– Stephanie Kelechi Anukam — Face of Independence, West

– Favour Itorobong Nmesoma Esin — Face of Independence, South

– Helen Zachariah — Face of Independence, North

– Rashidat Oluwapelumi Oshoko — Face of Independence Ambassador

With the conclusion of the 2026 grand finale, Face of Independence Nigeria looks ahead to a new chapter of representation, engagement and impact.

The newly crowned titleholders are expected to uphold the values of the platform while contributing to conversations around leadership, culture, empowerment and social responsibility.

The organisation extends its appreciation to the contestants, judges, partners, sponsors, supporters, production team and everyone whose contribution made the 2026 edition possible.

Their collective commitment helped deliver an event that celebrated not only the pursuit of a crown, but also the promise and potential of Nigeria’s next generation of female leaders.

Face of Independence Nigeria: Celebrating Beauty, Excellence, Leadership, Lifestyle & Impact.

Still More to Live: AIICO Sustains Retirement Income for 28,000 Retirees

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At its 2026 Annuitants Forum, AIICO Insurance Plc reaffirmed its commitment to helping retirees navigate this phase with greater confidence, disclosing that it currently provides retirement income to over 28,000 annuitants across Nigeria and paid out a total of ₦68.1 billion in claims and benefits in 2025.

Held recently, under the theme “Still More to Live: Embracing Life Beyond Retirement,” the forum brought annuitants together with AIICO’s management and staff for conversations around retirement security, wellbeing and living a fulfilling life after work. The event centred on companionship, connection and conversation, reinforcing the company’s relationship with customers beyond the payment of benefits.

Welcoming guests to the forum, Mr. Gbenga Ilori, Executive Director, Retail Business Division, AIICO Insurance Plc, noted that the company’s relationship with its annuitants extends beyond the payment of retirement benefits. He emphasised that while retirement marks a major transition in life, AIICO remains committed to supporting its customers throughout the journey.

“At AIICO, we are much more than a company. We are a companion to our clients. We want to remain connected to you, listen to your experiences, hear your feedback and understand how we can serve you better,” he said.

In his opening address, Mr. Babatunde Fajemirokun, Managing Director/Chief Executive Officer of AIICO Insurance Plc, described retirement as the beginning of a new chapter rather than the end of an active and meaningful life.

“Retirement is not the closing chapter of our story. It is a new chapter, one with fewer deadlines and more freedom, fewer obligations and more opportunity,” he said.

He acknowledged the practical importance of annuity payments to retirees and their families, noting that the income supports essential needs and provides peace of mind.

“We understand that your annuity is not simply a payment. It might be rent, it might be medication, it might be grandchildren’s school fees, your contributions to your community, and your peace of mind. We do not take that lightly,” he said.

Sustaining confidence through financial security

AIICO pays approximately ₦2.1 billion in annuity benefits every month, amounting to about ₦25 billion over the preceding 12 months.

The annuity fund is maintained separately from AIICO’s other businesses and held with an independent, licensed pension fund custodian rather than in the company’s own bank accounts. The funds cannot be used to settle other claims or pledged as security for loans, providing an additional safeguard for annuitants’ retirement income.

Annuitants share their experiences

The forum provided an opportunity for customers to share their experiences and seek answers to questions about retirement income.

At the event, Mrs. Josephine Igbinedion, a retiree of the Nigerian Postal Authority, commended AIICO for its service and the opportunity to remain connected with fellow retirees.

“Payments are made on time, and whenever you need assistance, you can contact AIICO. They attend to you promptly,” she said. She added that the gathering also helped annuitants reconnect with former colleagues and receive useful updates.

Mr. Dimeji Shoji, who switched from programmed withdrawal to annuity, and was attending his first forum, said the explanations provided by the Managing Director addressed some of his concerns around inflation. Having recommended the annuity option to about seven friends, he stated: “I would advise people to consider the annuity option because it provides a guaranteed income for life.”

A fulfilling life beyond retirement

Beyond financial security, Mr. Fajemirokun encouraged retirees to prioritise their health, maintain relationships with friends and family, continue learning and share their knowledge and experience with younger generations.

Reaffirming the company’s relationship with its customers, he said: “You are not just our customers. You are valued members of the AIICO family.”

The Annuitants Forum forms part of AIICO’s broader commitment to maintaining meaningful relationships with its customers beyond policies and payments, while supporting retirees in pursuing financially secure, healthy and fulfilling lives after active service. Its message was clear: retirement marks a new chapter, and there is still more to live.

About AIICO Insurance Plc

AIICO Insurance Plc 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.

Fidelity Bank Targets Growth for SMEs at Abuja Business Forum

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Fidelity Bank Plc will conclude its 2026 Quarterly Business Forum series with an edition in Abuja, bringing together entrepreneurs, business owners, industry experts and other stakeholders to examine strategies for sustainable growth in the Federal Capital Territory.

The forum will hold on Wednesday, October 28, 2026 at Barcelona Hotel, No. 23 Blantyre Street, Wuse 2, Abuja. The theme is Building Sustainable Businesses, Unlocking Growth, Governance and Opportunity in the FCT.

Speaking ahead of the event, the Divisional Head of SME Banking at Fidelity Bank Plc, Mrs. Ugochi Osinigwe, said sustainable business growth depends on access to finance, sound governance, relevant knowledge and strong business connections.

She said: “At Fidelity Bank, we recognise that sustainable business growth requires a combination of access to finance, sound governance, relevant business knowledge and the ability to identify and maximise emerging opportunities. Through the Quarterly Business Forum, we are creating a platform where business owners can gain practical insights, strengthen their capabilities and connect with opportunities that will support their long-term success.”

“The Abuja edition will further reinforce the importance of building well-structured businesses that can adapt to changing market conditions, improve operational efficiency and position themselves for expansion. It will also provide an opportunity for participants to engage with relevant business stakeholders and explore pathways to greater competitiveness and resilience.”

Throughout 2026, the Quarterly Business Forum has promoted business engagement and knowledge sharing across the country. The Abuja edition will build on the gains of previous sessions, with discussions focused on governance, resilience and sustainable business practices.

Fidelity Bank supports entrepreneurs through its SME Banking proposition and SME Hub, which provide capacity building programmes, advisory services, networking opportunities and financial solutions tailored to the needs of businesses.

The Abuja forum will commence at 11.00 a.m. on Wednesday, October 28, 2026, at Barcelona Hotel, Wuse 2, Abuja.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

NEM Group Chairman, Tope Smart, to KEYNOTE Business Journal Insurance & Pension Roundtable 2026

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Mr. Tope Smart, Group Chairman, NEM Insurance Group will deliver the Keynote Paper at the Business Journal Insurance & Pension Roundtable 2026 scheduled for Tuesday, November 24, 2026 at Oriental Hotel, Victoria Island, Lagos.

Time is 10.00am prompt.

The theme of the Roundtable is: “Beyond Recapitalisation: The Challenge of Customer Service & Growth for Insurance and Pension Operators.”

Mr. Tope Smart is the Group Chairman of NEM Insurance Group.

A graduate and an award winner from the University of Lagos (UNILAG), Tope Smart also holds a Master’s Degree in Business Administration (MBA) from the University of Nigeria, Nsukka (UNN).

He is an Associate member of both the Chartered Insurance Institute of London (CIIL) and the Chartered Insurance Institute of Nigeria (CIIN). Tope, an astute professional, believes very strongly in the entrenchment of insurance in the minds of all Africans.

He is an unrepentant advocate for a better and stronger insurance sector in Africa.

He is a Council Member, Chartered Insurance Institute of Nigeria, Council Member, West African Insurance Companies Association (Ghana), Council Member, Nigeria-Britain Association, Member of Senate, University of Lagos and past Chairman of Nigerian Insurers Association (NIA).

Tope is a past President of the African Insurance Organisation (AIO). During his presidency, AIO witnessed phenomenal growth and increased visibility as a result of several initiatives introduced by him.

He is presently the Chairman, Alpha Morgan Bank Limited; Chairman, NEM Health Limited; Chairman, NEM Asset Management Limited and Vice-Chairman, AIO Foundation, amongst others.

In 2014, he was appointed by the Federal Government as Co-Chairman of the Insurance Industry Transformation Committee. He was also recently appointed Chairman, Planning Committee of the University of Lagos Alumni Association’s Golden Jubilee Anniversary.

In recognition of his outstanding achievements, Tope has won several awards among which are Distinguished Alumnus by the University of Lagos and University of Lagos Alumni Association Golden Jubilee Special Recognition Award amongst others.

Tope is the winner of Year 2023 (Almond Insurance Industry Award) Insurance CEO of the Year. He is also a two-time winner of the BusinessDay Top 25 CEOs award.

He is an alumnus of the Harvard Business School (HBS).

 

  • SPECIAL GUESTS OF HONOUR:
  • Olusegun Omosehin, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM)
  • Omolola Oloworaran, Director-General, National Pension Commission (PenCom)

 

KEYNOTE SPEAKER:

  • Tope Smart, Group Chairman, NEM Insurance Group

 

GUESTS OF HONOUR:

  • Jide Orimolade, President/Chairman of Council, CIIN
  • Anthonia Ifeanyi-Okoro, CEO, PenOp
  • Ebelechukwu Nwachukwu, Chairman, NIA
  • Ekeoma Ezeibe, President/Chairman of Council, NCRIB

 

Distinguished Members of Panel:

  • Adedayo Arowojolu, Managing Director/CEO, Unitrust Insurance Company Limited
  • Ivo Takor (mni), Pension Industry Activist/Expert
  • Felicia Bolajoko David, Managing Director/CEO, Alliance & General Insurance Plc

In his reaction, Prince Cookey, Publisher/Editor-in-Chief, Business Journal Media Group said:

“Mr. Tope Smart is a respected figure and role model in the insurance industry in Nigeria, West Africa and Africa. We are privileged to have him as Keynote Speaker for the Business Journal Insurance & Pension Roundtable 2026. He has equally contributed to national development through various Federal appointments, as well as serving in various capacities at his alma mater, the University of Lagos (UNILAG). As past President of the African Insurance Organisation (AIO), he contributed immensely to the rapid development and growth of insurance business in Africa. Tope Smart and NEM Insurance Group remains one of the key partners of the insurance media, year in, year out. An astute professional, he represents the face of the market in terms of professionalism, integrity and passion for the insurance sector in Nigeria and Africa.”

Cookey said successful conclusion of the recapitalisation exercise in the insurance sector on Friday, July 31, 2026 has invigorated the sector, not only in terms of capital but also in terms of positive perception of the industry by the insuring public.

He said the same energy of expected new capital and optimism will also be evident after the ongoing recapitalisation process in the pension sector initiated by the National Pension Commission (PenCom) with a compliance deadline of June 2027 for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).

Beyond capitalisation, the two markets also need to address two critical and fundamental issues:

  • How will insurers and pension operators deploy their new capital for better customer service and growth?
  • How ready are insurers and pension operators for the market challenges of post-presidential election 2027?

The Business Journal Publisher added that the outcome of the presidential election on January 16, 2027 could have profound impact on insurance firms and pension operators in terms of policy framework and operating environment, far beyond the issue of capital.

The objective of the Business Journal Insurance & Pension Roundtable 2026 is to generate public awareness for the insurance and pension sectors and to draw a roadmap for the operators in terms of market visibility, customer service, sustainable growth and contribution to the national economy going forward.

 

Top10 Magazine Names Umaru Kwairanga as Man of the Year 2026

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Alhaji (Dr) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group), has been named as the Top10 Magazine’s Man of the Year 2026.

He emerged from among many other distinguished personalities in a multi-stage rigorous selection and screening process. He succeeds Alhaji Nasiru Haladu Danu, OFR, Chairman of Casiva Limited, who was the magazine’s Man of the Year for 2025.

He joins a club of distinguished Nigerians who have won the crown since the inception of the award over 10 years ago, with Dr. Herbert Wigwe, the late Group Managing Director of Access Bank, as the pioneer winner of the award in 2016.

Also on the magazine’s roll of honour are Umar Abdullahi, Chairman, Cosgrove Group (2020); Chief Samuel Onyishi, Chairman of Peace Mass Transit (PMT) and Founder of Maduka University (2022); Muhammad Nami, former Chairman, Federal Inland Revenue Service, FIRS (2023), Senator George Akume (2024), among others.

In a letter conveying Alhaji Kwairanga’s selection as the Man of the Year 2026, the Board of Editors of the Magazine said it was in recognition of his towering leadership as custodian of Nigeria’s capital market, his role in driving national economic development, his championship of corporate governance, transparency, integrity and influence that defined Nigeria’s economic narrative in 2026.

These, the givers of the award said, clearly stand him out as a man of excellence worthy of celebration, “hence the decision of our management to accord you this special recognition as the Top10 Magazine’s Man of the Year 2026,” the letter said.

In a year marked by economic reforms, market volatility and renewed investor search for trust and transparency, Dr. Kwairanga stood tall as a symbol of stability, integrity and visionary leadership.

Under his watch, the Nigerian Exchange has emerged as one of Africa’s best performing markets, restoring investor confidence, attracting foreign inflows and providing capital for enterprise growth that creates jobs for millions of Nigerians.

As overseer of NGX Regulation, he has championed board accountability, shareholder protection, ESG compliance and global best practices, elevating Nigerian corporate governance to world standard. His influence goes beyond the trading floor of Marina.

He is a trusted counsel to regulators, a respected voice in the Presidency’s economic circle, a bridge between the private sector and government, and a mentor to a generation of investors and entrepreneurs who see in him the embodiment of ethical capitalism.

A man of unblemished integrity, quiet philanthropy and profound intellect, Dr. Kwairanga represents the best of Northern and Nigerian leadership – humble yet powerful, principled yet pragmatic, traditional yet globally minded.

In a nation in search of role models who prove that one can be successful without cutting corners, powerful without being oppressive and wealthy without losing humanity, Alhaji Kwairanga stands as a beacon.

“For his towering leadership as custodian of Nigeria’s capital market, his role in driving national economic development, his championship of corporate governance and transparency, his integrity and influence that defined Nigeria’s economic narrative in 2026, the Board and Management of the Top10 Magazine unanimously select Alh. (Dr.) Umaru Kwairanga as Man of the year 2026”, stated publishers of the Top10 Magazine.

The Top10 Magazine is a monthly publication established over ten years ago as a platform to celebrate excellence and people of excellence from all human endeavours.

The Top10 Man of the Year Award was also instituted the same year as an annual award by the magazine as the highest honour reserved annually for one distinguished Nigerian whose leadership, integrity, influence and national impact have defined the year.

This year’s recipient, Alhaji Umaru, a man of untainted character and impeccable reputation, is renowned for his unwavering commitment to success.

Dr. Kwairanga has 25 years’ cognate experience in the banking, pensions, investment, manufacturing and commercial sectors. He has served previously as a Council member of the Nigerian Stock Exchange and is currently a Council member of the Institute of Directors of Nigeria; and an active director on the boards of many quoted/listed and unquoted companies including Ashaka Cement Plc where he served for over ten years, first as a director and later as chairman of the Board. He is currently the GMD/CEO of Finmal Finance Services Limited.

He is a Fellow of Chartered Institute of Stockbrokers, Fellow of Certified Pension Institute Nigeria (2005) and Fellow of Institute of Directors of Nigeria. He is Chairman – Commerce, Trade and Investment subcommittee of Gombe State transition committee.

Dr. Kwairanga has a B.Sc (Hons) Business Administration (1991) and MBA (1995) both from University of Maiduguri and M.Sc. Finance & Governance from Liverpool John Moores University (2007).

Mr. Tony Iji, Publisher/Editor-In-Chief of the Top10 Magazine, said the award will be presented to Alhaji Umaru at the Top10 Magazine’s Annual Excellence Awards night slated for November 22, 2026 which will be graced by crème de la crème of the society.

To mark this high-profile event, the magazine is putting together a special award edition to celebrate him and other awardees. The edition which will comprehensively chronicle his achievements, leadership journey, and contribution to Nigeria’s capital market and the economy in general.

CBN Grants JPMorgan Approval-in-Principle to Establish Merchant Bank in Nigeria

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The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish a merchant bank in Nigeria, to be known as JPMorgan Merchant Bank Nigeria Limited.

The proposed establishment of a merchant bank by one of the world’s leading financial institutions marks a significant development for Nigeria’s financial sector, reflecting growing international interest in the country’s financial markets and long-term economic prospects.

Announcing the approval, Michael Akuka, Director of the Corporate Communications and Investor Relations Department at the CBN, said the development comes amid sustained reforms aimed at strengthening financial stability, improving market confidence and deepening Nigeria’s integration with global capital markets.

The approval follows the successful implementation of the banking sector recapitalisation exercise, which has strengthened the resilience and capacity of the Nigerian banking system.

The development comes against the backdrop of the CBN’s broader reform agenda under Governor Olayemi Cardoso, focused on strengthening financial stability, deepening financial markets and rebuilding international confidence in Nigeria’s financial system.

Speaking on the Bank’s broader reform priorities, Governor Cardoso said:

“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth.

“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive.”

Akuka clarified that the AIP represents the first stage of the regulatory approval process and does not constitute a final banking licence. JPMorgan Merchant Bank Nigeria Limited must fulfil all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and completion of the necessary operational and regulatory arrangements, before receiving authorisation to commence business.

The CBN has approved the nomination of Mr Adedapo Adedayo Olagunju as Managing Director of the proposed bank.

The Bank also approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as Non-Executive Directors. Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were also approved as Independent Non-Executive Directors.

The proposed bank may commence operations only upon the CBN issuing a final licence.

The CBN reaffirmed its commitment to maintaining a sound, competitive and internationally connected financial system that supports sustainable economic growth and expands Nigeria’s participation in global financial markets.

Cardoso Engages Business Leaders on Strengthening Nigeria–China Financial Corridor

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The Central Bank of Nigeria (CBN) convened a high-level business and financial roundtable in Beijing on Wednesday, October 21, 2026, bringing together Nigerian and Chinese business leaders to explore opportunities to deepen Nigeria’s financial markets and identify practical barriers to stronger financial flows between the two economies.

The engagement, themed “Strengthening the Nigeria–China Financial Corridor,” was held at the Pan Pacific Beijing and provided a platform for businesses operating across both markets to share firsthand experiences and discuss how financial connectivity, banking relationships and investment channels could be strengthened.

Governor of the CBN, Olayemi Cardoso, emphasised the importance of engaging directly with businesses to understand the opportunities and constraints affecting financial activity between Nigeria and China, particularly those that could inform efforts to develop deeper, more accessible financial markets.

Philip Ikeazor, Deputy Governor for Economic Policy at the CBN, delivered the opening remarks, setting out the objectives of the engagement and the importance of translating stronger macroeconomic fundamentals into increased investment and more developed financial markets.

Nigeria’s Ambassador to the People’s Republic of China, Lt. Gen. Abdulrahman Bello Dambazau (rtd), also addressed participants. Other speakers included Festus Mbisiogu, Chairperson of Blue Diamond Group and Chief Diana Chen, Chairperson of CIG Motors, who brought perspectives from businesses operating across the Nigeria–China corridor.

At the heart of the engagement was an interactive listening session in which participants discussed opportunities for greater financial activity and the practical challenges encountered in conducting transactions between the two countries.

Issues raised included the need for more efficient cross-border payment arrangements, stronger banking connectivity, and the potential benefits of a larger Nigerian banking presence in China. These were considered alongside broader opportunities to facilitate financial flows and to improve access to financial services and investment opportunities in Nigeria.

The engagement also featured a presentation on Nigeria’s economic reform progress, improved macroeconomic fundamentals, and emerging investment opportunities in the country’s financial markets.

Cardoso delivered closing reflections, underscoring the importance of translating stakeholder engagement into a clearer understanding of the financial and institutional issues requiring attention.

The insights gathered are expected to inform the CBN’s continued engagement with relevant financial institutions and regulatory counterparts, focusing on practical areas for cooperation within the Bank’s mandate.

The Beijing roundtable is part of the CBN’s broader strategy to deepen Nigeria’s financial relationships across Asia. Following engagements in Singapore and at the IMF/World Bank Annual Meetings in Bangkok, the Bank’s China programme includes bilateral discussions with the People’s Bank of China, engagement with ICBC leadership, and meetings with Nigerian and Chinese businesses.

The programme will also extend to Guangzhou, where the CBN will hold a listening session with the Nigerian business community to better understand financial challenges and explore opportunities to strengthen remittance channels and facilitate investment in Nigeria.

 

 

UBA Commences Contempt Proceedings Against WEMPCO Directors over Alleged Disobedience of Court Order

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Mr. Lewis Tung and his brother, Robert Tung

The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.

The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.

The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.

In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.

He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.

Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.

The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty -One Billion Four Hundred and Forty-Five Million Six Hundred and Ninety -Five Thousand, Nine Hundred and Ninety -Three Naira, Seventy -Six Kobo).

 

$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others

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A Lagos State High Court has granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.

The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.

Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.

In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.

UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transaction.

UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.

The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.

UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.

However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.

“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.

UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.

The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.

The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.

 

Heirs Insurance Group Wins Prestigious Financial Times–World Bank Group Africa Sustainable Futures Award

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Business Journal
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L-R: Chinwe Binitie, Co-Head of Partnerships, World Bank Group’s Multilateral Investment Guarantee Agency; Nkem Onwuamaegbu, Africa Regional Head, World Bank Group’s Multilateral Investment Guarantee Agency (MIGA); Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group; Niyi Onifade, Managing Director/CEO, Heirs Life Assurance; Henry Mance, UK News Editor, Financial Times and Ed Mountfield, Vice President and Chief Financial Officer, World Bank Group’s Multilateral Investment Guarantee Agency during the Africa Sustainable Futures Awards Ceremony held in the Landmark London on Thursday October 22, 2026.

Heirs Insurance Group has won the Africa Sustainable Futures Award, organised by the Financial Times in partnership with the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), in the Critical Infrastructure (Non-Energy) category. Presented at the closing awards ceremony of the 2026 Africa Summit in London, the award recognises the Group’s innovative use of digital technology to expand access to insurance and advance financial inclusion among underserved communities in Nigeria. At the core of the Group’s initiatives is Prince AI, Nigeria’s first multilingual generative AI insurance assistant, which uses artificial intelligence and multi-language capabilities with a focus on local languages, to help make insurance more accessible and easier to understand. Combined with the Group’s USSD platform, mobile application and digital and bancassurance distribution channels, the initiative is helping extend financial protection to populations historically excluded from formal insurance services. Through these initiatives, Heirs Insurance Group has extended insurance access to more than three million people, demonstrating how technologyenabled distribution can help address barriers to insurance adoption in markets where access to financial protection remains limited. The Group’s approach combines digital accessibility with a commitment to customer trust, service delivery and its pledge to settle validated claims within 48 hours, provides a dependable safety net for individuals, families and businesses facing unexpected financial shocks.

Commenting on the recognition, Niyi Onifade, Managing Director/CEO, Heirs Life Assurance, said: “This award is a powerful validation of our commitment to making insurance simple, accessible and reliable for every Nigerian. For too long, millions of people have remained outside the formal insurance ecosystem, leaving them vulnerable to financial uncertainty. We are using technology to help change that reality.” He added: “By combining digital innovation, artificial intelligence, multilingual capabilities and customer-centric distribution, we are addressing traditional barriers to insurance adoption and bringing financial protection closer to the people who need it most. Our mission is to demonstrate that inclusive insurance can be delivered at scale without compromising the quality of the customer experience.”

The Critical Infrastructure (Non-Energy) category recognises private-sector initiatives that strengthen essential infrastructure and improve livelihoods through sustainable, scalable solutions. Heirs Insurance Group’s recognition emphasises the role that digital financial services can play in advancing inclusion and strengthening economic resilience. The award marks an important milestone in the Group’s efforts to expand insurance access through technology, broaden participation in the formal insurance market and build greater financial resilience among individuals and businesses in Nigeria. About Heirs Insurance Group 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.

 

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