Sovereign Trust Insurance Reports 45% Revenue Rise in Q2 2025

07/08/2025

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

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

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

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

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

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

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

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

Business Journal

07/08/2025

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

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

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

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

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

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

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

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

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

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

Tinubu Directs Free Healthcare for Retirees, Pension Increment

Business Journal

07/08/2025

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

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

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

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

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

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

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

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

Business Journal

07/08/2025

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

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

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

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

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

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

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

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

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

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

A Brighter Future for Nigeria’s Insurance Industry

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

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

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

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

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

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

Business Journal

07/08/2025

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

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

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

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

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

Signed:

Mr. Kunle Ahmed

Chairman

NIA

The 2025 Almond Insurance Industry Awards Now Open for Voting

Business Journal

07/08/2025

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

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

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

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

LIFE INSURANCE COMPANY OF THE YEAR

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

GENERAL INSURANCE COMPANY OF THE YEAR

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

INSURANCE BROKING COMPANY OF THE YEAR

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

INSURANCE CEO OF THE YEAR

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

INSURANCE BROKER OF THE YEAR

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

INSURANCE WOMAN OF THE YEAR

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

TAKAFUL INSURANCE COMPANY OF THE YEAR

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

MICROINSURANCE COMPANY OF THE YEAR

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

MOST VALUABLE INSURANCE CUSTOMER OF THE YEAR

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

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

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

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

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

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

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

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

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

VOTE NOW because Voting ends on the 5th of September

#Almond Insurance Industry Awards

#Insurance Biggest Nite

#Rewarding Excellence

#Insurance Meets Pop Culture

CBN, NDIC Re-affirm Commitment to Financial System Stability

Business Journal

07/08/2025

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

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

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

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

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

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

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

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

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

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

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

Business Journal

05/08/2025

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

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

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

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

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

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

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

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

Investor Confidence: Stanbic IBTC Holdings Surpasses ₦100 Stock Price Threshold

Business Journal

04/08/2025

Stanbic IBTC Holdings Plc has achieved a remarkable milestone, surpassing the ₦100 threshold on Tuesday, 29 July 2025, and achieving an impressive month-to-date gain of over 18% on the Nigerian Exchange, as at that date.

Ending last week at N101, this dynamic stock is not only solidifying its gains but also establishing itself as a key player in the market.

This surge in investor confidence towards Stanbic IBTC reflects a broader enthusiasm surrounding the company’s robust fundamentals, characterised by a stellar performance that includes a significant 23% rally, energising the entire banking sector in July. The upward momentum has been significantly propelled by the group’s exceptional Q1 2025 results, where they reported a remarkable pre-tax profit of ₦116.4 billion, an astounding increase of 85.6% when compared to the same period last year. These results not only demonstrate the bank’s ability to navigate challenging market conditions, but also its capacity for sustained growth.

Furthermore, in a move to bolster its position and enhance operational capabilities, Stanbic IBTC recently secured a substantial three-year CNY800 million (approximately ₦172 billion) loan facility from the China Development Bank. This strategic partnership reinforces Africa-China trade ties and highlights the company’s forward-thinking vision for growth and innovation.

Amidst an overwhelmingly positive sentiment prevailing in the market, Stanbic IBTC has now delivered an extraordinary year-to-date return of over 74% and a cumulative trading volume of 180 million shares; evidence of its strength and resilience.

Acting Chief Executive, Stanbic IBTC Holdings, Kunle Adedeji shared his insightful perspectives on the company’s outstanding performance in a recent statement. He emphasised: “Our commitment to delivering significant value for our shareholders is unrelenting. We are excited about our growth trajectory and the opportunities that lie ahead.”

Adedeji highlighted how the company’s focus on innovation and operational excellence has not only bolstered its market position but also boosted the culture of accountability and transparency within the organisation. He noted that the positive results being witnessed today are a direct outcome of the relentless efforts of the dedicated teams who are helping to realise the company’s vision.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, elaborated on the future, expressing optimism about the potential that lies ahead. “Being part of a group that actively explores new opportunities and seeks out partnerships to further enhance our capabilities, our strategies are designed not just for immediate returns, but to also build a sustainable future where our shareholders can continue to thrive alongside us.”

With a strong foundation and clear vision, Stanbic IBTC is poised for continuous growth and success in the ever-evolving financial landscape. As investor confidence strengthens and operational capabilities expand, Stanbic IBTC seems to be setting itself up for a bright and prosperous future.

Leadway Assurance Partners Ecobank to Expand Access to Tailored Insurance Solutions

Business Journal

04/08/2025

Leadway Assurance, Nigeria’s leading insurance provider, has formally entered into a strategic bancassurance partnership with Ecobank Nigeria Limited.

This alliance aims to deliver integrated insurance offerings to both internal and external stakeholders within Ecobank, spanning employees, customers, and small business owners.

The launch of the partnership on August 1, 2025 marks a significant step in advancing financial inclusion by embedding insurance access directly within everyday banking touchpoints.

From life and health protection to motor and home insurance solutions, Ecobank customers and stakeholders will now enjoy seamless access to Leadway’s trusted suite of products, expertly tailored to meet their evolving needs.

Beyond convenience, the initiative is designed to deepen insurance awareness and foster uptake through interactive product education across key engagement platforms, including physical Ecobank branches, staff engagements, Ecobank’s mobile platforms, and direct customer channels.

Speaking on the partnership, Kikelomo Fischer, Director of Sales, Retail and Partnerships at Leadway Assurance, shared, “This collaboration is about making insurance simple, accessible, and part of everyday life. By working with Ecobank and leveraging their wide network, we’re bringing financial protection closer to people—right where they are, and when they need it most.”

She added, “This isn’t just about operations—it’s a purposeful move to bridge the insurance gap in Nigeria. By combining our customer-focused solutions with Ecobank’s reach, we’re making it easier for more Nigerians to access the protection they deserve.”

Adeola Ogunyemi, Head of Distribution Channels and Sales, Consumer & Commercial Banking at Ecobank, said, “At Ecobank, we are delighted to partner with Leadway Assurance, one of the country’s foremost insurance service providers. This strategic collaboration aligns with our vision to create a one-stop hub offering robust financial services. Through this initiative, our customers will enjoy the convenience of accessing tailored insurance solutions alongside their banking needs.”

The rollout will commence across select Ecobank branches nationwide, with product champions trained to guide users through policy options, including Leadway’s Group Life Cover, Personal Accident Insurance, and Term Life policies, which are especially beneficial to Ecobank’s workforce and retail clientele.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost insurance service providers, renowned for its efficiency and customer reliability. With over 50 years of experience, Leadway has consistently honoured its underwriting commitments and earned a reputation for excellence in claims handling. The company remains at the forefront of the insurance industry, offering innovative solutions that meet the evolving needs of its clients.

About Ecobank

Ecobank Nigeria Ltd is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 35 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank’s unique pan-African platform is designed to help unlock the opportunities of the continent, for the continent, facilitating regional integration, trade, and investment across borders.

Ecobank utilises a broad range of digital platforms such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POS terminals, and a vast distribution network with over 250 branches and approximately 50,000 agency banking locations.

ICAN Fidelity Bank Chapter Chair to Focus on Capacity Building, Professional Excellence

Business Journal

04/08/2025

L-R: Chairman of the Occasion and Regional Bank Head -Ikeja, Fidelity Bank Plc, Jude Monye, FCA; Associate Prof. & Member, Governing Council, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Mrs Obal Usang Edet Usang, FCA; 4th Chairman, ICAN Fidelity Bank Chapter, Audifax Onuoha, FCA; 61st ICAN President, Mallam Haruna Yahaya MNI, PhD, FCA; and Immediate Past Chairman, ICAN Fidelity Bank Chapter and Chief Financial Officer, Fidelity Bank Plc, Victor Abejegah; during the 4th Investiture and Patron Conferment Ceremony of the ICAN Fidelity Bank Chapter, held at the Fidelity Bank Head Office in Lagos recently.

The Institute of Chartered Accountants of Nigeria (ICAN), Fidelity Bank Chapter, has inaugurated Mr. Audifax Onuoha as its new Chairman, at the Chapter’s 4th Investiture and Patron Conferment Ceremony, held at Fidelity Bank’s Head Office, Fidelity Place, Lagos. The investiture also witnessed the formal inauguration of the 2025–2027 Executive Committee.

The new Chairman, Mr. Onuoha, who currently serves as Group Head, Compliance Risk Management at Fidelity Bank Plc, succeeds Mr. Victor Abejegah, the bank’s Chief Financial Officer.

In his acceptance speech, Onuoha expressed a firm commitment to strengthening the technical capacity of ICAN members and non-members across the bank.

“Our administration will focus on continuous learning and skill development to equip our members with the cutting-edge knowledge needed to thrive in today’s fast-evolving financial services landscape,” Onuoha stated.

A Chartered Accountant, data science expert, and anti-money laundering specialist, Onuoha also pledged to build on the achievements of previous leadership while reinforcing the strategic alliance between ICAN and Fidelity Bank.

“We will deepen the synergy between Fidelity Bank and ICAN as a foundation for a resilient financial ecosystem. We also aim to grow the Chapter’s membership by attracting more Chartered Accountants, thereby enriching the intellectual capital of the bank,” Onuoha added.

Delivering the opening address, Chairman of the Occasion and the Regional Bank Head -Ikeja, Fidelity Bank Plc, Mr. Jude Monye, urged the new leadership to make professional development a top priority.

“Capacity building is no longer optional—it is imperative. Let your tenure be marked by programmes that empower members to lead with insight, resilience, and relevance,” Monye advised.

Monye lauded the Chapter’s growth and impact over the years, attributing much of its success to the unwavering support of Fidelity Bank’s leadership, particularly its Managing Director/CEO, Dr. Nneka Onyeali-Ikpe.

“The Chapter’s evolution into a vibrant hub of professional development reflects the bank’s deep appreciation of the value of professional competence in a dynamic financial sector,” Monye noted.

The immediate past Chairman, Mr. Victor Abejegah, highlighted several achievements recorded during his tenure, including entrepreneurship training in fish farming, snail farming, poultry, and export processing, as well as significant strides in member welfare and insurance claim support for bereaved families.

A major highlight of the event was the conferment of the Chapter’s new Patron award on the Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Mr. Stanley Amuchie, in recognition of his over 25 years of exemplary service in banking and financial services.

Amuchie described the honor as “a call to serve— as a mentor, advocate, and bridge-builder within the ICAN community and the broader Fidelity Bank family.”

The ceremony concluded with the swearing-in of the new executive committee by the 61st President of ICAN, Mallam Haruna Yahaya, signaling a new era of visionary leadership for the Chapter.

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 recognized 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.

Sterling HoldCo Delivers 157% Profit Growth in Half-Year 2025

Business Journal

04/08/2025

Sterling Financial Holdings Company Plc has reported a 157% year-on-year surge in profit-after-tax (PAT) in its unaudited results for the half-year ended June 30, 2025, demonstrating continued

momentum in revenue growth, operational efficiency, and capital position.

The Group’s PAT reached ₦41.78 billion, up from ₦16.26 billion in the same period last year. Earnings per share rose significantly to 89 Kobo from 56 Kobo, reflecting a consistent increment in value to shareholders.

Gross earnings climbed by 39.7% to ₦212.61 billion, compared to ₦152.20 billion for H1 2024, while interest income rose by 38.3% to ₦167.16 billion, and non-interest income increased by 45% to ₦45.45

billion, attesting to the Group’s strategic focus on revenue diversification.

Additionally, the Group’s cost-to-income ratio improved to 64.5% from 75.7%, underscoring the benefits of ongoing cost optimisation measures.

Total assets stood at ₦4.08 trillion at the end of June, representing a 15.3% increase from ₦3.54 trillion in December 2024.

Shareholders’ funds were up 22.9% for the period, reflecting the impact of recent recapitalisation and healthy retained earnings. Asset quality also improved, with the non-performing loan ratio declining

to 5.1% from 5.4% at the close of the 2024 financial year.

The Group’s strong showing in the first half of the year followed a successful private placement and rights issue, through which approximately ₦100 billion was raised.

The proceeds enabled the full recapitalisation of Alternative Bank and further strengthened the capital base of Sterling Bank, the Group’s flagship subsidiary. The Group is set to enter the public phase of its capital raising programme in the coming weeks, aiming to close the ₦53 billion recapitalisation gap of Sterling Bank and further strengthen the institution’s capacity for sustained growth across its diversified

income streams.

This public offer is the first phase of the US$400m capital raising programme approved by Sterling Holdco’s shareholders at its Annual General Meeting which held on the 30th of June 2025.

Commenting on the Group’s feat and long-term vision, Yemi Odubiyi, Group Chief

Executive Officer, Sterling Financial Holdings Company, said:

“Our outstanding half-year results are the product of clear strategic focus and a relentless drive to create lasting value for our stakeholders. Our performance reflects not just robust growth in core income lines, but also our success in building a resilient and agile business model, capable of delivering superior returns even in a dynamic macro-economic environment.

As we continue to diversify our income streams and invest in operational efficiency, we remain steadfast in our commitment to responsible growth, prudent risk management, and sustainable impact.

Looking ahead to the next phase of our capital programme, we see tremendous opportunity to deepen our footprint in Nigeria’s growth sectors and to catalyse meaningful progress for our customers,

communities, and the broader economy.”

Sterling HoldCo’s ongoing investments in renewable energy, healthcare, and community development highlight its role as a catalyst for positive change across Nigeria’s critical sectors.

As the Group forges ahead with its plans for the second half of the year, it remains resolute in its pursuit of sustainable growth, continuous innovation, and the creation of enduring value for all stakeholders.

SEC: Why We Granted “No Objection” to First Holdco Transaction

Business Journal

02/08/2025

The Securities and Exchange Commission (SEC) Nigeria wishes to clarify its position regarding the recent First Holdco Transaction.

In line with extant laws and SEC regulations, the Commission granted a “no objection” to the transaction after due consideration and in full compliance with applicable requirements. There was no subsequent request for additional information from the Central Bank of Nigeria (CBN) following the conclusion of the transaction.

It is important to note that the Commission’s correspondence with the operators involved was not a query. Rather, it was an automated compliance mechanism designed to promote transparency and ensure proper conclusion of large transactions within the market.

The SEC remains firmly committed to its mandate of regulating a fair, orderly and efficient market; protecting investors and fostering capital formation in Nigeria.

Signed

Efe Ebelo (Mrs.)

Head, External Relations

Securities and Exchange Commission, Nigeria

Capital Market to Unlock $500bn Assets via Commodities Exchanges, Warehouses

Business Journal

02/08/2025

The Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has disclosed that by formalising Commodities and Warehouse receipts, the capital market can unlock $500 billion in dormant agricultural and mineral assets.

Agama who stated this at a national workshop of the Chartered Institute of Stockbrokers in Abuja Tuesday, said the move would transform them into tradeable securities.

He noted that would help the economy diversify from the oil and gas industry, and create wealth for the country.

Agama explained that the Investments and Securities Act 2025 has empowered the SEC to take decisive actions to promote the sector.

“The Act sharpens the SEC’s regulatory focus, ensuring it operates with the precision and authority required to steward a rapidly expanding market”, he stated.

He added: “Today, I speak not just about the Investments and Securities Act (ISA) 2025 as a legislative milestone, but as a strategic blueprint to propel Nigeria into the league of top global economies.

“This Act is not merely an update—it is a revolution. It dismantles legacy constraints, embeds global best practices, and positions our market as the engine room for national prosperity. The question before us is no longer if Nigeria can achieve a $1 trillion economy, but how soon—and the capital market, under this new Act, will be the accelerant.”

The SEC DG stressed that the Commission “now has explicit powers to shut down Ponzi schemes and prosecute offenders—ending the era of “get-rich-quick” scams that erode market confidence.

“Investors are now covered for losses from revoked dealer licenses—a long-awaited safeguard that will boost participation. Trust is the currency of our capital markets. Without it, liquidity dries up.”

SEC Disowns AGM of Tourist Company of Nigeria, Reaffirms Regulatory Oversight

Business Journal

02/08/2025

The Securities and Exchange Commission (SEC) has disowned the purported Annual General Meeting (AGM) of The Tourist Company of Nigeria (TCN) Plc held on July 25, 2025, warning that any resolutions passed at the meeting are null and void.

In a public notice issued, the Commission condemned recent actions by some majority shareholders of TCN, who allegedly convened the meeting in defiance of a suspension order issued by the SEC.

The Commission said the meeting also resulted in unauthorised changes to the company’s board, including the removal of SEC-appointed interim directors and the board secretary—moves it described as illegal and disruptive.

The Commission noted that its intervention in TCN, including the appointment of two interim independent directors, was aimed at preserving the company’s status as a going concern and safeguarding the interests of all shareholders, particularly minority investors.

It added that the intervention had already yielded stability and a rebound in the company’s share value before the recent disruptions.

“The Commission, pursuant to its core mandate under the Investments and Securities Act, 2025, had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern and to protect the interest of all shareholders especially those whose holdings cannot give them access to the Management and control of the company.

“The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention which had brought stability into the company and returned its shares to positive values.

“The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement. The Commission does not recognise the purported Annual General Meeting (AGM) of TCN Plc of July 25, 2025 held in clear disregard of an express directive from the Commission and in contravention of extant laws governing such meetings. The Commission shall accordingly discountenance any resolution passed in the said meeting until all legacy issues are fully resolved.

“The Board of TCN Plc remains as constituted prior to the purported AGM, and the SEC appointed independent directors would remain on the Board of TCN Plc to ensure good governance, stability, the protection of minority investors and to ultimately maintain an orderly and fair market”, the statement added.

Emphasising its statutory mandate under the Investments and Securities Act, 2025, SEC assured stakeholders that it remains committed to investor protection and market discipline. The Commission vowed to deploy all legal mechanisms available to enforce its directives and uphold the integrity of the capital market.

“All stakeholders and the investing public should be guided accordingly,” the notice concluded.

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