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Business

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ICT

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Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

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Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

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SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

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Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

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Sovereign Trust Insurance Celebrates 2025 Customer Service Week

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Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

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Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

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ICT

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Capital Market

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Insurance

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

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Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

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Stanbic IBTC Reaffirmed at ‘AAA (nga)’ by Fitch Ratings for Over a Decade

Stanbic IBTC Holdings Plc has once again set the benchmark for financial excellence in Nigeria, with Fitch Ratings reaffirming its ‘AAA (nga)’ rating and Stable Outlook, the highest rating on the national scale. This marks over ten consecutive years of maintaining this top-tier rating, underscoring the Group’s financial strength and commitment to Nigeria’s economic development.

Fitch’s latest rating action reflects the strength of Stanbic IBTC’s operating model, the Group’s prudent risk management practices, and its strategic importance to its parent company, Standard Bank Group (SBG) of South Africa, which holds a 67.55% shareholding in Stanbic IBTC.

This remarkable achievement underscores Stanbic IBTC’s unwavering commitment to financial stability and excellence. The report highlights Stanbic IBTC’s strong corporate and investment banking franchise, diversified income streams, robust capital generation, and comfortable liquidity coverage. The Bank’s strong earnings are supported by high non-interest income and a wide net interest margin.

Fitch also noted the Group’s effective handling of credit risk, with its impaired loans ratio remaining below regulatory standards at 4.4%, and a high 88% specific loan loss coverage. Liquidity levels remain comfortable across both local and foreign currencies, and the Bank continues to maintain a reasonable balance between deposits and loan disbursements.

Commenting on the achievement, Adekunle Adedeji, Acting Chief Executive, Stanbic IBTC Holdings, stated:

“This milestone speaks to our legacy of excellence, consistency, and long-term focus. Being affirmed at ‘AAA (nga)’ for over a decade by a global rating agency like Fitch speaks volumes about our corporate governance structures, risk controls, and commitment to supporting the Nigerian economy. We are proud of what this means, not just for Stanbic IBTC, but also for our clients, shareholders, and partners.”

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, added: “SBG’s strong integration with Stanbic IBTC, shared branding, and Pan-African strategy significantly contribute to our consistent top ratings. Stanbic IBTC Bank also retained its National Short-Term Rating of ‘F1+(nga)’, reflecting our exceptional capacity for timely financial commitments.”

This reaffirmation further validates Stanbic IBTC’s position as a trusted provider of integrated banking, asset management, pension, stockbroking, Fintech, trusteeship insurance, and investment solutions across Nigeria.

As we continue to drive sustainable value creation, we invite our clients, shareholders, and partners to join us in shaping the future of financial services in Nigeria.

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Topics

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Pension Industry Paid N271bn to Retirees in 2014

Operators in the pension industry paid out total of N271.15 billion as lump sum to retirees in 2014 under the new Contributory Pension Scheme (CPS) and an average monthly pension of N3.84 billion. In addition, another sum of N62.20 billion was paid as premium to insurance companies to provide life annuity for 14, 784 retirees. Mrs. Chinelo Anohu-Amazu, Director-General, National Pension Commission (PenCom) told Business Journal in an Executive Chat that a total of 115,529 workers had retired as at 31 December, 2014 with 87.20 percent (100,745) of the retirees on Programmed Withdrawal, while the remaining 12.80 percent (14,784 retirees) were on Life Annuity.

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