According to notice released on the exchange, for dealing members and investors, the company’s insurance revenue, is projected to stand at ₦89.42 billion.

The company’s general business is expected to generate 72% of the projected GWP, while the Life arm of the group  will account for j28%.

Investment income would largely be driven by returns on its financial assets, with non-cash items such as depreciation of non-current assets, amortisation of intangible assets, and net fair value gains or losses on financial assets factored into its profit or loss and other comprehensive income statement.

On the profitability side, Mutual Benefits projects gross premium written of ₦96.82 billion and insurance revenue of ₦89.42 billion, against an insurance service expense of ₦81.56 billion. Net income from reinsurance contracts held is estimated at ₦802.64 million, bringing the insurance service result to ₦8.66 billion.

Net investment income is expected  to stand at ₦13.16 billion, while net insurance finance expenses are projected at ₦1.99 billion, resulting in net insurance and investment results of ₦19.84 billion. With other income of ₦237.03 million and total non-attributable expenses of ₦2.76 billion, the company expects a profit before income tax of ₦17.31 billion.

After an income tax expense of ₦1.90 billion, Mutual Benefits projects a full-year profit of ₦15.41 billion for the period under review.

The post General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP appeared first on Business Today NG.

This is contained in a in a notice to Nigerian Exchange Limited (NGX) and its esteemed shareholders released recently.

Chukwu is a  Chartered Accountant and a private equity leader with over four decades of experience spanning banking, taxation, corporate governance and investment. 

He is the founder & Chief Executive Officer of Assetswise Capital Ltd, where he has steered private equity investments since 2007, building a reputation for strategic insight and value creation.

His public service record includes serving as Executive Chairman of the Ebonyi State Internal Revenue Board between 2019–2020, where he restructured operations, automated processes, and doubled the state’s internally generated revenue within a year.

He was the founding Managing Director/CEO of Spring Bank Plc between 2005–2007, leading the historic merger of six banks and pioneering the new institution.

Prior to that, he served as MD/CEO of Guardian Express Bank between 2001–2005 and has held senior leadership roles at ACB International Bank, First Atlantic Bank, UBA, FCMB, Citizens International Bank, Fidelity Bank, and Price Waterhouse Cooper (PWC), respectively.

He holds a B.Sc. in Political Science from the University of Nigeria, Nsukka and is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation of Nigeria (CITN), Chartered Institute of Bankers of Nigeria (CIBN), Chartered Institute of Management of Nigeria, and Institute of Directors Nigeria (IoD).

His academic excellence was recognized early with a Distinction in WAEC in 1980 and the first prize in ICAN Foundation Exam in 1986.

Mr. Chukwu has sharpened his leadership skills through global executive programs, including the Chief Executive Programme at Lagos Business School in 2003 and the High Potential Leadership Program at Harvard Business School in 2006.

He brings extensive board-level experience, having served as Chairman and/or Director on the Board of the financialservices, research, and technology sectors, including Eartholeum Networks Ltd, ENL-NOVA Ltd, Cowry Asset Management Ltd, and the National Root Crops Research Institute.

Beyond his corporate achievements, Mr. Chukwu is deeply committed to philanthropy, lecturing, and community service, with personal interests in reading, travelling, chess and football.

The Board and Management wish the newly appointed Director all the best as he takes on his appointment.

The post SUNU Assurances Nigeria Boosts Board With Michael Chukwu, Founder of Assetswise Capital appeared first on Business Today NG.

In a statement issued on Sunday evening, the Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab, listed areas identified as vulnerable to flooding. These include Eti-Osa, Lagos Island Local Government Area, Oke-Ira Nla (Ajah), Kirikiri (Sea Port), Ilaje Waterfront Jetty, and Jetty Terminal B, among others.

According to the Commissioner, the State Government is treating the advisory with the utmost seriousness and has intensified monitoring activities across the identified locations, as well as other riverine, low-lying, and flood-prone communities.

Wahab urged residents in vulnerable areas not to disregard the warning or wait until floodwaters rise before taking action, stressing that early preparation and temporary relocation to safer areas could prevent avoidable tragedies.

He reiterated that residents of flood-prone communities should move to higher ground and remain there until the peak of the resurgent rainy season has passed.

“We are urging Lagosians, particularly those living in flood-prone and low-lying areas, not to take this warning lightly. When the signs point to danger, the safest decision is to move early. No property is worth risking a life,” Wahab stated.

He noted that Lagos typically experiences a second phase of the rainy season from September, characterised by increased rainfall, rising water levels, and tidal influences that can exacerbate flooding in vulnerable locations.

The Commissioner therefore advised residents living near rivers, lagoons, wetlands, drainage channels, and other water bodies to remain vigilant and comply with all safety advisories issued by relevant government agencies.

Wahab specifically called on communities situated along the Ogun River and other major waterways to exercise heightened caution, noting that upstream rainfall intensity and water levels in connected river systems could significantly affect downstream conditions in Lagos.

He also urged residents of low-lying areas and riverbank communities, including Isheri North, Kara, Itowolo, Ajegunle, Majidun, Ogolonto, parts of Agboyi, and other settlements downstream of Isheri Olofin, to remain on high alert during the period 19 to 25 September.

The Commissioner further advised residents across the state, particularly those in coastal and waterfront communities, to closely monitor official flood forecasts and be prepared to relocate temporarily whenever flooding becomes imminent.

According to the NiHSA report, rising river levels could result in flooding across vulnerable communities and impact critical facilities such as schools, healthcare centres, markets, farms, and places of worship.

Wahab therefore called on affected local governments, emergency management agencies, community leaders, and residents to activate early warning and response mechanisms, while ensuring that people, livestock, and valuable possessions are moved to safer locations where necessary.

He stated that the Lagos State Government would continue to monitor river levels, rainfall patterns, and other hydrological developments in collaboration with relevant federal agencies.

He added that routine cleaning, maintenance, and monitoring of drainage infrastructure across the state would also be sustained.

The Commissioner appealed to residents to support the government’s flood mitigation efforts by refraining from indiscriminate dumping of refuse into drains, canals, and waterways, noting that blocked drainage channels can worsen flooding and delay the recession of floodwaters.

He also cautioned residents against walking or driving through flooded roads, bridges, and fast-moving water, urging those in vulnerable areas to make arrangements for temporary relocation whenever official warnings indicate an imminent threat.

Wahab stressed that the protection of lives and property remains the government’s foremost priority and urged Lagosians to treat flood forecasts as critical safety information requiring immediate action.

He assured residents that the State Government would continue to deploy all necessary measures to reduce flood risks and provide timely updates as the situation evolves.

He further urged Lagosians to remain calm, vigilant, and responsive to official advisories.

The post Lagos Orders Residents In Flood-Prone Areas To Relocate To Higher Ground, Issues New Alert appeared first on Business Today NG.

The post Shogunle, Popoola, Sydney-Jack, Arogundade to Headline GOCOP’s October Conference appeared first on Business Today NG.

The reputable rating agency also assigned the company a short-term rating of ‘A1’, with a stable outlook. The ratings, issued on 24 August 2026, are valid through 30 June 2027.

According to the rating agency the upgrade reflects Mutual Benefits’ good financial condition and strong capacity to meet its obligations relative to other insurers operating in Nigeria. The assessment was supported by the company’s sound capitalisation, improved profitability, good liquidity profile, strong retail distribution network and experienced management team.

The upgrade represents a significant recognition of the company’s strengthened financial position and ongoing efforts to build a resilient, competitive and customer-focused insurance business.

Mutual Benefits recorded substantial improvements in its capital and solvency position as of 31 December 2025.

Its  shareholders’ funds increased by 41.8% year-on-year to ₦33.9 billion, driven by reserve accretion arising from improved profitability. Net admissible assets stood at ₦30.3 billion, exceeding the stated ₦15 billion regulatory minimum for non-life underwriters under the Nigerian Insurance Industry Reform Act 2025.

The company’s solvency margin stood at 512%, significantly above Agusto & Co.’s 100% benchmark. Meanwhile, its investment portfolio grew by 30.5% to ₦51.4 billion, with liquid assets accounting for 68.2% of the portfolio, supporting the company’s ability to meet claims obligations and maintain financial flexibility.

Equally important, the company recorded strong growth in its underwriting operations during the financial year ended 31 December 2025.

Gross written premiums increased by 26.7% year-on-year to ₦52.7 billion, with motor insurance remaining the company’s largest underwriting segment, accounting for 34.4% of its portfolio.

Net claims declined by 6.3%, while the average loss ratio improved to 23%, compared with an estimated industry average of 27.4% for Nigeria’s non-life insurance sector.

Commenting on the rating upgrade, Femi Asenuga, Managing Director/CEO, Mutual Benefits Assurance Plc, said:

“The upgrade of Mutual Benefits Assurance Plc’s long-term credit rating from ‘Bbb+’ to ‘A-’ by Agusto & Co. is a significant milestone in our journey and a strong recognition of the financial resilience and disciplined execution that underpin our business. It reinforces the strength of our capital position, the progress we have made in improving our underwriting performance and our ability to deliver sustainable value in a dynamic operating environment.

“More importantly, this recognition strengthens the confidence we seek to inspire among our policyholders who entrust us with the protection of their assets, businesses and aspirations. It also provides an important signal to our shareholders, brokers, partners and other stakeholders that Mutual Benefits is building a stronger, more resilient and sustainably competitive institution.

“We remain focused on prudent risk management, excellent service delivery, innovation and responsible growth. As we move forward, our commitment is to continue strengthening the business, deepening customer trust and creating lasting value for all our stakeholders.”

Asenuga added that the recognition reinforces the company’s commitment to disciplined underwriting, customer-centric service delivery, operational efficiency and sustainable long-term growth.

Agusto & Co. expects the continued strengthening of Mutual Benefits’ underwriting activities, alongside a moderation in currency-related valuation swings, to support the company’s profitability in the near term.

In response to the evolving insurance landscape, Mutual Benefits continues to focus on strengthening its market position, deepening retail insurance penetration, improving customer experience and leveraging digital initiatives to enhance product accessibility, claims processing and decision-making.

The company’s strategic direction is anchored in delivering sustainable value to policyholders, shareholders, employees and business partners while reinforcing its position as a trusted protection partner.

The post Mutual Benefits Assurance Bags ‘A-’ Rating as Agusto & Co. Hails Improved Profitability appeared first on Business Today NG.

Jaja is facing prosecution by the Economic and Financial Crimes Commission, EFCC ,  alongside Aliyu Abubakar, Abubakar Muhammed Hafiz, Ari Manga and Muhammed Aminu Bose, for alleged corruption.
The defendants are being prosecuted by the EFCC on an amended five-count charge ofmoney laundering, diversion of public funds, and criminal misappropriation of funds to the tune of N1,635,270,350.9 (One Billion, Six Hundred and Thirty-five Million, Two Hundred and Seventy Thousand, Three Hundred and Fifty Naira, Nine Kobo).
Prosecution counsel, Ekele E. Iheanacho, SAN told the court that the matter was for trial before calling in the first witness, PW1to testify in the court. The prosecution witness, Williams Abimbola, a compliance officer with the United Bank for Africa, UBA, said her line of duty include among others receiving requests from law enforcement agencies, responding to enquiries and any other duty assigned to her by the bank’s Chief compliance officer.
The EFCC produced the state account statement and written statement of the bank to support its claim in the court.
It is alleged that the defendants, as signatories to Bauchi State sub-treasury accounts transferred monies from the state Sub-Treasury Accounts to JASFAD Resources Enterprises managed by the first defendant, Aliyu Abubakar.
When the prosecution counsel asked the witness to explain the transaction that happened on 29 October 2024, as well as further transactions, she said, “My Lord, on the 29 of October 2024, we have three credit transfers into the account of JASFAD from the Sub-treasury Bauchi Account. We have a transfer of N13,144,500, we also had a transfer of N17,169,300, and there is a transfer of N46,030,500.
Providing details of the transactions in the account, the UBA staff said: “On the seventh of November 2024, we had a credit transfer of N17,886,250, but the teller’s details were not captured.  It just showed that transfers were made. On 15 November, we had two credit transfers transferred by order of the Sub-treasury, Bauchi Account the amount is N12,215,000 and N16,919,750 respectively.
“ On 19 November, 2024, we had another transfer by order of the sub-treasury Bauchi account for N90,373,550. On November 22,2024, we had a credit transfer from sub-treasury Bauchi account for N140,087,500. Then on 24 December, 2024, we had two credit transfers by order of sub-treasury Bauchi Account, the first one is for N24,192,000 and the second transfer is N48,892,500. On 27 December, 2024, we had two credit transfers by order of sub-treasury Bauchi account into JASFAD, the first is N335,040,000 and the second transfer is for N300,000,000.
“On the 31 December, we had two transfers by order of the Sub-treasury Bauchi Account of N14,285,527.20k. The second transfer is for N26,975,000.
On 25 February, 2025 we had a credit transfer by order of sub-treasury, Bauchi Account to JASFAD Resources of N19,840,000, and N13,020,000. On March 3, 2025, we had a credit transfer by order of sub-treasury, Bauchi account for N16,105,223.70k. On March 5, 2025, we had a credit transfer of N56,642,500. On March 7, 2025, we had a credit transfer of N45,923,790, on March 10, 2025, we had a transfer of N11,253,500. On March 12 2025, we had two credit transfer from sub-treasury Bauchi account to JASFAD Resources Enterprises, the first transfer is for N49,280,000, the second transfer is for N30,720,000, while  on March 14, 2025, we had a credit transfer by order of sub-treasury, Bauchi account of N28,262,500.
The witness informed the court that on 25 February, 2025, there were two credits from the Subtreasury Bauchi account to JASFAD Resources account

The post How Bauchi Accountant-General Transferred State Funds to PrivateCompany – Witness appeared first on Business Today NG.

The case was brought to the attention of the Police on 19 September 2026 at about 1820hrs when the complainant, Metu Jilani, reported that he had received threatening telephone calls from unknown persons on 13 September 2026. According to him, the callers claimed that they had been contracted to kidnap and kill him and his family, while warning that any attempt to flee would result in the abduction of his younger brother.

Having established the nature of the threat, the callers proceeded to make a financial demand, directing the complainant to sell his two houses and transfer the proceeds to them, failing which he would be kidnapped. To facilitate the payment, they provided him with an account belonging to a Point-of-Sale operator, one Muhydeen Salihu of Gwasoro Village, via Kosubosu, Baruten Local Government Area of Kwara State, and directed him to pay the sum of ₦3 million into the account.

In response to the demand, the complainant transferred ₦100,000 into the designated account instead of the full amount requested. The transaction subsequently provided an investigative lead, as attention was focused on the persons who would attempt to access the money and their possible connection to the threats.

Consequently, on 18 September 2026 at about 1000hrs, two men, identified as Hantsi Abdullahi of Boseperu, Kosubosu, Baruten LGA, Kwara State, and Hantsi Liman of the same address, went to the POS operator to withdraw the money. While attempting to collect the funds, Abdullahi was apprehended, whereas Liman escaped from the scene.

Following the arrest, the suspect was attacked by an angry mob before Police operatives intervened and took him to the Hospital, for medical attention. He is currently on admission, while concerted efforts are ongoing to apprehend his fleeing accomplice and determine the full circumstances surrounding the threat, including the identities and roles of other persons who may be connected with the case.

In view of the circumstances surrounding the incident, the Commissioner of Police, Oyo State Command, CP Abimbola Ayodeji Olugbenga, psc, mnips, has directed a thorough investigation into the matter and ordered sustained efforts to apprehend all persons found to be connected with the offence.

The Command further urges members of the public to promptly report threats, suspicious movements and other actionable information to the Police, as timely reporting remains critical to enabling effective intervention and preventing criminal activities.

The post Oyo Police Arrest Suspect Over Kidnap-and-Kill Threat Against Saki Resident appeared first on Business Today NG.

The vehicle was stolen from where it was parked on 13 September 2026 at about 0730hrs from Shangisha, Magodo, Lagos. After it was sighted around the Ojoo Area of Ibadan, the incident was reported to the Oyo State Police Command on 16 September 2026 at about 1600hrs by Tayo Ogunubi, of Challenge Area, Ibadan.

Following the report, the Commissioner of Police, Oyo State Command, CP Abimbola Ayodeji Olugbenga, psc, mnips, directed the Command’s Anti-Kidnapping Squad to trace and recover the vehicle. Using technology, intelligence-driven policing and coordinated operational efforts, the squad traced the vehicle to the Akinyele Area of Ibadan, where it was recovered.

The operation led to the arrest of three suspects: Abdulramon Hassan ‘M’ 49 ; Abdullahi Sani ‘M’, 43, and Sulaimon Adamu ‘M’, 53 yrs.

During preliminary investigation, the suspects confessed to involvement in the crime and are cooperating with investigators to uncover the activities of the syndicate and identify others connected with the theft. The recovered vehicle has been secured at the Command’s facility, while the suspects remain in custody.

Efforts are ongoing to apprehend other fleeing members of the syndicate. The Commissioner of Police has directed that the investigation be intensified and concluded expeditiously, after which the suspects and any other persons found culpable will be charged to court in accordance with the law.

The Commissioner commended the officers involved and urged members of the public to remain vigilant, report suspicious activities promptly and provide credible information to the police. He reassured residents of Oyo State that the Command remains committed to protecting lives and property, disrupting criminal networks and bringing perpetrators to justice.

The post Oyo Police Recover Stolen Hyundai Sonata, Arrest Three Suspects appeared first on Business Today NG.

The workshop, themed “Strengthening PAOs Capacity for Credible, Verified and Responsible Election Communication Towards 2027,” is designed to equip Public Affairs Officers with practical communication skills required to effectively engage the media, respond to emerging information challenges and support the Commission’s public communication efforts at the state level.

Declaring the workshop open, National Commissioner and Chairman of the Information and Voter Education Committee (IVEC), Mohammed Kudu Haruna, said Public Affairs Officers occupy a critical position as frontline communicators of the Commission.

According to him, PAOs serve as an important link between INEC and the public through the statements they prepare, enquiries they respond to and the support they provide to Resident Electoral Commissioners (RECs) and Heads of Department, Voter Education and Publicity.
Haruna said the credibility of INEC’s communication begins, to a significant extent, with the quality and accuracy of the work undertaken by its public affairs personnel.

He noted that the communication environment has become increasingly complex with the growth of social media and the emergence of generative artificial intelligence.

The National Commissioner referenced remarks recently made by INEC Chairman, Prof. Joash Amupitan, SAN, at the 13th Annual International Conference of the Association of Communication Scholars and Professionals of Nigeria, where he emphasised the importance of treating electoral technology and electoral communication as interconnected aspects of election credibility.

He said the Commission considered the workshop necessary to prepare its communication officers to identify, verify and respond appropriately to misinformation and disinformation as the country moves towards the 2027 elections.

The post INEC Strengthens Frontline Communication Team Ahead of 2027 Elections appeared first on Business Today NG.

A statement released today via the agency’s official X account and signed by the Service Public Relations Officer, Akinsola Akinlabi, said  the exercises were conducted in partnership with Nigerian diplomatic missions and community representatives.

The breakdown shows that United States exercise enrolled 535 applicants in Chicago, Michigan and Milwaukee,

Also, 2,257 were enrolled across Manitoba, Toronto, Saskatoon, Alberta and New Brunswick in Canada.

Qatar recorded 751 applicants, while 5,099 enrollment was recorded in London and Manchester exercise.
The statement noted that manufacturing and delivery of passports are proceeding simultaneously within the UK, and those unable to book slots or who would rather skip visiting physical locations can rely on the Contactless Passport Application System instead.

The agency restated its resolve to render travel document services more reachable, prompt and convenient for Nigerians living abroad.

The post NIS Enrols 8,552 Nigerians in Targeted Passport Intervention Exercises Across Four Countries appeared first on Business Today NG.