BY NKECHI NAECHE-ESEZOBOR—Board of Directors of Mutual Benefits Assurance Plc has declared a dividend payout of N803 million for its shareholders at its 30th Annual General Meeting (AGM).

Addressing shareholders, the Chairman of the company,  Dr. Akin Ogunbiyi, who was represented by Mr. Adesoye Olatunji, a member of the Board expressed appreciation for shareholders  continued trust, loyalty and active participation in the affairs of the company.

He noted that the successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation.

He commended the Board, Management and employees for their dedication and contributions to the company’s continued growth and assured shareholders that Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape.

On financial performance he said the company was able to grow its Gross Premium Written by 17 percent from  ₦72.26 billion in 2024 to ₦84.60 billion in 2025.

 Insurance Revenue also appreciated to ₦80.05 billion as against ₦66.92 billion in the previous year, representing 20 percent increase.

 Profit Before Tax also was not left out as it rose significantly by 47% from ₦12.04 billion to ₦17.75 billion.

 Profit After Tax: Increased by 45% to ₦16.42 billion from ₦11.32 billion in 2024 while it’s total Assets: Grew to ₦176.25 billion from ₦147.13 billion.

 Shareholders’ Fund went up by 29% to ₦65.00 billion, while Earnings Per Share: Improved from 54 kobo to 81 kobo.

The successful hosting of the company’s 30th AGM comes at a defining moment for Mutual Benefits following its successful completion of NAICOM’s recapitalisation exercise. With a stronger capital base, renewed regulatory standing and a clear strategic direction, Mutual Benefits is well positioned to deepen insurance penetration, drive innovation, enhance customer experience and create sustainable value for shareholders and other stakeholders.

As Mutual Benefits enters its next chapter, the company remains committed to building a stronger, more resilient institution that continues to protect lives, businesses and investments while contributing meaningfully to the growth of Nigeria’s insurance industry.

Guided by its brand promise of “Creating and Protecting Wealth,” the company is committed to delivering exceptional value through financial strength, innovation, excellent service and the highest standards of corporate governance.

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The insurer in a statement released recently disclosed this known following the successful completion of its recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA)

According to statement released by the insurer, that is accelerating a transformation built for the next decade, one that places digital-first service delivery, expanded capacity, and long-term policyholder commitment at the centre of its next growth trajectory.

For Leadway, meeting the National Insurance Commission’s (NAICOM) revised minimum capital requirements affirms that its business is structurally strong, its strategy is resilient, and its obligation to customers extends well beyond any regulatory cycle.

The strengthened capital base now positions Leadway to underwrite larger and more complex risks, champion financial inclusion at scale, and play an active role in Nigeria’s ambition to build a US$1 trillion economy.

According to the insurer its post-recapitalisation roadmap is anchored on three distinct but interconnected growth opportunities.

The first is the high net worth individual and premium segment, where growing personal wealth, asset complexity, and lifestyle sophistication are driving demand for tailored, relationship led insurance solutions. Leadway’s deepened capital position enables it to underwrite larger individual exposures and deliver the bespoke service this segment demands.

The second is critical sector and infrastructure coverage, encompassing major public and private sector projects, energy, manufacturing, and large-scale enterprise risk. With greater underwriting capacity, Leadway is now equipped to anchor complex risk programmes across Nigeria’s most strategically significant industries, serving as the risk backbone for the country’s most consequential investments.

The third is Nigeria’s next generation and a growing population of digitally native, entrepreneurially minded young Nigerians and small business owners who are redefining what they expect from financial services. Leadway is meeting that expectation head on.

For Nigeria’s next generation, it means accessible, mobile-led entry points into insurance for a demographic that expects digital as a baseline.

For HNIs and corporate clients, it means seamless, data-driven service with the depth and sophistication their portfolios require. For SMEs and agricultural businesses, it opens a path to affordable, appropriately structured coverage. Leadway’s digital focus is also directly aligned with the NAICOM Implementation Working Group’s vision of accelerating digitalisation and deepening financial inclusion across the Nigerian insurance sector, a vision Leadway is not merely endorsing but actively building.

Speaking on the above its managing Director/ CEO of Leadway Assurance, Gboyega Lesi, said, “We have spent the last several years building a business that is technically stronger, digitally tuned, and strategically positioned to serve Nigeria at a level this industry has not seen before. What recapitalisation gives us is the impetus to pursue that ambition at full scale, underwriting the risks that matter to Nigeria’s biggest enterprises, to design products that speak to a generation that will drive this economy for the next generation, and to honour every commitment we have made to our policyholders with the full weight of a well-capitalised institution behind us. Leadway is not entering a new chapter because a regulator asked us to; we are entering it because we are ready.”

“We commend NAICOM for providing a clear, forward-looking regulatory framework, welcome the discipline it demands and the confidence it instils across the market.”

Leadway’s expanded capacity also positions it as a natural partner for national development. With the ability to anchor major risk programmes, support infrastructure projects, and deepen enterprise coverage across finance, energy, agriculture, and technology, Leadway is building the institutional strength required to serve as Nigeria’s insurance backbone as the economy grows. Across every segment it serves, individual, commercial, and institutional, the message is consistent: the company is here for the long term, and the long term starts now.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s leading insurance companies, with over 55 years of experience delivering a comprehensive range of financial protection services, including life insurance, general insurance, and diversified financial solutions.

A member of the Leadway Group, the company is committed to innovation, superior service, and long-term value creation for customers, partners, and stakeholders across Nigeria and beyond.

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Themed ‘Beyond Interest’, the forum was convened to advance the case for non-interest finance as a practical route to mobilising patient capital into Nigeria’s productive economy, as well as press investors and policymakers to judge every allocation by both the returns it earns and the capacity it builds.

The programme, which was also supported by AltDrive and Nigeria’s first full-fledged composite takaful operator, Noor Takaful, featured a series of intelligence briefings from public-sector leaders, capital-market operators and non-interest finance advocates.Opening the forum, Muhtar Bakare, Chairman of

The Alternative Bank, framed the day around a single question: how to mobilise capital in ways that serve both those who own it and the society in which it must earn its return.

He argued that Nigeria’s constraint is less a shortage of capital than a shortage of the trust that allows capital to do patient work.“What we lack is not effort. We lack capital that stays long enough to turn effort into capacity, capacity into durable jobs and durable jobs into stability. That is why the distinction between extractive and productive capital matters,” Bakare said.

The Executive Governor of Lagos State, H.E. Babajide Sanwo-Olu, delivered a keynote address on the state’s role as a catalyst for private capital.

The address positioned the government not as a competitor to private investment but as an enabler of it, citing Lagos’s infrastructure programme, the state’s recent dual bond issuance and the Lekki corridor as instances of public action changing the risk-return calculus for private investors.

“The future of finance is not only about the price of capital; it is increasingly about the quality of the economic activity that capital enables. Lagos is not only open for business; Lagos is prepared to do business.”

Sanwo-Olu, who was represented by the Honourable Commissioner for Finance, Abayomi Oluyomi, stated.In special remarks, Babatunde Raji Fashola, former Governor of Lagos State and former Minister of Works and Housing, shared his experience on the value of non-interest financing.

He argued that capital anchored to real, productive assets and to the public good delivers more durable value than money chased for short-term yield, and urged investors and institutions to weigh the long-term social returns of where they place their funds.Delivering his brief on ‘The Business Case for Ethical Capital’, Abubakar Suleiman, Promoter of Non-Interest Banking in Nigeria and Board Member of Sterling Financial Holdings Company Plc, traced The Alternative Bank’s journey from a modest non-interest window opened by Sterling Bank in 2014 to an institution he said now holds total assets approaching ₦500 billion and serves nearly a million customers.

He made the case for what he called a “full ledger” approach to investment, one that counts an allocation’s effect on customers, employees, communities, public infrastructure and the environment alongside the investor’s return.

“The Alternative Bank has shown that non-interest banking can grow, win customers, and generate profit. The business case for ethical capital already exists. Our task is to apply it with discipline,” said Suleiman.

He pointed to WasteBanc, AltBank’s recycling initiative with the Lagos Waste Management Authority, and to Nigeria’s sovereign Sukuk programme as evidence that values-aligned finance can hold to commercial standards while connecting capital to identifiable, productive assets.

Other speakers, Dr. Stanley Jacob, Group Chief, Innovation and Technology at Meristem, and Ajibola Tobi-Osho, Executive Director of Tugrande Alliance Limited, made a case for shifting the diagnosis of Nigeria’s – and Africa’s – financial challenges.

Jacob argued that Africa’s core financial challenge is infrastructural, not one of liquidity, and that the convergence of the Pan-African Payment and Settlement System (PAPSS) with the tokenisation of real-world assets could hand Nigeria a first-mover advantage in continental capital markets.

Tobi-Osho seconded the point, noting that while Nigeria has moved from crisis management to macroeconomic stability, the binding constraint has shifted from inflation to capital allocation, with banks parking record liquidity at the central bank rather than lending to the businesses that drive jobs and growth.

‘Beyond Interest’ drew a room of senior investors, executives and public-sector leaders, including Olatunji Mayaki, Chairman, Sterling Bank; Hassan Yusuf, Managing Director, The Alternative Bank; Adesuwa Okunbo Rhodes, Founder and Managing Partner of Aruwa Capital Management; Tonye Cole, Co-Founder and former Group Executive Director of Sahara Group; Aminu Tukur, Vice-Chairman, Noor Takaful; Korede Demola-Adeniyi, Executive Director, The Alternative Bank; Chief Idris Olorunnimbe, Chairman of the Board of the Nigerian Communications Commission; Yemi Keri, President of the Africa Business Angel Network (ABAN); Sadiq Dantata, Chairman, Golden Alchemy; Garba Mohammed, Executive Director, The Alternative Bank; Dr. Adesegun Akin-Olugbade, OON, Founder and Managing Partner, Luwaji Nominees; Sulaiman Adedokun, Group Managing Director, Meristem Securities Limited; Jimi Ogbobine, Associate Director and Head of Consulting, Agusto Consulting, and more.

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Speaking at the Abuja Business & Investment Summit and Expo (ABIE 2026) in Abuja, Agama said the capital market offers the FCT a sustainable financing model for roads, rail, housing, water, transport and other infrastructure through instruments such as infrastructure bonds, green bonds, real estate investment trusts (REITs), asset recycling and tokenised municipal securities.

He argued that Abuja’s development demonstrates that economic growth is driven by investment, stressing that “cities are not built by budgets alone. Cities are built by capital markets.”

According to him, the FCT should establish a long-term infrastructure bond programme backed by dedicated revenue sources such as ground rents, tenement rates, tolls, parking fees and land-use charges, noting that this would enable the territory to finance major projects without overburdening annual budgets.

“A budget can only spend what a single year has collected. A bond can spend what 30 years will collect,” Agama said, explaining that infrastructure projects generate long-term economic value that can be used to service debt over time.

The SEC boss said the territory could also access cheaper financing through green and sustainability-linked bonds for projects including mass transit, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure.

He further proposed the creation of an FCT Real Estate Investment Trust to unlock value from Abuja’s extensive property portfolio while giving ordinary Nigerians an opportunity to invest in the city’s real estate market.

Agama also urged Abuja Investments Company Limited (AICL) to consider listing some of its businesses or establishing a listed infrastructure fund, saying this would raise capital without increasing government debt while improving corporate governance and transparency.

On the long-abandoned Millennium Tower project, he said the estimated over N400 billion completion cost should not be viewed as a budgetary burden but as an investment opportunity that could be financed through a special purpose vehicle and offered to investors via the capital market.

“The question is not whether Nigeria can afford the Millennium Tower. The question is whether we will let ordinary Nigerians own it,” he said.

Agama further proposed an asset recycling programme under which completed income-generating public assets, including terminals, markets, commercial properties and the International Conference Centre, could be securitised or concessioned to institutional investors, with proceeds reinvested in new infrastructure.

He also called on the FCT to pioneer a regulated tokenised municipal bond programme that would allow citizens to invest as little as ₦10,000 through mobile phones in specific infrastructure projects.

According to him, the recently enacted Investments and Securities Act (ISA) 2025 has strengthened the legal framework for sub-national governments to access the capital market while providing enhanced investor protection and clearer regulation of digital assets.

Agama disclosed that Nigeria’s capital market has grown significantly, with total market capitalisation exceeding N217 trillion as of May 2026, comprising about N160.5 trillion in equities and N56.7 trillion in bonds.

He said recent reforms, including the migration to a T+1 settlement cycle and regulatory measures to deepen market participation, have improved market efficiency and strengthened investor confidence.

The SEC Director-General assured the FCTA of the Commission’s readiness to provide technical support for structuring and registering capital market instruments, saying the commission would work closely with the territory to unlock financing for infrastructure projects.

He added that Nigeria’s capital market remains critical to mobilising domestic savings for national development, insisting that “money is not scarce; delivery capacity is scarce, and financing follows delivery capacity.”

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The NRS boss, in a telephone reaction, refuted the allegation as baseless, insisting that neither he nor the NRS had any involvement in the alleged movement of funds.

He accused the promoters of the report of deliberately spreading misleading information and said the claims reflected a lack of understanding of the purpose and administration of the Frontier Exploration Fund.

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The cancellation, which took effect on Plc August 3, 2026, The regulator also ordered the immediate winding up of the firm’s operations.

The action was executed under the legal powers granted to the regulatory authority by the Nigerian Insurance Industry Reform Act (NIRA) 2025.

According to a notice signed by Deputy Commissioner (Technical) Decent Jankara, titled “Notice Of Cancellation Of Certificate Of Registration Of Royal Exchange Prudential Life Insurance Plc”, the regulator appointed Titilayo Akinlawon (SAN)as Receiver and Provisional Liquidator to oversee the winding up of its affairs.

The notice added that “The appointed Receiver is mandated to take control of the company’s affairs, liquidating its assets and settling its outstanding liabilities in strict accordance with NIRA 2025 regulations and extant insurance guidelines.”

“Relevant stakeholders and financial institutions have been instructed to cooperate fully with the Receiver during the official takeover and winding-up proceedings.”

This development comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.

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According to its chairman Sir Ogala Osoka, 796 nominations emerged from the one-month nomination exercise, following a screening process based on the awards criteria.

Nominees have been announced across multiple categories for the 2026 Almond Insurance Industry Awards and Consumers’ Nite, scheduled to hold on November 6, 2026, in Surulere, Lagos.

The annual gathering, established in 2018, aims to recognize individuals and companies driving growth, education, and subscription in Nigeria’s insurance sector by blending industry recognition with entertainment.
The nominees represent insurance and broking firms, corporate entities, government agencies, and individual clients. Key categories and contenders include:
General Insurance Company of the Year: Rex Insurance Ltd, Leadway Assurance Company Ltd, Capital Express Indemnity Insurance Co. Ltd, Coronation General Insurance Ltd, FIN Insurance Company Ltd, and NEM Insurance Plc.
Life Insurance Company of the Year: Leadway Assurance Co. Ltd, Coronation Life Assurance Ltd, Capital Express Assurance Company Ltd, Heirs Life Assurance Ltd, Stanbic IBTC Life Insurance Ltd, and Mutual Benefits Life Assurance Ltd.
Insurance Broking Company of the Year: SCIB Nigeria & Co. Ltd, Ark Insurance Brokers, Stanbic IBTC Insurance Brokers, Glanvill Enthoven Insurance Brokers, FBN Insurance Brokers, and Hogg Robinson Nigeria Ltd.
Insurance CEO of the Year: Gboyega Lesi, Ebelechukwu Nwachukwu, Stephen Alangbo, Adewale Koko, Olamide Olajolo, and Adaobi Nwakuche.
Valuable Insurance Customer: Dangote Group, NNPC Ltd, Air Peace Ltd, Central Bank of Nigeria, Hitech Construction, M.L. Lee Group, and PwC Nigeria.

Selection results will rely 80% on industry data, 10% on judges’ assessment, and 10% on public voting. Voting is free and closes on September 6 via the official website, secured by a One-Time Password (OTP) system to prevent duplicate votes.

Faith Ugwuode, CEO of Almond Productions Limited, highlighted that the event leverages entertainment to expand insurance awareness and reach broader audiences across Nigeria.

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The new feature allows customers to interact with CiCi using their voice, making it easier to access selected insurance services through natural conversations. Rather than navigating multiple menu options, customers can simply speak to CiCi and receive instant assistance.

Powered by Artificial Intelligence (AI), Natural Language Processing (NLP), and speech recognition technology, the Voicebot understands customer requests and responds in real time, providing quick and seamless support.

Speaking on the development, Jafar Elamah, Head Digitization & Projects Cornerstone Insurance Plc, said:

“At Cornerstone Insurance, we are constantly looking for innovative ways to make insurance simpler and more accessible for our customers. The introduction of CiCi’s Voicebot is another step in our digital transformation journey, enabling us to deliver faster responses, greater convenience, and an enhanced customer experience.”

The Voicebot is currently designed to support selected customer journeys, including onboarding for investment-linked products and providing guidance on motor insurance claims. Customers can obtain product information, begin selected onboarding processes, and receive claims support through simple voice interactions.

Unlike traditional customer service systems that require customers to follow lengthy menu prompts, CiCi’s Voicebot understands natural conversations, making interactions quicker, easier, and more intuitive.

The new capability is expected to:provide  customers with faster access to information and support.

The launch forms part of Cornerstone Insurance’s broader digital transformation strategy aimed at leveraging technology to improve service delivery and meet the evolving needs of customers.

As customer adoption grows, the company plans to expand the Voicebot’s capabilities to support additional insurance products and customer service journeys.

With the introduction of CiCi’s Voicebot, Cornerstone Insurance continues to reinforce its position as one of Nigeria’s leading innovative insurance companies, leveraging technology to make insurance more accessible, responsive, and customer-centric.

About Cornerstone Insurance Plc

Cornerstone Insurance Plc is a forward-thinking insurance company committed to delivering innovative products, responsive service, and customer-focused digital solutions. Through continued investment in technology and process improvement, the company is strengthening how customers access insurance information, complete product onboarding, and receive support across key service journeys.

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The impressive claims payout reflects the company’s strong financial capacity, operational efficiency, and customer-first philosophy, ensuring that policyholders receive timely support when unexpected events occur.

For every insurance policy purchased, the true value of insurance is realised when claims are settled promptly and fairly. Coronation Insurance has continued to strengthen its claims management process by leveraging technology, simplified documentation, and customer-centric service delivery to make the claims experience faster, easier, and more transparent.

The ₦8.3 billion paid across multiple insurance classes underscores the company’s dedication to fulfilling its obligations and helping customers recover from losses arising from motor accidents, fire incidents, marine risks, engineering losses, and other insured events.

Speaking on the milestone, Managing Director/CEO of Coronation Insurance Plc, Olamide Olajolo., said the company’s claims record reflects its commitment to delivering on the core promise of insurance.

“At Coronation Insurance, we believe that insurance is ultimately a promise to be there for our customers in their moments of need. Paying claims promptly and fairly is at the heart of that promise. The ₦8.3 billion we paid in claims during the first half of 2026 demonstrates not only our financial strength but also our unwavering commitment to protecting the financial wellbeing of our customers and helping them recover quickly from unexpected losses.”

He added that the company continues to invest in digital innovation to enhance the customer experience, including faster policy issuance, digital claims notification, and technology-driven claims processing that significantly reduces turnaround time.

Coronation Insurance has consistently positioned itself as a trusted partner for individuals, families, and businesses by combining innovative insurance solutions with exceptional service delivery. Through continuous investment in digital capabilities and operational excellence, the company is making insurance more accessible while ensuring customers enjoy a seamless experience from policy purchase to claims settlement.

As the insurance industry continues to evolve, Coronation Insurance remains focused on strengthening customer confidence by delivering on its promises, building trust through transparency, and providing the financial security customers need to thrive despite life’s uncertainties.

The ₦8.3 billion claims payment in the first six months of 2026 serves as another testament to Coronation Insurance’s mission of protecting what matters most and ensuring that every valid claim is treated with speed, fairness, and professionalism.

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In an official statement released today, the Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu, praised NAICOM’s structured approach — highlighting that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.

Mrs. Nwachukwu noted that the exercise underscores NAICOM’s commitment to regulatory fairness and orderly market development, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector.

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