The company also delivered a significant improvement in its insurance service result, which rose to ₦10.7 billion, representing a 353 per cent growth year-on-year.

According to statement released by the insurer, the robust results reflect its disciplined underwriting strategy, operational efficiency, and sustained investment in innovative, customer-focused solutions, further reinforcing its resilience and growth trajectory within Nigeria’s insurance industry.

Speaking on the company’s performance, the Group Managing Director and Chief Executive Officer, Mr. Stephen Alangbo, described the results as a clear indication of Cornerstone’s commitment to excellence and long-term value creation.

“Our 2025 financial performance is a testament to the strength of our strategic direction and the deliberate steps we have taken to strengthen our operations and enhance service delivery. Despite the complexities within the operating environment, we remained consistent in our pursuit of disciplined underwriting, improved customer experience, and digital transformation. This achievement reflects the unwavering dedication of our employees, the trust reposed in us by our customers, and the strong support from our stakeholders. As we move forward, we will continue to explore growth opportunities, invest in innovation, and deepen our market presence to sustain our upward trajectory.”

Also commenting on the results, the Chief Financial Officer, Mr. Jubril Ajose, emphasised the company’s sound financial management and efficient cost structure as key contributors to the impressive growth recorded during the year.

“The remarkable increase in both insurance revenue and insurance service result highlights the effectiveness of our financial discipline and strategic cost management initiatives. Our focus on balancing revenue growth with prudent risk management and expense optimisation has strengthened our profitability and enhanced our overall financial health. We remain committed to maintaining strong corporate governance standards, ensuring transparency in our reporting processes, and consistently delivering value to our shareholders.”

Cornerstone Insurance Plc has continued to distinguish itself in Nigeria’s insurance industry through innovative product offerings, strategic partnerships, and technology-driven service delivery channels. The company’s consistent investment in digital solutions has improved customer engagement, simplified claims processes, and enhanced overall operational efficiency.

The underwriting firm sustains its growth momentum, the company remains focused on expanding insurance penetration, strengthening stakeholder confidence, and reinforcing its reputation for reliability, professionalism, and service excellence. With its strong 2025 financial performance, the company is well-positioned to capitalise on emerging opportunities and further consolidate its leadership position within Nigeria’s insurance sector.

About Cornerstone Insurance

Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services. As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via the internet and mobile platforms.

The post Cornerstone Insurance Reports Robust 2025 Performance with 44% Revenue Growth appeared first on Business Today NG.

Today marks the 65th anniversary of our great nation’s Independence. As we reflect on the significance of this day and our journey of nationhood since October 1, 1960, when our founding fathers accepted the instruments of self-government from colonial rule, let us remember their sacrifice, devotion, and grand dream of a strong, prosperous, and united Nigeria that will lead Africa and be the beacon of light to the rest of the world.

2. Our founding heroes and heroines—Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists—believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.

3. For decades, the promise of our Independence has been tested by profound social, economic, and political challenges, and we have survived.  While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. In 65 years since our Independence, we have made tremendous progress in economic growth, social cohesion, and physical development. Our economy has experienced significant growth since 1960.

4. Although, it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000. Available data indicate that, as of year 2024, there were more than 23,000 secondary schools in our country. At Independence, we had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in Nigeria. By the end of last year, there were 274 universities, 183 Polytechnics, and 236 Colleges of Education in Nigeria, comprising Federal, State, and private institutions. We have experienced a significant surge in growth across every sector of our national life since Independence – in healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others.

5. Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people. We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises. In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination. While our system and ties that bind us are sometimes stretched by insidious forces opposed to our values and ways of life, we continue to strive to build a more perfect union where every Nigerian can find better accommodation and find purpose and fulfilment.
6. Fellow Compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023. In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.

7. Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.

8. In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.

9. Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.
10. I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

11. Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by 4.23%—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.
12. In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:

i. We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.
ii. We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous “Ways and Means” advances that threatened our economic stability and triggered inflation. Following the removal of the corruptpetroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
iii. We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019.

iv. Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.
v. We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.

vi. Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.
vii. The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

viii. Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.

ix. Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

x. The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-BadagryHighway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

xi. The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.

xii. At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.

SECURITY:

13. We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.

YOUTH:

14. I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high.  We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.

15. Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.

16. YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.

17. Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future—thus, the Investment in Digital and Creative Enterprises (iDICE) programme. The Bank of Industry is driving the programme,  in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank. This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.

A MESSAGE OF HOPE

18. Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.

19. The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas. Today,  the governors at the state level, and the local government autonomy are yielding more developments.

20. Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building.  Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.

21. Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.

22. With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.

23. Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria.
Amen.

Bola Ahmed Tinubu, GCFR
President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria,
Presidential Villa,

Abuja.

The post Full Text Of President Bola Ahmed Tinubu National Broadcast To Mark 65th Independence Anniversary Of Nigeria, October 1, 2025. appeared first on Business Today NG.

These twin recognitions highlight the company’s consistent drive to deliver value, inspire confidence, and build stronger connections with customers and communities across Nigeria and West Africa.

The Top 100 Businesses Making Impact award celebrates organisations that demonstrate measurable influence in shaping industries and driving sustainable development. The insurer stood out for its role in promoting financial security, encouraging a culture of protection, and innovating within Nigeria’s evolving insurance landscape.

The Best Customer Care and Risk Management Award from the West Africa Innovation platform was given in recognition of its outstanding service culture and forward-looking approach to risk management. This award reflects the company’s unwavering commitment to listen, respond, and provide timely solutions that safeguard customers’ businesses, homes, health, and future.

Speaking on the double win, Stephen Alangbo, Managing Director/CEO of Cornerstone Insurance Plc, said:

“Awards like these are never just about a company’s name. They are about the people behind the name. At Cornerstone, our employees have shown what it means to serve with passion and to believe in the work we do. Without them, these recognitions would not have been possible. This is their victory, and I am proud to dedicate both awards to them. Our people are the true cornerstone of this organisation.”

He dedicated the West Africa Innovation Award specifically to the company’s customers, adding:

“Our approach to customer care is simple; listen, understand, and respond with empathy. Insurance is not just about policies and claims; it is about people, their families, their businesses, and their dreams. This recognition for customer care and risk management belongs to every client who has trusted us with their future. We remain committed to serving them even better.”

Over the years, the company has maintained a reputation for integrity, transparency, and innovation in Nigeria’s insurance sector. Its investments in digital transformation, its robust portfolio of insurance products, and its emphasis on customer-first service have set it apart in an industry often challenged by trust and accessibility.

The recognition by Business Times and West Africa Innovation Awards is especially significant given the competitive environment in which businesses now operate. These accolades affirm its  leadership role in shaping not only the insurance market but also the broader business community.

For employees of the company, the double win serves as a powerful morale boost. Cornerstone’s workforce, which spans across branches in Nigeria, has consistently demonstrated resilience, professionalism, and creativity in driving the company’s mission. By dedicating both awards to its employees, the management underscores the belief that people remain the heartbeat of the organisation.

The Best Customer Care and Risk Management Award is also a reminder of the critical role service excellence plays in the modern insurance business. In an era where customers expect swift, transparent, and personalised service, the underwriter  has placed emphasis on training, technology, and empathy to deliver solutions that matter. This approach has made the company a trusted ally for individuals and corporations navigating uncertainty in today’s complex environment.

Looking ahead, the company says it will continue to innovate in ways that improve lives and contribute to national development. The company is also set to deepen its digital footprint, making insurance products more accessible to everyday Nigerians, while expanding partnerships that allow it to serve more communities across West Africa.

As the insurance giant marks this milestone, it reaffirms its belief in the transformative power of people; its employees who embody the brand promise, and its customers whose trust fuels every achievement.

The post Cornerstone Insurance Clinches Double Honours in Q3, 2025 appeared first on Business Today NG.

Insurance revenue for the period is expected to stand at  N67.2 billion. The 2025 projections according to the insurer is made based on seasonal trends of premium receipt with a consideration of actual premium receipt for the month of January 2025 while 2024 is actual premium cashflows.

The Non-Life business represents 39.3% of the stated GWP while the Retail Life and Group Life businesses represent 50.7% and10.0% respectively.

Investment income will be driven largely by our bond investments and our investment in other financial assets.

The following non cash transactions were included in the Statement of Profit or Loss and Other comprehensive income:

– Depreciation of Non-CURRENT asset in line with the policy
– Amortization of intangible assets
– Net fair value gain/loss on financial assets. This is subject to change based on market conditions.

The underwriter said profits in 2024 were affected by FX gains of about N10.8 billion due to the devaluation of the Naira. “We expect insurance service results to increase 280% over 2024, pointing to more sustainable performance resilient to exogenous shocks.

“We expect the underlying, sustainable business performance to drive profitability in 2025. Insurance service margins are expected to increase from 4% to about 10% by H1 2025.

The post AIICO Insurance Forecast N114.3bn GPW For Q2, 2025, Eyes N67.2bn Insurance Revenue appeared first on Business Today NG.

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for April 2024: “Steady But Slow: Resilience Amid Divergence” released on Tuesday in Washington DC.

The report said the forecast for 2024 was revised up by 0.1 percentage points from the January 2024 WEO update and by 0.3 percentage points from the October 2023 WEO.

It said the pace of expansion was low by historical standards, owing to both near-term factors, such as still-high borrowing costs and withdrawal of fiscal support.

“Also by longer-term effects from the COVID-19 pandemic and Russia’s invasion of Ukraine; weak growth in productivity; and increasing geoeconomic fragmentation.”

The report said there would be a slight acceleration for advanced economies, where growth was expected to rise from 1.6 per cent in 2023 to 1.7 per cent in 2024 and 1.8 per cent in 2025.

It said emerging markets and developing economies would witness a modest slowdown from 4.3 per cent in 2023 to 4.2 per cent in both 2024 and 2025.

“The forecast for global growth five years from now at 3.1 per cent is at its lowest in decades.”

The report showed growth in Sub-Saharan Africa was projected at 3.8 in 2024 and 4.0 in 2025.

It revealed that economic growth in Nigeria was projected at 3.3 in 2024 and 3.0 in 2025.

The report said global headline inflation was expected to fall from an annual average of 6.8 per cent in 2023 to 5.9 per cent in 2024 and 4.5 per cent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies.

“The pace of convergence toward higher living standards for middle-and lower-income countries has slowed, implying persistence in global economic disparities.”

It said on the downside, new price spikes stemming from geopolitical tensions, the war in Ukraine, and the conflict in Gaza and Israel, could raise interest rate expectations and reduce asset prices.

“This is along with persistent core inflation where labor markets are still right.

“A divergence in disinflation speeds among major economies could also cause currency movements that put financial sectors under pressure.

“Amid high government debt in many economies, a disruptive turn to tax hikes and spending cuts could weaken activity, erode confidence, and sap support for reform and spending to reduce risks from climate change.

“Geoeconomic fragmentation could intensify, with higher barriers to the flow of goods, capital, and people implying a supply-side slowdown.”

It said on the upside, that looser fiscal policy than necessary and assumed in projections could raise economic activity in the short term, although risking more costly policy adjustments later on.

“Inflation could fall faster than expected amid further gains in labor force participation, allowing central banks to bring easing plans forward.

“Artificial intelligence and stronger structural reforms than anticipated could spur productivity.”

The report said as the global economy approaches a soft landing, the near-term priority for central banks was to ensure that inflation touched down smoothly.

“They should do this by neither easing policies prematurely nor delaying too long and causing target undershoots.

“At the same time, as central banks take a less restrictive stance, a renewed focus on implementing medium-term fiscal consolidation to rebuild room for budgetary maneuver and priority investments, and to ensure debt sustainability, is in order.”

The report said cross-country differences called for tailored policy responses.

It said intensifying supply-enhancing reforms would facilitate inflation and debt reduction, allow economies to increase growth toward the higher pre-pandemic era average, and accelerate convergence toward higher income levels.

“Multilateral cooperation is needed to limit the costs and risks of geoeconomic fragmentation and climate change, speed the transition to green energy, and facilitate debt restructuring.”

The post IMF Projects Steady Global Growth At 3.2% In 2024, 2025 appeared first on Business Today NG.