For the avoidance of doubt, Mr. Nwosu’s appointment as an agent of AIICO Insurance Plc was terminated. Following the termination of his appointment, the Company published a public notice in national newspapers on 26 June 2025, expressly warning customers and members of the public against continuing to transact or maintain any business relationship with him on behalf of, or in connection with, AIICO Insurance Plc.

A statement released by the company reads: “AIICO Insurance Plc has become aware of a sustained campaign of false and misleading allegations being circulated by Mr. Obinna Adolphus Nwosu, a former agent of the Company, to various stakeholders, including regulatory authorities, law enforcement agencies, media organisations, bloggers, employees and other members of the public.

“Notwithstanding this, Mr. Nwosu has continued to circulate false and misleading narratives about the Company through various channels, including digital platforms and direct communications with stakeholders.

“His persistent and increasingly aggressive efforts to disseminate these claims have the potential to cause unwarranted damage to the Company’s reputation and create unnecessary concern among its employees, customers and other stakeholders.

“AIICO Insurance Plc wishes to state unequivocally that these allegations are false and should be treated with the utmost caution. Rather than engage in a media exchange or submit to a trial in the court of public opinion, the Company has elected to pursue the matter through the appropriate legal channels and has consequently commenced a defamation action against Mr. Nwosu at the Lagos State High Court.”

The statement added that “AIICO Insurance Plc will not be drawn into a public exchange with a former agent who has chosen to continue making unsubstantiated allegations while the matter is being pursued through the courts. The Company remains confident that the facts will be properly examined and determined through the established judicial process.

It further urged the media, regulators, employees, customers and the public are therefore urged to exercise due caution and discountenance the false and misleading narratives being circulated by Mr. Nwosu.

The statement also called on Nwosu to  make himself available to receive the relevant court processes and allow the matter to proceed in accordance with the law, rather than continuing to prosecute his claims through digital media and direct approaches to individuals within and outside the Company.

While noting that any genuine grievance or complaint should be presented through the appropriate regulatory, investigative or judicial channels, where it can be properly examined and determined based on verifiable facts and evidence.

The company reaffirmed assured “AIICO Insurance Plc remains committed to the highest standards of integrity, accountability and transparency.

The Company will continue to pursue all lawful avenues available to protect its reputation, its employees, customers and other stakeholders, and to ensure that the matter is resolved through due process and in accordance with the law.

The post AIICO Insurance Denies False Allegations, Sues Obinna Nwosu Over Defamation appeared first on Business Today NG.

This development marks another significant milestone in strengthening confidence, enhancing financial stability, and promoting professionalism within Nigeria’s insurance industry.

Speaking on the development, the Commissioner for Insurance (CFI) urged the companies to ensure the prudent and effective utilization of their capital to support sustainable growth and strengthen policyholder protection.

He further charged them to leave behind the unethical practices of the past and embrace the highest standards of corporate governance, transparency, and accountability.

The CFI emphasized that all industry stakeholders must work collectively to build a stronger, more credible, and resilient insurance sector, one that consistently fulfils its obligations, delivers on its promises, and inspires greater trust and confidence among Nigerians.

The post NIIRA 2025: NAICOM Issues Licences to Additional Insurance Companies appeared first on Business Today NG.

While industry stakeholders have applauded the commission for a successful exercise, market observers remain surprised by the unexpected survival of some underwriters previously perceived as unviable.

Companies such as Fortis Global Insurance Plc Industrial And General Insurance (IGI), and Alliance & General Insurance PLC (A&G) successfully met NAICOM’s minimum capital requirements. While the likes of  Universal Insurance Plc and STACO Insurance failed to meet the regulatory deadline.

Explaining the dynamics behind this, the immediate past President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Oguntade, disclosed that strategic capital injections and corporate governance shifts saved several struggling firms.

According to him in most of those cases, fresh funds are being injected into management, and there is a lot of new capital entering the system,” Oguntade stated. “People are beginning to realize that insurance—much like banking—is being run by sound principles.

He noted that NIIRA 2025 and broader regulatory reforms have reshaped investor perception, positioning the sector as a highly lucrative asset class.

He said “the Insurance Act has brought so many critical issues to the fore. When you review the legislation, you realize that insurance is essentially the ‘new oil.’ As a result, many companies that previously suffered from poor management or inadequate premium collection practices are starting fresh and seeking new growth opportunities.”

Addressing why some prominent companies  failed to meet the minimum capital requirements, he said “Some operators were perhaps overly confident that a simple rights issue would solve their capital needs—take cases like Universal Insurance and others, for instance.”

“But with the government holding a significant stake—acting almost as both an investor and the regulator—the 2025 Insurance Bill has taken on a life of its own. That is the broader shift we are seeing across the market.”

On the way forward for the industry, he  expressed optimism that the successful recapitalisation would lead to increased market maturity, driving specialized products tailored to global realities.

“Insurance is rapidly becoming a cornerstone of this economy. The new regulatory landscape is here to stay, and because of that, you are going to see a wave of innovation. We will witness major market shifts, including increased demand for private insurance and dollar-denominated policies.’

The post Insurances Is the New Oil: Ex-NCRIB Boss Explains Surprise Survival of Underwriters appeared first on Business Today NG.

With NAICOM verification now completed, the non-life insurer plans to deploy its strengthened capital position toward underwriting larger corporate risks, expanding digital infrastructure, and competing more aggressively for market leadership within Nigeria’s financial ecosystem.

A statement released by the insurer noted that, recapitalisation is not the destination. It is the platform for growth.

The statement further said is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:

“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience.

It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

According to the Company, the objective is clear: to turn capital strength into market strength.

Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.

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In an exclusive chat with BusinessTodayNG, Didam , noted that the recapitalisation was the best thing that has happened to the industry.
He also, aligned with former Commissioner for Insurance, Mohamed Kari, asserting that politics must be kept out of regulatory matters.

His words”I totally align myself with the wise counsel of Mohamed Kari, our former Commissioner. We should not bring politics into what are purely regulatory issues.
“We, as operators in the insurance industry, welcome these recapitalization efforts as vital steps toward repositioning the sector so it can take its proper place in our nation’s economic development.

“The Ministry of Finance would do well to stop interfering in the exercise. Any firm that has issues with the regulator’s actions should seek remedy in court.”

NAICOM on August 2, 2026, announced the successful completion of the twelve-month insurance sector recapitalization exercise undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.

The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.

According to the commission it represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilize long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.

Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.

To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria.

The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.

Through a comprehensive process of review, verification, and validation, the recapitalization exercise has delivered a major boost to the Nigerian insurance industry.

It has enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence.

The first batch of verified outcome of the exercise indicates that Forty-three insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements.

However, the commission announced that Eight insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within fourteen days.

On August 13th, the commission released the final list of seven as verified insurance companies who have met the minimum capital requirements, this being the total number of insurance underwriting firms to 48 and two reinsurance companies.

The post NAICOM Recapitalisation: Policarp Didam Commends NAICOM, Warns Ministry of Finance Against Interference appeared first on Business Today NG.

This feat has reinforced the Company’s financial strength and commitment to long-term growth.

The achievement marks another significant milestone in the Company’s journey of building a stronger, more resilient and future-ready insurance business, while positioning it to take advantage of emerging opportunities within Nigeria’s evolving insurance market.

Commenting on the development, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, said the Company’s achievement reflects the confidence of its shareholders and stakeholders in its strategic direction and growth prospects.

in his words, “Meeting the new recapitalisation requirement is a significant milestone for Sovereign Trust Insurance Plc. It demonstrates the strength of our business, the confidence of our shareholders and our commitment to maintaining the highest standards of financial capacity and corporate governance.”

“We remain focused on delivering sustainable value to our policyholders, shareholders, brokers, agents and other stakeholders, while leveraging technology, innovation and customer-centric solutions to deepen insurance penetrationacross Nigeria.”

The Company noted that the recapitalisation milestone provides a stronger platform to support its strategic ambitions, enhance underwriting capacity and participate more effectively in opportunities across key sectors of the Nigerian economy.

According to the MD/CEO, the Company’s focus will remain on sustainable growth, prudent risk management, operational efficiency, digital transformation and superior customer experience, while maintaining a strong commitment to regulatory compliance. The achievement also underscores Sovereign Trust Insurance Plc’s confidence in the future of the Nigerian insurance industry and its determination to contribute meaningfully to the development of a stronger, more inclusive and resilient insurance sector.

Sovereign Trust Insurance Plc has over the years demonstrated an uncompromising stance on professionalism providing a broad range of general insurance solutions to individuals, businesses and institutions. The Company is committed to delivering innovative, reliable and customer-focused insurance solutions while creating sustainable value for all its stakeholders.

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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.

The post Mutual Benefits Rewards Shareholders with ₦803m Dividend as Revenue Hits ₦80 Billion appeared first on Business Today NG.

CHI Life Assurance Limited, a subsidiary of Consolidated Hallmark Holdings Plc, has reaffirmed its financial strength and long-term commitment to policyholders following its successful compliance with the National Insurance Commission’s (NAICOM) recapitalisation requirements.

The achievement positions the company among Nigeria’s financially strong and well-capitalised life insurance companies, demonstrating its readiness to deliver sustainable value, honour policyholder commitments and support the continued growth of the Nigerian insurance industry.

With a solid financial foundation and an expanding customer base, CHI Life continues to strengthen its position as a trusted provider of life insurance solutions for individuals, families, SMEs and corporate organisations.

Today, the company  stands on a solid financial foundation with Shareholders’ Fund of ₦11.2 Billion, Total Assets of ₦13.7 Billion, Claims Paid of ₦224 Million, and a Solvency Margin of 110%. These indicators underscore our ability to honour claims promptly and provide sustainable financial protection to individuals, families and businesses

These financial indicators reflect its   capacity to meet long-term obligations, settle valid claims promptly, protect policyholders’ financial futures and pursue sustainable growth opportunities.

Commenting on the milestone, the Managing Director/Chief Executive Officer of CHI Life Assurance Limited, Tope Ilesanmi,described the successful recapitalisation as a defining moment in the company’s growth journey.

“Our successful recapitalisation is a clear demonstration of our shareholders’ confidence, our disciplined growth strategy and our unwavering commitment to building a life insurance company that customers can depend on for generations. It strengthens our financial capacity to innovate, expand our reach and deepen our promise of protecting lives and securing futures. As we continue to grow, we remain committed to delivering exceptional customer experience, prompt claims settlement and sustainable value to our policyholders, brokers and all stakeholders.”

Also speaking on the development, the Executive Director, Operations, Patience Ugboajah, said the recapitalisation and successful portfolio integration demonstrate the company’s operational readiness and customer-focused culture.

“Financial strength must always translate into an exceptional customer experience. Our continued investment in people, technology and operational efficiency has positioned us to deliver seamless service while maintaining the highest standards of excellence. We remain committed to providing responsive customer support, efficient policy administration and prompt claims settlement. Our goal is to build a life assurance company where every customer feels valued, protected and confident about the future.”

CHI Life Assurance expressed appreciation to its customers, brokers, corporate clients and business partners for their continued trust and support, noting that the successful recapitalisation and strategic portfolio expansion represent significant milestones in its vision to become one of Nigeria’s most respected and customer-centric life insurance companies.

As the Nigerian insurance industry enters a new era of stronger capitalisation and enhanced resilience, CHI Life Assurance Limited remains well-positioned to deliver innovative protection solutions, build enduring customer relationships and contribute meaningfully to increasing insurance penetration across Nigeria.

About Us:

CHI Life Assurance Limited is a Subsidiary of Consolidated Hallmark Holdings Plc. The Company is licensed by the Insurance Regulator, the National Insurance Commission (NAICOM) and fully capitalized to the tune of N10 Billion in line with regulatory requirements. CHI Life formally commenced business transactions with the granting of operational license on 10th March 2025 with the primary focus of driving a very professional insurance institution using technology to deepen insurance penetration in Nigeria.

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Cornerstone Insurance Plc and its subsidiary, FIN Insurance Company Limited, have been recognised by the National Insurance Commission (NAICOM) among insurance companies that have fulfilled the recapitalisation requirement under the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).

The announcement by NAICOM marks a significant milestone for the Cornerstone Group, reinforcing its financial capacity and commitment to providing dependable insurance solutions to its customers while positioning the Group’s businesses for sustainable growth in Nigeria’s evolving insurance industry.

Commenting on the development, the Managing Director of Cornerstone Insurance Plc, Stephen Alangbo, expressed his appreciation to the company’s stakeholders for their support in achieving this milestone.

“We are pleased that both companies have fulfilled the recapitalisation requirements under the Nigerian Insurance Industry Reform Act 2025. This achievement reinforces our financial strength and our capacity to continue bearing the risks entrusted to us and meeting our obligations to our numerous customers.”

“Innovation remains central to our approach, as we continue to develop solutions that respond to the evolving needs of our customers. The continued confidence and support of our partners, brokers and clients have been instrumental in achieving this important milestone, and we deeply appreciate their trust.”

“As we look ahead, we will invest further in technology to make our products and services more accessible and convenient, while continuously improving our overall customer experience. The public can be assured that Cornerstone Insurance, together with its subsidiaries, FIN and Hilal Takaful Insurance Limited, is well capitalised and strategically positioned to meet the evolving needs of our customers and stakeholders.”

The fulfilment of the recapitalisation requirement strengthens the foundation upon which Cornerstone Insurance Plc and its subsidiaries will continue to serve customers and other stakeholders.

For the Group, the milestone goes beyond meeting a regulatory requirement. It reflects a continued commitment to building resilient and dependable businesses with the capacity to take on risks and support customers when they need it most.

The Group appreciates its customers, brokers, partners, shareholders and other stakeholders for their continued confidence, trust and support, which have been instrumental in achieving this important milestone.

About Cornerstone Insurance Plc

Cornerstone Insurance Plc is a Nigerian insurance company committed to providing dependable and innovative insurance solutions to individuals, businesses and institutions. The company combines industry expertise, innovation and technology to deliver products and services designed to meet the sevolving needs of its customers.

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This development follows the conclusion of the Commission’s landmark recapitalisation programme, which will reshape Nigeria’s insurance landscape and create a stronger industry capable of supporting larger investments, infrastructure projects and accelerated economic growth.

The milestone has substantially expands the Group’s ability to retain larger risks, participate in more complex transactions, pursue strategic partnerships with multinational organisations and support both local and international investors seeking risk protection in one of Africa’s fastest-growing markets.

Speaking on behalf of Heirs Insurance Group, Niyi Onifade, MD/CEO, Heirs Life Assurance, said: “This is a significant transformation point for us at Heirs Insurance Group and Nigeria’s insurance industry as a whole. The recapitalisation reforms open up the industry for more competition and creates opportunities to support the scale of investments Nigeria requires. We are ready to take advantage of the numerous opportunities this brings and commit to deepening financial inclusion, strengtheningstrategic partnerships and redefining insurance through technology and customer-centric innovation, as we have always done”.

Heirs Insurance Group enters this new phase with significant competitive advantages already in place. Over the past five years, the Group has established itself as one of Africa’s fastest-growing insurance businesses, combining rapid growth with technology-led innovation, simplified customer experiences and one of the industry’s strongest digital ecosystems.

Earlier this year, Heirs Life Assurance and Heirs General Insurance were recognised among the Financial Times’ Fastest Growing Companies in Africa, while the Group has also emerged as Nigeria’s leading digital insurance brand through sustained investment in digital distribution, customer engagement and technology-enabled service delivery.

The Group’s innovation includes the launch of Prince AI, Nigeria’s first multilingual generative AI insurance assistant, enabling customers to purchase policies, access information and receive support across multiple local and international languages, and its digital Experience Centres,part of a broader strategy to remove friction from insurance and expand access to millions of underserved customers.

The strengthened capital base now amplifies these capabilities and emphasises the Group’s stance on driving innovation to enhance insurance accessibility in Nigeria.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, serves both corporate and individual customers across Nigeria.

The group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

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