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All Posts in "Day: November 3, 2025"

Rex Insurance’s GWP Hits N28.76bn In 2024 Financial Performance Update

By Amaka Obiefuna

 

Rex Insurance, Nigeria’s leading insurance company with over 100 years of experience in the insurance industry and offering general and special risks protection policies, has declared a Gross Written Premium of N28.76 billion of the financial year ended December 31, 2024, reflecting a 72 percent growth compared to the figure of 2023.

 

This was disclosed by the Managing Director/Chief Executive, Mrs. Ebelechukwu Nwachukwu during a press conference with Insurance Editors in Lagoe recently.
According to her, “today, we are pleased to announce Rex’s financial results for the full year 2024—a year we defined by resilient growth, strategic discipline, and a relentless focus on our customers.
A review of the results shows a Gross Premium Income of N28.76billion while Gross Claims paid to Policyholders stood at N30.2, showing an increased capacity to meet all obligations to our customers, no matter the quantum of the claim.
Total Assets for the
company for the year stands at N56.10billion with Shareholders Funds standing at N19.15billion at the end of the 2024 financial year. Profit before Tax (PBT) amounted to
N880million.
Despite a complex and dynamic global economic environment, I am proud to report that Rex has not only met but exceeded its financial targets.
These results are a testament to the strength of our business model, the dedication of our exceptional team, and the
success of our long-term strategy”, Mrs. Nwachukwu added.
“Despite facing significant challenges, including a large claim that impacted on our
financial standing, we are pleased to report that the company successfully met its obligations and settled the claim in a timely manner. This highlights our operational resilience and commitment to maintaining the trust of our clients.
 Throughout the year,
we focused on optimizing processes, including improving claims turnaround time, which
helped stabilize our performance and ensure continued growth and profitability”
SheRex Insurance’s GWP Hits N28.76bn in 2024 Financial Performance Update further added that the company’s focus on operational efficiency and diversified income streams enabled the firm to deliver a profit before tax of N880.7 million, despite the significant claims, highlights the underlying strength and resilience of the business model.
Also, the company was able to pay a dividend to its shareholders.
Winifred Bosa by — November 3, 2025 in Insurance and Pension
FirstBank Extends Good Life Promo, Collaborates With Verve To Issue Free Debit Cards

By Winifred Bosa

 

First Bank of Nigeria Limited (FirstBank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards.

 

 

 

The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ATM cards have expired.

 

 

 

According to a press release by the bank, the free cards will be issued daily to 131 customers on a first-come, first-served basis across the Bank’s branches, nationwide. FirstBank’s unwavering commitment to convenience, accessibility, and customer satisfaction.

 

 

 

Speaking on the rewards to FirstBank customers, Chuma Ezirim, the Group Executive, e-Business and Retail Products at FirstBank, said: “The Verve Flash Promo is not just about rewarding customers with free verve debit cards; it is about celebrating our legacy of 131 years of trust, resilience, and innovation in the Nigerian financial services industry. At FirstBank, we remain committed to providing customer-centric solutions that enable secure, seamless, and convenient payment experiences. Partnering with Verve International on these initiatives, including the Verve Good Life promo, underscores our shared vision of deepening financial inclusion while rewarding our loyal customers for their continuous patronage.”

 

 

 

Also commenting, Vincent Ogbunude, Managing Director, Verve International, noted:

 

“Through strategic collaborations like this with FirstBank, we continue to demonstrate Verve’s commitment to enhancing access to seamless payment solutions for every Nigerian. The Verve Flash Promo not only rewards loyal customers but also reinforces our vision of making everyday transactions more rewarding, secure, and convenient. As we extend the Good Life Promo, we remain steadfast in our goal of deepening financial inclusion while delivering real value to Verve cardholders across the country.”

 

 

 

Meanwhile, the ongoing Verve Good Life promo, designed to reward Verve debit card holders for using their cards at specific merchant points, has been extended to 30 November 2025.

 

During the period, Verve Card holders enjoy 10% cashback at The Place Restaurant, Quickteller, Buypower, Filmhouse, AlliExpress, Addide Supermarkets, and Chowdeck app every Thursday to Sunday.

 

 

 

Verve cardholders can now enjoy a 10% cashback on the Google Play Store any day of the week throughout the Good Life Promo, which runs until 30 November 2025. Moreso, every transaction made with a Verve card whether on ATMs, POS terminals, or online platforms automatically earns customers a chance to win up to ₦1,000,000.

 

 

Winifred Bosa by — November 3, 2025 in brands and Marketing
NAFDAC DG Celebrates Staff Over Landmark Achievements , Says Nigeria Remains Global Regulatory Leader

…. Rewards Officers with exceptional performances

By Winifred Bosa

The Director General of National Agency for Food and Drug Administration and Control NAFDAC, Prof Mojisola Adeyeye has attributed the milestones achieved by the Agency to the collective effort and resilience of staff which resulted in achieving WHO Global Benchmarking Tool (GBT) re-benchmarking, becoming the first in Africa to sustain and maintain Maturity Level 3 (ML3) for medicines regulation.

According to a press release by Sayo Akintola, Resident Media Consultant NAFDAC, She noted that the extraordinary feat reaffirms Nigerias leadership in the global regulatory landscape.

Speaking at the 2024 NAFDAC Awards, Recognition & Retirement Ceremony on Monday in Lagos, Prof Adeyeye said the event was not only to celebrate milestones but to honour the beating heart of NAFDAC – the committed and hardworking staff, whose dedication, resilience, and professionalism continue to define and sustain our Agencys legacy of excellence.
Each year, she said the ceremony ‘gives us a moment to pause, reflect, and appreciate how far we have come as one NAFDAC family, noting that ‘our achievements are not the result of chance, but of collective diligence, sacrifice, and shared purpose.’
According to the DG, every report written, every inspection conducted, every risk mitigated, and every regulation enforced contributes to a healthier, safer Nigeria.

The highly elated Chief Executive Officer of NAFDAC, pointed out that our Agency, under your collective effort, achieved WHO Global Benchmarking Tool (GBT) re-benchmarking, becoming the first in Africa to sustain and maintain Maturity Level 3 (ML3) for medicines regulation.’

She explained that The Agency also achieved another world-first as the first National Regulatory Authority globally to be benchmarked for Medical Devices and In-Vitro Diagnostics (IVDs) toward ML3 attainment.

She maintained that these milestones were not achieved by leadership alone, they were powered by teams of committed professionals who gave their best each day to ensure that our processes met WHOs stringent standards.

In 2024, she disclosed that the Agency also commissioned the state-of-the-art edifice for the Vaccine, Biologics, Medical Devices and IVDs Registration and Regulatory Affairs Directorate.

It is an investment in science, technology, and the future of health regulation ‘and it stands as a symbol of our resolve to institutionalize sustainability and innovation.’

Furthermore, she stated that the Agency sustained ISO/IEC 17025:2017 Laboratory Accreditation and achieved ISO 9001:2015 Re-Certification, affirming its unbroken commitment to quality and international best practices.

‘This could only have been possible through the hard work and diligence of our quality managers, laboratory analysts, and administrative teams who ensure compliance and continuous improvement.’

In parallel, the NAFDAC boss emphasised that incorporation of NAFDAC into the Pharmaceutical Inspection Co-operation Scheme (PIC/S) as a Pre-Applicant in the Pre-Accession phase is a milestone that positions Nigeria among nations that uphold harmonized GMP standards globally, adding that this opens new frontiers for Nigerias pharmaceutical manufacturing sector, ‘and again, it was made possible by your professionalism and competence.’

Prof Adeyeye also stated that the Agency intensified its enforcement operations in partnership with the
Office of the National Security Adviser (ONSA), shutting down major open drug markets, confiscating falsified medicines and destroying substandard products, adding that these courageous actions saved countless lives and reaffirmed public confidence in our regulatory system. ‘The success of these operations speaks to the bravery and integrity of our enforcement teams across Nigeria, she said

‘No achievement can be sustained without human capital development. That is why, under the International Council on Harmonization (ICH) training programmes, staff across directorates received advanced capacity-building sessions on ICHQ1, ICHQ7, E6(R3) and M13 Bioequivalence Studies guidelines.

 

These trainings reflect our unwavering investment in you, our people, because a skilled and motivated workforce is NAFDACs greatest asset.’
The proven implementation of these guidelines and other requirements has resulted in invitation of NAFDAC by ICH to become a member of the prestigious organization.
According to her, the awardees recognition is proof to excellence, consistency, and passion for service, adding that they have raised the bar and set new standards for others to emulate.

 

Let this recognition inspire you and your colleagues to continue striving for innovation, diligence, and excellence in all you do.
To our retirees, today is both a celebration and a tribute. You have devoted years, some, decades of your lives to building this institution.

You have guided the next generation with patience, integrity, and wisdom. Your footprints are indelible in the history of NAFDAC. As you enter this new chapter of rest and reflection, please know that your legacy lives on in the systems, policies, and culture you helped to build.

‘The global health landscape continues to evolve, and we must evolve with it, remaining agile, science-driven, and people-centered in all we do. You are the pillars of NAFDACs success, the silent heroes whose everyday work safeguards the lives of millions of Nigerians.’

Speaking in same vein, Chairman, 2024 NAFDAC Awards, Recognition & Retirement Ceremony, Dr. Rametu Momodu said over the years, NAFDAC has remained a beacon of hope for Nigerians, safeguarding lives through diligence, vigilance, and science-driven regulation. Dr Momodu who also doubles as Director, VMAP, noted that each success story we tell today is built upon the unwavering commitment of staff who give their best, often beyond the call of duty.

‘Our awardees embody this spirit. You represent the finest qualities of the Agency, resilience, professionalism, and integrity. Your innovative thinking and pursuit of excellence have made an indelible impact, not only within our institution but across Nigerias public health ecosystem, she said.

 

Winifred Bosa by — November 3, 2025 in Health
CEO Vault Hill Set To Inspire Participants As Countdown Begins For BJAN 2025 Conference On AI , Marketing

 

By Winifred Bosa

Folajimi Daodu, Chief Executive Officer of Vault Hill and one of the keynote speakers at the 2025 National Brands and Marketing Conference powered by Brand Journalists Association of Nigeria (BJAN), has tasked participants at this year’s conference to be expectant.

Daodu, one of Africa’s most prominent voices in artificial intelligence (AI), blockchain, and immersive technology, will be speaking at the BJAN-organised event on the theme: “AI and Marketing Workflow: Disruption or Opportunity,” at the Brand Journalists’ Conference scheduled for Friday, November 28, 2025, at the Oriental Hotel, Lekki, Lagos.

According to Daodu, participants at the conference should come with a broad mindset to exchange ideas on Artificial Intelligence (AI) to be able to appreciate the many advantages it offers.

“AI is no longer a futuristic concept, but a present reality shaping industries and economies,” Daodu stated.

He noted that, like every major innovation, AI has both positive and negative sides, and innovators need to open their minds to the opportunities while they should also prepare for what could go wrong.

“AI is here to stay, and we must figure out how to work with it as co-collaborators,” Daodu said, adding that the BJAN conference will provide opportunities for discussion on AI come November 28.

The Brands and Marketing Conference is an annual event that brings stakeholders in the Integrated Marketing Communications sector together to discuss issues that affect not just the sector but the economy at large.

This year’s conference, which is the 13th in the series, will explore the benefits of AI in marketing to create a balance as the world grapples with this new trend.

Other seasoned professionals who will deliver the keynote alongside Folajimi Daodu, are Dr Cherry Eromosele, the Executive Vice President and Group Chief Marketing & Communications Officer at Interswitch Group and ARCON DG, Dr. Lekan Fadolapo, who will speak on “AI and Advertising Regulation in the Digital Age: Challenges and Opportunities”.

Their papers are expected to be dissected by a lineup of professionals and seasoned experts in a panel discussion. They are, Morolake Emokpaire, Marketing Lead at Cadbury Nigeria Plc., Lanre Basamta,
CEO/Co-founder Optimus AI Labs, Austin Onyebuchi Akosa, Chief Information Officer, UBA and Emma Adeniran, an ICT expert.

Winifred Bosa by — November 3, 2025 in brands and Marketing
Sterling HoldCo Builds On Upward Earnings Trajectory With 127% Profit Growth

 

Amaka Obiefuna

 

 

Sterling Financial Holdings Company Plc (“Sterling HoldCo” or “the
Group”) has announced its unaudited financial results for the nine-month-period
ended September 30, 2025, posting an impressive 127% year-on-year growth in profit after tax (PAT) to ₦62.3 billion. The performance is testament to the Group’s robust earnings capacity, operational efficiency, and disciplined execution.

 

The Group’s gross earnings rose by 44.1% to ₦341.7 billion (September 2024: ₦237.2 billion), driven by solid performances in both interest and non-interest income lines. Interest income grew by 38.7% to ₦262.4 billion, supported by an expanded earning asset base, while non-interest income surged by 65.1% to ₦79.2 billion, reflecting the Group’s continued success in diversifying its revenue streams.

 

Sterling HoldCo maintained a healthy balance sheet, with total assets rising by 15.5% from ₦3.54 trillion in December 2024 to ₦4.09 trillion in September 2025, driven by growth in loans, investment securities, and liquid assets. Customer deposits also grew by 14.3% to ₦2.88 trillion, while shareholders’ funds increased by 32.9% to ₦405.5 billion, up from ₦305.2 billion in December 2024, highlighting the Group’s solid capital base and its capacity to sustain future expansion.

Commenting on the results, Yemi Odubiyi, Group Chief Executive, Sterling Financial
Holdings Company Plc, said: “Our performance over the first nine months of 2025 demonstrates the strength and adaptability of our Group structure. The significant growth in profit after tax underscores the success of our strategy to operate as a diversified financial services Group delivering value through both our conventional, non-interest banking, and asset management subsidiaries.

 

Our results highlight disciplined risk management, innovative product delivery, and an unrelenting focus on sectors that drive real economic impact. We are equally
grateful to our shareholders and the investing public for their confidence in the
Group, as reflected in the resounding success of our recently concluded public offer of 12.58 billion ordinary shares.

As we continue to invest in technology and operational excellence, our goal remains
clear: to build a resilient institution that consistently delivers sustainable returns.”
With deepening synergies across its subsidiaries, Sterling HoldCo remains firmly on course to sustain its growth momentum through the final quarter of the year. The
Group is strategically positioned to scale its presence across Nigeria’s high impact
sectors, advance financial inclusion, and power innovation that drives real-sector
growth. Guided by its heritage of trust and a commitment to excellence, Sterling
HoldCo continues to champion sustainable finance and technology-driven solutions
shaping the future of African financial services.

About Sterling Financial Holdings Company
Sterling Financial Holdings Company PLC is a leading Nigerian financial services group committed to enriching lives through innovation and impact with a diversified portfolio that includes Sterling Bank Limited, The Alternative Bank Limited, SterlingFI Wealth Management among others. As a HoldCo, Sterling provides strategic direction, governance, and resources across its subsidiaries, enabling each to focus on its core mandate while benefiting from group wide expertise, technology, and oversight.

With a heritage of trust built over six decades, Sterling HoldCo is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy. The Group champions customer-focused solutions and socially responsible initiatives while creating value for shareholders, employees, and the communities it serves. The Group continues to pioneer offerings across its core businesses in banking, payments, and technology-driven financial services.

Online Poster by — November 3, 2025 in News
Igala Community holds Cultural  Carnival in Anambra

By Nnedinma Michael
The Igala community, comprising Onuh Igala, Ogohi Attah, Palace Executive, Ogah Onuh lgala Kingdom, in Anambra State and beyond, weekend, held her maiden carnival in Amawbia, Anambra State.
In his welcome address, the Chief of Staff and Omachi Oda Onuh Igala, Comrade  Emmanuel Ochia, said the event could be traced to the highly cultural and traditional annual Ocho/Eva  Festival, which is a harvest and ancestral worship festival, which is still practiced unto these days in some communities.
Chariman of the occasion, Bar.Dr Joe Onuoha, emphasised the importance of unity among the Igala speaking people, not just in Anambra State but beyond, noting that such events will foster stronger relationships and a sense of community, advising Ndị Anambra to ensure peaceful conduct of the coming election.
Mother of the occasion, Mrs Dorcas Ashebe, expressed  her joy and excitement  about the gathering, aimed at promoting unity among Igala people in state.
Chairman of Middle Belt, Kogi State, Alhaji Abubakar,  expressed gratitude to the Igala people in Anambra  State, for welcoming them and showcasing  their culture, emphasising the importance of unity and recognition among Igala people, particularly in areas like leadership and governance.
Chairman, Ofu Local Government Area, Anambra  Chapter, Ibrahim Siaka, said he was happy to celebrate  the Igala Cultural Day and Carnival in the state, attributing the success to the efforts of the Onu Igala, Dr Mohammed Sani Ali Abuka.
 A prophet from Holy Christ Church, Onitsha, Gabriel Ohaekenyem, described the Igala Carnival as impressive, saying that it was the collective efforts and enthusiasms of the community that made the event possible, expressing concern about the integrity  of the electoral process on the upcoming election in the state.
He pointed out that corruption and focus on personal gains are major obstacles to fair and clear election.
In their separate speeches, Secretary, Nkpa LGA, Mr Samuel Negedu, Dr Omojal Victor from Ibazi LGA, Anambra State Chairman  from Ankpa LG of Kogi State, Comrade Sulema, Comrade Samuel Ushene from Odomagwu community, Omoja Ibaji from Kogi State, Senior Special Assistant(SSA)  to Oni Igala of Anambra State, Jeremiah Onewa, Baba Dalami ( known as Adoja Ede) from Ibaji LGA in Kogi State, Chief Doctor Edidan, Mustafa Omoru from Anambra East, Chief Garuba Oshia Oluwan from Anambra, Chief Doctor Mohammadu Sani Ali Ogoyi, a high ranking chief and ambassador of the Ata of Igala Kingdom in Anambra State, said they were thrilled to see the Igala community come together from parts of Nigeria, including Lagos , Abuja, ltokoja, Kaduna to celebrate the Igala Carnival  in the state, believing  that the celebration will bring  peace, unity, and prosperity  to Igala people and Anambra State as a whole.
They encouraged everyone to treat each other like family, regardless of their state or country of origin, while urging them to go in peace and live in harmony.
Online Poster by — November 3, 2025 in News
Sanwo-Olu, NGX Group, Champion Creative Economy Financing At Closing Gong Ceremony For Lagos Fashion Week

Sanwo-Olu, NGX Group, Champion Creative Economy Financing at Closing Gong Ceremony for Lagos Fashion Week - Nigerian Exchange Group

Amaka Obiefuna

Lagos State Governor, Babajide Sanwo-Olu, on Friday performed the Closing Gong Ceremony at Nigerian Exchange Group (NGX Group) in commemoration of Lagos Fashion Week, highlighting how Nigeria’s creative economy can leverage capital market financing to scale innovation and achieve sustainable growth.

 

The ceremony brought together Governor Sanwo-Olu, members of the Lagos State Executive Council, renowned American singer and fashion model Ciara Wilson, and key industry players to explore the intersection of creativity and capital. Organized by Style House Files, Lagos Fashion Week has evolved into one of Africa’s foremost platforms for creativity, sustainability, and enterprise development, enhancing the global competitiveness of Nigerian fashion.

 

In his remarks, Governor Sanwo-Olu commended NGX Group for spotlighting the potential of the creative economy, noting that Lagos continues to lead in galvanizing growth across fashion, film, music, and the arts. He reaffirmed his administration’s commitment to strengthening the ecosystem for the creative sector through access to finance, infrastructure, and supportive policies.

 

“Lagos stands at the forefront of Africa’s creative renaissance, a city where innovation, culture, and enterprise intersect,” said Sanwo-Olu. “Our ambition is to position Lagos as a global hub for creativity and investment. By deepening linkages with the capital market through institutions like Nigerian Exchange Group, we can unlock financing that empowers creative entrepreneurs to scale sustainably and compete on the world stage.”

 

Echoing this sentiment, Alhaji Umaru Kwairanga, Group Chairman of NGX Group, described the ceremony as a model for how the capital market can support emerging sectors of the economy. He commended Governor Sanwo-Olu for his leadership in leveraging the market through bond issuances that have financed critical infrastructure and social projects.

 

“At NGX Group, we believe the creative economy and the capital market share a common purpose—transforming ideas into enduring value,” said Kwairanga. “Across the fashion value chain, there are countless SMEs with the potential to become industry leaders if they can access sustainable financing and institutional support.”

 

Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, reaffirmed the Group’s commitment to driving innovation across all segments of the economy.

“The creative economy represents one of the most dynamic frontiers of growth in Africa,” said Popoola. “We see immense potential in connecting creativity with capital, enabling designers, entrepreneurs, and innovators to grow sustainably through the discipline and transparency the capital market provides.”

 

American singer, Ciara Wilson, also praised Nigeria’s creative momentum. “It’s amazing to see Lagos and Nigeria levelling up, not just creatively, but economically,” said Wilson. “The energy, talent, and innovation here are world-class. Connecting that creativity to the kind of structure and investment the capital market provides is how you build something truly global and sustainable.”

 

Chairman of Style House Files and Lagos Fashion Week, Mr. Tokunbo Akerele, emphasized the growing economic significance of Nigeria’s creative industries. “Today’s ceremony reflects the recognition of fashion as a key contributor to economic development,” Akerele said. “Lagos Fashion Week has always championed creativity, sustainability, and enterprise. Engaging platforms like the Exchange helps amplify the message that the creative economy is an engine for growth, investment, and social impact.”

 

The event also underscored the role of sustainability in creative enterprise, positioning Lagos Fashion Week as a driver of circular economy practices and eco-conscious design. Participants noted that as investors increasingly prioritize Environmental, Social, and Governance (ESG) standards, integrating sustainability enhances credibility, attracts long-term investment, and strengthens competitiveness globally.

 

By bridging creativity with capital, NGX Group and Lagos Fashion Week reaffirmed Lagos State’s position as Africa’s emerging investment gateway for the creative economy.

 

Online Poster by — November 3, 2025 in Capital Market