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Nigerian Breweries Appoints Emmanuel Oriakhi As Sales Director

Nigeria’s foremost brewing company, Nigerian Breweries Plc, has announced the appointment of Emmanuel Oriakhi as the Sales Director of the company. His appointment became effective on 24th March, 2025.

The appointment was conveyed through a statement issued and signed by the Managing Director, Hans Essaadi recently and made available for journalists.

Since November 2024, Emmanuel has been leading the Sales Function in an interim capacity alongside his responsibilities as Marketing Director. He is expected to continue to oversee the Marketing Function until 1st June when a new Marketing Director will take over.

As Sales Director, he is expected to lead the Sales team in driving excellent trade execution, enhancing customer experiences, and increasing distribution efficiency and sales productivity.

He will continue to spearhead initiatives aimed at sustaining a future-ready sales workforce by enhancing sales capabilities, championing Women in Sales (WIS) programs to advance diversity, equity, and inclusion, and fostering a leading innovative culture that ensures the company wins beyond limits in an increasingly volatile environment.

In that same role, he is responsible for managing the reintegration of Trade Marketing and Key Accounts from Marketing back to Sales to create a more holistic and fit-for-purpose Sales organization.

Until his assumption into the new role in official capacity, Emmanuel holds sway as Marketing Director, a position he has held since September 2018, leading successful innovations across the portfolio, including Desperados, Zagg, Legend Twist, Goldberg Black, and Heineken 45cl.

He championed the organisation’s premium drive, shaping its value strategy and boosting brand power for Heineken, Tiger and Desperados over the past couple of years.

Emmauel Oriakhi joined Nigerian Breweries PLC in 2003 as a Commercial Management Trainee, where he has held increasingly senior roles within the Commercial Function of Nigerian Breweries and HEINEKEN N.V as an international assignee. Under his leadership, the team won the HEINEKEN Global Commercial Assertiveness Award for relaunching regional brands, stabilizing market share growth in Nigeria.

As a member of the management team, he has consistently fostered talent development by encouraging his team to pursue learning opportunities through stretching projects and Short-Term Assignments (STAs) within global and regional commerce teams.

A member of the HEINEKEN Group, Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria. Incorporated in 1946 as “Nigerian Brewery Limited,” the company made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line. Today, it has a rich portfolio of 19 high-quality brands (such as Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz, and Legend) produced from 9 breweries and two malting plants which are distributed nationwide.

Nigerian Breweries is also a recipient of several awards and recognition in other areas of its operations, including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability.

by Online Poster — May 26, 2025 in Industry 0

Shell Nigeria Gas Engages Stakeholders On Deepening Gas Distribution

L-R: Manager, Strategy and Sustainability, NNPC Gas Marketing Limited (NGML) Daniel Aso; Team Lead on Gas, Office of The Special Adviser to The President on Energy, Lateef Biobaku; Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo); Ronald Adams; General Manager, Shell Energy Nigeria (SEN), Markus Hector ; Managing Director, Shell Nigeria Gas (SNG) Ralph Gbobo and Joseph Musa, Director Gas at The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) at Shell Nigeria Gas customers Forum that held in Lagos

Nigeria’s premier gas distribution company, Shell Nigeria Gas (SNG) last week engaged more than 100 gas off takers in the Agbara Ota industrial zone in Ogun State on ways of consolidating the gains from the supply of gas to the businesses. Set up in 1998 as a fully Shell-owned company, SNG currently operates in Abia, Rivers and Ogun states providing gas to customers through distribution pipelines of approximately 150km.

SNG interacted with the off takers in customers’ fora to receive feedback and explore ways of improving gas supply. The theme of the customer’s forum at Agbara Ota was “The Natural Gas Partner of Choice, Powering Nigeria,” and it was also attended by industry partners and officials of the Federal Government, the Ogun State Government and the Manufacturers Association of Nigeria (MAN).

“Our commitment is to build, operate and maintain a gas distribution system that is not just reliable, but resilient, transparent, and growth-oriented, to support businesses, industries and ambitions,” General Manager, Shell Energy Nigeria Markus Hector said, while welcoming guests. “This session is an opportunity for honest feedback, shared learning, and co-creating a better path forward. Your voice matters and we want to hear it.”

The Special Adviser to the President on Energy, represented by the Team Lead, Gas, Lateef Biobaku used the opportunity to share the vision of the government for the oil and gas industry. He said: “Our vision is to unlock Nigeria’s energy potential, to help fuel economic growth, to drive industrialization and help diversify our economy.” The aim is to attract investments to help raise oil and gas production to 4 million barrels per day and 12 billion cubic feet of gas per day by 2030.

The Managing Director of the NNPC Gas Marketing Limited, represented by the Manager, Strategy and Sustainability, Dan Aso said: “The future of the Agbara Ota industrial zone is bright, and natural gas will continue to play a pivotal role as Nigeria transitions towards a driven economy.” His remarks were echoed

by several other speakers, among them the Ogun State Commissioner for Commerce and Industry, Adebola Sofela, the Director General of MAN, Segun Ajayi-Kadir and the Chairman of Ado-Odo Ota Local Government Council, Wasiu Lawal.

Participants took part in three panel sessions on “Agbara Ota Industrial zone: present and future possibilities,” “Energy future” and “Nigeria’s oil and gas: Energised, invigorated and reawakened.”

SNG Managing Director, Ralph Gbobo reflected on the outcome of the Agbara Ota customer’s forum: “We have noted the comments of our customers and will continue to improve our services to drive the growth already recorded through gas distribution. We’re grateful for the support and cooperation of our partners, communities, customers and the Ogun State Government and look forward to more collaboration for greater strides.”

by Online Poster — May 24, 2025 in Industry 0

Fidelity Drives NGX Early Rally As Investors Swoop On Bank Stocks

By Iheanyi Nwachukwu

After muted days of buy activities, Nigeria’s stock market recorded early rally on Friday as invested pounced on the stocks of Fidelity Bank Plc.

As at 11am, the NGX All Share Index (ASI) was up by 0.19 percent to 109,385.94 points. Fidelity Bank was up to N18.60, after adding N1.255 (6.63 percent).

After Thursday’s negative close, Vetiva analysts said in their post trading commentary that, “With market breadth weakening and key sectors under pressure, investors may stay defensive unless renewed buying interest emerges in oversold key names. Barring a strong rebound in the banks or consumer goods space, the market looks set to close the week on a softer note”.

BusinessDay had ahead of Friday’s trading told investors to buy into recent dip in the stock market, specifically why they should hold or buy the Fidelity Bank stocks.

Fidelity Bank’s recent financial results provide further context. The lender recorded a Profit Before Tax of N105.8 billion in the first quarter of 2025, up 167.8 percent from the same period in 2024. Gross earnings also rose by 64.2 percent year-on-year to N315.4 billion, driven by both interest and non-interest income.

On the balance sheet, the bank’s total deposits climbed to N6.6 trillion, representing an 11.1 percent increase year-to-date, while net loans and advances rose by 5 percent to N4.6 trillion. These figures suggest sustained liquidity and the capacity to manage lending and investment operations effectively.

As published on the BusinessDay Website.

by Online Poster — May 23, 2025 in Industry 0

SanlamAllianz Nigerian Integration Sparks Industry Buzz

Two of the biggest names in global and African non-banking finance and insurance services, Sanlam and Allianz, have sparked speculation in Nigeria’s insurance industry following a wave of coordinated digital communication activities indicating an imminent completion of the expected merger of the operations in Africa’s largest economy.

The firms, which have already merged operations in 27 African countries, including Ghana and Rwanda, under the SanlamAllianz banner, are now widely believed to be ramping up their alliance in Nigeria as the next significant step in their partnership.

Recent posts on both companies’ digital platforms featuring their logos side-by-side and joint thematic messaging have drawn attention across financial and business circles. The coordinated activity mirrors pre-merger patterns observed in other African markets where their collaboration was subsequently formalised.

In 2022, Sanlam and Allianz announced the formation of a strategic joint venture covering 27 African markets. The move was intended to combine Sanlam’s local market depth with Allianz’s global scale and technical expertise, creating a formidable pan-African financial services entity with ambitions to lead in life and general insurance, asset management, and health insurance.

The partnership has taken concrete shape in countries like Ghana, where existing operations have been unified and rebranded under the SanlamAllianz name. The goal has been to offer more relevant, inclusive, and tech-forward financial solutions for individuals and businesses in these markets.

Nigeria is the continent’s most populous nation and its largest economy, yet despite recent progress, its insurance penetration remains under 1%. In 2023, the industry crossed the ₦1 trillion gross written premium mark for the first time, indicating untapped potential and growing consumer interest in financial protection.

Given these dynamics, analysts say Nigeria is a natural next step in the SanlamAllianz expansion journey. The presence of both logos in coordinated messaging has been read as a signal of intent. Both brands already operate in Nigeria, and a merger of local operations would represent a formidable alliance and substantial consolidation.

Market observers believe such a move could raise the bar in Nigeria’s insurance industry, fostering more robust competition, improved product design, and greater consumer trust in formal financial services. It would also align with both firms’ broader objective of promoting financial inclusion and building long-term resilience across African economies.

At a time when several global brands are reassessing their African strategies, Sanlam and Allianz’s continued commitment affirms their vote of confidence in Nigeria’s long-term prospects. This potential merger could not only reshape the insurance landscape but will also evidently become a significant catalyst and signal to the global investment community that Nigeria remains a viable and valuable market.

by Online Poster — May 22, 2025 in Industry 0

Dangote Set To Launch Sugar Refinery In Ghana To Cut $162m Import Bill

Nigerian businessman Aliko Dangote, has unveiled plans for a massive sugar refinery project in Ghana, aimed at curbing the country’s reliance on sugar imports and boosting local agro-industrial capacity.

Announcing the development in a LinkedIn post, Dangote revealed that the new facility, Dangote Sugar Refinery, will be located in Kwame-Danso, Bono Region, and is set to become a cornerstone of Ghana’s industrial transformation.

“We’re thrilled to announce the launch of a major agro-industrial project in Kwame-Danso, Bono Region: Dangote Sugar Refinery,” Dangote wrote, describing the venture as “a new chapter” in Ghana’s economic journey.

The project, which falls under Ghana’s ambitious One District, One Factory (1D1F) initiative, is expected to significantly reduce the country’s annual sugar import bill, currently estimated at US$162 million.

Key features of the Dangote Sugar refinery project include, daily sugarcane crushing capacity of 12,000 tons, Irrigation infrastructure spanning 25,000 hectares of farmland and Production lines for sugar, molasses, and ethanol.

Dangote confirmed that all required permits have been secured and land acquisition processes finalized, clearing the path for full-scale implementation.

“With land secured and necessary permits obtained, we’re moving forward with the support of Ghana’s ‘One District, One Factory’ initiative,” he stated. “This project tackles Ghana’s US$162 million sugar import bill while fostering a sustainable, homegrown solution.”

Beyond the refinery’s economic potential, Dangote emphasized the broader impact of the initiative on the African continent.

“At Dangote, we envision more than just a factory. We see a catalyst for economic independence, job creation, and transformative impact across Africa. Join us in shaping the continent’s future,” he added.

The launch marks Dangote Group’s growing footprint in West Africa and aligns with broader regional efforts to enhance food security, industrial output, and employment. The project is expected to generate thousands of jobs across farming, logistics, and manufacturing sectors in Ghana.

Source: Arise News

by Online Poster — May 5, 2025 in Industry 0

BUA Foods Records N125bn Profit As Revenue Grows By 24% In Q1 2025 Unaudited Financial Results

Revenue: Grew by 24% to ₦442.1 billion
Gross Profit: Increased by 39% to ₦160.91 billion
Profit After Tax: Rose by 124% to ₦125.28 billion
Total Equities: Improved by 29.2% to ₦554.34 billion

BUA Foods Plc (NGX: BUAFOODS) has announced its unaudited financial results for the first quarter of 2025, demonstrating robust growth across key financial indicators.

The company recorded a significant revenue growth of 24 per cent to ₦442.1 billion in Q1 2025, up from ₦356.9 billion in the corresponding period of 2024. This impressive performance was driven by substantial increases in revenue from Flour, which soared 145 per cent to ₦176.2 billion, Pasta rose 12 per cent to ₦41.5 billion, and Rice recorded a remarkable increase of 1617 per cent to ₦13.02 billion. Sugar revenue, however, saw a slight 11 per cent quarter-on-quarter decrease to ₦211.3 billion (Q1 2024: ₦238.2 billion).

BUA Foods also reported a healthy gross profit of ₦160.91 billion in Q1 2025, a 39 per cent increase compared to ₦115.42 billion in Q1 2024. This growth led to an improved gross profit margin of 36.4 per cent, a 406 basis point increase from 32.3 per cent in the prior quarter.

Total operating expenses for the period increased by 56 per cent to ₦22.39 billion (Q1 2024: ₦14.37 billion), due to increases in selling and distribution expenses which rose 13 per cent to ₦11.08 billion driven by logistics costs, and administrative expenses up 147% to ₦11.32 billion.

Despite the increase in operating expenses, BUA Foods achieved a substantial growth of 124% in profit after tax (PAT) to ₦125.28 billion in Q1 2025, compared to ₦55.82 billion in Q1 2024. Consequently, Earnings per Share (EPS) also saw a significant increase of 125% to ₦6.96 from ₦3.10 in the corresponding period.

The company’s total equities stood strong at ₦554.34 billion as of Q1 2025, representing a 29.2% increase from ₦429.06 billion in FY 2024. This growth was mainly driven by a significant 30 per cent increase in retained earnings.

Commenting on the results, Engr. (Dr.) Ayodele Abioye, the Managing Director, said:

“We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape. Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.”

“Revenue increased by 24%, while Net Profit leaped by 124% to N125Billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited. Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.”

“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs. With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”

by Online Poster — May 5, 2025 in Industry 0

AXA Mansard Investments Renews Commitment At Webinar Series To Empower Women financially

In celebration of Women’s Month, AXA Mansard Investments Limited, a leading asset management firm has expressed its commitment to continue empower women financially in the country.

The company said this at its third edition of its flagship webinar series, ‘Achieve Much More, held virtually.

This special Women’s Day edition, themed “Women’s Wealth: How to Start from Where You Are”, was designed to equip Nigerian women with practical knowledge and tools for achieving financial security regardless of their life stage or income level.

The virtual session featured seasoned financial advisor and Chief Executive Officer of MoneyStart, Mrs. Ibi Ibru, as the guest speaker. A respected content creator and influencer in the personal finance space, shared actionable strategies for saving, diversifying income, and getting started with investing—even with minimal capital.

Throughout the session, participants learned how to plan and adjust their finances across different life phases – singlehood, relationships, marriage, and parenting. The session demystified a range of investment vehicles, from traditional savings to beginner-friendly options in the Nigerian financial landscape, helping women identify how to take control of their journeys towards financial freedom.

Speaking about the initiative, Mrs. Adebola Surakat, Chief Marketing Officer of AXA Mansard Investments, emphasized the company’s dedication to fostering a financially literate population. She stated that “At AXA Mansard Investments, we strongly believe that financial education is not a luxury, it’s a necessity. Empowering women with financial knowledge not only transforms individual lives, but strengthens families, communities, and the broader economy. This webinar reflects our ongoing commitment to ensuring all Nigerians—regardless of gender, income, or background, have access to the tools they need to make informed financial decisions.”

The ‘Achieve Much More’ webinar series is part of AXA Mansard Investments’ broader efforts to provide accessible financial education through interactive sessions, expert-led discussions, and simplified investment tools tailored to everyday Nigerians.

‘As 2025 progresses, AXA Mansard Investments remains dedicated to its mission of advancing financial literacy and supporting Nigerians on their journey to financial independence. By placing even greater emphasis on educating the public about smart money habits, we aim to empower more Nigerians to take charge of their financial future.’ Concluded Mrs. Surakat.

For more information on financial literacy resources or to sign up for an upcoming webinar, please visit www.axamansard.com/investments or contact us via email clientservices@axamansard.com or call 0700AXAMANSARD (07002926267273).

Yah

oo Mail: Search, organise, conquer

by Online Poster — May 3, 2025 in Industry 0

BUA Foods Records N125bn Profit As Revenue Grows By 24% In Q1 2025 Unaudited Financial Results

Revenue: Grew by 24% To ₦442.1 billion

BUA Foods Plc (NGX: BUAFOODS) has anounced its unaudited financial results for the first quarter of 2025, demonstrating robust growth across key financial indicators.

The company recorded a significant revenue growth of 24 per cent to ₦442.1 billion in Q1 2025, up from ₦356.9 billion in the corresponding period of 2024. This impressive performance was driven by substantial increases in revenue from Flour, which soared 145 per cent to ₦176.2 billion, Pasta rose 12 per cent to ₦41.5 billion, and Rice recorded a remarkable increase of 1617 per cent to ₦13.02 billion. Sugar revenue, however, saw a slight 11 per cent quarter-on-quarter decrease to ₦211.3 billion (Q1 2024: ₦238.2 billion).

BUA Foods also reported a healthy gross profit of ₦160.91 billion in Q1 2025, a 39 per cent increase compared to ₦115.42 billion in Q1 2024. This growth led to an improved gross profit margin of 36.4 per cent, a 406 basis point increase from 32.3 per cent in the prior quarter.

Total operating expenses for the period increased by 56 per cent to ₦22.39 billion (Q1 2024: ₦14.37 billion), due to increases in selling and distribution expenses which rose 13 per cent to ₦11.08 billion driven by logistics costs, and administrative expenses up 147% to ₦11.32 billion.

Despite the increase in operating expenses, BUA Foods achieved a substantial growth of 124% in profit after tax (PAT) to ₦125.28 billion in Q1 2025, compared to ₦55.82 billion in Q1 2024. Consequently, Earnings per Share (EPS) also saw a significant increase of 125% to ₦6.96 from ₦3.10 in the corresponding period.

The company’s total equities stood strong at ₦554.34 billion as of Q1 2025, representing a 29.2% increase from ₦429.06 billion in FY 2024. This growth was mainly driven by a significant 30 per cent increase in retained earnings.

Commenting on the results, Engr. (Dr.) Ayodele Abioye, the Managing Director, said:

“We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape. Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.”

“Revenue increased by 24%, while Net Profit leaped by 124% to N125Billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited. Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.”

“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs. With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”

About BUA Foods

BUA Foods Plc (NGX: BUAFOODS) is a leading food business with well-diversified and scalable operations producing sugar, flour, semolina, pasta, rice and edible oils. The Company owns strategically located plants across Nigeria and a cordial alliance with local stakeholders in host communities. Additionally, BUA Foods is a resilient business built on a strong brand proposition and an operator with a well-known reputation for delivering high-quality products.

BUA Foods continues to invest in modern technology for efficient food production, innovatively expanding with strategic partners across the value chain. The Company is also well-positioned to leverage significant export potentials across West Africa and the larger African continent.

Headquartered and listed in Nigeria, BUA Foods is one of the most capitalised companies on the NGX Exchange and a leading consumer goods firm by market value.

by Online Poster — May 1, 2025 in Industry 0

66th AGM Lafarge Africa: Celebrates Remarkable 2024 Financial Performance, Reiterates Commitment To Sustainable Growth

Lafarge Africa Plc, a leading innovative and sustainable building solutions company and manufacturer of a range of cement brands successfully held its 66th Annual General Meeting (AGM) in Lagos on Friday.

The AGM, attended by shareholders, board members, and stakeholders, reviewed the company’s exceptional 2024 financial results and set the stage for accelerated growth.

In the 2024 financial result released in February, Lafarge Africa announced a remarkable revenue of N696.76 billion for the 2024 financial year. The growth in revenue represents an increase of 72% from N405.50 billion recorded in 2023. Operating profit grew by 89% from N102 billion in 2023 to N193 billion in 2024 while Profit after tax surged to N100billion from N51billion, representing an increase of 96% over 2023.

During the AGM, shareholders approved a final dividend of N1.20kobo per share, reinforcing the company’s commitment to delivering value. The recent agreement by Holcim Group to sell its 83.81% stake in Lafarge Africa to Huaxin Cement Ltd. was also acknowledged, marking a pivotal step toward future expansion and innovation.

Addressing shareholders at the AGM, Chairman Lafarge Africa Plc, Gbenga Oyebode MFR, said that the success recorded in the 2024 financial year reflects the shared vision and trust of the company’s shareholders. “Today’s AGM reflects the strength of our shared vision and the trust of our shareholders. Our remarkable performance amidst the economic headwinds underscores our commitment to excellence and sustainable growth. We are well positioned to drive sustainable growth, empower communities, and shape Nigeria’s infrastructure for generations to come,” he said.

Also speaking at the AGM, the Group Managing Director/Chief Executive Officer, Lafarge Africa Plc, Lolu Alade-Akinyemi, stated, “Our 66th AGM celebrates a year of remarkable achievements spurred by innovation and sustainability.

Achieving 76% revenue growth in the face of economic challenges attests to our dedication and strategic focus. We remain committed to innovation, sustainability, operational excellence, and delivering superior value to our stakeholders.”

Mr. Eric Akinduro, Chairman of the Ibadan Zone Shareholders’ Association, ratifying the outcome of the AGM, remarked: “This is indeed a remarkable time for the shareholders of Lafarge Africa Plc, owing to the commitment, discipline, dedication, and professionalism demonstrated by the leadership of the organization. The profit declared demonstrates that Nigerians can achieve excellence when given an enabling environment. With the current trajectory, I am confident that the company’s financial performance will continue to improve year after year.”

Lafarge Africa continues to prioritize sustainable practices, with initiatives aimed at reducing carbon emission and accelerating green growth. This is highlighted by the company’s adoption of calcined clay in cement production, eco-friendly products, and the expansion of its green logistics framework.

About Lafarge Africa Plc

Lafarge Africa Plc, a leading Nigerian building solutions company, is a member of Holcim Limited, a global leader in innovative and sustainable building solutions. Listed on the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Lafarge Africa Plc is renowned for the production of a wide range of cement solutions designed to meet all building and construction needs from small projects like individual home buildings to major construction projects. Additional information is available on the web site at

by Online Poster — April 28, 2025 in Industry 0

2024: Insurance Industry Posts N1.2T Revenue Generation, N3.9T In Total Assets

… As NIA Identifies Fire, Oil, Gas, Motor Insurance As Major Contributors

Amaka Obiefuna

The Nigeria Insurance Industry has reported a revenue generation of N1.2 trillion and N3.9 trillion of total assets at the end of September 2024, demonstrating a healthy expansion despite a rise in the net loss ratio in quarter two (Q2) 2024 compared to quarter one (Q1)

Chairman of NIA, Mr. Kunle Ahmed, in the first quarter media chat held recently in Lagos, noted that the Nigerian insurance market remained profitable overall, attributing significant contributors to Fire, Gas, Oil and Motor Insurance.

He disclosed that while specific data for the entire year of 2024 was still being consolidated, the available data up to the end of third quarter (Q3) 2024 indicated robust growth in gross premiums as he announced a report of 61 per cent year-on-year increase in Q3 2024, reaching N1.2 trillion from the regulator.

“This growth was largely driven by the non-life insurance sector, which constituted approximately 69 per cent of the total premium income.

“Within the non-life business, Fire, Oil & Gas insurance were significant contributors to the increased revenue. All non-life business products showed robust quarter-on-quarter growth”, the report indicated.

Also the life insurance business experienced substantial growth, with the report indicating a 45 per cent quarter-on-quarter increase in Q3 2024. “Group Life emerged as the largest premium-generating component within the life segment”, the report stated.

He further disclosed that the stricter enforcement of Third-Party Motor Insurance by the Nigeria Police Force, which commenced on February 1, 2025, is generating significant effects on both the insurance industry and policyholders in Nigeria.

The NIA Chairman explained that the most immediate and significant impact is the substantial increase in the purchase of third-party motor insurance policies.

He emphasised that this surge in demand directly translated to higher premium income and overall revenue growth for insurance companies, stating that available reports indicated a significant increase in the uptake, “and this trend is expected to be amplified by continued enforcement in 2025 and beyond.”

Ahmed however, pointed out that the increase in uptake implies increase in the volume of claims and overall potential liabilities of insurance companies, which will necessitate that insurance companies enhance their claims processing efficiency and customer service capabilities to handle the increased workload and ensure policyholder satisfaction.

Commenting on the Nigerian Insurance Industry Reform Bill 2024, he described the Bill as a timely and necessary step to bring the legal framework in line with contemporary challenges and international best practices.

He posited the Bill is a significant piece of legislation aimed at overhauling the regulatory framework of the insurance sector in Nigeria. “My reaction to this bill is largely positive, as it appears to address several long-standing issues and aims to modernise and strengthen the industry for the benefit of all stakeholders.

“The existing Insurance Act of 2003 is outdated and does not adequately address the current realities and evolving needs of the Nigerian insurance market”, the NIA Chairman noted.

On the proposed significant increase in the minimum capital requirements for insurance companies (non-life: N15 billion, Life: N10 billion, Reinsurance: N35 billion), Ahmed said it will enhance the financial capacity of insurers to underwrite larger risks, improve their solvency, and increase public confidence in their ability to meet obligations, adding that it also aims to improve the industry’s retention capacity and reduce reliance on foreign reinsurance.

Continuing, Ahmed stressed that the Insurance Industry recognises the immense opportunities presented by the African Continental Free Trade Area (AfCFTA) and that plans are at an advanced stage to explore them.

He said: “NAICOM spearheaded the creation of the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA Committee) in May 2022 to coordinate the industry’s strategic response to AfCFTA. The Committee’s mandate includes liaising with the National Action Committee on AfCFTA and other relevant bodies to actualise the immense benefits under this arrangement.

“The NII-AfCFTA Committee, with the support of NAICOM, had organised workshops and enlightenment programmes for insurance operators, brokers, and loss adjusters to raise awareness about the opportunities and challenges of AfCFTA and to strategise for effective participation.”

A key focus of this initiative, according to him, is on developing insurance products that cater to businesses operating across multiple African countries which include coverage for trade, investments, and multinational clients. “The industry aims to capitalise on the AfCFTA’s Trade in Services protocol, which offers opportunities for increased financial integration and cross-border operations.

“Currently, Nigerian insurers are considering establishing commercial presence in other African countries to tap into new markets directly. NAICOM has urged Nigerian brokers, loss adjusters, and insurers to improve their value proposition, professionalism, and service delivery to remain competitive in the expanded African market”, Ahmed disclosed.

by Online Poster — April 23, 2025 in Industry 0