Author: Salisu Sani-Idris

By Taiye Olayemi

The Society of Women Accountants of Nigeria (SWAN) has launched a book titled “Breaking Barriers: Visionary Women in Accounting and Leadership” in honour of five pioneering female icons who have made landmark contributions to the accounting profession in Nigeria and beyond.

The book was published in recognition of Chief (Mrs) Olutoyin Olakunri, Africa’s first female chartered accountant; Dr Ayora Bolajoko Kuforiji-Olubi, the first female President of the Institute of Chartered Accountants of Nigeria (ICAN) and Princess Agnes Adenike Adeniran, first President of the International Federation of Women Accountants (IFWA).

Others are: Dame Ibironke Mojisola Osiyemi, the first female partner in leading international accounting firms in Nigeria; and Chief (Mrs) Elizabeth Omeresan Adegite, initiator and founding member of SWAN.

In his remark, the Chairman of the occasion, Sen. Felix Kolawole Bajomo, said the book is not merely a compilation of stories but an archive of courage, determination and excellence.

“It chronicles the journeys of remarkable Nigerian women who have refused to be confined by stereotypes, challenged norms and risen to the pinnacle of leadership in the accounting profession.

“At a time when the global conversation on diversity, equity and inclusion is at its highest, this publication stands as timely reminder that when women thrive, institutions thrive; when women lead, professions are strengthened; and when women break barriers, nations are transformed.

Bajomo congratulated the authors, contributors, editors, and the entire SWAN leadership for conceptionalising and delivering the excellent intellectual masterpiece.

In her address, Mrs Olufunso Amosun, wife of the former Governor of Ogun State and Special Guest of Honour at the event, said that the book honours the sterling contributions and pioneering roles of great Nigerian women whose impact has shaped both the accountancy profession and Nigeria’s economic history.

Mrs Amosun stated that these outstanding women exhibited a rare combination of vision, dignity and courage to break boundaries in the accountancy profession, and left indelible footprints across Nigeria’s development landscape.

She said, ” The stories of these women remind us that excellence has no gender and that true leadership is earned through competence, integrity, dedication and vision.

“Their achievements stands as enduring testimonies to what becomes possible when determination meets opportunity.

“Today’s event is therefore a call to action, especially to the women in the accountancy profession, to rise to the challenge of shaping the future with the same tenacity, brilliance, and moral compass that defined these great icons.

“This publication will undoubtedly serve as a valuable resources for accountants, students, policymakers, researchers and all who seek inspiration.

“More importantly, it has the capacity to ignite ambition and reinforce the timeless truth that barriers exist not to stop us, but to be questioned, confronted and ultimately overcome”.

The former first lady commended SWAN for conceiving and organising the noble initiative and for it’s unwavering commitment to advancing the visibility of women in accountancy, nurturing future generations, and ensuring that contributions of pioneering women are duly recognised.

Also, Mallam Haruna Nma Yahaya, President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN) commended the SWAN for the beautiful and thoughtful initiative.

Yahaya noted that by documenting the icons’ remarkable sacrifices, achievements, and enduring legacies, SWAN has once again demonstrated its deep commitment to honouring trailblazers and preserving the rich heritage of the accounting profession.

He added that the book presented serves as a vessel of knowledge, a compendium that details the lives, achievements, and impacts of these great women.

“I hope that the book will enlighten and educate, serving as both a tribute and a source of inspiration.

“As we commemorate Chief Mrs. Olakunri and HRH Kuforiji-Olubi, their lives remind us that greatness is not an event but a lifelong commitment to purpose, values, and impactful service. Let us all draw strength from their exemplary lives as we strive to keep the torch they lit brightly,” he ICAN President said.

The National Chairperson of SWAN, Mrs Blessing Osakwe-Ogo, in her welcome address, said the Society will continue to appreciate her founders, grand patrons, and senior queen mothers who have ensured through thick and thin, that SWAN stands firm for its vision.

Osakwe-Ogo stated that the society is not just launching a book, but celebrating courage, vision, and perseverance; a testament to the power of women who dared to dream, lead, and redefine what is possible in a profession that once seemed beyond their reach.

She said, “We celebrate not only the stories chronicled in these pages, but also the thousands of women across Nigeria and indeed the world who continue to rise above limitations, challenge stereotypes, and shape the future of the accounting profession.

“To our ICONS used for “Breaking Barriers,” I say a heartfelt congratulations. You have not only given us opportunity to document history but have also ignited hope and inspiration for generations yet to come.”

The Book Reviewer, Dr Babatunji Adepoju of the Department of English, University of Lagos, said the 472-page book is a 5-section book, each chapter is dedicated to a woman of valour and substance in the accounting profession.

Adepoju said the book is dedicated to every woman whose vision, preserverance and leadership continue to shape the future of accounting, good governance and public accountability around the world.

He noted that the book is also dedicated to every man, institution and ally who champion equity and inclusiveness; those creating opportunities and level playing field for women to lead, influence decisions and drive sustainable progress in the public interest.

By Taiye Olayemi

AIICO Insurance Plc has unveiled its refreshed brand identity, reimagining the future of protection.

The unveiling, which took place on Friday, brought to life a revitalised visual and experiential identity designed to reflect modernity, optimism and relevance in a rapidly evolving marketplace.

Mr Babatunde Fajemirokun, the Chief Executive Officer of AIICO Insurance Plc in a statement on Monday, said this signalled a significant milestone in its evolution as one of Nigeria’s most trusted and established insurance institutions.

According to him, the brand refresh signalled renewed energy, youthfulness and innovation, while reinforcing the company’s longstanding commitment to trust, reliability and exceptional customer experience.

“The refreshed brand is a representation of AIICO’s forward-thinking vision – one that connects with today’s dynamic consumers without losing touch with the values that have sustained it for over six decades.

“AIICO serves a diverse customer base spanning multiple generations, from long-standing policyholders who have built their trust over years, to younger, digitally savvy customers seeking flexible, accessible, and future-focused financial protection.

“The new identity embraces this broad spectrum, positioning AIICO as a brand that evolves with its customers while remaining rooted in its legacy of dependability and service excellence,” he said.

Fajemirokun described the brand refresh as both a strategic and cultural shift for the organisation.

“Today’s unveiling represents more than a new look; it represents a renewed mindset.

“We have refreshed our identity to reflect the vibrancy, resilience and forward momentum of our brand.

“While our appearance has evolved, our promise remains unchanged: to protect, to serve, and to continually place the customer at the centre of everything we do.

“This refresh reinforces our commitment to delivering innovative, reliable solutions for this generation and the next.”

Also commenting on the unveiling, the Chief Digital and Information Officer (CDIO), Mr Olusanjo Shodimu, emphasised the brand’s alignment with AIICO’s digital transformation and innovation agenda.

“The refreshed brand is a true reflection of where AIICO is headed.

“It mirrors our focus on digital enablement, smarter processes and more connected experiences for our customers and partners.

“We are building an organisation that is agile, tech-driven and deeply responsive to changing customer expectations.

“This new identity is a visual and strategic signal that AIICO is ready for the future.

The rebrand extends across AIICO’s digital platforms, office environments, customer touchpoints and communication materials, ensuring a consistent, modern and engaging experience for stakeholders at every point of contact.

With this unveiling, AIICO Insurance Plc strengthens its position as a brand that combines legacy with innovation, tradition with transformation, and trust with renewed vitality, ready, more than ever, to serve its customers, partners and communities with excellence.

By Taiye Olayemi

GCR Ratings has upgraded NEM Insurance Plc’s national scale financial strength rating to AA+ (NG), citing “sustained competitive strength” in the non-life market.

The agency, in a statement on Monday, said the move reflected NEM’s solid financial profile, supported by “robust risk-adjusted capitalisation, adequate liquidity and good earnings capacity.”

It noted that NEM “remains a leading insurer” with an estimated 10 per cent non-life market share in 2024.

NEM’s insurance revenue grew by 88 per cent to N98 billion in 2024, driven by its strong brand, long track record and firm broker relationships.

GCR said the firm’s revenue base was well diversified, with four of eight business lines each contributing over 10 per cent of insurance income.

It added that NEM was expected to maintain its leading non-life position, while its planned move into life insurance could support diversification.

NEM’s earnings profile was described as sound, strengthened by revenue growth, profitable underwriting and strong investment income.

GCR said the net incurred loss ratio improved, helping normalise the combined ratio to 86.6 per cent in 2024, a level it said compared well with peers.

It noted that investment yield stood at 18.9 per cent, supported by high exposure to fixed income securities in a high-interest environment.

Profit after tax rose by 125.8 per cent to N29.9 billion in 2024, translating to a return on revenue of 43.1 per cent, according to the agency.

GCR highlighted risk-adjusted capitalisation as a major strength, with the capital adequacy ratio rising to 2.4x at the end of 2024.

It said NEM’s statutory solvency margin reached 19.3x, well above the regulatory minimum of 1x.

The agency expects the capital adequacy ratio to remain within 1.7x to 2.0x over the next 18 months.

GCR also assessed liquidity as positive, citing a liquidity coverage of 1.8x, supported by sizeable investments in liquid securities and deposits.

It projected that liquidity would stay above 1.5x, assuming no major strains from expansion plans.

GCR said the stable outlook reflected expectations that NEM would sustain its market position through expansion and diversification.

It added that capital and liquidity ratios were expected to remain above 1.7x and 1.5x, though earnings might moderate due to onboarding costs.

NEM’s Managing Director, Andrew Ikekhua, said the upgrade affirmed the firm’s strategic underwriting and consistent profitability.

He said the company would continue providing “robust insurance services” to customers in line with its values and long-term vision.

Ikekhua was recently named among Nigeria’s Top 25 CEOs, recognised for corporate leadership at an awards event in Lagos.

NEM also won “General Insurance Company of the Year” at the 2025 Almond Insurance Industry Awards.

The firm further secured the Sectoral Leadership Award in the Financial Services Insurance category at the 2025 Pearl Awards. (NAN) (www.nannews.ng)

By Taiye Olayemi

NEM Insurance Plc has emerged winner of the Sectoral Leadership Award – Financial Services Insurance category, at the 2025 Pearl Awards.

The insurance firm clinched the award ahead of two other nominees.

In a statement on Friday, Mr Andrew Ikekhua, Managing Director of NEM Insurance, expressed appreciation to the organisers and dedicated the honour to the company’s board, team and customers.

“We thank God Almighty for this award and the organisers, PEARL.

“We dedicate this award to our great Group Chairman, Mr Tope Smart, the entire NEM team, and our loyal customers and partners. This recognition will further inspire us to push boundaries and innovate,” he said.

Earlier at the award event, Tayo Orekoya, President and Chief Executive Officer of Pearl Awards Nigeria, highlighted the organisation’s commitment to honouring corporate excellence.

He said, “This year’s edition, which had the theme, ‘Celebrating a Legacy of Corporate Excellence’, is a tribute to companies whose resilience continues to shape Nigeria’s corporate landscape.

“It is also a reaffirmation of the values that guided the Pearl Awards from inception.”

Orekoya said that the 2025 Awards Night was the result of months of rigorous research, meticulous evaluation, and distinguished oversight.

He noted that each competitive category from the Sectoral Leadership Awards to the Market Excellence Awards and the premier Overall Awards, was determined through an objective, data-driven ranking process. (NAN) (www.nannews.ng)

By Taiye Olayemi

Nigeria has formally shifted from a T+3 to a T+2 settlement cycle, marking a significant advance in the ongoing modernisation of its capital market.

The News Agency of Nigeria reports that T+2 settlement means securities and funds from trades will now be settled two business days after they are executed.

Mr Temi Popoola, Chairman, Central Securities Clearing System (CSCS) said during a media briefing on Friday that the change represented a strategic and timely step toward global best practice.

He described the transition as a historic milestone that would deepen liquidity, reduce settlement risk and strengthen confidence among domestic and international investors.

Popoola said the reform demonstrated Nigeria’s commitment to building a market driven by efficiency, transparency and strong competitiveness in a rapidly evolving global landscape.

He noted that the new settlement cycle created a firmer platform for foreign investor participation and aligned with the national ambition of achieving a $1 trillion economy.

According to him, the shift positioned Nigeria to follow emerging global reforms, including moves by advanced markets towards adopting T+1 settlement cycles.

“The transition to T+2 settlement is not just operational. It is a clear strategic signal,” Popoola said.

He said the move positioned the market to engage effectively with future innovation and support the next era of capital market development.

Popoola added that shortening settlement time strengthened the industry’s underlying structure and sent a message of readiness to global financial partners.

He said the achievement was the outcome of several months of coordinated work involving regulators, operators, intermediaries and technology partners across the value chain.

He commended the Securities and Exchange Commission for providing leadership and guiding the market through a complex and delicate transition period.

Popoola also praised the T+2 Steering Committee for resolving key technical and regulatory conditions required to safeguard trust and market integrity.

CSCS Managing Director, Alhaji Haruna Jalo-Waziri, said the transition followed extensive stakeholder engagement, rigorous testing and capacity-building programmes for market participants.

He said the new system was supported by major technology upgrades, including a seamless migration to IBM Power 10 systems to enhance processing capacity.

Jalo-Waziri recalled that the market once depended on manual processes and physical certificates, which slowed settlement and increased counter-party exposure.

He said post-trade operations were now 95 per cent automated, enabling faster settlement, lower risk and improved reliability across all trading activities.

He commended the CSCS board and risk-management teams for approving critical investments and ensuring compliance with global settlement and post-trade standards.

“The new settlement system offers greater speed, stronger automation and improved market connectivity,” Jalo-Waziri said.

He added that investors, brokers and custodians would now benefit from quicker settlement, reduced counter-party risk and a more predictable trading environment.

SEC Executive Commissioner, Operations, Mr Bola Ajomale, commended Jalo-Waziri for his vision and determination in ensuring successful delivery of the transition.

He said the development would challenge regulators to sharpen surveillance tools and enhance the capacity to identify error patterns more promptly.

Ajomale described the move as timely, especially as Nigeria works to demonstrate its attractiveness as a credible and safe investment destination.

He said the reform changed only the settlement timeline and did not alter the structure or order of capital market operations.

He added that the SEC dispute-resolution unit would receive additional staff, and the monitoring unit would enjoy stronger operational support.(NAN) (www.nannews.ng)

By Grace Alegba

The MATAN Food Bank Professionals Association of Nigeria says its new Automated MATAN Food Security initiative (AMFSI) will cater for over 40 million Nigerians with direct food access.

Speaking in Lagos at the close of the group’s three-day national programme on Friday, Mr Olakunle Johnson, the Group National President of MATAN said this was part of efforts to tackle rising hunger nationwide.

Johnson said that the group had spent years developing a ground-up digital food security system designed to connect every Nigerian community to an efficient food bank network.

He said that at the heart of the project was a new digital identity platform, Virtual Digital Identity (VDI), which would eliminate long-standing bottlenecks that had hampered food support systems in the past.

He said that the VDI platform, alongside MATAN’s automated food security system, would ensure that individuals in every community could be digitally captured and connected to local food banks and community kitchens.

Johnson said that the project was not another political promise but a fully developed private-sector-driven system built on digitalisation, community participation and nationwide collaboration.

“For decades, we have heard promises about food security, but nobody has built a structure around the people themselves.

“That is what we are doing, creating a system rooted in the heart of the people.

“It is not about talking without action. We have the platform ready; we have tested it. We have presented it to the relevant authorities, including the Office of the President,” he said.

Johnson said that discussions already held with local and international investors who had signaled readiness to support implementation, while government at federal, state and local levels will play supervisory and enabling roles.

According to him, once the system becomes operational, food access will be decentralised to the smallest units across the country.

“With a digital identity, you can wake up in the morning and see your community food bank or food kitchen in your neighbourhood. Nobody should fear hunger again,” he said.

Johnson described the launch as the second phase of MATAN’s broader food security vision, following the successful rollout of earlier advocacy and policy engagements.

He expressed confidence that the initiative, once fully implemented, would resolve Nigeria’s food insecurity challenges and set a model for community-driven interventions across Africa.

Rep. Gowon Haruna, a lawmaker representing Bassa/Dekina Federal Constituency in the House of Representatives, also assured MATAN of full support from the National Assembly.

Haruna said that the legislature was prepared to provide the needed legal backing for the nationwide food intervention initiative.

He said that food security directly affected physical and mental health, productivity, social stability and national development, adding that its absence contributes significantly to the country’s insecurity challenges.

“We at the National Assembly will support you with legislation that will make it easy. This is a national assignment. As far as food matters, NASS is behind you,” he said.

Also, Mr Chris-lands Onyemechara, Senior Consultant, House Committee on Nutrition and Food Security, assured the group of the house support which must cut across the the 774 Local Government Areas in the nation.

According to Chief Charles Igwenagu, South East General Secretary of the group, this is highly needed because it is about bringing life to the nation.

Also, Dr Felix Osakwe, Group National Secretary of the association, said that the initiative aligned with President Bola Tinubu’s food security agenda.

Osakwe said that members of the House of Representatives present at the event had expressed readiness to collaborate.

He, however, urged all Nigerians to support the initiative in order to tackle the problem of food insecurity properly. (NAN) (www.nannews.ng).