Author: Salisu Sani-Idris

By Taiye Olayemi

NEM Insurance says it has paid claims totalling N30.54 billion as of third quarter of 2025, representing a 105 per cent increase over the N14.94 billion paid in the corresponding period of 2024.
The company in a statement on Tuesday, said this underscored its commitment to prompt claims settlement.
In a review of the interim financials, the statement said that the underwriter also showed substantial operational improvements year-on-year.
It noted that insurance revenue rose sharply to N107.44 billion in the third quarter of the current year, up from N69.52 billion in the same period of 2024, representing a 55 per cent growth.
“Similarly, net insurance and investment results advanced to N30.39 billion from N20.92 billion recorded in the third quarter of 2024, reflecting 45 per cent growth.
“The company posted an insurance service result of N17.05 billion, compared with N18.44 billion in the corresponding period of last year.
“Profit before NITDA levy and taxation rose to N23.77 billion, from N15.71 billion recorded in 2024, while profit after tax stood at N20.51 billion, up from N13.56 billion in the same period of 2024.
“The company’s total assets improved to N165.46 billion in the third quarter of 2025, up from N121.93 billion recorded as at Dec. 31, 2024,” the statement said.
The statement said that, according to the interim report, total liabilities increased to N84.49 billion, compared with N56.49 billion posted at the end of 2024.
The report noted that this reflected rising business activities and a stronger risk-bearing capacity.
It said that the total equity also grew to N80.97 billion from N65.44 billion, indicating enhanced shareholder value.
The statement noted that with its feat in the third quarter of 2025, NEM Insurance Plc was now rated number one among the listed insurance companies on the NGX by insurance revenue in Nigeria in the period under review.
It said that the company also consolidated its leadership with a recognition award as the Best General Insurance Company in Nigeria by Almond Communications.
Market analysts commended the insurer’s financial performance, attributing it to strong corporate governance, prudent underwriting, and efficient claims management.
They noted that the sustained profitability reflected the company’s investment in technology-driven operations, diversified investment portfolio, and customer-focused strategy.
NEM Insurance’s management attributed the performance to ongoing strategic investments, operational discipline, and innovations that continued to reinforce its position as a leader in Nigeria’s general insurance market.
They noted that with its strong capital base, expanding customer network, and growing investment income, NEM Insurance remained well-positioned to deliver sustainable value to shareholders and policyholders while driving industry growth. (NAN) (www.nannews.ng)

By Taiye Olayemi

The Eko Boys to Men Association on Friday empowered 88 students from no fewer than 10 Lagos Island schools through a workshop on career development and skill acquisition.

The event, held at Dolphin Senior High School, brought together education experts, professionals and mentors who guided students on navigating future careers with confidence and clarity.

Speakers engaged the students on selecting suitable career paths, developing discipline and acquiring relevant skills required to thrive in Nigeria’s fast-evolving labour market.

The workshop emphasised the importance of adaptability, personal growth and continuous learning as essential tools for success in an increasingly competitive environment.

Participating schools included Eko Akete Senior Grammar School, Boys’ Academy, Dolphin Senior High School, Lafiaji Senior High School and Epetedo Senior High School.

Others were Ebute Elefun Senior High School, Okesuna High School, King Ado Senior High School, Elegbata High School and Isale Eko Senior and Junior School.

Chairman of the association, Mr Effiong Okon, said the initiative was designed to equip young students with the mindset and tools needed for responsible adulthood.

He said the organisation recognised the challenges many students face and wanted to provide early guidance that could shape their ambitions and future decisions.

Okon was represented by Mr Henry Shofowora, Chairman of the association’s Membership and Welfare Committee, who delivered the chairman’s message at the event.

He said the programme aimed to nurture Lagos Island students into confident and value-driven young men capable of contributing meaningfully to national development.

According to him, mentorship remained a vital force in helping young people discover their abilities and prepare for real-world demands.

He said early exposure to experienced professionals could transform the thinking and behaviour of students, especially in communities with limited career guidance.

Okon said the mentorship series, now in its fourth edition, had reached more than 400 students across Lagos Island since its launch.

He said the programme was created to address pressing developmental needs by providing motivation, career support and structured guidance to young people.

He noted that the initiative also covered emotional intelligence, personal development and professional communication as essential life skills.

He added that these skills were important for students who must navigate tough environments while preparing for future leadership roles.

Okon said the association wanted students to understand that success was possible regardless of their background or community.

He noted that many association members now held leadership roles in global companies, proving that Lagos Island youths could achieve international excellence.

He also emphasised inclusiveness, saying girls from mixed schools were now part of the initiative to ensure both genders benefitted equally.

Okon said the association was working with the education district to introduce hands-on skill acquisition sessions once full-day access to students was secured.

He said the group was also partnering with community leaders across Lagos Island constituencies to extend support to young people outside formal schooling.

A Lagos public servant, Mr Layeni Aliu, said skill acquisition and personal development were essential for achieving meaningful success in today’s competitive workforce.

Aliu said young people needed practical and impactful skills that could open new opportunities and make them more employable in diverse fields.

He noted that relevant skills strengthened creativity, improved problem-solving abilities and helped young people build confidence and independence.

Aliu said effective career development required self-discovery, goal-setting and mentorship from experienced professionals who could offer accurate guidance.

He warned students against abandoning academics for vocational skills, saying both must be pursued together to provide balance and stability.

Aliu advised students to begin with simple skills, improve gradually and use academic breaks to deepen their competencies.

Addressing challenges, he urged them to resist peer pressure, avoid distractions and remain disciplined in pursuing their long-term goals.

He said maintaining focus would help them overcome environmental pressures and stay committed to their academic and personal growth.

Principal of Dolphin Senior High School, Mrs Comfort Agunlejika, urged students to avoid cultism, drug abuse and street violence and instead focus on their education.

She said good behaviour, discipline and academic commitment remained essential ingredients for a successful future.

She encouraged students to make wise choices, stay dedicated to learning and take full advantage of programmes designed to support their growth. (NAN) (www.nannews.ng)

By Taiye Olayemi

Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, on Monday launched a N235 billion offer for subscription on the floor of the Nigerian Exchange Ltd. (NGX).

The event took place during a Facts Behind the Offer presentation at the Exchange in Lagos.

The initiative reinforced NGX’s role as a catalyst for capital formation and highlighted its commitment to improving access to long-term financing for businesses.

The News Agency of Nigeria (NAN) reports that the Ellah Lakes is raising N235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share.

The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, Nov. 10 and will close on Friday, Dec. 5.

Speaking at the event, Mr Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for using the Nigerian capital market as a platform for growth.

He said the N235 billion equity raise underscored the strength and resilience of Nigeria’s capital market as a driver of corporate expansion.

“At NGX, we are pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and create greater value.

“This Offer provides investors with an opportunity to participate in the country’s agro-industrial growth and signals renewed confidence in the Exchange,” he said.

Mr Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the offer as a pivotal step in the company’s evolution.

Mordi said: “This offer for subscription is about unlocking the next chapter of Ellah Lakes’ growth story.

“At N12.50 per share, this raise reflects the intrinsic value of our integrated agricultural platform.”

He said investors were being invited to join a growth trajectory built on over 30,000 hectares of diversified assets and strong processing capacity.

“The N235 billion equity expansion marks our shift from foundation building to full-scale market expansion, advancing Nigeria’s food security agenda,” he said.

Mr Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, explained the company’s deployment strategy for the funds to be raised.

“Every naira from this raise has a clear strategic purpose. The proceeds will enhance integration of Agro-Allied Resources and Processing Nigeria Ltd. (ARPN) assets and upgrade our palm oil and cassava facilities,” Farrer said.

He said the company’s goal was to achieve greater operational efficiency and scale, while delivering value for shareholders and strengthening the agro-industrial ecosystem.

The launch of the Ellah Lakes offer demonstrates NGX’s continued commitment to connecting issuers with investors and supporting corporate growth through efficient capital access.

The transaction provides both institutional and retail investors with an opportunity to invest in one of Nigeria’s most ambitious agro-industrial expansion projects. (NAN) (www.nannews

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By Taiye Olayemi
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‎Nigeria’s leading insurance firm, AXA Mansard, has called on businesses to adopt sustainable business models as an effective response to the growing threats of climate change.

Speaking at the inaugural AXA Mansard Sustainability Symposium held in Lagos, the company’s Chief Executive Officer, Kunle Ahmed, urged corporate leaders to shift their focus from “risk to resilience” by embedding environmental and social sustainability into their operations.

‎The call came as Nigeria and other West African countries face worsening climate challenges.

According to the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA), heavy rains and flooding affected about 6.9 million people across West and Central Africa in 2024, with Nigeria accounting for approximately 1.3 million of those impacted.

Lagos alone now experiences annual flooding that disrupts lives and businesses.

“These statistics are not just numbers; they represent families, communities, and enterprises. They demonstrate that climate risk is a business risk,” Ahmed said.

‎Highlighting the company’s commitment to sustainability, Ahmed disclosed that AXA Mansard has assessed more than ₦14.5 billion worth of assets for climate risk exposure over the past three years.

Hr said within the same period, the firm reduced petrol-related emissions by 46%, electricity-related emissions by 34%, diesel emissions by 12%, and water consumption by 39%.

He noted that employees have contributed more than 30,000 hours of volunteering, positively impacting over 10,000 lives.

“For us, sustainability is not a buzzword; it is the reason our business will continue to serve Nigerians.
‎
“The insurer is also driving innovation to shield communities from climate shocks.

“In collaboration with the Insurance Development Forum, UNDP, AXA Climate, and Swiss Re, AXA Mansard helped design a parametric flood insurance solution for Lagos State.

“Using satellite-based flood triggers, the product enables rapid payouts and is projected to protect up to four million people, offering coverage of up to US$7.5 million during a catastrophic flood event.

“This initiative demonstrates how insurance can close the protection gap and strengthen community resilience,” Ahmed noted.

‎He further encouraged Nigerian businesses to view sustainability as a competitive advantage rather than an expense, citing the AXA Future Risks Report 2025, which ranks climate change among the top three global threats to enterprises.

“Adopting sustainable practices reduces operational risks, protects cash flows, opens new markets, and attracts investors. It’s not just the right thing to do; it’s smart business,” he affirmed.

‎Ahmed reiterated AXA Mansard’s commitment to working with its customers in advancing a low-carbon, inclusive economy.

“Nigeria has enormous potential to build a green economy. With your collaboration and our expertise, we can transform risk into resilience and create shared value for all,” he concluded.

By Taiye Olayemi

The Impact Investors Foundation (IIF) has called for data-driven strategies to accelerate the growth of Nigeria’s impact economy.

The Chief Executive Officer of IIF, Ms Etemore Glover, made the call on Wednesday during the 8th Annual Convening on Impact Investing (ACII) in Lagos.

The event also featured the launch of the 2025 Nigeria Impact Investing Ecosystem Mapping and Market Sizing Report.

The two-day event has the theme, “Strengthening and Scaling the Nigeria Impact Economy”.

It brought together policymakers, investors, entrepreneurs, and development partners to discuss strategies for inclusive economic growth and sustainable development through impact investing.

Glover described the new report as a critical piece of work that provided evidence-based data and insights for policymakers, investors, and development finance institutions.

According to her, the report builds on the 2019 baseline study, offering an updated mapping of Nigeria’s impact investing ecosystem, including its market size, trends, and opportunities.

“The launch of the 2025 Nigeria Impact Investing Ecosystem Mapping and Market Sizing Report is a critical piece of the work that provides evidence-based data and critical market information for policymakers, DFIs, and investors.

“This data will assist in guiding capital to where it is needed most, translating availability into impact-aligned growth and a more resilient investment ecosystem,” she said.

According to Glover, the convening was designed to galvanise Nigeria’s impact community to accelerate the nation’s journey toward an inclusive and resilient impact economy.

She said that the 2025 ACII also served as a catalyst for concrete action, producing outcomes in three priority areas: capital mobilisation, regulatory reform, and enterprise pipeline strengthening.

The IIF boss reaffirmed the foundation’s commitment to advancing Nigeria’s impact investing ecosystem.

“The 8th ACII is much more than a conference; it is the vital engine powering Nigeria’s inclusive growth and sustainable development.

“We are resolute towards strengthening and scaling the Nigerian impact economy.

“For Nigeria, this acceleration means a more resilient investment ecosystem that delivers measurable social and environmental value alongside financial returns, ultimately building a better future for all Nigerians,” she said.

Also, Frank Aigbogun, Chairman of IIF, described the establishment of the impact fund as a defining milestone in Nigeria’s pursuit of homegrown development financing.

He emphasised the importance of harnessing domestic capital sources such as pension funds, diaspora remittances, and corporate reserves to close funding gaps in key sectors of the economy.

He said, “We must be intentional about building a locally anchored ecosystem that supports impact capital.

“Pension funds, diaspora remittances, and corporate balance sheets represent an untapped reservoir that can drive inclusive growth and help address our social challenges.”

The News Agency of Nigeria (NAN) reports that the event had dedicated deal rooms set up to facilitate matchmaking between investors and investment-ready small and medium enterprises (SMEs).

Discussions centred on innovative finance models, blended finance mechanisms, and data-led policy reforms.

Participants also explored opportunities in high-impact sectors such as climate and sustainability, and the creative economy, identified as key drivers of Nigeria’s next phase of economic transformation.

Speakers at the event noted that building a robust impact economy was essential for sustaining the country’s economic momentum, linking financial returns with measurable social and environmental outcomes.

They also highlighted the potential of tapping into the global pool of over $98 trillion in assets increasingly being channelled toward impact-driven investments.

The event ended with the IIF annual dinner and awards ceremony, which recognised organisations and individuals who have demonstrated excellence in social and environmental impact.

Among the recognitions was the Innocent Chukwuma Award for Social Impact, dedicated to outstanding philanthropic and civil society organisations.

By Taiye Olayemi

Prof. Ziyaad Mahomed of INCEIF University in Malaysia, has called on African countries to urgently strengthen their regulatory frameworks for artificial intelligence (AI) and Islamic finance.
Mahomed said this was to safeguard their financial markets and deepen non-interest financial systems.
The don made the call on Wednesday at the 7th African International Conference on Islamic Finance (AICIF) held in Lagos.
The 7th AICIF, with the theme, “Africa Emerging: A Prosperous and Inclusive Outlook,” brought together regulators, scholars, and financial experts.
Mahomed warned that without proper regulation, rapid technological advancements and weak financial governance could expose African economies to market instability similar to the 2015 flash crash on the New York Stock Exchange (NYSE).
“The 2015 NYSE crash was triggered by an AI bot that made a microsecond trading decision, almost collapsing the entire financial market.
“If it had not been corrected in time, global markets could have fallen apart in just five minutes.
“That is how fragile our systems can be if not properly protected through sound regulation and consumer protection,” he said.
Mahomed noted that while several Gulf countries had already developed regulatory frameworks for AI in finance, Africa was yet to make significant progress in this regard.
“We have AI regulation in countries within the Gulf region, but I do not see it yet in Nigeria or across Africa,” he said.
Mahomed proposed a three-phase strategy for developing new Islamic finance markets in Africa.
He advised emerging markets to begin by establishing a solid legal and institutional foundation, identifying market catalysts, and introducing domestic sovereign Sukuk as a means of building investor confidence and stimulating the market.
“Launching a sovereign Sukuk early can serve as a proven and tested model that reduces friction and spurs non-interest financing,” he said.
The don urged countries like Nigeria, which already had active Islamic capital markets, to focus on developing secondary markets to enhance liquidity and mitigate credit risks.
He said, “Nigeria currently has a buy-and-hold strategy for Sukuk, and while this supports stability, it limits secondary trading.
“Developing a robust secondary market will strengthen the ecosystem and help address reputational and credit risks in private Sukuk issuances.”
Mahomed further identified short-term Islamic money market instruments as a major gap in Nigeria’s financial ecosystem,
He, however, called for diversification beyond Sukuk issuance.
He emphasised the need for a comprehensive roadmap that integrated the banking sector, capital market institutions, and regulatory frameworks to ensure balanced market growth.
The Malaysian scholar also highlighted the importance of political will and leadership continuity, saying countries must cultivate “champions” to drive reforms and maintain momentum in the sector.
“In Kenya, when a key champion of Islamic finance left office, the sector almost collapsed because there was no succession plan. We must build institutions, not individuals,” he said.
Mahomed called for a coordinated action plan among African governments, central banks, the private sector, academia, and civil society to build capacity, foster innovation, and implement meaningful reforms.
“This is not about religion; it is about providing choice and deepening financial inclusion.
“Governments must create the enabling environment, the private sector must innovate, and academics must build the next generation of experts to carry the vision forward.”
Mahomed urged policymakers to localise financial solutions rather than replicate models from the Middle East.
He said that every African market must design products tailored to its cultural and economic realities.
“You cannot simply copy a Dubai or Bahrain model. Every country must innovate based on its own social and cultural context,” he said.
Also, Mrs Korede Demola-Adeniyi, Executive Director at The Alternative Bank recommended that to properly harness islamic finance for Inclusive growth, Sukuk should be used to support SMEs.
Demola-Adeniyi also added that financial literacy should not be underestimated but be prioritized.
Mr Aminu Umar-Sadiq, Managing Director of the Nigeria Sovereign Investment Authority, advised that the narrative must change from government being the principal issuer of Sukuk.

By Taiye Olayemi

NEM Insurance Plc on Saturday organised a fitness walk in Lagos to promote insurance awareness and encourage healthy living among Nigerians.

The event, tagged “NEM Fitness Walk – Walk with Us, Feel the Difference,” brought together management and staff of the company and its subsidiaries, led by the Managing Director and Chief Executive Officer, Mr Andrew Ikekhua.

The walk commenced from the company’s head office in Lagos and extended to Maryland before returning to the office premises, drawing attention from members of the public along the route.

Speaking at the event, Ikekhua said the initiative was designed to promote physical fitness among staff while sensitising the public on the importance of insurance.

“Insurance is the only asset Nigerians have that can give them peace of mind. I always tell people to make sure all their assets are insured, and insured with NEM Insurance Plc.,” he said.

According to him, the exercise also served as an opportunity to showcase the company’s diverse products and subsidiaries.

He noted that NEM’s subsidiaries, including NEM Health and NEM Asset Management, offer a wide range of services under the expanding NEM brand.

“We are forming a NEM Group so that all our products can be under one umbrella. Customers who come to buy insurance can also access products from our subsidiaries,” Ikekhua said.

He assured that the company would continue to explore innovative ways of engaging with the public and deepening insurance education.

Participants, dressed in branded fitness outfits, distributed awareness materials and interacted with residents along the route, sharing information about the company’s products and services.

The event also featured aerobics, music, and light refreshments, highlighting NEM Insurance’s commitment to wellness, teamwork, and community engagement.

NEM Insurance Plc is one of Nigeria’s leading insurance companies, offering a diversified portfolio across general business and financial services through its subsidiaries.

By Vivian Ahanmisi

Some young innovators in Lagos on Thursday showcased emerging technology solutions as the Lagos Chamber of Commerce and Industry’s Young Business Leaders Group hosted its maiden hackathon.

The competition, with the theme ‘Tech for Tomorrow’, brought together students, entrepreneurs and young professionals to design smart, safe and sustainable ideas tackling social and business challenges.

Held at Fajemirokun Hall, Commerce House, Victoria Island, the event marked a significant step in the chamber’s efforts to empower young innovators and promote digital transformation.

Participants worked in teams, developing prototypes and pitching concepts to judges drawn from industry, technology and academia.

Chairman of YBLG, Mr Abiodun Olawale-Cole, said the hackathon was created to help nurture future entrepreneurs and potentially produce Nigeria’s next major technology success.

He said the group aimed to position young people to influence the nation’s business landscape through fresh ideas and practical problem-solving.

According to him, building a strong pipeline of young innovators is vital for Nigeria to remain competitive in the global tech economy.

Mr Olawale-Cole explained that the initiative also promotes collaboration among professionals while encouraging social impact through technology-driven solutions.

Chief Technology and Innovation Officer at Oranos Technologies, Mr Segun Maghelemi, commended the participants, noting that Nigerian youths possess strong intelligence and resilience, giving them an edge globally.

He said Nigeria’s financial services sector has already proven the nation’s capabilities, outperforming some systems in Europe and the United States in terms of innovation and efficiency.

However, he stressed that insecurity remains a major impediment to innovation, saying young people must feel safe to create, explore and develop technology.

Mr Maghelemi expressed optimism about ongoing government reforms, saying improved economic policies could boost productivity and enhance investor confidence.

He added that hackathons boost confidence, encourage experimentation and help turn ideas into products that can scale into successful ventures.

Director-General of LCCI, Dr Chinyere Almona, said the chamber intends to continue supporting youthful creativity as part of its mission to strengthen Nigeria’s business ecosystem.

She noted that platforms like the hackathon help bridge the gap between talent and opportunity, making it easier for young innovators to solve real-world problems.

Almona said solutions created by participants should not end on the drawing board but be adopted by businesses and industries across Nigeria.

Students from institutions such as Caleb University took part, applying technological skills to analyse and solve business challenges presented by organisers.

Judges evaluated the projects based on creativity, impact, scalability and technical execution, offering feedback and mentorship to the teams.

Cash prizes of ₦500,000, ₦300,000 and ₦100,000 were set for first, second and third positions, alongside support packages to help finalists scale their ideas.

Organisers said the hackathon underscored LCCI’s commitment to cultivating future business leaders capable of driving innovation and advancing Nigeria’s economic development.

They added that the event would become an annual fixture, creating a pipeline of young talent and strengthening the country’s innovation culture.

Participants described the experience as inspiring and transformational, saying it provided a rare opportunity to test ideas and receive expert guidance.

The inaugural edition closed with calls for more corporate partnerships, government support and investment in Nigeria’s youth innovation ecosystem. (NAN) (www.nannews.ng)