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#AIOCAIRO2026: Unitrust Insurance Eyes Retail Segment for Next Growth Phase

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BY NKECHI NAECHE-ESEZOBOR— Unitrust Insurance Company Limited is set to strengthen its presence in Nigeria’s retail insurance market as part of a strategic shift inspired by insights gained at the recently concluded African Insurance Organizations Conference in Cairo, Egypt.

Managing Director/Chief Executive Officer of the company, Mr. Adedayo Arowojolu, said the conference underscored the urgent need for insurers across Africa to expand access to insurance products through innovation, collaboration, and technology-driven solutions.

Speaking on the sidelines of the event, Arowojolu revealed that Unitrust Insurance, traditionally focused on corporate business, is now looking to develop products tailored to individuals and small businesses in a bid to contribute to the growth of insurance penetration in Nigeria.

“For us as a company, one of the key lessons we are taking away from this conference is the need to review our entire processes and product offerings,” he said. “We have concentrated largely on corporate business over the years, but going forward, we need to develop products that are suitable for individuals and strengthen our personal lines of business.”

According to him, discussions at the two-day conference highlighted the importance of leveraging technology to reach underserved populations and make insurance more accessible and affordable.

Arowojolu noted that despite Nigeria’s population of more than 220 million people, insurance penetration remains below one per cent, creating significant opportunities for insurers willing to innovate and address the needs of the mass market.

“The importance of extending insurance products to SMEs and individuals cannot be overemphasized,” he said. “The best way to achieve this is by using technology to reach those who currently have little or no access to insurance services.”

He added that affordability remains a critical factor in encouraging wider adoption of insurance products, especially in an environment where many consumers prioritize more immediate economic needs.

“If insurers can provide products that are relevant to people’s circumstances and financial realities, more Nigerians will begin to see the value of insurance and embrace it,” he said.

The conference also focused on fostering greater collaboration among African insurers, pooling resources, and reducing capital outflows from the continent, themes Arowojolu described as essential to the long-term growth and sustainability of the insurance industry.

He further noted that discussions around the role of insurance in sustaining businesses reinforced the need for increased awareness and education about the benefits of insurance protection.

As Unitrust Insurance evaluates the conference’s key recommendations, the company plans to explore new ways of delivering affordable insurance solutions to retail customers while leveraging technology to broaden its market reach.

“We need to let more people understand the value that insurance brings,” Arowojolu said. “By adapting some of the ideas and lessons from this conference, we believe we can play a greater role in deepening insurance penetration and expanding financial protection for Nigerians.”

This version makes Unitrust’s planned expansion into the retail and personal insurance segment the main news angle while weaving in the broader conference discussions as supporting context.

The post #AIOCAIRO2026: Unitrust Insurance Eyes Retail Segment for Next Growth Phase appeared first on Business Today NG.

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How Benin runway incident exposed fresh safety gaps, triggered recommendations — NSIB

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The Nigerian Safety Investigation Bureau (NSIB) has identified safety concerns around the runway-end environment, control tower line of sight and availability of meteorological information following the runway overrun involving an Enugu Air aircraft at the Benin Airport in Edo State.

The bureau has consequently issued four immediate safety recommendations to the Nigerian Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Meteorological Agency (NiMet) as part of its ongoing investigation into the 23 July incident.

The recommendations, numbered A-2026-039 to A-2026-042, were contained in the preliminary report disclosed by the NSIB in a statement issued on Friday by its Director of Public Affairs and Family Assistance, Funke Arowojobe.

The report concerns an Embraer ERJ 170-100LR aircraft, registration number 5N-ENR, operated by Enugu Air Limited on scheduled passenger flight ENU4264 from the Murtala Muhammed International Airport, Lagos, to the Oba Akenzua II Airport, Benin.

The aircraft had 63 passengers and five crew members on board when it landed on Runway 05 at about 2:55 p.m. It subsequently continued beyond the runway end into an unpaved area, where it struck approach-lighting installations and two fixed concrete structures associated with a decommissioned localiser installation.

All 68 occupants were evacuated safely using the aircraft’s emergency escape slides, with no injuries reported.

The latest findings provide the first detailed account from the accident investigation since the occurrence temporarily led to tbe shutdown of the Benin Airport runway and disrupted scheduled flights.

What happened before the overrun

According to the preliminary report, the aircraft departed Lagos at about 2:19 p.m. for Benin and completed its take-off, climb, cruise and descent phases normally.

The crew was initially cleared to conduct an Instrument Landing System (ILS) approach to Runway 23 but later requested and received approval for an RNAV approach to Runway 05.

During the approach, the crew raised concerns about rain around the airport. The control tower subsequently advised that the approach path to Runway 23 appeared to have better conditions.

The crew, however, continued with the RNAV approach to Runway 05.

At about 2:48 p.m., the tower informed the crew that visibility was approximately 1,500 metres in moderate rain. The aircraft was subsequently cleared to land on Runway 05, with the crew also cautioned that the runway surface was wet.

The NSIB’s preliminary report does not, however, establish that any of these factors individually caused the runway overrun. The bureau said its investigation remains ongoing and that further technical examination and analysis are required.

The report was compiled from information obtained through several sources, including witness statements, flight recorder data, air traffic control communications and preliminary inspection of the aircraft.

NSIB flags airport safety issues

The four recommendations issued by the bureau focus on the conditions and systems surrounding the runway rather than assigning responsibility for the occurrence.

The NSIB identified the runway-end environment, the control tower’s line of sight and the availability of meteorological information as areas requiring attention by the relevant aviation agencies.

The recommendations are intended to address safety issues identified during the investigation and reduce the possibility of similar occurrences.

The bureau also released a preliminary recreation of the aircraft’s flight path based on information available at the current stage of the investigation.

It said the video was part of its effort to improve transparency and communicate relevant safety information to the public while the investigation continues.

The NSIB cautioned against treating the preliminary findings as a final determination, stressing that the information remains subject to further review and could change as investigators obtain and analyse additional evidence.

The final report, according to the bureau, will contain its conclusions and any further safety recommendations arising from the completed investigation.

The incident had consequences beyond the aircraft and its occupants.

Following the occurrence, FAAN temporarily closed the Benin Airport runway to facilitate the recovery of the aircraft and allow authorities to conduct safety assessments.

The closure disrupted scheduled flights, forcing airlines operating to and from Benin to cancel or adjust their services.

PREMIUM TIMES reported that the runway reopened after 12 days, with ValueJet announcing that its flights to and from Benin would resume from 5 August, confirmed by FAAN.

The reopening restored the runway to operational use, but did not signify the conclusion of the NSIB investigation.

In aviation, an airport can resume operations after safety assessments while a separate accident or occurrence investigation continues. The operational reopening is aimed at establishing that the facility is safe for use, while the investigation seeks to determine what happened and identify measures that could prevent a recurrence.

NSIB says investigation is not about blame

The bureau said the preliminary report should not be interpreted as an attempt to establish liability against the airline, flight crew, airport authorities or any other party.

It said the investigation is being conducted in accordance with Annex 13 to the Convention on International Civil Aviation, whose primary objective is the prevention of future accidents and incidents.

The NSIB therefore urged the public and other stakeholders to avoid drawing conclusions about the cause of the occurrence before the investigation is completed.

The bureau said further technical work would be undertaken before its final conclusions are reached.

For Benin Airport, the recommendations come 16 days after the reopening of the runway following nearly two weeks of disruption. They also provide aviation authorities with specific areas to examine as they work to strengthen safety around the airport.

While no passenger or crew member was injured in the Enugu Air occurrence, the NSIB’s preliminary findings show that the incident exposed issues beyond the aircraft itself, particularly around the conditions, visibility and information available during the approach and at the end of the runway.

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AIICO Insurance Denies False Allegations, Sues Obinna Nwosu Over Defamation

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BY NKECHI BAECHE-ESEZOBOR—In a decisive move to protect its corporate reputation, AIICO Insurance Plc has taken legal action against a dismissed agent, Mr. Obinna Adolphus Nwosu, suing him for defamation after he circulated unsubstantiated claims to regulators, the media, and the general public.

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

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

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

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

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

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

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

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

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

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

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

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

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