Business
Cornerstone Insurance Backs Lagos Flood Insurance Scheme for Four Million Residents
Cornerstone Insurance Plc has reaffirmed its commitment to strengthening climate resilience and expanding financial protection for vulnerable communities through its participation in the Lagos Flood Risk Transfer Scheme, an innovative flood insurance initiative expected to benefit approximately four million residents across Lagos State.
Flooding remains one of the most significant environmental and economic challenges confronting Lagos State, with poor and vulnerable communities disproportionately affected by recurring incidents during the state’s annual rainy seasons. As a low-lying coastal city with an average elevation of approximately 1.5 metres above sea level, Lagos faces increasing flood risks driven by rising sea levels, land subsidence, rapid urbanisation, and drainage systems frequently obstructed by waste.
Over the years, the state has experienced increasingly severe flooding, particularly between April and July, resulting in widespread disruption to infrastructure, livelihoods, businesses, and economic productivity. Estimates place the annual economic impact of flooding in Lagos at nearly $4 billion.
To address these growing risks and strengthen the financial resilience of affected communities, the United Nations Development Programme (UNDP) and the Insurance Development Forum (IDF), with funding support from the German Federal Ministry for Economic Cooperation and Development (BMZ), developed the Lagos Flood Risk Transfer Scheme in collaboration with the Lagos State Government.
The initiative is designed to provide rapid financial support to vulnerable residents through an innovative parametric insurance solution that enables faster response and recovery following major flooding events.
Following extensive modelling and technical assessments, a flood footprint-based index was selected as the most suitable insurance model for Lagos State, taking into consideration the city’s exposure to pluvial, fluvial, and coastal flooding risks. Under the scheme, payouts are triggered when flood depths reach 50 centimetres.
After regulatory approval by the National Insurance Commission (NAICOM), the scheme is being underwritten by Cornerstone Insurance Plc alongside three other leading insurance companies, with Africa Re providing reinsurance support.
Speaking on the initiative, the Managing Director of Cornerstone Insurance Plc, Stephen Alangbo, said: “at Cornerstone Insurance, we understand that climate-related risks such as flooding continues to threaten livelihoods, businesses, and vulnerable communities across Lagos State. Our participation in the Lagos Flood Risk Transfer Scheme reflects our commitment to providing innovative insurance solutions that strengthen resilience, support rapid recovery, and deliver meaningful financial protection to those most affected by environmental challenges.”
The sustainability of the initiative is further strengthened by the Lagos State Government’s commitment to incremental premium payments over the next three years. The scheme has also been integrated into the state’s broader disaster management framework, reinforcing coordinated efforts to improve preparedness, response, and recovery for flood-prone communities across Lagos State.
About Cornerstone Insurance
Cornerstone Insurance Plc is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services. As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via internet and mobile platforms.
At Cornerstone Insurance Plc, we remain committed to our core values of integrity, empathy, professionalism, innovation, and team spirit. Our mission is to deliver value beyond expectations through need-based products and exceptional service delivery.
The post Cornerstone Insurance Backs Lagos Flood Insurance Scheme for Four Million Residents appeared first on Business Today NG.
Elon Musk, the world’s richest person, has attained trillionaire status after SpaceX, the rocket, AI and satellite communications company established by him, turned a soaraway success on its first trading day, surging 20 per cent to $2.1 trillion in valuation.
SpaceX’s shares closed at $161 on the Nasdaq on Friday, compared to its initial public offering (IPO) price of $135, making it the biggest-ever stock market debut.
The IPO had earlier raised $75 billion from investors and the underwriters of the transaction before the listing.
“Liftoff! First $SPCX trade complete,” Space X wrote on X (formerly Twitter), which Mr Musk also owns.
The 54-year old now has a total net worth of $1.1 trillion, according to the Bloomberg Billionaires Index, with its stake in SpaceX standing at 42 per cent or $767.1 billion as of Friday.
SpaceX debuted with a valuation of around $1.8 trillion. Its valuation at the end of Friday’s trade makes it the sixth-largest publicly traded company in the United States.
Trading under the ticker symbol “SPCX,” SpaceX began trading shortly before noon, attracting strong investor demand.
The listing places SpaceX among the world’s most valuable companies, despite the firm reporting a loss of nearly $5 billion last year and generating significantly less revenue than many technology giants with comparable valuations.
“I gave SpaceX a 10 per cent chance of succeeding at all,” Mr Musk said shortly before the company was listed.
SpaceX, since its establishment in 2002, has evolved from an experimental rocket startup into a dominant player in aerospace, satellite communications, and AI-related infrastructure.
READ ALSO: Elon Musk announces formation of American Party
Starlink, its satellite internet business, has expanded SpaceX beyond rocket manufacturing into a broader technology and connectivity platform.
Mr Musk, who now controls several companies, including Tesla, SpaceX, xAI, and X, began building his wealth by co-founding Zip2 and PayPal.
After completing the acquisition of X in October 2022 in a deal worth $44 billion, Mr Musk introduced monetisation features on the platform, which contributed to the growth of his business empire.
After selling Zip2 and later PayPal, he reinvested much of his earnings into Tesla, SpaceX, and other ventures.
Mr Musk’s wealth is now nearly equivalent to the entire economic output of Switzerland or Poland.
BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.
The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.
Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.
The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.
Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.
Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).
This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.
Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.
The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).
Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.
The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.
Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.
The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.
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