Business

General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP

Published

2 days ago

September 23, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s lead underwriter, Mutual Benefits Assurance Plc has protected a Gross Written Premium of ₦96.82 billion for the twelve months ending 31 December 2026.

According to notice released on the exchange, for dealing members and investors, the company’s insurance revenue, is projected to stand at ₦89.42 billion.

The company’s general business is expected to generate 72% of the projected GWP, while the Life arm of the group will account for j28%.

Investment income would largely be driven by returns on its financial assets, with non-cash items such as depreciation of non-current assets, amortisation of intangible assets, and net fair value gains or losses on financial assets factored into its profit or loss and other comprehensive income statement.

On the profitability side, Mutual Benefits projects gross premium written of ₦96.82 billion and insurance revenue of ₦89.42 billion, against an insurance service expense of ₦81.56 billion. Net income from reinsurance contracts held is estimated at ₦802.64 million, bringing the insurance service result to ₦8.66 billion.

Net investment income is expected to stand at ₦13.16 billion, while net insurance finance expenses are projected at ₦1.99 billion, resulting in net insurance and investment results of ₦19.84 billion. With other income of ₦237.03 million and total non-attributable expenses of ₦2.76 billion, the company expects a profit before income tax of ₦17.31 billion.

After an income tax expense of ₦1.90 billion, Mutual Benefits projects a full-year profit of ₦15.41 billion for the period under review.

The post General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP appeared first on Business Today NG.

Related Topics:96.82bn Assurances Benefits business drive general GWP Mutual Projected

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Lagos Police Seal Illegal Alcohol Factory In Badagry, Arrest Suspect

Published

6 hours ago

September 25, 2026

Preport

Lagos State Police Command has discovered and sealed a suspected illegal factory allegedly used for the production of adulterated alcoholic drinks in Badagry.

The operation led to the arrest of Anaebo Emeka Hilary, ‘m’, 48 years, at Yafin, Badagry, Lagos State, where the suspected illegal factory was located.

During the operation, the operatives recovered adulterated alcoholic drinks, empty bottles, different wine labels and various production utensils suspected to have been used in the production and packaging of the drinks.

The factory was subsequently sealed, while the suspect was taken into Police custody. The recovered items have been taken to the station for further investigation.

The Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips, commended the operatives for their vigilance and prompt response to credible information.

He reaffirmed the Command’s commitment to sustaining intelligence-led operations against criminal activities across the state, while urging members of the public to continue providing timely and credible information to the Police through any of the emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, 08080193432 (Marine), 09168630929.

The post Lagos Police Seal Illegal Alcohol Factory In Badagry, Arrest Suspect appeared first on Business Today NG.

Business

Gambia asks GTB, Access Bank, others to dismiss non-Gambian employees

Published

22 hours ago

September 24, 2026

Preport

The Central Bank of The Gambia ordered all commercial banks operating in the country to dismiss non-Gambian employees.

In a letter dated 19 September, the central bank asked commercial banks to phase out non-citizens who are not on approved expatriate quotas by the end of the year.

The letter, signed by the bank’s Second Deputy Governor, Ousman Mendy, was addressed to managing directors of all banks operating in the country, including Nigerian subsidiaries such as First Bank, Zenith, Access, Eco, and the Guaranty Trust Bank.

The regulator also directed that the non-citizens dismissed should be replaced with qualified Gambians.

It directed banks to put clear succession plans in place quickly and transfer skills. It also asked banks to keep operations running smoothly during the transition.

According to the letter, the decision followed a meeting between the central bank and bank managing directors in August, during which they discussed concerns about the employment of non-Gambian workers in the banking sector.

The CBG said a recent industry study it conducted found that banks employ a large number of foreigners.

It added that, in addition to recruiting expatriate workers, some banks allegedly violated provisions of The Gambia’s Labour Act 2023 and Guideline 9 on expatriate staff.

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These provisions identify the circumstances under which expatriate workers can be employed and the quotas permissible.

“A recent industry study conducted by the Bank revealed that a relatively high number of non-Gambians are employed by banks, in addition to recognised expatriate staff.

“This is in violation of the provisions of the Labour Act 2023 and also not in line with guideline 9 on expatriate staff,” the letter read.

The regulator further urged banks to adhere to the country’s laws and strictly follow the central bank’s guidelines.

“You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines,” it stated.