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

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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.

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African Alliance Secures Shareholders Nod to Raise N12bn, Eyes Return to Active Trading

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BY NKECHI NAECHE-ESEZOBOR—The board  of directors of African Alliance PLC on Wednesday got shareholders nod to raise N12 billion additional capital to shore up its baseline and meet National Insurance Commission, (NAICOM), Minimum capital requirement.

According to the details made available by the company under the approved resolutions, the Board is empowered to execute the capital injection through various channels, including private placement, rights issue, public offer, asset sales, or zero-coupon convertible subordinated debt notes.

The approval which was granted at the company’s Extra-ordinary general meeting held today in Lagos, shareholders also empower the board to determine conversion terms, allot shares, and revalidate legacy shares where necessary.

The EGM aligns with the Nigerian Insurance Industry Reform Act, 2025 (NIIRA), the Companies and Allied Matters Act, 2020 (CAMA 2020), the Investment and Securities Act, 2025, the Rule Book of the Nigerian Exchange Limited, and other regulations and directives of NAICOM.

Applauding the shareholders  for the approval, the Chairman of company, Anthony Isa, said “The approval granted by our shareholders today marks a vital milestone in securing the long-term strength and regulatory compliance of African Alliance Insurance Plc. By authorising the Board to raise up to N12 billion across flexible capital structures—including equity, debt notes, and asset optimisation—we are positioning the company to fully satisfy the recapitalisation requirements of the Nigerian Insurance Industry Reform Act while creating sustainable value for all stakeholders.

The board also got approval as part of and in furtherance of the company’s recapitalisation, approval “to sell, transfer or otherwise dispose of such properties or other assets of the company, whether or not constituting a major asset transaction, on such terms and conditions as may be approved by the board of directors, and permitted by applicable law, subject to the requisite regulatory approvals.”

In addition, the board  was also mandated  to amend the organisation’s Memorandum and Articles of Association (MEMART) “to the extent necessary or desirable to give effect to the recapitalisation, including any consequential increase in issued share capital and the allotment of shares pursuant thereto.”

Also, Managing Director/Chief Executive Officer Ayobami Ogunkeye, African Alliance Plc, assured shareholders that leadership is thoroughly vetting all potential equity partners in order to safeguard the firm’s foundational identity.

“We are extremely cautious about who we bring on board or align with, because this is a lasting commitment,” Ogunkeye stated. “Many parties have capital, but what drives them? Do they value what African Alliance represents, or are they simply after breaking it up for parts? We are rigorously vetting interested parties to make sure our goals match theirs.”

Ogunkeye disclosed that leadership is actively in talks with the Nigerian Exchange Limited (NGX) and other regulatory agencies to clear up longstanding filing gaps and open the door for the company’s shares to begin trading again.

“There is underlying worth here that matters greatly. We are actively in discussions with the regulators so trading in our stock can be reinstated on the exchange,” he noted. “At present, our share price sits well under its face value, but once this recapitalisation drive is finalised, we anticipate raising the share value to roughly 70 kobo or N1.00, restoring our position among stocks that are actively traded and hold real worth.”

The post African Alliance Secures Shareholders Nod to Raise N12bn, Eyes Return to Active Trading appeared first on Business Today NG.

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NMDPRA approves 830,000-tonne petrol imports amid Dangote legal battle

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The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved petrol import permits covering about 830,000 metric tonnes for multiple companies ahead of the fourth quarter of 2026, PREMIUM TIMES has learnt.

George Ene-Ita, spokesperson for the authority, confirmed the development to PREMIUM TIMES on Tuesday.

“Yes, petrol import permits were approved for Q4 2026 to ensure there’re no supply gaps heading into the critical end-of-year period,” Mr Ene-Ita said.

Companies reportedly granted the permits include Matrix Energy, A.A. Rano, AYM Shafa, NIPCO, Pinnacle Oil and Bono Energy.

The approvals were reportedly issued on 18 September, although details of the individual allocations to the marketers were not immediately available as of the time of filing this report.

The latest approvals come amid an ongoing legal dispute between Dangote Petroleum Refinery and the regulator over the continued issuance of petrol import licences.

They also come as heightened tensions in the Middle East continue to disrupt global energy markets, keeping crude oil prices elevated and raising concerns about the cost of petroleum supplies.

Dangote’s legal challenge

In May, PREMIUM TIMES reported that Dangote Petroleum Refinery filed a fresh lawsuit against the Attorney-General of the Federation, challenging fuel import licences issued to oil marketers and the Nigerian National Petroleum Company Limited (NNPC Ltd).

In the suit, the refinery argued that the licences granted to some marketers threatened its operations and were contrary to provisions of the Petroleum Industry Act (PIA).

The refinery contended that fuel import licences should only be issued when domestic supply is insufficient to meet national demand.

Nigeria has historically depended heavily on imported petrol, largely because of the poor performance of its state-owned refineries.

The $20 billion Dangote Refinery, owned by businessman Aliko Dangote, was expected to reduce the country’s dependence on imported refined petroleum products by supplying the domestic market.

With an installed capacity of 650,000 barrels per day, the facility is Africa’s largest single-train refinery and was projected to significantly reduce the foreign exchange burden associated with fuel imports.

However, petrol imports have continued as the refinery ramps up production and distribution, while some industry operators maintain that domestic output has yet to fully meet national demand.

Regulatory dispute

Since commencing operations in 2024, Dangote Refinery has repeatedly pushed for local marketers to source petroleum products from domestic refineries rather than rely on imports.

The former NMDPRA leadership under Farouk Ahmed resisted measures that it considered capable of creating a monopoly, arguing that allowing a single refinery to dominate the market could undermine competition and create risks for Nigeria’s energy security.

The disagreement contributed to a public dispute between Mr Dangote and Mr Ahmed.

Mr Dangote subsequently accused the former regulator of corruption and alleged that the NMDPRA was colluding with international traders and fuel importers to frustrate local refining by continuing to issue import licences.

He also raised questions about Mr Ahmed’s lifestyle and alleged that four of his children attended expensive secondary schools in Switzerland, claims that formed part of the broader controversy over the regulator’s conduct.

Mr Ahmed later resigned as NMDPRA chief executive.

Previous lawsuit

In 2024, Dangote Refinery instituted a separate suit, marked FHC/ABJ/CS/1324/2024, seeking N100 billion in damages against the NMDPRA over the issuance of import licences to some marketers and the subsequent importation of petroleum products.

The marketers named in the suit included NNPC Ltd, Matrix Petroleum Services Limited, AYM Shafa Limited, A.A. Rano Limited, T. Time Petroleum Limited and 2015 Petroleum Limited.

In the suit dated 6 September 2024, the refinery’s lawyer, Ogwu Onoja, asked the Federal High Court to declare that the NMDPRA violated Sections 317(8) and (9) of the Petroleum Industry Act by issuing licences for the importation of petroleum products.

Dangote Refinery argued that such licences should only be issued where a shortfall in domestic petroleum supply exists.

The refinery also asked the court to declare that the NMDPRA failed in its statutory responsibility under the PIA to encourage domestic refining.

However, in a counter-affidavit dated 5 November 2024 and filed by Ahmed Raji (SAN), the marketers asked the court to dismiss the refinery’s claims.

They argued that competition was essential to the health of Nigeria’s economy and the viability of the petroleum sector, insisting that they were qualified to receive import licences under Section 317(9) of the PIA.

The defendants further accused Dangote Refinery of attempting to monopolise the petroleum industry by seeking sole control over fuel supply, distribution and pricing.

In July 2025, Dangote Refinery discontinued the lawsuit challenging the import approvals. The refinery did not publicly state its reasons for withdrawing the case.

Meanwhile, the Dangote Refinery’s current case challenging the continued issuance of petrol import licences is scheduled for further hearing on 7 October.

Asked on Tuesday for an update on the legal dispute with Dangote Refinery, Mr Ene-Ita declined to comment, citing the ongoing court proceedings.

“The Dangote case is still in court. I cannot say anything in a court case,” he said.

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