Business

Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval

Published

2 months ago

August 14, 2026

BY NKECHI NAECHE-ESEZOBOR—Emerging from National Insurance Commission, (NAICOM), sector-wide recapitalisation drive with a capital base exceeding ₦15 billion, Guinea Insurance Plc on Friday said its positioning itself for a major market transformation.

With NAICOM verification now completed, the non-life insurer plans to deploy its strengthened capital position toward underwriting larger corporate risks, expanding digital infrastructure, and competing more aggressively for market leadership within Nigeria’s financial ecosystem.

A statement released by the insurer noted that, recapitalisation is not the destination. It is the platform for growth.

The statement further said is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:

“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience.

It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

According to the Company, the objective is clear: to turn capital strength into market strength.

Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.

The post Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval appeared first on Business Today NG.

Related Topics:approval growth Guinea Insurance NAICOM Phase positions Recapitalisation

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Andela, Flutterwave Co-Founder Iyin Aboyeji to Headline Insurance Meets Tech 5.0

Published

1 hour ago

October 21, 2026

PlateauReports

Insurance Meets Tech (IMT) has confirmed Mr. Iyinoluwa Aboyeji, OON, Co-founder of Andela and Flutterwave, and Founding Partner of Future Africa, as Headline Speaker for its fifth edition. IMT 5.0, themed “Building Insurance That Connects”, will hold on Friday, November 20, 2026, at the Balmoral Event Centre, Sheraton Hotel, Ikeja, Lagos.

Mr. Aboyeji will deliver a presentation titled “Capital, Code and the Race to Nigeria’s First Insurance Unicorn.” He will examine how a better-capitalised industry, paired with scalable technology, can place insurance on the platforms Nigerians already use, and what it will take for a homegrown insurer to reach that milestone.

Organisers selected him for his vantage point as both founder and investor, having helped create two of the continent’s first technology unicorns, and through Future Africa he continues to back founders solving hard problems across Africa.

Speaking on the choice of Headline Speaker and topic, Odion Aleobua, Convener of Insurance Meets Tech, said: “Nigeria has already built billion-dollar companies in payments and in talent, while insurance is still waiting for its breakout moment. This is the kind of trailblazing conversation we seek to have at Insurance Meets Tech. Iyin has built two of those companies and now backs the next generation of founders, so he sees this question from both sides of the table. He is the right person to set the tone for this conversation at IMT 5.0.”

The conversation also lands at a pivotal moment, as recently concluded recapitalisation has left insurers with stronger balance sheets and the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) is reshaping sector governance. Shareholders who committed fresh capital expect growth that justifies it, while Nigerians expect insurance to be as simple and accessible as the digital services they use daily.

Commenting on his participation, Mr. Aboyeji said: “Insurers now have the capital, and the technology to reach customers at scale is already here. What remains is building products that live inside platforms people trust. That is how the first insurance unicorn gets built. I look forward to making that case at IMT 5.0 to executives, founders, regulators, investors and policymakers from the insurance and technology sectors.”

This year’s theme reflects the organisers’ conviction that the future belongs to institutions that build ecosystems connecting people with capital, creating trust and unlocking opportunity on a scale.

About Insurance Meets Tech

Insurance Meets Tech (IMT) is West Africa’s leading insurance and tech conference. Across four editions, it has become the region’s foremost platform for executive dialogue where insurance and technology meet.

The post Andela, Flutterwave Co-Founder Iyin Aboyeji to Headline Insurance Meets Tech 5.0 appeared first on Business Today NG.

Business

FAAN begins earning MMA2 revenue as 20-year dispute with Bi-Courtney ends

Published

9 hours ago

October 21, 2026

PlateauReports

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The Federal Airports Authority of Nigeria (FAAN) has begun earning revenue from the Murtala Muhammed Airport Terminal Two (MMA2) in Lagos following a settlement between the Federal Government and Bi-Courtney Aviation Services Limited over a dispute that lasted nearly two decades.

The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this on Tuesday during the formalisation of the settlement involving the Federal Government, FAAN, Bi-Courtney and Stabilini Visinoni Limited.

“FAAN had not earned a kobo from MMA2 for the last 20 years because of disputes. Today, FAAN begins to earn its money from MMA2,” Mr Keyamo said.

The agreement provides for the resumption of concession fee payments to FAAN and the reciprocal waiver of specified historical financial and other claims by the parties.

Mr Keyamo said the Federal Executive Council (FEC) approved the framework for the negotiated settlement on 30 April 2026, following discussions aimed at resolving the long-running dispute.

What the settlement changes

Under the revised agreement, Bi-Courtney has agreed to waive its outstanding claims against the Federal Government, while the government and FAAN will relinquish specified historical claims against the concessionaire, including accumulated concession fees and related payments arising before the agreement.

The minister said the arrangement was intended to resolve past disagreements and establish clearer contractual obligations for the parties going forward.

The settlement also addresses a dispute over the General Aviation Terminal (GAT), commonly known as the Old Domestic Airport.

According to Mr Keyamo, the revised agreement recognises the terminal as the property of the Federal Government, to be operated by FAAN.

The minister said the government had agreed to allow Bi-Courtney to expand its apron and accommodate regional flights within Africa at MMA2, subject to the terminal’s capacity.

The agreement also restores rights and provides for separate lease arrangements covering a four-star hotel and conference centre near the airport. The facilities have remained unfinished for years.

Mr Keyamo said the government would retain regulatory oversight over security, access, emergencies and maintenance standards, while the parties would work together to implement the revised arrangements.

Background to the dispute

In April, PREMIUM TIMES had reported that the Federal Government had reached a settlement with Bi-Courtney to resolve the long-running dispute over MMA2 after years of litigation and disagreements over the airport concession.

Mr Keyamo at the time said the Federal Executive Council (FEC) had approved the negotiated settlement, which included concessions by both parties, revised operational arrangements and plans to restore government revenue from the terminal.

The dispute originated from a concession agreement signed on 24 April 2003 involving the Federal Government, Bi-Courtney and Stabilini Visinoni Limited for the design, construction, operation and eventual transfer of the domestic terminal.

The agreement initially covered 12 years from 7 May 2007 but was subsequently extended to 36 years.

Disagreements over contractual obligations, financial claims and the scope of the concession led to multiple court cases across successive administrations.

Bi-Courtney maintained that it had been denied benefits under the concession, while FAAN asserted its own financial entitlements and responsibility to protect public airport assets.

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The dispute also involved the ownership of the General Aviation Terminal and financial claims connected to the Asset Management Corporation of Nigeria.

Mr Keyamo said the latest settlement followed negotiations between the government and the chairman of the Bi-Courtney Group, Wale Babalakin, with legal, commercial and technical teams involved in the process.

He added that the agreement would give Bi-Courtney greater certainty to invest in the terminal while allowing the government to resume revenue collection and plan airport development under the revised framework.

He urged FAAN and Bi-Courtney to ensure that the settlement resulted in completed facilities, reliable services and improved airport operations.

“The travelling public should see the result in functioning facilities and dependable service. That is how the value of this settlement will be measured,” he said.