Business

How Yetunde Ilori Made Insurance Literacy a National Conversation

Published

3 weeks ago

July 16, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Mrs. Yetunde Ilori, the outgoing President of the Chartered Insurance Institute of Nigeria (CIIN), has stated that her greatest fulfillment after two years in office is successfully elevating insurance literacy into a national conversation.

This milestone was achieved through targeted initiatives that reached children, students, professionals, and various communities across Nigeria.

Speaking at her valedictory virtual press conference marking the end of her tenure as CIIN’s 52nd President, Ilori reflected on her administration’s key achievements.

She described her leadership journey as one driven by a steadfast commitment to expanding insurance education, strengthening professionalism, building capacity, and fostering deeper industry collaboration.

She expressed deep gratitude to the media for their unwavering support in publicizing the institute’s programs, noting that journalists played a vital role in boosting insurance awareness and enhancing public understanding of the sector’s economic importance.

“I came into office with a clear intention to make a difference,” Ilori said. “Leadership should always be measured by the impact it creates and the legacy it leaves behind.”

Ilori explained that her administration was guided by the EPIC agenda—focused on Education, Professionalism, Institutional and Individual Recognition, and Capacity Building. This strategic framework served as the foundation for the institute’s major initiatives over the past two years.

Key Milestones of the EPIC Administration

Nationwide Advocacy: A defining achievement of her tenure was expanding “Insurance Week” into a nationwide campaign. The initiative took advocacy beyond traditional industry circles and directly into local markets, schools, universities, and public spaces.

Early Childhood Education: To nurture financial literacy from an early age, the CIIN published two introductory books simplified for children aged 4–10 and 11–16, making insurance concepts accessible and relatable.

Youth & Tech Innovation: To foster innovation, the institute promoted youth participation through a specialized Hackathon, bringing together students, tech experts, and insurance practitioners to develop digital solutions for the sector.

The Million-Youth Project: Ilori highlighted a landmark partnership with the National Insurance Commission (NAICOM) and the Federal Ministry of Youth Development. This digital learning initiative aims to train one million Nigerian youths in insurance and financial literacy, equipping them with the skills to pursue careers in insurance, entrepreneurship, and sound financial planning.

She also praised the strengthened collaboration among insurers, regulators, and professional bodies, noting that these collective efforts contributed to major industry reforms, including supporting the progress of the new insurance bill.

Beyond domestic policy reforms, the CIIN under her leadership expanded its reach to Nigerian insurance professionals in the diaspora, upgraded facilities at the College of Insurance, and enhanced career development through directors’ conferences, specialized training, and student internship opportunities.

Ilori emphasized that the successes of her tenure were the result of industry-wide teamwork rather than individual effort.

“As I leave office, my desire is for this stakeholder collaboration to continue,” she concluded. “It is not about any single individual; it is about the institution and the sustainable growth of the Nigerian insurance industry.”

The post How Yetunde Ilori Made Insurance Literacy a National Conversation appeared first on Business Today NG.

Related Topics:Conversation Ilori Insurance Literacy national Yetunde

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Business

NAICOM Revokes Nigeria Reinsurance Licence Over Minimum Capital Deficit

Published

1 hour ago

August 6, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—For not meeting the statutory Minimum Capital Requirement as stipulated by the Nigerian Insurance Industry Reform Act 2025, the National Insurance Commission (NAICOM), has withdrawn the operating licence of Nigeria Reinsurance Corporation.

The commission has also appointed Dr Muiz Banire, SAN, as receiver and provisional liquidator which took effect on 3 August 2026.

According to notice dated 4 August, Banire confirmed he was empowered by NAICOM to oversee the receivership and liquidation of the company (registration number RR-002).

The withdrawal of authorization followed the organization’s failure to meet mandatory capital baselines before the statutory deadline.

The appointed liquidator is tasked with tracing and securing assets, auditing liabilities, coordinating with regulatory authorities, and submitting progress reports.

He ordered an immediate freeze on all corporate bank accounts, instructing financial institutions, clients, and the public to ignore commands unless issued directly by him or certified representatives.

Regulators framed this measure as essential to uphold financial standards, protect consumers, and maintain sector stability.

All involved parties must channel future transactions exclusively through the liquidator while assets are realized and operations are systematically terminated.

The post NAICOM Revokes Nigeria Reinsurance Licence Over Minimum Capital Deficit appeared first on Business Today NG.

Business

Seplat Energy Records 498% Profit Surge to $164m, Declares 12 Cents Dividend for H1 2026

Published

9 hours ago

August 6, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Seplat Energy Plc, a leading Nigerian independent energy producer listed on both the Nigerian Exchange and London Stock Exchange, has delivered a stellar financial performance for the half-year ended June 30, 2026. Driven by higher output and a favorable pricing environment, the energy giant posted a massive 498 percent year-on-year surge in Profit After Tax (PAT), reaching $164 million, compared to $4.0 cents per share in the corresponding period of 2025.

Gross revenue rose 30 percent to $1.82 billion from $1.398 billion in H1 2025, supported by an average realized oil price of $94.13 per barrel, representing a $7.47 premium to Brent crude. Strong operational execution expanded gross profits by 68 percent to $815.9 million, while cash generated from operations expanded 29 percent to $985.9 million.

In line with its strong balance sheet, Seplat declared a total second-quarter dividend of USD 12.0 cents per share ($72 million), comprising a USD 5.0 cents core payout and a USD 7.0 cents special dividend. Following robust performance and a newly reached agreement to sell a 10 percent interest in the NNPCL-SEPNU Joint Venture to NNPC Limited for $281.6 million, the company plans to raise its full-year 2026 dividend projection to USD 68.3 cents per share ($410 million)—a 173 percent growth year-on-year.

Operationally, group production averaged 139,509 barrels of oil equivalent per day (boepd) in the first half of 2026, marking a 4 percent growth year-on-year and remaining comfortably within full-year target guidance. Second-quarter output surged to 149,070 boepd, up 15 percent from the first quarter, boosted by onshore production improvements and an active idle well restoration program that restored 26,000 barrels per day of gross capacity across 24 wells. The firm also achieved 18.8 million man-hours across operated assets without any Lost Time Injury (LTI), while lowering carbon emissions intensity by 18 percent.

Financially, Seplat significantly deleveraged its balance sheet, making an early repayment and cancellation of $200 million under its Advanced Payment Facility. Consequently, Net Debt dropped 45 percent to $370.7 million by the end of June, pushing the Net Debt/EBITDA leverage ratio down to 0.25x and prompting S&P to upgrade the company’s credit rating to ‘B+’.

The strong half-year earnings coincide with scheduled executive leadership transitions. Engr. Effiong Okon took over as Chief Executive Officer from Mr. Roger Brown on August 1, 2026, while Mr. Tony O. Elumelu, CFR, is slated to succeed Senator Udoma Udo Udoma as Board Chairman on January 1, 2027.

Commenting on the results, outgoing CEO Roger Brown remarked that the company is handing over leadership from a position of unprecedented financial and operational resilience, backed by expanding cash flows, accelerated debt repayment, and historic returns for shareholders.

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