Connect with us

Business

Insurance Week 2026 to Hold Nationwide as CIIN Unveils Plans

info

Published

on

IMG 6324.jpeg

The Chartered Insurance Institute of Nigeria has unveiled plans for the 2026 edition of Insurance Week as part of efforts to deepen public understanding of insurance and strengthen collaboration across the industry.

Speaking during a virtual press briefing, the President and Chairman of the Institute’s Governing Council, Yetunde Ilori, said this year’s campaign will begin with Jumat prayers on Friday, May 15, which will serve as a prelude to the Insurance Awareness Walk on Saturday, May 16. The walk will commence from the premises of NEM Insurance Plc along Obanikoro Road, Lagos, and end at the National Stadium.

She added that a church service will be held on Sunday, leading to the official opening ceremony on Monday, May 18. Tuesday will feature a series of engagements with MSMEs and schools, while Wednesday will be dedicated to further engagements with market segments. Thursday will feature a hackathon, while Friday, May 22, will host the grand finale, gala night, awards, and ambassador event.

The CIIN revealed that unlike the maiden edition of the programme, where activities were concentrated in selected cities and towns, the 2026 edition will see all state chapters of the institute staging events and activities aimed at sensitising the public.

She explained that the initiative was introduced to create more awareness about the relevance of insurance, encourage engagement among stakeholders, and improve public perception of the sector.

Following the success of the maiden edition held simultaneously in Lagos, Ibadan, Port Harcourt, and Kano last year, Ilori said the 2026 programme would expand to include Ekiti, Abuja, Ondo, Owerri, and Abeokuta.

According to her, the activities lined up for the week are designed to project the insurance industry positively, educate Nigerians on the advantages of insurance coverage, and support capacity development among professionals in the field.

Ilori stressed the need for greater public education to address widespread misconceptions about insurance, noting that the industry must engage directly with communities rather than rely solely on office-based campaigns.

She added that introducing younger generations to insurance careers and opportunities remains a major focus of the programme, intending to build future talent for Nigeria and the West African sub-region.

Among the activities scheduled for the week are a health and awareness walk, the presentation of two insurance books for primary schools, panel sessions featuring non-insurance professionals discussing their views about the industry, recognition awards for individuals and organisations, the appointment of industry ambassadors, school and MSME engagement programmes, as well as a hackathon demonstration event.

Ilori further expressed confidence that the event would represent another major step forward for the insurance industry, adding that the planned programmes are intended to leave a lasting impact on practitioners, policyholders, and the general public.

She also thanked media organisations for supporting the maiden edition and appealed for continued partnership ahead of the 2026 programme.

Reflecting on last year’s event, she noted that the initiative produced encouraging outcomes, including requests from filmmakers for customised insurance products, improved inclusiveness through the hackathon, and increased patronage recorded by insurance companies and microinsurance agents.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Average price of petrol rises to ₦1,532.93 per litre in April, up 18.97% — NBS

info

Published

on

By

National Bureau of Statistics.jpg

MTN ADVERT

The average retail price of Premium Motor Spirit (petrol) rose to ₦1,532.93 per litre in April 2026, up from ₦1,288.54 recorded in March, according to data released by the National Bureau of Statistics (NBS) on Friday.

The latest Premium Motor Spirit (Petrol) Price Watch shows that the April price represents an 18.97 per cent increase on a month-on-month basis.

The report also indicates that on a year-on-year basis, the average retail price rose from ₦1,239.33 in April 2025 to ₦1,532.93 in April 2026, representing a 23.69 per cent increase.

According to the NBS data, Yobe recorded the highest average retail price at ₦1,599.05 per litre, followed by Edo at ₦ 1,595.74 and Bauchi at ₦ 1,589.07.

On the other hand, Niger recorded the lowest average price at ₦1,403.89 per litre, followed by Sokoto at ₦1,404.16 and Katsina at ₦1,406.28.

PT WHATSAPP CHANNEL

The South-South recorded the highest average retail price at ₦1,566.76 per litre, while the North-West recorded the lowest at the ₦1,508.81 per litre.

Diesel price increases

The National Bureau of Statistics also said the average retail price of Automotive Gas Oil (diesel) rose by 50.16 per cent on a month-on-month basis in April 2026.

The price increased from N1,648.06 per litre in March to N2,474.69 per litre in April.

On a year-on-year basis, diesel price increased by 43.67 per cent from ₦1,722.45 per litre in April 2025 to N2,474.69 per litre in April 2026.

READ ALSO: Nigeria’s GDP grows by 3.89% in Q1 2026 — NBS

Nasarawa recorded the highest average diesel price at ₦2,818.94 per litre, followed by Ebonyi at ₦2,754.06 and Taraba at ₦2,704.76.

Kebbi recorded the lowest price at ₦2,180.28 per litre, followed by Kogi at ₦2,192.70 and Katsina at ₦2,269.14.

The North-East recorded the highest average diesel price at ₦2,603 per litre, while the North-West recorded the lowest at ₦2,409.34 per litre.

The report highlights continued variation in petrol and diesel prices across states and geopolitical zones during the period under review.


Continue Reading

Business

Mutual Benefits Assurance Reports ₦80bn Revenue, Expands Assets to ₦176bn

info

Published

on

By

IMG 1755.jpeg

Mutual Benefits Assurance Plc has released its audited financial results for the year ended December 31, 2025, reporting a 19.6 per cent growth in insurance revenue to ₦80.05 billion from ₦66.92 billion recorded in 2024.

Profit before tax climbed to ₦17.41 billion, representing a 47.5 per cent increase from ₦11.80 billion in the previous year, while profit after tax rose to ₦16.42 billion from ₦11.32 billion in 2024.

The insurer also strengthened its balance sheet during the period, with total assets rising to ₦176.25 billion from ₦147.13 billion in the prior year.

Total equity increased to ₦69.73 billion from ₦54.79 billion in 2024, supported by retained earnings growth and improved profitability.

Earnings per share rose to 81 kobo from 54 kobo, reflecting enhanced shareholder value during the year under review.

Mutual Benefits recorded notable growth in investment income, with net investment income increasing to ₦19.87 billion, driven by higher interest income, fair value gains and disciplined portfolio management. Interest income alone stood at ₦10.88 billion during the period.

Operationally, the company reported a sharp improvement in insurance service result, which rose to ₦8.77 billion from ₦1.07 billion in 2024.

The performance was attributed to stronger underwriting discipline, improved claims management and more effective reinsurance arrangements.

Financial assets measured at amortised cost increased significantly to ₦86.99 billion, contributing to the expansion of the group’s investment portfolio and overall asset base.

Shareholders’ funds attributable to owners of the parent company also strengthened to ₦65.00 billion, underscoring the company’s continued capital growth and prudent financial management.

Commenting on the results, the Managing Director of Mutual Benefits Assurance Plc, Olufemi Asenuga, said the performance reflected the success of the company’s long-term growth strategy and operational transformation initiatives.

“The 2025 results demonstrate the strength of our underwriting discipline, the resilience of our investment strategy and the effectiveness of our ongoing transformation agenda. We remain committed to delivering sustainable value to our policyholders, shareholders and all stakeholders, while strengthening our leadership position in Nigeria’s insurance industry,” he said.

The company said it would continue to focus on digital transformation, operational efficiency and enhanced customer experience as part of its long-term growth strategy.

Looking ahead, Mutual Benefits plans to deepen its digital distribution channels, improve claims efficiency and expand across retail and corporate insurance segments in Nigeria and selected African markets.

Continue Reading

Trending