Business
KBL Insurance Settles N5bn Claims in 16 Months, Secures Investor Backing
KBL Insurance Limited has reinforced its standing as a dependable and customer-focused underwriting institution with the payment of over N5 billion in claims across multiple insurance categories within the last sixteen months.
The Company disclosed that it paid claims totalingN3,662,293,189.41 during the 2025 financial year, while an additional N1,337,886,316.70 was settled between January and April 2026.
The cumulative payout reflects KBL’s strong financial footing, operational resilience, and unwavering commitment to meeting obligations with efficiency and professionalism.
The settlements, spanning diverse classes of insurance business, further demonstrate the Company’s responsiveness in providing timely financial relief to policyholders during periods of loss and uncertainty.
Speaking on the development, the Managing Director/Chief Executive Officer of KBL Insurance Limited, Lawal Mijinyawa, described prompt claims settlement as one of the most credible indicators of trust and institutional integrity within the insurance industry.
“At KBL, we understand that insurance extends beyond policies and documentation; it is fundamentally about honouring our promises when customers need us most. The true test of an insurance institution lies in its ability to settle genuine claims promptly, fairly, and efficiently,” he stated.
Mijinyawa noted that the Company’s claims record reflects not only financial stability, but also a culture anchored on professionalism, operational excellence, and superior service delivery.
“Our consistent claims settlement culture mirrors the confidence our customers place in us and our determination to exceed expectations. Beyond the statistics are businesses restored, families supported through adversity, and individuals empowered to move forward with renewed assurance,”he added.
The Managing Director further disclosed that KBL is recording a very significant progress with its recapitalisation programme as part of a broader strategic growth and transformation agenda.
According to him, the Company has successfully secured investor commitment towards the initiative, a milestone expected to strengthen its financial capacity, underwriting strength, and competitive position within Nigeria’s insurance landscape.
“As part of our long-term vision for sustainable growth and enhanced service delivery, KBL has secured investor participation towards its recapitalisation programme. This achievement further reinforces our financial stability and positions us to harness emerging opportunities within the industry,” he said.
He explained that the development reflects growing investor confidence in the Company’s governance structure, operational performance, and long-term strategic direction.
“The successful investment commitment is a strong endorsement of the KBL brand and its future prospects. It will enable us to deepen market penetration, strengthen service delivery, expand investment in innovation and technology, and continue creating superior value for customers and stakeholders,” Mijinyawa stated.
He further assured policyholders, brokers, business partners, and stakeholders of the Company’s continued commitment to sound corporate governance, financial discipline, transparency, and customer-oriented operations as it consolidates its market presence.
KBL also reiterated its resolve to leverage innovation, digital transformation, and operational efficiency to enhance customer experience and improve turnaround time across its operations.
Over the years, KBL Insurance Limited has built a strong reputation founded on professionalism, integrity, reliability, and seamless service delivery. The Company noted that its expanding claims portfolio and sustained strategic investments continue to reinforce stakeholder confidence and validate its position as a trusted player within Nigeria’s insurance industry.
As part of its long-term objectives, KBL stated that it would continue investing in human capital development, technology-driven solutions, operational efficiency, and product innovation aimed at delivering greater value to customers and stakeholders.
The Company reaffirmed its dedication to excellence, efficient claims administration, and the provision of quality insurance solutions designed to guarantee peace of mind and enduring financial protection.
KBL Insurance Limited is a trusted general insurance provider committed to delivering innovative and reliable risk management solutions to individuals and businesses across Nigeria. Guided by professionalism, integrity, innovation, and customer satisfaction, the Company continues to provide responsive insurance services tailored to the evolving needs of its customers while contributing meaningfully to the growth of Nigeria’s insurance industry.
The post KBL Insurance Settles N5bn Claims in 16 Months, Secures Investor Backing appeared first on Business Today NG.
Ethiopian Prime Minister Abiy Ahmed and Djibouti President Ismaïl Omar Guelleh have commended Dangote Group’s $660 million Damarjog-Dewele Oil Terminal and Pipeline Project, describing it as a major infrastructure investment capable of transforming regional trade and energy supply.
The leaders spoke at the groundbreaking ceremony for the project at the Damerjog Industrial Development Free Trade Zone in Djibouti.
The project involves the construction of a 120-kilometre multiproduct pipeline connecting marine and coastal storage facilities at Damarjog in Djibouti with inland storage and distribution facilities at Dewele in Ethiopia.
Upon completion, the pipeline is expected to facilitate the movement of refined petroleum products into Ethiopia, reduce transportation bottlenecks and improve the reliability of fuel supplies to the country and the wider region.
Boost to Djibouti
President Guelleh said the project would support Djibouti’s ambition to become a major logistics, industrial and energy hub in Africa.
“Today marks an important chapter in Djibouti’s journey toward becoming a premier centre for logistics, energy, and industrial development. The Damarjog-Dewele Pipeline Project is not merely infrastructure; it is an investment in the future prosperity of our region,” he said.
According to him, the investment would increase trade volumes, expand port operations, attract additional investments and create direct and indirect employment opportunities.
“We are proud to partner with the Dangote Group in delivering a project that demonstrates the strength of African-led investment and practical African solutions to African challenges,” Mr Guelleh said.
On his part, Prime Minister Abiy said the pipeline would strengthen Ethiopia’s energy security by providing a more efficient and reliable channel for transporting refined petroleum products.
“Ethiopia’s continued economic expansion depends on reliable and efficient access to energy resources. This pipeline will provide a modern, dependable, and cost-effective system for transporting refined petroleum products into the country, thereby enhancing our energy security and reducing supply-chain vulnerabilities,” he said.
He said the project would support sectors including aviation, transportation, agriculture, manufacturing and construction by improving access to petroleum products.
The prime minister also said the infrastructure would reduce losses associated with long-distance transportation and improve the efficiency of Ethiopia’s petroleum distribution network.
He described the project as another example of economic cooperation between Ethiopia and Djibouti.
The project will reduce logistics risks
Speaking at the ceremony, Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said the project was part of the group’s broader efforts to develop infrastructure that supports Africa’s economic growth and self-sufficiency.
“This project is designed to enhance energy security, improve supply-chain efficiency, and create sustainable economic value for both Djibouti and Ethiopia,” Mr Dangote said.
He said Djibouti would benefit from increased port activity, revenues and employment, while Ethiopia would gain improved energy security and reduced logistics constraints.
Mr Dangote noted that the Djibouti corridor is a major route for Ethiopia’s imports and exports, including petroleum products.
According to him, the pipeline would reduce dependence on long-distance tanker movements, ease congestion and lower operational risks associated with transporting petroleum products by road.
READ ALSO: Dangote refinery drove Nigeria’s petrol supply in August as NNPC refineries remain shut — Report
The project is also expected to create jobs during construction and operation and provide opportunities for local contractors, suppliers, transport operators and communities.
The Damarjog-Dewele project is part of Dangote Group’s Vision 2030 strategy, under which the conglomerate plans to invest $50 billion across Africa in industrial and energy infrastructure.
Mr Dangote said the group’s objective was to support African countries in reducing dependence on imports and increasing local production.
“Our vision is to support African countries in becoming self-sufficient in products for which they possess the raw materials, market demand, and strategic necessity,” he said.
The project further expands Dangote Group’s investments in Africa’s energy and industrial sectors, following the development of the Dangote Petroleum Refinery in Nigeria and other investments across the continent.
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