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

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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.

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Independence Day: Hope “Will Not Fall From the Sky,” NLC Tells Nigerians, Govt

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Sixty-six years ago, our founding fathers and mothers wrestled this nation from the grip of colonial rule, convinced that political independence would translate into economic freedom and dignity for the Nigerian people. Today, as we mark another Independence Day, the Nigeria Labour Congress salutes every worker, artisan, youth, woman, retiree, informal economy operator, and every Nigerian who wakes up each morning to struggle for survival in a country that has increasingly turned its back on its own people. We honour the sacrifices of those who paved the path to liberation with their sweat and blood. However, we refuse to drown in empty patriotic rituals while the masses drown in poverty.

Sixty-six years after independence, Nigeria has become a nation whose governance decisions have been captured by neoliberalism; an ideology and a policy framework that does not serve workers, does not serve the masses, does not serve the nation, but is designed to serve Western capital. From policy formulation to resource allocation, from taxation to subsidy removal, from wage suppression to price escalation, the beneficiaries of this arrangement are a tiny elite (who keeps applauding) and international capital, while the costs are borne by the very people whose labour built this country.

Yet oppression has never been a permanent destiny. The power of Nigerian workers and the people ended colonial rule and forced one government after another to retreat from anti-people policies. Hope exists, but it will not fall from the sky. Hope depends on the decisions we make and the actions we take as trade unions, workers, and as a people.

We stand at the crossroads of a full-scale survival crisis. The real value of wages has been devoured by structural inflation. Petrol now sells at ₦1,430 per litre or higher in major cities and far more in remote areas. The surge in transportation costs drives up the prices of food, school fees, rent, and nearly every necessity of life, while nominal wages remain stagnant.

The root of this crisis is very clear. The May 2023 petrol price hike was a systematic assault on the working class. Government claimed subsidy removal would free up resources for infrastructure and social services. Three years later, petrol prices have multiplied several times over, yet the promised infrastructure and social services remain mirages. Where exactly did the subsidy savings go? Nigerians deserve an answer, and they deserve it now.

More infuriating is that Nigeria, Africa’s largest oil producer, depends on imported refined petroleum, while domestic refining capacity has been systematically neglected, except the effort of a few private refineries. When international oil prices fluctuate, the Nigerian working class bears the consequences. This is not an economic law. It is a policy choice that favours importers and Western refining capital while sacrificing our own people by ensuring the four publicly owned domestic refineries remain comatose.

Our demands are clear, just, and cannot be delayed any further. First, we demand that government seek ways to immediately reduce the price of petrol as transportation costs are the central transmission mechanism of inflation in Nigeria. Without cutting this chain, any effort to ease the suffering of the people is futile.

Second, we demand the immediate implementation of a nationwide wage award for all workers. A wage award is not charity. It is an emergency intervention against the collapse of real income. We demand that this relief reach all workers in federal, state, and local governments.

Third, we demand that the government deliver the tax relief agreed upon in the October 2023 dialogue with labour. The tax incentives promised in the Memorandum of Understanding signed between government and labour have not been implemented.

Fourth, we demand that government expedite action on the new national minimum wage negotiation. The current ₦70,000 minimum wage was already destroyed by inflation before it was implemented. We demand the immediate establishment of a tripartite committee to ensure that a new wage standard for 2027 is formulated and legislated before the year runs out.

Fifth, we demand that the government reduce the cost of governance and practise transparent governance. When workers are asked to tighten their belts, the extravagance and waste of the governing class are unacceptable. Government must lead by example.

Beyond these immediate demands, we insist that the government  invest massively and genuinely in road and social infrastructure, make our hospitals, schòols and other social services work. Public education must be affordable, high-quality, and accessible. Good roads are a basic precondition for reducing transport costs and improving economic efficiency.

The governmentnt must create genuine opportunities so that young people can see hope instead of being preached to about hope…so that desperate journeys  across the Sahara and the Mediterranean do not remain the only source of hope.

We must also remind the   government that insecurity has worsened the macroeconomic situation and has become one of the greatest threats to national stability. In the first quarter of 2026, nearly 2,000 Nigerians died from violence. Farmers cannot farm. Teachers and doctors dare not go to work in some places. Poverty, unemployment, desperation, and inequality are the most fertile soil for violence and crime. Without addressing distributive justice, insecurity cannot be cured, and without curing insecurity, no economic recovery is possible.

As campaigns rage on for the 2027 general elections, we warn all political forces that the choice of the people must be respected and must prevail. Any attempt to manipulate elections, intimidate voters, or exploit divisive rhetoric to incite ethnic and religious antagonism will be unacceptable to workers or all progressive forces. We will not forget the politicians who turned a deaf ear to the demands of workers. We will not forget the parties that made promises before elections and abandoned workers after winning power.

NLC  will, at the appropriate time, use our Workers’ Charter to make it clear which policies and candidates deserve the support of the working class. However, we will never accept any force treating workers’ organisations as dispensable electoral tools. Workers have the right to independent political thoughts, judgement, and choice.

NLC  will always stand on the side of workers, fighting to the end for decent wages, safe workplaces, and a life of dignity. We will uncompromisingly pursue accountability in governance, ensuring that public resources serve the people and not a predatory few. The unity and action of the masses is the only reliable force capable of changing this country. Hope belongs to those who organise, who struggle, and who choose their own destiny.

The post Independence Day: Hope “Will Not Fall From the Sky,” NLC Tells Nigerians, Govt appeared first on Business Today NG.

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Tinubu to prioritise jobs, industrial growth in Nigeria’s new prosperity era

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President Bola Tinubu has said his administration will place jobs, enterprise and industrial growth at the centre of Nigeria’s next phase of economic policy.

The government also said it is moving from economic reforms to what he described as an “age of prosperity.”

Mr Tinubu stated these priorities in his Independence Day address to the nation on Thursday, saying Nigeria must convert its large young population into an engine of production rather than a source of economic hardship.

“But prosperity requires more than cheaper goods. It requires productive work. Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition.

“Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair,” the president said.

The president’s statement followed economic reforms introduced by the Tinubu-led administration since 2023, which include the removal of the petrol subsidy, exchange-rate reforms, tighter monetary and fiscal measures, and changes aimed at improving government revenue and investment.

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Support for businesses

Mr Tinubu said the government would support businesses, revive industries, expand digital connectivity, and invest in skills employers need.

He said the government would use Nigeria’s gas resources to power new industries and support businesses working to revive factories in the country’s industrial centres.

“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.

“We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres,” Mr Tinubu said.

Digital investment

The president also promised greater digital connectivity and investment in skills, infrastructure and finance to support Nigerian businesses.

“We will expand digital connectivity into communities that have waited too long to participate in the modern economy.

We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow,” he said.

Mr Tinubu said his administration wanted to see more goods produced locally and more Nigerian companies competing in international markets.

“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home,” he said.

Access to credit

The president also highlighted access to credit as part of the government’s strategy to expand economic participation.

He said the Credit Corporation, CREDICORP, was providing consumer credit that would enable Nigerians to acquire vehicles, solar systems, digital devices and other essential assets without having to save for years before making such purchases.

“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings,” Mr Tinubu said.

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He said the government would also continue to support businesses through infrastructure and finance, suggesting that access to capital would be an important component of the administration’s new prosperity agenda.

Private-sector expansion

The president linked private-sector expansion to job creation and increased domestic production, saying the government’s responsibility was to create conditions for Nigerian businesses to expand.

Mr Tinubu said millions of Nigerians still struggled to meet basic needs and acknowledged that the challenges predated his administration.

“Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work,” he said.

He attributed the difficulties to decades of low productivity, inadequate infrastructure, insufficient opportunity and weak institutions, while promising continued support for vulnerable households.

The president said the government’s long-term objective was not simply to expand social assistance but to build an economy capable of creating productive opportunities and lifting people out of poverty.

“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country,” he said.

Mr Tinubu said Nigeria had now laid the foundation for lasting prosperity and called on Nigerians and businesses to participate in the next phase of economic development.

“The age of reform has done its work. Now begins the age of prosperity,” he said.


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