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Mutual Benefits Assurance’s annual profit jumps 45% amid boost in insurance revenue

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Mutual Benefits Assurance reported on Friday a 45 per cent increase in net profit for the 2025 financial year, receiving a major boost from its insurance business.

Shares in the insurer had gone up by 9.5 per cent on Lagos’ Customs Street as of 10:32 West Africa Time, following the news.

Insurance service result leapt 718.9 per cent to N8.8 billion, according to its audited financials, easing the blow that a slide in net investment income would have had dealt on earnings.

The net investment income of the underwriter dropped by 11.1 per cent in the period under review after incurring N659.7 million in foreign exchange loss in contrast to a gain of N5.3 billion posted a year earlier.

Insurance revenue climbed by 19.6 per cent to N80 billion, with Nigeria contributing more than three-fourths of that sum, while Niger and Liberia – other markets where the company operates – accounted for the rest.

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The results also showed that motor insurance remains the biggest contributor to insurance revenue pool of the insurer, whose underwriting operations span oil & gas, aviation, agriculture, marine and life among others. Revenue from motor insurance stood N26.2 billion, up from N17.9 billion a year earlier.

Apart from assurance business, the company has operations in real estate, microfinance as well as oil & gas exploration and production.

One of the key highlights of the reasonably strong performance was the N9.2 billion recorded as insurance service result before reinsurance contracts held, which compares to a negative position of N1.2 billion reported in 2024, when soaring insurance service costs wiped out insurance revenue.

READ ALSO: CBN retains interest rate at 26.5%

Mutual Benefits Assurance has proposed a dividend per share of N0.04 for the review period, translating into a potential payout of N802.5 million, two times what it paid shareholders for 2024.

Strengthening profit, the company cut back other employee benefit expenses by 7.8 per cent and other operating expenses by 40.5 per cent.

Profit before income tax rose by 47.6 per cent to N17.4 billion, while profit after tax advanced to N16.4 billion.

Total assets expanded by 19.8 per cent to N176.2 billion, driven by an increase in financial assets at amortised cost.


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Nigeria surpasses OPEC oil quota as production hits 15-month high

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Nigeria’s crude oil production topped its Organisation of the Petroleum Exporting Countries (OPEC) quota in May, reaching its pinnacle in 15 months and cementing its position as Africa’s leading oil producer.

Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed the country produced an average of 1.53 million barrels of crude oil per day (bpd) during the month.

With a condensate production of 170,446 bpd included, the commission put Nigeria’s average total hydrocarbon output at 1.7 million bpd.

“Nigeria’s oil production witnessed an upswing in May 2026, averaging 1,530,354 barrels of crude oil and 170,446 barrels of condensates per day, bringing the total combined production to 1,700, 800 barrels per day and consolidating Nigeria’s position as Africa’s largest oil producer,” NUPRC said in a statement on Thursday.

The figure represents 102 per cent of Nigeria’s OPEC production quota of 1.5 million bpd, according to the regulator.

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The latest performance marks a significant milestone for the country’s oil sector, with total production standing at its peak since last July, when the combined crude oil and condensate output reached 1.71 million bpd.

With the figure for condensates excluded, the 1.53 million bpd in May represents Nigeria’s strongest performance since January 2025, when output touched 1.538 million bpd.

The May figure also represents a 15-month high for crude oil production, excluding condensates.

While Nigeria’s oil production continues to witness significant growth, oil rich communities from the country’s Niger Delta region are grappling with unprecedented levels of oil and gas pollution amidst renewed exploration targets.

Remediation efforts across the region have been conspicuously slow, raising concerns over the country’s refusal to prioritise the welfare of the residents of the region.

Production rises month-on-month

Crude oil production (excluding condensates) in May increased by 2.8 per cent from 1.48 million bpd a month earlier.

The trend has remained positive over the past five months. Combined crude oil and condensate production rose from 1.48 million bpd in February to 1.54 million bpd in March, 1.66 million bpd in April and 1.7 million bpd in May.

The steady rise suggests sustained improvements in operational efficiency across the upstream sector, despite the ongoing challenges facing the global oil market.

READ ALSO: UPDATED: UAE withdraws from OPEC, OPEC+

Among Nigeria’s major production streams, Bonny Terminal recorded the highest output, contributing 293,870 bpd.

Forcados Terminal followed closely with 289,900 bpd, while Qua Iboe produced 173,360 bpd.

Escravos Oil Terminal accounted for 135,470 bpd, while Odudu (Amenam Blend) completed the top five production streams with 63,250 bpd.

Improved operations

The NUPRC attributed the improved production performance to stable operations across the industry.

According to the commission, there were no significant pipeline disruptions or facility outages during the period under review.

It also noted that all the previously scheduled turnaround maintenance programmes have been successfully completed, contributing to improved operational reliability and higher production efficiency.

The latest figures could boost government revenues and strengthen confidence in the ongoing efforts to raise Nigeria’s oil production capacity, which has been constrained in recent years by crude theft, pipeline vandalism and operational challenges.

With output now above its OPEC quota, attention will turn to whether the country can sustain the momentum in the coming months.

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NCAA suspends operator’s permit after aircraft lands on roadway near Asaba

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The Nigeria Civil Aviation Authority (NCAA) has ordered the grounding of a privately operated aircraft, and suspended the operator’s Permit for Non-Commercial Flight (PNCF) after it landed on a roadway near Asaba, before departing the area without regulatory clearance.

The incident occurred on Wednesday morning in the Ogwashi-Uku area, close to Asaba Airport.

In a statement by its director of public affairs and consumer protection, Michael Achimugu, the aviation industry regulator said preliminary information showed the aircraft encountered difficulties during an attempt to land at Asaba Airport, and subsequently executed a missed approach.

“Reports from officials at the scene indicate that all occupants exited the aircraft safely and were conveyed to Asaba by road,” Mr Achimugu said.

According to the NCAA, the aircraft had four crew members on board at the time of the incident.

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The regulator, however, expressed concern that the aircraft later took off from the location and returned to Lagos, without securing the required approval from aviation authorities.

Traffic control officials were informed only after the aircraft had already departed, the authority noted, an action it described as a breach of the Nigerian Civil Aviation Regulations.

The NCAA has directed that the aircraft be grounded immediately on its arrival in Lagos, and has placed the flight crew under regulatory review pending the outcome of ongoing investigations.

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It disclosed that the Nigerian Safety Investigation Bureau has been notified of the development, adding that it is teaming up with relevant stakeholders, including the aircraft operator and the Nigerian Airspace Management Agency (NAMA), to ascertain the circumstances surrounding both the landing and the subsequent departure.

The investigation will examine the aircraft’s operational records, airworthiness status, maintenance history and other flight-related documentation, with the possibility of taking additional enforcement measures in the event that violations of aviation rules are established.

The incident comes amid increased regulatory scrutiny in the Nigerian aviation sector, where authorities have repeatedly emphasised the need for strict compliance with safety procedures and operational regulations.

The NCAA said it remains committed to ensuring the highest standards of safety, security and regulatory compliance within the industry.


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