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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.

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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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US, Nigeria to deepen trade, investment ties as America marks 250 years of independence

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The United States Mission in Nigeria has reaffirmed its commitment to deepening trade, investment, security, and cultural relations with Nigeria as it marked the 250th anniversary of American Independence and Freedom in Lagos.

Speaking at the celebration, the Chargé d’Affaires at the U.S. Mission to Nigeria, Keith Heffern, said the anniversary celebrates 250 years of American history while looking ahead to the country’s future leadership in innovation and global engagement.

Mr Heffern described Nigeria as one of the United States’ most important partners in Africa, noting that economic relations between both countries have continued to expand.

Chargé d'Affaires at the U.S. Mission to Nigeria, Keith Heffern, Lagos State Governor Babajide Sanwo-Olu, and U.S. Consul General in Lagos, Rick Swart
Chargé d’Affaires at the U.S. Mission to Nigeria, Keith Heffern, Lagos State Governor Babajide Sanwo-Olu, and U.S. Consul General in Lagos, Rick Swart

“Nigeria is now the United States’ second-largest trading partner in Sub-Saharan Africa. In 2025, two-way trade between our countries reached nearly $15 billion, representing a 14 per cent increase over 2024,” he said.

He added that more than 100 US companies currently operate in Nigeria, saying the investments support jobs, economic opportunities, and growth in both countries.

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According to him, one of the mission’s priorities is helping American companies succeed in Nigeria through the US-Nigeria Commercial and Investment Partnership, a five-year Memorandum of Understanding signed with Nigeria’s Ministry of Industry, Trade and Investment.

Now in its second year, Mr Heffern said the initiative has brought together nearly 50 American and Nigerian companies to remove barriers to trade and investment.

He noted that Lagos hosted the first ministerial-level meeting under the partnership in January and said cooperation is focused on the digital economy, agriculture, and infrastructure to promote long-term economic growth.

Security, Cultural Collaboration

Beyond commerce, Mr Heffern highlighted the growing security collaboration between the two countries. He noted that the National Drug Law Enforcement Agency (NDLEA), working with the US Drug Enforcement Administration (DEA), recently dismantled a major transnational criminal organisation involved in drug trafficking and money laundering.

“Efforts like this disrupt the illicit networks that undermine security, finance criminal activity, and threaten the safety and prosperity of our two nations,” the diplomat said.

Mr Heffern said cultural exchanges remain a strong pillar of the bilateral relationship, with this year’s event themed ‘Motown’ to celebrate the global influence of American music and its connection to Nigeria’s creative industry.

He said Nigerian Afrobeats stars continue to enjoy global recognition, citing Rema and Burna Boy as examples of artists who have achieved international success.

Looking ahead, he said the United States hopes to strengthen cultural and commercial cooperation through sports as it prepares to host the 2026 FIFA World Cup and the 2028 Summer Olympics.

Mr Heffern also highlighted the impact of US exchange programmes, stating that more than 14,000 Nigerians have participated in U.S. government-sponsored exchanges and now form a network of leaders contributing to stronger bilateral relations.

He further announced that construction is underway on the new US Consulate General complex in Eko Atlantic, describing it as one of America’s most significant investments worldwide and “a lasting symbol” of the U.S. commitment to Nigeria.

Earlier at the event, the US Consul General in Lagos, Rick Swart, reflected on his diplomatic career as he prepares to retire from the US Department of State at the end of July.

U.S. Consul General in Lagos, Rick Swart
U.S. Consul General in Lagos, Rick Swart

Mr Swart said the celebration was particularly meaningful given his experience in Lagos after serving in Mali and several other West African countries over the previous 35 years.

He acknowledged Lagos’ diversity, noting its creativity, resilience, innovation, and hospitality towards all its inhabitants.

“Of all the places Bonnie and I could have concluded our diplomatic journey, I cannot imagine a better place than Lagos, Nigeria.

“It has been the honour of my career to serve here in Lagos. The memories and friendships we have made here will stay with us long after we depart,” he said.

Partnership expansion

Also speaking, Lagos State Governor Babajide Sanwo-Olu hailed the American government, describing the United States as a country whose history has shaped global conversations for 250 years.

Lagos State Governor Babajide Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu

He said Lagos and the United States have maintained a productive relationship spanning more than six decades through partnerships in finance, technology, healthcare, education, and skills development.

He also said thousands of Nigerians have benefited from exchange programmes and innovations from the United States, expressing confidence that the partnership would create new opportunities for both countries in the years ahead.

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“That singular occasion, idea, and symbol was an act of modern history. There is no part of the world that has not heard of the United States of America. And it continues to shape the global conversation.

“And we’re indeed happy that, for us in Lagos, we have created that relationship for over six decades. We see the United States and Lagos as friends, not new friends, because Nigeria takes a bigger part in that friendship.

“And so one can’t help but feel lucky among the various recipients or beneficiaries of the exchange programmes that we’ve had over this long relationship. We’ve seen relationships in finance, technology, and health. We’ve seen skills being transferred,” Mr Sanwo-Olu said.

The governor noted that Nigeria remains one of America’s largest trading partners in Sub-Saharan Africa and expressed optimism that bilateral businesses and investment would continue to expand.

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CBN Revokes Licences of 46 Microfinance Banks

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BY NKECHI NAECHE-ESEZOBOR—The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, as part of efforts to strengthen the stability of the country’s financial system and enforce regulatory compliance.

The apex bank said the action was taken in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the revocation was approved by its Governor, Mr. Olayemi Cardoso, following the affected banks’ failure to meet the regulatory requirements necessary for continued operation as licensed financial institutions.

The Bank explained that the decision was necessitated by one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without prior approval from the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving a licence, and failure to maintain the minimum capital requirement unimpaired by losses.

The CBN stated that the revocation forms part of its ongoing supervisory and regulatory measures aimed at safeguarding the stability of the financial sector, protecting depositors, and ensuring that all licensed financial institutions operate in compliance with existing laws and regulatory standards.

The apex bank reaffirmed its commitment to promoting a safe, sound, and resilient financial system, adding that it will continue to take appropriate regulatory and supervisory actions whenever necessary to maintain public confidence in Nigeria’s financial system.

The post CBN Revokes Licences of 46 Microfinance Banks appeared first on Business Today NG.

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