Business
NAICOM Boss Leads Insurance Team to Abia for Strategic Alliance
NKECHI NAECHE-ESEZOBOR—The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Olusegun Ayo Omosehin, yesterday led a high-level delegation of insurance industry leaders to Abia State as part of efforts to strengthen collaboration between the insurance sector and the state government.
The delegation paid a courtesy visit to Governor Alex Otti at the Government House in Umuahia to explore areas of partnership aimed at enhancing economic protection, risk management, and investor confidence.
During the engagement, Omosehin emphasized the critical role of insurance in safeguarding businesses, public assets, and livelihoods, noting that stronger cooperation between government and the insurance industry is essential for sustainable economic growth.
He also highlighted NAICOM’s ongoing reforms, including the establishment of the Insurance Policyholders’ Protection Fund (IPPF), designed to strengthen policyholder protection, promote prompt claims settlement, and reinforce public confidence in the insurance sector.
He explained that the Fund, created by NAICOM under the provisions of NIIRA 2025, is designed to protect policyholders by ensuring the prompt and equitable settlement of valid claims. According to him, the initiative will further strengthen consumer confidence and promote stability within the insurance market.
Governor Otti commended NAICOM for the progress recorded in the insurance sector and pledged the support of his administration toward building a sustainable partnership with industry stakeholders.
He noted that enhanced risk management, increased insurance awareness, and stronger consumer protection mechanisms would contribute significantly to economic resilience and growth in Abia State.
The delegation included the Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, as well as presidents and senior executives of the Nigerian Council of Registered Insurance Brokers, Nigerian Insurers Association, Chartered Insurance Institute of Nigeria, and Institute of Loss Adjusters of Nigeria.
The post NAICOM Boss Leads Insurance Team to Abia for Strategic Alliance appeared first on Business Today NG.
Fidelity Bank Plc has redeemed its 5-year $400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting investor obligations and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, Fidelity Bank Plc’s Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, said the successful redemption reflected the bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Mrs Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, in which the bank raised $300 million and $400 million, respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the bank’s international debt offering.
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The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The bank’s capital-raising efforts increased its eligible regulatory capital to approximately N533 billion, exceeding the N500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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