Business
NAICOM, Insurers Mourn Former NCRIB President Rotimi Edu
BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has expressed deep sorrow over the death of former President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Rotimi Edu, mni, FCIB, describing him as a visionary leader and one of the insurance industry’s most influential figures.
In a condolence message signed by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, the commission said Edu made remarkable contributions to the growth and transformation of insurance broking in Nigeria.
NAICOM noted that during his tenure as President of the NCRIB, Edu demonstrated exceptional leadership, foresight, and unwavering commitment to advancing insurance practice in the country.
The commission described the late insurance expert as a man of rare intellect, innovation, and energy who consistently championed reforms aimed at strengthening the industry.
According to the statement, Edu remained dedicated to the insurance profession and the Council despite personal health challenges, reflecting his passion for service and commitment to the growth of the sector.
“The vacuum created by his passing is enormous, not only for his family and the Quicklink team, but also for the NCRIB and the entire insurance community,” the statement said.
NAICOM added that Edu’s legacy of integrity, courage, and progressive leadership would continue to inspire future generations of insurance practitioners.
The commission extended its condolences to his family, professional colleagues, and the entire insurance industry, while praying for the peaceful repose of his soul.
Meanwhile, the Nigerian Insurers Association (NIA) has expressed deep sorrow over the death of former President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Rotimi Edu, describing his passing as a monumental loss to Nigeria’s insurance industry.
In a statement issued by the association, the NIA said the late Edu was an outstanding leader, accomplished legal practitioner, and a respected figure whose contributions significantly shaped the growth and regulatory development of the insurance sector in Nigeria.
The association noted that Edu, who served as the 21st President of the NCRIB, was widely admired for his commitment to professionalism, ethical standards, and industry unity. According to the NIA, he championed stronger collaboration between insurance brokers and underwriters, helping to deepen cohesion within the sector.
“Barrister Rotimi Edu was a titan whose dedication to professionalism and ethical conduct remained exemplary throughout his career. His passing leaves a huge vacuum that will be deeply felt across the financial services industry,” the statement read.
The NIA further highlighted his strategic contributions as a member of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, where he consistently advocated reforms aimed at aligning the insurance industry with evolving economic realities.
The association extended its condolences to the President and Governing Board of the NCRIB, the entire brokerage community, as well as Edu’s family, friends, and professional associates.
While mourning his death, the NIA said it takes solace in the enduring legacy of integrity, visionary leadership, and institutional progress he left behind.
The association prayed for the peaceful repose of his soul and for strength for his family and the insurance industry to bear the irreparable loss.
The post NAICOM, Insurers Mourn Former NCRIB President Rotimi Edu appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—AIICO Insurance Plc has reinforced its position as a leading player in Nigeria’s insurance and financial services sector, following a successful Annual General Meeting (AGM) held on June 5, 2026.
During the meeting, shareholders commended the company’s strong financial performance and approved all resolutions presented.
In a robust show of confidence in the company’s growth trajectory and strategic direction, shareholders approved the payment of a dividend of 12 kobo per share, amounting to a total payout of ₦4,392,633,121.44.
The meeting also marked a significant evolution in the company’s governance structure with the appointment of three accomplished professionals to the Board as Non-Executive Directors.
Tunde Mabawonku joins as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and retail financial services.
Rolake Akinkugbe-Filani, HCIB, also appointed as a Non-Executive Director, contributes deep expertise in capital markets, energy finance, and risk governance, with extensive experience operating across multi-jurisdictional environments.
Sadiq Mohammed joins as an Independent Non-Executive Director, offering over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, alongside significant boardroom experience.
Collectively, these appointments further strengthen the depth, diversity, and strategic capability of AIICO’s Board, positioning the company for sustained growth and enhanced governance.
In addition, Mr. Olalekan Akinyanmi was announced as the new Chairman of the Board, succeeding Mr. Kundan Sainani. Mr. Akinyanmi is the Founder and Chief Executive Officer of LEKOIL Nigeria Limited, an Africa-focused oil exploration and production company.
With over 30 years of experience in the global energy sector, he has led significant capital raises and landmark projects, bringing strong leadership and strategic insight to his new role as Chairman.
Commenting on the outcomes of the AGM, the MD/CEO, Mr. Babatunde Fajemirokun, stated that the company is deeply grateful to its shareholders and investors for their continued confidence and support.
He noted that their trust remains a strong validation of AIICO’s strategic direction and business progress.
He emphasized that strengthening the Board reflects a deliberate commitment to robust governance, disciplined oversight, and long-term value creation.
With the depth of experience and diversity now represented at the Board level, the company is well-positioned to enhance its decision-making and sustain its market leadership.
He added that as the company continues to evolve as a financial services group, the focus remains on building a resilient, forward-looking institution that consistently delivers sustainable value to all stakeholders.
AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
The post AIICO Insurance Shareholders Approve ₦4.39bn Dividend, Welcome New Board appeared first on Business Today NG.
The Federal Capital Territory (FCT) Police Command has commenced a fresh operation targeting vehicles with illegal tinted windows, concealed number plates and improper registration across Abuja.
FCT Commissioner of Police Ahmed Muhammed Sanusi disclosed the development during a media briefing on Friday.
He said security reports indicated that criminal suspects often use such vehicles to avoid identification and carry out unlawful activities.
According to the police chief, cases of kidnapping and the notorious “one-chance” robberies have been linked to vehicles operating with hidden identities.
Sanusi noted that tinted windows and covered registration plates make it difficult for security agencies to track offenders and investigate crimes.
He stated that enforcement teams have already been deployed across the territory to ensure compliance with existing regulations.
The commissioner clarified that the exercise is aimed at motorists violating the law and not those with valid approvals for tinted glass.
He revealed that more than 30 vehicles have so far been impounded for breaching the regulations and that offenders would face prosecution.
Sanusi urged residents to report suspicious persons, vehicles and activities, stressing that the operation is part of broader efforts to improve security and curb crime in the nation’s capital.
The post FCT Police Launch Crackdown on Illegal Tinted Vehicles appeared first on Business Today NG.
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