Business

NAICOM Reaffirms Support for Takaful Growth ahead of Noor Takaful’s 10th Anniversary

Published

3 weeks ago

July 29, 2026

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BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has restated its commitment to nurturing the growth of Takaful and micro insurance in Nigeria, positioning them as vital tools for financial inclusion.

The Commissioner for Insurance, Olusegun Ayo Omosehin, disclosed this today when the Board and Management of Noor Takaful led by the Chairman of the Company, Amb. Shuaibu Ahmad, visited the commission.

Speaking during the visit, the Commissioner for Insurance commended the company’s progress and urged greater ambition in expanding market reach, driving product innovation, and raising public awareness.

As Noor Takaful approaches its 10th anniversary, the Commissioner encouraged the leadership to accelerate outreach and customer education, highlighting Takaful’s role in broadening access to protection for underserved communities.

Both institutions expressed optimism about strengthening collaboration to promote trust, innovation, and inclusive insurance for all Nigerians.

The post NAICOM Reaffirms Support for Takaful Growth ahead of Noor Takaful’s 10th Anniversary appeared first on Business Today NG.

Related Topics:10th ahead Anniversary growth NAICOM Noor Reaffirms Support Takaful Takafuls

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Africa’s biggest bank targets stake in OPay ahead of IPO

Published

60 minutes ago

August 19, 2026

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Africa’s largest bank by assets, Standard Bank Group is in negotiations with Nigerian fintech company OPay ahead of the latter’s planned initial public offering (IPO) in the United States.

OPay is working with Citigroup, Deutsche Bank AG and JPMorgan Chase & Co to help list the company in New York, which is expected to take place later in 2026, according to Bloomberg.

The amount Standard Bank intends to invest and the stake it is seeking in OPay remain unknown as the fintech, backed by SoftBank Group Corp and Sequoia Capital, targets a US IPO valuation of $4 billion.

The potential investment in OPay followed Standard Bank Group’s disclosure that it plans to increase its investments in companies across Africa in June.

The lender said it would deploy $15.4 billion to tap opportunities in Nigeria and other key markets across the continent.

READ ALSO: Ecobank, Cornerstone Insurance, Africa Prudential top stock pick this week

Since it was created in 2018, OPay has grown into one of Nigeria’s largest digital financial platforms, offering payment, savings, credit and other financial services as a mobile money operator.

In previous years, it has expanded beyond Nigeria into emerging markets across Africa and Asia, including Indonesia, Pakistan, and Egypt.

OPay is one of Nigerian fintech companies, including Moniepoint and Flutterwave, that have raised funding through foreign means over the years to finance growth and expand their operations beyond the continent.

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Business

Alleged Criminal Conversion: EFCC Recovers N4.4bn Worth of AGO in Lagos

Published

9 hours ago

August 18, 2026

Preport

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Monday, August 17, 2026 recovered 2.3 million litres of Automotive Gas Oil, AGO, valued at N4.485 billion from Mamemo Ibru of Ibafon Oil and Gas, during an investigation into an alleged case of stealing and criminal conversion.

The recovery followed a petition submitted by Prudent Energy and Services Limited, alleging that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a significant shortfall in the company’s stock.

The petitioner also alleged that periodic withdrawals were made from the stored products until the outstanding balance stood at 2,574,031 litres.

However, during a subsequent physical measurement and reconciliation exercise, only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.

Investigation revealed that Ibafon Oil and Gas is involved in the purchase and sale of Automotive Gas Oil (AGO) and also stores its petroleum products at the same depot alongside products belonging to its customers.

It was further revealed that Ibru allegedly used his position as the owner of Ibafon Oil and Gas to truck out petroleum products in excess of the quantity owned by the company, thereby converting the petitioner’s products for his own use.

Following the Commission’s intervention, the suspect handed over the recovered products to the petitioner, Prudent Energy and Services Limited.

The post Alleged Criminal Conversion: EFCC Recovers N4.4bn Worth of AGO in Lagos appeared first on Business Today NG.