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NEM Insurance declares N7.52bn dividend as shareholders applaud strong 2025 performance

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From left:  Idowu Semowo, Executive Director, Finance and Investment, NEM Insurance Plc; Ifunanya Iwuagwu, Company Secretary/Legal Adviser; Andrew Ikekhua, Managing Director/CEO, NEM Insurance Plc; Tope Smart, Group Chairman; Daphne Dafinone, Director, and Kelechi Okoro, Non-Executive Director, during the 56th annual general meeting of NEM Insurance Plc held in Lagos on Thursday 14-5-2026.

The Board of Directors of NEM Insurance Plc has recommended a dividend payout of ₦7.52 billion to shareholders for the 2025 financial year, following strong growth recorded across key financial indicators.

The Board disclosed this during its 56th Annual General Meeting held in Lagos yesterday, where the Group Chairman, Tope Smart, presented the Annual Report and Financial Statements for the year ended December 31, 2025.

The dividend payout of N1.50 per ordinary share, amounting to N7.52 billion, subject to shareholders’ approval and applicable withholding tax deductions.

At the meeting, shareholders commended the board and expressed satisfaction with the company’s steady returns and strong performance, despite a tough business environment, noting that the proposed dividend reflects management’s commitment to rewarding investors.

Speaking on the company’s performance, Smart disclosed that insurance revenue grew by 56 per cent from N97.9 billion in 2024 to N152.3 billion in 2025, while Investment income also rose significantly by 70 per cent to N12.9 billion from N7.6 billion recorded in the previous year.

He added that the company’s subsidiaries, NEM Asset Management Company Limited and NEM Health Limited, did quite well and made positive contributions to the Group’s earnings during the year under review.

On claims settlement, Smart stated that claims expenses increased to N49.8 billion in 2025 from N31.3 billion in 2024, reflecting the company’s commitment to meeting obligations to policyholders promptly.

According to him, the Group recorded a profit before tax of N27.9 billion. He, added that the company maintained a strong financial position as financial assets increased by 38 per cent, while total assets and total equity rose by 49.8 per cent and 29 per cent respectively.

As part of its expansion drive, Smart revealed that plans to establish a life assurance company were at an advanced stage and would soon be unveiled.

Also speaking at the AGM, the Managing Director of NEM Insurance Plc, Andrew Ikekhua, said the company’s balance sheet remained robust, reflecting strong capitalisation and preparedness to operate effectively under the new regulatory capital regime introduced by the Nigerian Insurance Industry Reform Act 2025.

He noted that the company also received several awards and recognitions in 2025, including Best General Insurance Company of the Year; Outstanding Performance in Claims Settlement Award by Risk Analyst; and the Pearl Award in the Financial Services ( Insurance Sector) for the year 2025.

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PenCom Extends Pension Verification Deadline for Civil Servants to December 2026

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The National Pension Commission (PenCom) has extended the deadline for the ongoing mandatory One-Time Online Verification and Enrolment Exercise for employees of treasury-funded Ministries, Departments and Agencies (MDAs) who are entitled to accrued pension rights.

The exercise, which started in February 2026 and was initially scheduled to end on 31 July 2026, has now been extended to 31 December 2026. The extension follows several requests from MDAs seeking additional time for employees to participate in the online enrolment process.

The extension provides all eligible employees with another opportunity to complete the exercise and ensure that their accrued pension rights are accurately determined ahead of retirement.

Deadline Extension Due to Low Participation

Low participation in the exercise has necessitated the timeline extension. As at July 2026, MDAs had uploaded 62,320 records of active employees and retirees, while only 31,099 employees had successfully completed the enrolment process.These figures fall short of an estimated 150,000 active Federal Government employees entitled to accrued pension rights.

PenCom is therefore urging all eligible employees who are yet to enrol, as well as those who have started but not completed the process, to use the additional time provided by the extension to complete their enrolment.

Exercise Addresses Legacy Pension Liabilities

The initiative is part of the Federal Government’s efforts to settle pension liabilities carried over from the Defined Benefit Scheme (DBS), which existed before the introduction of the Contributory Pension Scheme (CPS) in 2004.

Under Section 15(1) of the Pension Reform Act 2014 (PRA 2014), employees who transited to the CPS are entitled to accrued pension rights, beingbenefits earned under the DBS.

These accrued rights comprise pension and gratuity benefits earned by eligible employees from their date of first appointment up to 30 June 2004. Their determination is based on an actuarial valuation process.

In a circular issued on 27 April 2026, the Head of Civil Service of the Federation had directed all treasury-funded MDAs to support the exercise and ensure that eligible employees complete the One-time Enrolment as required by PenCom. This is essential for determining the Federal Government’s outstanding pension liabilities and making adequate budgetary provisions for their settlement.

Digital Transformation Drives New Approach

The One-Time enrolment exercise is fully digital and is conducted through PenCom’s Contributions and Bond Redemption Application (COBRA).

COBRA is a secure platform designed to facilitate data capture, validation and processing.

Benefits of Early Enrolment

Early completion facilitates the determination of accrued pension rights and enables the necessary funding to be secured from the Federal Government. Subsequently, the amounts would be credited to the employees’ Retirement Savings Accounts (RSAs) well ahead of retirement, thereby earning investment returns and boosting retirement benefits.

MDAs, Pension Desk Officers and PFAs Have Key Roles

MDAs are required to upload details of eligible employees on the COBRA platform, after which affected employees are expected to visit their respective Pension Fund Administrators (PFAs) with the required documents to complete the enrolment process.

Pension Desk Officers (PDOs), who have been trained by PenCom, coordinate the exercise within their organisations and guide employees through the process.

PenCom continues to collaborate with MDAs, PFAs and other stakeholders to improve awareness, facilitate participation and ensure that eligible employees are properly captured.

PenCom Urges Eligible Employees to Act

While the extension to 31 December 2026 provides additional time, PenCom has urged eligible employees and their respective MDAs not to delay completion of the process. All active employees of Federal Government Treasury-funded MDAs who were in service as at 30 June 2004 are covered by the accrued pension rights provisions.

PenCom therefore calls on all eligible employees and Treasury-funded MDAs to take full advantage of the extension and complete the enrolment exercise before the new deadline.

The post PenCom Extends Pension Verification Deadline for Civil Servants to December 2026 appeared first on Business Today NG.

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FG commissions 3MW hybrid mini-grid project in Abuja varsity

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The Federal Government of Nigeria commissioned a three-megawatt hybrid mini-grid project and a Renewable Energy Workshop and Training Centre at Yakubu Gowon University (formerly University of Abuja) on Wednesday.

The project was commissioned under Phase 2 of the Energising Education Programme (EEP), which encompasses seven universities and two teaching hospitals, including institutions in Maiduguri and Calabar. The initiative is currently in the implementation stage of Phase 3.

The Yakubu Gowon University installation features a 3.3 MWp solar array with 3MW of AC output capacity and 2 MWh of battery storage to support critical loads after solar hours. It also includes a dedicated grid connection to serve non-critical demand outside daylight periods.

Speaking at the commissioning ceremony, the Minister of Power, Joseph Tegbe, praised the Rural Electrification Agency (REA) Board, led by Ayodele Fayose, and its management, headed by Abba Abubakar Aliyu, for their leadership in driving sustained investments to improve Nigerians’ lives.

The minister commended the project, noting that it will benefit 58,726 students and that its 388 streetlights will enhance campus illumination and security.

He further observed that electrifying the university will strengthen research, reduce reliance on diesel generators, and ease pressure on institutional budgets.

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“This connection between infrastructure and human capability is central to President Bola Ahmed Tinubu’s Renewed Hope Agenda. Under his leadership, investment in electricity is being directed towards services and productive activities that improve people’s lives.”

“This sustained investment is a testament to this administration’s constancy of purpose. Continuing a national programme through successive phases, bringing projects to completion, and preparing the next phase reflects the discipline that development requires. For the young people who depend on these institutions, that continuity matters. It means that the commitment to their future remains active beyond any single project or ceremony,” he said.

Addressing the sustainability of the facility, the Minister urged students to take ownership of the infrastructure and report any acts of vandalism.

He also disclosed that the government is establishing a national call centre to receive and resolve electricity complaints nationwide.

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“The promise of this investment now places a responsibility on all of us to preserve it. I expect the student community to support our ongoing efforts to stem the tide of vandalism. I therefore charge all of you to report any such act whenever you see it, not just on this solar system, but on other power assets such as transformers and transmission towers.”

“My office is working on a call centre where electricity complaints across the country can be lodged and resolved. This initiative will provide sustainable job opportunities for our youth nationwide. In addition, we plan to provide a dedicated channel where vandalism of critical assets can be reported for immediate action and remediation. We are also working through a joint team of the Nigeria Police Force, the Nigeria Security and Civil Defence Corps, and the EFCC to curb the vandalism of electricity assets across the country,” the Minister added.

In his remarks, the Managing Director of the REA, Abba Aliyu, stated that the true value of the EEP lies not merely in megawatts but in functional laboratories, reduced budgetary pressure, and safer learning environments.

He charged the University governing council to ensure the project remains productive and beneficial to the University community long after the commissioning.

“Over the years, the EEP has taught us that when you build, you have to think about what happens five years from now and whether the investment will continue to create value into the future.”

“The Renewable Asset Management Company (RAMCO) is our solution. We must now become rigorous about asking how we protect and preserve the value of what we have built. RAMCO addresses this sustainability challenge. It recognises that building and managing infrastructure are two distinct responsibilities, and that modern renewable energy is decentralised. The Federal Government has created a platform to manage, monitor, maintain and optimise assets over time. RAMCO cannot survive alone; it requires the support of all stakeholders in shared stewardship. The ultimate value of this project will depend not only on what we have installed, but on how well it is sustained,” the REA MD said.

Mr Aliyu added that beyond the mini-grid, the agency established a Renewable Energy Workshop and Training Centre (WTC) to build local technical capacity.

READ ALSO: UPDATED: Tinubu renames University of Abuja after Yakubu Gowon

He encouraged the university to turn the facility into a research hub for distributed energy resources, challenging the institution to pioneer new academic courses, drive technological innovation, and push the technical boundaries of the installation.

He also revealed that the EEP has so far delivered over 100MW of power across 22 federal institutions and university teaching hospitals, while thanking the Minister for his continuous support in ensuring energy investments deliver tangible benefits to Nigerians.

Also speaking, the Vice-Chancellor of Yakubu Gowon University, Akinwunmi Fawehinmi, emphasised that the institution cannot effectively teach, conduct research, or provide a conducive learning environment without reliable electricity.

He praised the Federal Government for its coordinated intervention, stating that the project directly addresses the university’s energy needs, and pledged that the management will ensure the facility is fully utilised and meticulously maintained.

Commending the REA leadership, the Chairman of the Senate Committee on Power, Enyinnaya Abaribe, hailed Abba Aliyu for the project, noting that it is critical to improving the quality of education nationwide.

He also applauded the establishment of RAMCO, stating that sustainability is key to ensuring that projects continue to benefit Nigerians long after commissioning.


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