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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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Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections

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BY NKECHI NAECHE-ESEZOBOR—The Supreme Court has brought an end to the legal dispute over the status of the Action Peoples Party (APP), affirming that the party remains duly registered and eligible to take part in the 2027 general elections.

The apex court struck out Appeal No. SC/CV/248/2026 after the appellant, Mr Blessing Elujiuba, voluntarily withdrew the case, bringing the challenge to a close.

This decision leaves intact earlier judgments delivered by both the Federal High Court and the Court of Appeal, which had upheld the party’s legal recognition.

The ruling was delivered on May 12, 2026, by a five-member panel of the Supreme Court led by Justice John Inyang Okoro, who noted that the matter was withdrawn without objection from other parties.

The court subsequently dismissed the appeal following its withdrawal, formally ending the proceedings at the apex level of the judiciary.

The case involved the Independent National Electoral Commission (INEC), the Action Peoples Party (APP), and the party’s National Chairman, Uche Kingsley Nnadi.

The initial legal action had sought to force INEC to remove APP from its register on the allegation that it failed to meet constitutional requirements under Section 225A of the 1999 Constitution.

However, earlier rulings had found that APP met the necessary legal conditions for continued registration, citing evidence of electoral participation and victories at local government level.

The courts also upheld the interpretation that fulfilling any of the conditions outlined in Section 225A is sufficient for a political party to retain its registration status.

With all tiers of the judiciary aligned in its favour, APP’s legal standing remains intact, clearing the party to continue preparations for the 2027 elections without any outstanding court challenge.

The post Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections appeared first on Business Today NG.

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EXCLUSIVE: Nigeria’s nuclear power programme plans still alive – IAEA DG

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The Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, said discussions on Nigeria’s nuclear power programme remain alive, amid continuous technical engagements with concerned authorities in the West African country.

Mr Grossi disclosed the progress made on the nuclear power arrangement with Nigeria while responding to a PREMIUM TIMES’ enquiry at an IAEA programme in Vienna, Austria.

The IAEA DG said the agency continues to work with Nigeria on its nuclear power plan and IAEA officials had held visits and technical meetings with relevant stakeholders to actualise the dream.

In May 2024, while on a visit to Nigeria for a seminar on ‘Promoting Cancer Awareness and Advocacy Programmes’, Mr Grossi expressed the agency’s readiness to support Nigeria’s efforts to develop a nuclear power programme during meetings with senior government officials, including the Secretary to the Government of the Federation, George Akume.

Speaking during the visit, he described Nigeria’s pursuit of nuclear energy as “a logical move for a country of your (Nigeria’s) size and importance.”

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When this newspaper asked Mr Grossi about the progress of the discussions and technical meetings since the visit two years ago, the IAEA DG reassured that discussions are still ongoing.

“We have continued working with Nigeria, I have to tell you. It’s not that after that visit, things stopped. We have continued at technical levels, some visits, and technical meetings,” the IAEA DG said.

He noted, however, that no final decision has been taken on the programme, adding that Nigeria’s status as a big crude oil-producing nation makes its situation quite different from other economies.

“There hasn’t been a decision yet. There is like a pre-decision to explore the alternative. Of course, your country (Nigeria) is a big oil producer country, an exporter, etc. So the discussion in your country is different from that in other countries,” the DG said.

The IAEA boss insisted that the conversation around the programme is still alive, but Nigeria’s energy options are quite diversified.

“It’s a matter of diversification more than a matter of need, maybe. But the conversation space is pretty much alive, I must say,” Mr Grossi said.

Nigeria’s nuclear energy programme operates under the guidance and safety standards of the International Atomic Energy Agency (IAEA), aiming to add clean, stable nuclear electricity to the national grid. The programme is managed primarily by the Nigeria Atomic Energy Commission (NAEC) and is said to be advancing through the foundational infrastructure phases and planning stages.

READ ALSO: Survival logic of nuclear deterrence: The Iranian, Israeli, and American conundrum, By Jacob Edi 

Earlier in September 2023, Nigeria signed its Country Programme Framework (CPF) for the period of 2024–2029 on the margins of the General Conference. A CPF is the frame of reference for the medium-term planning of technical cooperation between a Member State and the IAEA and identifies priority areas where the transfer of nuclear technology and technical cooperation resources will be directed to support national development goals.

Nigeria has been an IAEA Member State since 1957 and, according to the agency, its 4th CPF covering the period 2024 – 2029 identifies five priority areas, such as nuclear and radiation safety and security; food and agriculture; health and nutrition; water and environment; as well as energy planning and development.

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