Business

NSIA Insurance Grows Revenue by 18% to ₦33bn, Divests Life Insurance Portfolio

Published

1 month ago

August 31, 2026

BY NKECHI NAECHE-ESEZOBOR—NSIA Insurance Limited one of Nigeria’s most recapitalised insurance company, on Monday released its financial statement for the year ended 31st December, 2025 with 18 percent growth in revenue.

The Chairman of the company, Dr. Adesegun Akin-Olugbade, disclosed this today during a press briefing that revenue grew to ₦33 billion in 2025, representing an 18 percent growth over N30.1 billion reported in the previous year.

Profit after tax stood in excess of ₦2 billion while total assets stood at ₦53 billion.

Committed to prompt claims payment, he said the company paid a total of ₦18 billion in claims in 2026, bringing its cumulative claims payout over the last four years to ₦47.9 billion.

Speaking further on just concluded recapitalization, he said “At the AGM, the shareholders ratified the capitalisation of N6 billion from retained earnings, increasing the company’s issued share capital from N9 billion to N15 billion through a bonus issue of two new shares for every three shares held, this strengthened the company’s capital base without requiring any additional investment from shareholders and ensured full compliance with the Nigerian Insurance Industry Reform Act of 2025.

This achievement according to him was driven by sustained financial performance, with shareholders’ funds growing by 74.3 percent from N13.6 billion in 2021 to 23.7 billion in 2025, supported by cumulative profit after tax of over N9.3 billion during the period.

The move he said will strengthened the company’s capital base without requiring additional investment from shareholders, while ensuring full compliance with the Nigerian Insurance Industry Reform Act of 2025.

He noted that as part of its strategic repositioning,it has transitioned to operate exclusively as a non-life insurer, enabling the company to deepen its focus on general insurance.

He disclosed that its proposed transfer of its life insurance portfolio will be to CHI Consolidated Hallmark CHI Life Assurance Limited, and this, he said has received approval in principle from National Insurance Commission,(NAICOM), and will be completed upon the conclusion of the remaining legal and regulatory processes.

Looking ahead, he reassured that NSIA remains committed to disciplined underwriting, digital innovation, superior customer service, and sustainable value creation for its customers, shareholders, and the Nigerian economy.

Also, managing Director/CEO, of the company, Moruf Apampa, explained the company’s decision to divest its life insurance portfolio to CHI Life Assurance Limited.

According to him the decision was deliberate and designed to eliminate distractions that could hinder growth in the general insurance segment.

“We’ve decided to have a more focused strategy to drive our general business. By doing so, we’re able to scale better than before because there’s no distraction — we’re focused on driving the numbers,” he said.

He disclosed that a key part of the company’s strategy is to achieve deep household penetration across the country, targeting what he described as an “NSIA family” in every Nigerian home.

“For every householder in Nigeria, we must have an NSIA family. That’s very strategic for us, and it’s deliberate. That’s where we believe we can scale, and that’s what we intend to do deliberately over the next five years,” he said.

Highlighting the company’s strength in motor insurance, he said NSIA has built a claims process designed for speed, with dedicated teams inspecting claims and, in many cases, processing payment on the same day.

“When I say motor, I can conveniently tell you that if you report a claim today, we have a team that will inspect that same claim and give you feedback that same day. If possible, once you sign, you also receive your benefit that same day,” he said, adding that this reflects the kind of institution NSIA aims to be.

He stressed that the company prioritizes customers over profit, arguing that insurers should not celebrate strong profits while shortchanging policyholders on claims.

“We’re not putting profit before the customer — we’re putting the customer before the profit. How would you feel if we came here to announce a ₦3 billion profit, but only ₦2 billion was paid out as claims, while customers outside are complaining?” he asked.

According to him, consistent delivery of value to customers is what builds trust and repeat business in the insurance industry.

“It’s usually about the message, not the messenger, and the message is always right. By delivering value to the customer, that’s when they gain the confidence to come back, repeat their purchase, and tell others that insurance actually works,” he said.

The post NSIA Insurance Grows Revenue by 18% to ₦33bn, Divests Life Insurance Portfolio appeared first on Business Today NG.

Related Topics:33bn Divests Grows Insurance Life NSIA Portfolio revenue

Up Next

EuroMatch NPFL: “We Will Regroup and Bounce Back Stronger” — Mangut Reacts To Barau 3-1 Defeat

Don't Miss

A group funded by Andreessen, Horowitz, and Brockman plans data center ads to sway midterms

Click to comment

Business

SEC Deepens Investor Education in Nasarawa, Seeks Stronger Partnership

Published

1 hour ago

October 12, 2026

PlateauReports

The Securities and Exchange Commission (SEC), Nigeria, has stepped up its drive to boost financial literacy, safeguard investors and widen participation in the Nigerian capital market through its Capital Market Awareness, Unclaimed Funds and Investor Education Outreach Programme, held in Lafia, Nasarawa State.

The programme brought together representatives of relevant institutions, academia and other stakeholders to promote awareness of investment opportunities, facilitate access to unclaimed dividends and other investment assets, and educate the public on measures to guard against fraudulent investment schemes.

Among those present were representatives of the ICMR, the Probate Registry, key departments of the Securities and Exchange Commission, academia and the National Population Commission. Their participation underscored the importance of institutional collaboration in addressing the challenges associated with unclaimed investments and improving public understanding of the capital market.

Members of the SEC Board who attended the programme also delivered goodwill messages, reaffirming the importance of investor education, public enlightenment and sustained efforts to protect investors while broadening access to the capital market.

A major highlight of the engagement was a courtesy visit by the SEC Chairman, Alhaji Mairiga Aliyu Katuka, to the Executive Governor of Nasarawa State, His Excellency, Engr. Abdullahi A. Sule, to appreciate the state government’s support and seek stronger collaboration in advancing investor education and financial inclusion.

During the courtesy visit, Katuka expressed appreciation to the Governor for providing strategically located office space in Lafia for the Commission’s liaison office.

The facility, situated within the complex previously occupied by the State Ministry of Education, is expected to become operational soon, bringing the Commission’s services closer to investors and residents of Nasarawa State.

The SEC Chairman described the gesture as a significant contribution to strengthening the Commission’s presence in the state and improving access to its services.

In his response, Governor Sule commended the SEC for its work in the Nigerian capital market, acknowledging the importance of the Commission’s regulatory role and its efforts to promote investor protection and strengthen confidence in the market. He also recognised the significance of initiatives aimed at improving public awareness of investment opportunities and encouraging informed participation in the capital market.

The Governor’s commendation highlighted the value of the Commission’s work in promoting a transparent and orderly market, while underscoring the importance of collaboration between the SEC and the Nasarawa State Government in advancing financial inclusion and economic development.

Katuka also commended the state government’s efforts to promote investment, enterprise, industrialisation and sustainable economic development, noting that Nasarawa’s growing economic potential makes it an important partner in expanding participation in the Nigerian capital market.

He explained that the Commission’s outreach initiative forms part of its nationwide efforts to improve financial literacy, promote legitimate investment opportunities, protect investors and assist Nigerians in recovering unclaimed dividends and other investment assets.

He solicited the state government’s support in mobilising business owners, cooperative societies, youth groups, market associations and other stakeholders to participate actively in the programme.

According to him, an informed population is better equipped to make sound financial decisions, protect its savings and contribute meaningfully to economic growth.

At the outreach programme, the Commission highlighted the challenge of unclaimed dividends and other investment assets, emphasising the need to ensure that investors can access funds rightfully belonging to them.

Unclaimed investments may arise from incomplete investor records, outdated shareholder information, changes in bank account details and difficulties associated with transferring investments following the death of an investor.

The Commission stressed that such funds represent the savings and investments of individuals and families and should be accessible to their rightful owners through established procedures.

To address the challenge, the SEC highlighted the enhanced e-Dividend Mandate Management System, which facilitates the direct payment of dividends into shareholders’ bank accounts and enables investors to update their records more conveniently.

Investors were encouraged to regularise their investment information and take advantage of the available facilities to facilitate the recovery of outstanding dividends.

The Commission also emphasised the importance of cooperation among registrars and other market stakeholders in improving record management, enhancing service delivery and resolving outstanding claims.

The programme further reinforced the SEC’s commitment to protecting investors, promoting financial literacy and expanding access to reliable information about the capital market. Through continued engagement with government institutions, academia, market stakeholders and the public, the Commission aims to strengthen investor confidence and encourage responsible participation in Nigeria’s financial markets.

The post SEC Deepens Investor Education in Nasarawa, Seeks Stronger Partnership appeared first on Business Today NG.

Business

NPA to fix rail, logistics gaps at inland dry ports

Published

9 hours ago

October 12, 2026

PlateauReports

716230728 18402984094159892 2837159792095527570 n.jpg

The Nigerian Ports Authority (NPA) has moved to address rail connectivity and logistics challenges affecting inland dry ports as part of efforts to integrate the facilities into the nation’s port system and improve cargo movement across the country.

The move followed a meeting between the NPA management, led by its Managing Director, Abubakar Dantsoho, and the Executive Director of Dala Inland Dry Port, Ahmad Rabiu, alongside representatives of Funtua Inland Dry Port, at the authority’s corporate headquarters in Marina, Lagos.

The engagement came after the Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the transfer of operational oversight of inland dry ports to the NPA.

The discussions focused on strengthening institutional collaboration, addressing infrastructure constraints and improving operational efficiency across Nigeria’s maritime logistics chain.

Speaking during the meeting, Mr Dantsoho stressed the need to upgrade inland dry port infrastructure and technical capacity to complement ongoing modernisation efforts at the nation’s seaports.

He said the facilities must be equipped to handle increasing cargo volumes and support the broader transformation of Nigeria’s maritime sector.

“For our Inland Dry Ports to function at the same velocity as the ongoing modernisation across our seaports, we must proactively upgrade dry port infrastructure and technical capacity,” Mr Dantsoho said.

He explained that the integration of digital platforms, including the Port Community System (PCS) and the National Single Window, into seaport operations must be matched by corresponding improvements at inland dry ports.

“As we integrate digital systems such as the Port Community System (PCS) and the National Single Window in our seaports, the dry ports must deploy modern equipment and advanced technical capabilities to handle larger cargo volumes and bigger vessels coming to our coast,” he added.

Increased private-sector investment

The NPA managing director also called for increased private-sector investment in inland dry port infrastructure, noting that stronger investment would be critical to improving cargo handling capacity and operational efficiency.

He cited APM Terminals’ establishment of an Export Processing Terminal in Northern Nigeria as an example of private-sector participation in the development of inland logistics infrastructure.

ALSO READ: INVESTIGATION: Ganduje embroiled in multi-billion naira Kano dry port ownership scandal

Mr Dantsoho assured stakeholders that efforts to optimise the inland port system were underway and confirmed plans to visit the Dala and Funtua facilities to assess their operational conditions and infrastructure requirements.

Operational oversight

Speaking on behalf of the delegation, Hassan Bello welcomed the transfer of operational oversight to the NPA, expressing appreciation for what he described as a seamless transition.

Mr Bello referenced the gazetted Port Act, which recognises inland dry ports as official ports of origin and destination, while drawing attention to challenges confronting the facilities, particularly inadequate rail connectivity and broader logistics constraints.

Rail access is a critical component of inland dry port operations, as efficient connections to the national rail network can facilitate cargo movement between seaports and inland destinations, potentially reducing pressure on road transport and lowering logistics costs.

The meeting also established a framework for further technical consultations, infrastructure integration and physical planning to identify the requirements for improving operations at the facilities.

The discussions highlighted the need for detailed technical assessments, stakeholder coordination and physical inspections to establish infrastructure priorities and guide subsequent project development.

The planned visits to Dala and Funtua inland dry ports are expected to provide NPA with a clearer understanding of the facilities’ operational challenges and the interventions required to strengthen their roles in cargo distribution, trade facilitation and wider maritime logistics network.