Business
Royal Exchange Shifts to Asset Management, Boosts Income to N1.7bn
Royal Exchange Plc has accelerated its transition into an asset management-focused business, reporting a 5 percent increase in earned income to N1.7 billion, up from N1.57 billion in 2024, as the company begins to reap the benefits of its completed three-year transformation strategy.
The improved performance also saw profit after tax rise to N851 million, underscoring growing momentum in its restructured operations.
Speaking at the company’s 57th Annual General Meeting held virtually, Chairman Ikeme Osakwe revealed that the Group recorded a profit after tax of N851 million, reflecting improved financial performance.
Osakwe attributed the growth to the successful execution of a three-year transformation strategy, which concluded in 2024 and repositioned the company into an asset management-focused entity.
According to him, the strategic shift has begun to yield measurable results, with stronger financial trends and a more diversified portfolio. He noted that the next phase of the company’s journey will centre on deepening its asset management capabilities while driving growth and profitability across its investee companies.
He added that Royal Exchange aims to leverage its restructured portfolio to deliver long-term value, while evolving beyond its legacy status into a more agile and reliable partner for clients. The company, he said, is focused on building a culture rooted in transparency, disciplined risk-taking, and sustainable growth.
Osakwe also emphasised that the Group’s newly established structure will support its expansion beyond traditional insurance, enabling the development of products tailored to current market realities. He highlighted ongoing investments in talent and strategic partnerships as key to strengthening customer engagement and scaling operations profitably.
He expressed appreciation to the board and management team for their commitment over the past year, noting that their efforts were instrumental to the company’s achievements.
Looking ahead, he reaffirmed the company’s commitment to delivering long-term value and exceeding the expectations of investors.
The Nigerian Civil Aviation Authority (NCAA) has directed its departments to suspend services to 11 domestic airlines over unpaid financial obligations owed to the regulator.
The directive was contained in an internal memo dated 22 May, which instructed all NCAA directorates and regional offices to place the affected operators on a “no-pay-no-service” arrangement pending financial clearance from the Directorate of Finance and Accounts.
The memo was signed by the Director of Finance and Accounts, Olufemi Odukoya, and copied to the Director-General of Civil Aviation (DGCA) and other senior officials of the authority.
Airlines affected by the directive include Air Peace, Ibom Air, Arik Air, United Nigeria Airlines, Max Air, Rano Air, NG Eagle, ValueJet, Overland Airways, Umza Air and Caverton Helicopters.
The directive comes amid increasing financial pressure on domestic airlines due to rising aviation fuel costs, foreign exchange challenges, and high operating expenses across the sector.
Under the directive, affected airlines may be unable to access some regulatory services until their financial obligations are settled.
The move has also raised concerns within the industry over the possible impact on airline operations if the situation persists.
READ ALSO: NCAA grants Pioneer Airlines approval for non-scheduled flight operations
The NCAA relies on statutory charges and service-related payments from airlines to fund inspections, oversight responsibilities and other regulatory activities.
In recent months, several domestic airlines have faced operational disruptions linked to rising costs, aircraft maintenance challenges and limited fleet availability.
PREMIUM TIMES earlier reported that some airlines, such as Rano Air, adjusted schedules and suspended routes amid the sharp rise in Jet A1 aviation fuel prices, which continued to pressure operators.
The latest directive further underscores the financial strain on Nigeria’s aviation sector, as airlines struggle to balance rising operational costs with declining passenger purchasing power.
From right: Winner and New 2026 CIIN Ambassador, Mr. Oduh Sunday; 2nd Runners-up, Ms. Odeniyan Oluwatosin Comfort and 1st Runners-up of the Ambassador Contest, Mr. Okunnu Abdulrasheed Adekunle at the Year 2026 CIIN Insurance Week Grand Finale in Lagos yesterday.
BY NKECHI NAECHE-ESEZOBOR—Oduh Sunday of NEM Insurance Plc, yesterday emerged victorious in the 2026/2027 Chartered Insurance Institute of Nigeria Ambassador Competition, receiving a cash reward of N1.5 million and earning the title of the insurance industry’s newest ambassador.
The competition formed part of the major attractions at the grand finale of the CIIN Insurance Week and also represented one of the final official engagements of the institute’s current president, Yetunde Ilori.
Mr. Eddie Efekoha; Mr. Edwin Igbiti and Mrs. Yetunde Ilori.
Held from Friday, May 15 to Friday, May 22, 2026, the CIIN Insurance Week 2026 featured an extensive eight-day schedule focused on public interaction, professional discussions, learning activities, and celebrations within the insurance sector.
The Ambassador Competition evaluated contestants based on their understanding of the insurance profession as well as their capacity to carry out awareness initiatives.
Noor Takaful Insurance Limited staff, Okunnu Abdulrasheed Adekunle secured the first runner-up position and received N1 million, while another staff member of the same company, Ms. Odeniyan Oluwatosin Comfort, claimed the second runner-up spot with a cash award of N750,000.
In additional award categories presented during the event, the Police Service Commission was recognised as the Best Ministry, Department and Agency (MDA). Akunyili Samuel Chukwukadibia was honoured as the Best Insurance Student in the WAEC examination.
The award-winning student’s teacher, Mr. Awotoruvie Randy Kemi, also received recognition, while six secondary schools with outstanding student enrollment in insurance studies were celebrated.
The schools honoured included Ijaiye Ojokoro Senior High School, Badagry Senior Grammar School, Saint Peter’s College, Egba High School, Methodist Comprehensive College, and Ebenezer Grammar School.
Ogun State also received recognition as the state with the highest number of students enrolled for insurance studies in WAEC examinations.
Earlier in the programme, the InsurScenario Team emerged as champions of the 2026 CIIN InsurQuest Hackathon, defeating other competing teams including CoverBot, Mediclaim AI, Team Topsborg, Team Nexus, and The Risk Architects.
Now in its second edition, the hackathon attracted a broader mix of young innovators from across Nigeria and was designed to strengthen youth participation in the insurance sector while encouraging future insurance innovators.
The initiative exposed participants to practical industry problems and demonstrated how insurance can drive innovation, technology, entrepreneurship, and social impact. Over several weeks, contestants participated in masterclasses, hands-on workshops, and mentoring sessions aimed at building technology-based solutions for challenges affecting Nigeria’s insurance industry.
Supported by experienced professionals, the teams explored areas such as Inclusive Insurance, Data and Artificial Intelligence, Customer Experience, as well as ESG and Sustainability, while developing working prototypes suitable for pilot implementation.
All teams presented their projects during the InsurQuest Demo Day held on May 21, 2026, at the College of Insurance and Financial Management, where the InsurScenario Team finished in first place.
Speaking during the grand finale and award presentation, CIIN president Yetunde Ilori described the programme as her final appearance at the event in her capacity as president. She explained that the Insurance Week was created to bring together all segments of the insurance industry, improve public participation, encourage professional conversations, and promote insurance education and awareness.
According to her, the event, now in its second year, has become one of the strongest collective initiatives by Nigeria’s insurance industry to improve public understanding, boost insurance adoption, and recognise excellence within the sector.
She urged her successor to sustain and build upon the initiative, expressing confidence that the annual programme could further strengthen insurance acceptance and operations in Nigeria, with the aim of increasing industry penetration beyond one percent in the near future.
The post NEM Insurance Staff Oduh Sunday Clinches 2026/2027 CIIN Ambassador Title appeared first on Business Today NG.
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