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SOLAP Enterprise Hub Produces First Winner, Awards N1.5m to Top Pitch Winner

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A young entrepreneur, Magaji Emmanuel, founder of MJ Farms, has emerged winner of the maiden edition of the SOLAP Enterprise Hub, Youth Entrepreneurship Program 2025,  clinching a N1.5 million business investment grant at the grand finale held Friday at Ordlin Event Center, Jos.

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Emmanuel outperformed nine other finalists in a competitive live pitch session, following a six-week intensive training programme that began with hundreds of applicants drawn from Abuja, Benue, Nasarawa, Plateau and Kaduna States.

The SOLAP Enterprise Hub, Youth Entrepreneurship Program 2025, an initiative of SOLAP Group, is designed to nurture young entrepreneurs into wealth creators, job providers and drivers of community development. From over 100 applications received, 50 entrepreneurs were shortlisted and trained, with only 10 advancing to the final pitch stage.

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Presenting his business model, Emmanuel, a Quantity Surveying student of Kaduna State University, showcased his integrated poultry farm which not only produces poultry birds but also converts poultry waste into organic hybrid fertilizer. His innovation, aimed at addressing rising fertilizer costs, earned him the top prize.

Speaking after his victory, Emmanuel expressed gratitude to God and dedicated the achievement to his late father, whose initial vision inspired the business. He noted that the grant would help scale production and expand access to affordable fertilizer for farmers.

Group Managing Director of SOLAP Group, Arc. Akosu Paul
Group Managing Director of SOLAP Group, Arc. Akosu Paul

Earlier, the Group Managing Director of SOLAP Group, Arc. Akosu Paul, said the initiative forms part of the company’s corporate social responsibility to support young entrepreneurs with viable ideas through training, mentorship and grants.

He explained that the programme aims to raise 100 millionaires within the next 10 years, stressing the importance of investing in youth who possess the energy, vision and fewer distractions needed to grow sustainable businesses.

The event also featured a panel discussion on “Thriving in Uncertainty: Building Resilience and Entrepreneurship,” with experts including Chief Samuel Adetunji, Mrs Theresa Gofwen and Mrs Mary Oyewole, who shared insights on navigating business challenges.

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In a show of support, Chief Adetunji donated an additional N100,000 each to the top three winners, as well as to the best female contestant and another participant who pitched a fish farming business.

Speaking at the event, Mr Val Okafor of the Val Okafor Company, implementing partner of the initiative, described the programme as a structured intervention aimed at bridging the gap between ideas and sustainable enterprises.

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According to him, participants underwent practical training in business development, market research, branding and revenue strategies, equipping them with the skills needed to build viable businesses.

Other winners at the event included Ani Nnaemeka Kingsley of NovelArts, who emerged first runner-up with a N1 million grant for his innovative use of waste materials in interior décor and art production.

Mom Terkaa Titus of Jumo Farms secured the second runner-up position, winning N500,000 for his Agri-Rentals concept, a farm mechanization hub for smallholder farmers.

The top female contestant, Egba Agnes of AG’s Creations, also received an additional N500,000 grant to support her fashion design business and training academy for aspiring designers.

Organisers described the maiden edition as a success, noting that the initiative will continue to expand opportunities for young entrepreneurs across Nigeria.

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Business

Rex Insurance Meets NAICOM Minimum Capital Requirement Under NIIRA 2025

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BY NKECHI NAECHE-ESEZOBOR—Rex Insurance Limited has successfully met the new Minimum Capital Requirement (MCR) prescribed by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act, (NIIRA) 2025, reinforcing its financial strength, enhancing its underwriting capacity and reaffirming its unwavering commitment to policyholders and stakeholders.

The announcement follows NAICOM’s publication of insurance companies confirmed to have complied with the new capital requirement.

A statement released today by the company, said the achievement reflects the disciplined financial management, strong corporate governance, and strategic vision that have positioned Rex Insurance Limited as a resilient organization committed to delivering greater value to customers while supporting national economic growth.

“It also marks the beginning of a new phase in the Company’s journey, one focused on sustaining capital strength, accelerating profitable growth, enhancing operational excellence, and delivering superior customer value.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said: “Meeting the new Minimum Capital Requirement is a significant milestone in our journey and demonstrates the resilience of our business as well as the confidence of our shareholders in our long-term vision. It also reinforces our ability to honour our commitments to policyholders while positioning us for sustainable growth in an evolving insurance landscape.”

She further emphasized “Our recapitalization marks the beginning of an exciting new chapter for Rex Insurance. It is not an end, but a strategic foundation for sustainable growth and long-term value creation. With a stronger capitalbase, we are well equipped to increase our underwriting capacity, elevate customer experience, and deepen our investment in technology, innovation, and operational excellence.

“This enhanced financial strength enables us to provide smarter insurance solutions that respond to the evolving needs of our customers, deliver greater value to our stakeholders, support the advancement of Nigeria’s insurance industry, and maintain our unwavering commitment to prompt claims settlement to our policyholders”

Rex Insurance commended NAICOM for its leadership in strengthening the insurance sector through the recapitalization exercise and remains committed to supporting initiatives that promote a more resilient, competitive, and inclusive insurance market.

The insurer expressed its appreciation to its shareholders, Board of Directors, employees, customers, brokers, and business partners for their unwavering support and confidence, which have contributed to this important achievement .

“As the industry enters a new phase of growth, Rex Insurance’s focus now shifts from achieving capital adequacy to sustaining capital strength through disciplined execution, profitable growth, continuous innovation, and exceptional customer experience.”

The Company remains committed to delivering reliable insurance solutions, honouring its promises to policyholders, and creating sustainable value for all stakeholders while strengthening its position as a trusted insurance partner

About Rex Insurance Limited 
Rex Insurance Limited (Rex) is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products to the insuring public. With decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.
With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability with the aim of growing the company’s gross premium written and be amongst the Top-Top-Tier general insurance companies in the market.

Operating from twelve (12) business locations nationwide to ensure maximum outreach and
accessibility, we have an unwavering dedication to our core values of Resilience, Efficiency,
eXellence, Integrity & Teamwork (REXIT).

The post Rex Insurance Meets NAICOM Minimum Capital Requirement Under NIIRA 2025 appeared first on Business Today NG.

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FULL LIST: NIIRA 2025: NAICOM Eyes Liquidation for Non-Compliant Operators

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BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission,((NAICOM),  on Monday said only eight insurance companies are yet to be verified by the commission.

The commission disclosed this today while releasing the 43 insurance firms that met the new minimum capital requirements set up by NIIRA

According to NAICOM “The eight insurance companies submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review.

This, the commission said would be concluded within fourteen days.

Insurance companies not listed among the 43 verified firms include those currently undergoing final regulatory review, as well as unverified operators at risk of liquidation—such as NICON Insurance Plc; Goldlink Insurance Plc Nigerian Reinsurance; Nigerian Agricultural Insurance Corporation ; Royal Exchange Prudential Life Plc;  Tangerine Life Insurance Limited; Sovereign Trust Insurance Plc; African Alliance Insurance Plc; Guinea Insurance Plc; Regency Alliance Insurance Plc; Staco Insurance Plc; Alliance & General Insurance; Universal Insurance Plc; emPle General Insurance Company Nigeria Limited and emPle Life Assurance Limited.

NAICOM had announced the successful completion of the twelve-month insurance sector recapitalization exercise undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.

The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.

Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.

To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria.

The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.

The post FULL LIST: NIIRA 2025: NAICOM Eyes Liquidation for Non-Compliant Operators appeared first on Business Today NG.

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