Business
Stanbic IBTC clinches CRe Momentum Award
Stanbic IBTC Insurance Limited has been named the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance (CRe) CEO Summit held in Kigali, Rwanda on April 17, 2026.
The company was recognised for its consistent commercial performance, disciplined execution, and a highly effective bancassurance model, which the judges described as among the most effective on the African continent, with a clear strategic focus on life insurance growth.
In the same category, Cornerstone Insurance (Nigeria) came second; while La Générale des Assurances (Benin) placed third.
In the Emerging Champions category, Agrails Ltd (Kenya) won, while Britam Connect (Kenya) came second.
Continental Reinsurance Plc also announced winners of the 11th Pan-African Re/Insurance Journalism Awards, with journalists across Africa recognised for excellence in reporting the insurance and reinsurance sector. 184 entries from Anglophone and Francophone countries were reviewed.
Uganda’s Isaac Khisa of The Independent Publications emerged Overall Winner. He also won the English Print Category for his article titled ‘Keeping it home: Africa’s reinsurers in quiet bid to reclaim market’’. In the same category, Nigeria’s Josephine Ogundeji of Punch Newspaper was named first runner-up, while Ojeme Sunday of New Telegraph finished as second runner-up.
The English Online Category saw Henry Uche of Daily Sun (Nigeria) emerge winner with his article, ‘Reinsurance: Nigeria’s capacity question and propensity for expansion’. Isaac Khisa (Uganda) secured another podium finish as first runner-up, while Zimbabwe’s Tendai Makaripe of 263 Chat was second runner-up.
In the English Broadcast Category, Blessing Ifechukwude of Voice of Nigeria won the top prize with her story ‘From Policy to Practice: Mandatory Health Insurance and Its Impact on Healthcare for Nigerians’. She was followed by Mercy Tyra Murengu of Media Max Network (Kenya) as first runner-up, and Samuel Nana Effah Obeng of GN Media (Ghana) as second runner-up.
In the English Social Media Category, Taurai Museka was named winner.
For the French (Broadcast/Print/Online) Category, Burkina Faso’s SEDGO Adama of Les Editions emerged winner, while KONKOBO Estelle of C’Finance (Burkina Faso) was first runner-up and BIRBA Fleur of Sidwaya (Burkina Faso) came second runner-up.
In the Arabic Category, Egypt’s Zahraa Mustafa Al-Saeed Abdul Amid (Egypt) of Amwal Al Ghad magazine won the top prize. Eslam Abdelhameed Abdelmutlib Farhat of Amwalalghad (Egypt) was first runner-up, while Elshazly Gomaa Ahmed Ali of Al-Mal Newspaper (Egypt) finished second.
Additionally, Josephine Ogundeji clinched the Dr Femi Oyetunji Future Talent Award, while Mercy Tyra Murengu received Special Recognition.
Congratulating the winners and all entrants, Group CEO of Continental Reinsurance Holdings, Lawrence Nazare noted, “The inclusion of 10 new participating countries reflects the growing reach and impact of the awards across the continent.”
Chief Judge, Michael Wilson commented: “The entries continue to improve with each edition, making the judging process increasingly challenging.”
Winners received certificates, trophies and cash prizes, with the overall winner earning $2,000, category winners receiving $1,500, first runners-up $1,000, and second runners-up $500.
The post Stanbic IBTC clinches CRe Momentum Award appeared first on Business Today NG.
Elon Musk, the world’s richest person, has attained trillionaire status after SpaceX, the rocket, AI and satellite communications company established by him, turned a soaraway success on its first trading day, surging 20 per cent to $2.1 trillion in valuation.
SpaceX’s shares closed at $161 on the Nasdaq on Friday, compared to its initial public offering (IPO) price of $135, making it the biggest-ever stock market debut.
The IPO had earlier raised $75 billion from investors and the underwriters of the transaction before the listing.
“Liftoff! First $SPCX trade complete,” Space X wrote on X (formerly Twitter), which Mr Musk also owns.
The 54-year old now has a total net worth of $1.1 trillion, according to the Bloomberg Billionaires Index, with its stake in SpaceX standing at 42 per cent or $767.1 billion as of Friday.
SpaceX debuted with a valuation of around $1.8 trillion. Its valuation at the end of Friday’s trade makes it the sixth-largest publicly traded company in the United States.
Trading under the ticker symbol “SPCX,” SpaceX began trading shortly before noon, attracting strong investor demand.
The listing places SpaceX among the world’s most valuable companies, despite the firm reporting a loss of nearly $5 billion last year and generating significantly less revenue than many technology giants with comparable valuations.
“I gave SpaceX a 10 per cent chance of succeeding at all,” Mr Musk said shortly before the company was listed.
SpaceX, since its establishment in 2002, has evolved from an experimental rocket startup into a dominant player in aerospace, satellite communications, and AI-related infrastructure.
READ ALSO: Elon Musk announces formation of American Party
Starlink, its satellite internet business, has expanded SpaceX beyond rocket manufacturing into a broader technology and connectivity platform.
Mr Musk, who now controls several companies, including Tesla, SpaceX, xAI, and X, began building his wealth by co-founding Zip2 and PayPal.
After completing the acquisition of X in October 2022 in a deal worth $44 billion, Mr Musk introduced monetisation features on the platform, which contributed to the growth of his business empire.
After selling Zip2 and later PayPal, he reinvested much of his earnings into Tesla, SpaceX, and other ventures.
Mr Musk’s wealth is now nearly equivalent to the entire economic output of Switzerland or Poland.
BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.
The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.
Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.
The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.
Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.
Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).
This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.
Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.
The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).
Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.
The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.
Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.
The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.
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