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Universal Insurance sets to conclude recapitalization with N3.2bn rights issue offer

Kelvin EgerueMay 8, 2026

by Kelvin EgerueMay 8, 20260611

Universal Insurance Plc has formally concluded arrangements for its proposed ₦3.2 billion Rights Issue. At the signing ceremony held in Lagos recently, Universal Insurance Plc executed the transaction documents for the proposed offer effectively concluding the preparation phase of the offer and paving the way for existing shareholders to participate......

Business & Economy Insurance digest Metro news

emPLE Nigeria pays over N7bn in claims to support policyholders recover from losses in 2025

Kelvin EgerueMay 5, 2026

by Kelvin EgerueMay 5, 20260677

emPLE, one of Nigeria’s rapidly growing insurance companies, has announced total claims payouts of over N7 billion in 2025, reaffirming its commitment to empowering individuals, families, and businesses with the financial support needed to rebuild after losses caused by life and business uncertainties. Amid evolving industry dynamics and regulatory expectations......

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Sovereign Trust Insurance stires shareholders’ interest with N5bn rights issue

Kelvin EgerueMay 2, 2026

by Kelvin EgerueMay 2, 20260724

Sovereign Trust Insurance Plc has completed the structuring phase of its planned N5 billion Rights Issue capital raise marking a key milestone ahead of its recapitalisation plan in line with the Nigerian Insurance Industry Reform Act, NIIRA. The Underwriting Firm disclosed this at the signing ceremony of all related parties......

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Plan for your retirement early, experts urge workers

Peter AnayoMay 2, 2026May 2, 2026

by Peter AnayoMay 2, 2026May 2, 20260698

Financial experts have urged workers to take control of their future by starting retirement plan at their youthful age. The financial experts gave the advice at ‘The Platform Nigeria 2026’ in Lagos on Friday. The programme was convened by Pastor Poju Oyemade of The Covenant Nation (TCN), to foster......

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FG Intensifies Push for Online Verification and Enrolment Exercise for Pre-2004 Treasury-Funded Civil Servants …PenCom Deploys Digital Platform The Federal Government has intensified efforts to improve participation in the ongoing mandatory verification and enrolment exercise for civil servants with accrued pension rights, following low turnout despite the importance of the exercise. The National Pension Commission (PenCom) is conducting a one-time nationwide Online Verification and Enrolment Exercise for all active employees of treasury-funded Ministries, Departments and Agencies (MDAs) who were employed before 30 June 2004. The exercise, which commenced on 2 February 2026 and will end on 31 July 2026, is aimed at capturing accurate and complete data on eligible workers. This will support the timely payment of their accrued pension rights under the Contributory Pension Scheme (CPS). Exercise to Address Legacy Pension Liabilities The initiative is part of the Federal Government’s efforts to settle pension obligations carried over from the old Defined Benefit Scheme (DBS), which existed before the introduction of the CPS in 2004. Under Section 15(1) of the Pension Reform Act 2014 (PRA 2014), employees who moved to the CPS are entitled to accrued pension rights, representing benefits earned under the DBS. To fund these obligations, the law provides for the establishment of the Retirement Benefits Bond Redemption Fund, domiciled with the Central Bank of Nigeria (CBN). In a circular issued on 27 April 2026, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, directed all treasury-funded MDAs to support the exercise. The circular emphasised that verification is essential for determining the Federal Government’s outstanding pension liabilities and making adequate budget provisions for their settlement. Digital Transformation Drives New Approach Prior to the automation by PenCom a few years ago, the process relied on manual processes that were often affected by incomplete records and delays. The current exercise is fully digital and a significant technological improvement from the initial Online Enrolment platform. PenCom has now deployed the new Contributions and Bond Redemption Application (COBRA), a secure platform designed to support real-time data capture, validation and processing. The platform includes multiple layers of verification, such as biometric capture and cross-checking of employment records. This helps to improve data accuracy and reduce errors that could delay pension payments at retirement. Structured Rollout to Improve Efficiency To ensure smooth implementation and avoid system congestion, the exercise has been structured in phases. The first phase, which ran from 2 February to 31 March 2026, covered employees expected to retire between January 2027 and December 2029. The ongoing second phase, from 1 April to 31 July 2026, is for employees who will retire from January 2030 onwards. PenCom noted that the phased approach will improve coordination, enhance monitoring and ensure that all eligible employees are captured within the timeline. Compliance Directive Amid Low Turnout Despite these arrangements, participation has remained below expectations. This led to a directive from the Head of Service mandating full compliance by all treasury-funded MDAs. MDAs are required to upload details of eligible employees on the COBRA platform, after which affected employees are to visit their respective Pension Fund Administrators (PFAs) with the necessary documents to complete the process. Pension Desk Officers (PDOs), trained by PenCom, are responsible for coordinating the exercise within their organisations and guiding staff through the process. PenCom has assured employees that participating in the exercise will enable the computation of the employees accrued pension rights and advise the Federal Government of same for adequate provision to be made. This would further ensure seamless access to benefits immediately after a worker retires. Call for Urgent Participation With the deadline approaching, the Federal Government has urged Permanent Secretaries and heads of MDAs to widely publicise the directive and ensure full participation. Failure to take part in the exercise may complicate the processing of accrued pension rights at retirement and could lead to delays in accessing benefits. As the 31 July deadline draws closer, attention is now on how effectively MDAs mobilise their workforce to close the enrolment gap and support this important step toward securing retirement benefits for public servants.

Kelvin EgerueApril 29, 2026

by Kelvin EgerueApril 29, 20260887

The Federal Government has intensified efforts to improve participation in the ongoing mandatory verification and enrolment exercise for civil servants with accrued pension rights, following low turnout despite the importance of the exercise. The National Pension Commission (PenCom) which made this known in Abuja said that it is conducting a......

Business & Economy Insurance digest Metro news

Heirs Insurance Brokers earns NDPC audit compliance trust mark

Kelvin EgerueApril 29, 2026

by Kelvin EgerueApril 29, 202601054

Heirs Insurance Brokers Limited (HIB), Nigeria’s leading insurance broking firm, has been awarded the NDPC Audit Compliance Trust Mark for 2025 by the Nigeria Data Protection Commission (NDPC), following the successful completion of its Data Protection Audit in line with the Nigeria Data Protection Act (NDPA). The NDPC......

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NAICOM strikes deal with NASRDA to strengthen insurance ecosystem

Peter AnayoApril 29, 2026

by Peter AnayoApril 29, 202601095

The leadership of the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) met yesterday to discuss a strategic partnership aimed at leveraging geospatial data and satellite technology to expand insurance access, strengthen enforcement, and enhance risk management across Nigeria’s insurance ecosystem. The collaboration, agreed......

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NSITF assures federal workers on implementation of employee compensation scheme

Peter AnayoApril 27, 2026

by Peter AnayoApril 27, 20260822

AKOR SYLVESTER, Abuja Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barr Oluwaseun Faleye, has reiterated the commitment of the Fund to the Employee Compensation Scheme (ECS) for the benefit of Federal Civil Servants, even as he applauded the Federal Government on the newly introduced welfare......

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Leadway Assurance strengthens customers trust, floes out millions of Naira to farmers for wet season crop losses

Peter AnayoApril 23, 2026

by Peter AnayoApril 23, 20260929

CYRIL MBAH, Abuja Smallholder farmers in several northern states were on Thursday given hope and the confidence to trust and do business with insurance outfits as Leadway Assurance, in partnership with the Presidential Food Systems Coordinating Unit (PFSCU) and PULA Advisors, paid out more than ₦396 million to......

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Investors besiege Lasaco Assurance Rights Issue as offer closes May 13

Kelvin EgerueApril 22, 2026

by Kelvin EgerueApril 22, 20260931

As Lasaco Assurance Plc’s right issue targeted at raising additional working capital gets closer to its concussion, investors which include existing shareholders have continued to express interest in acquiring higher equity interest in the company. The renewed interest in the company came as Lasaco Assurance inform shareholders and the investing......