Category: Daily Trust

In the fast-paced world of Afrobeats, where many upcoming artistes dream of co-signs from established superstars, music executive Ameen and renowned producer Krizbeatz recently revealed a bold decision they made early in their careers – turning down an offer from Davido to sponsor one of their music videos.

Speaking during an interview on TVC Entertainment, the duo explained that the decision was never about pride or disrespect, but about being intentional with ownership, independence and long-term vision.

According to Ameen, the early days of the Afrobeats movement were filled with opportunities that could easily shape an artiste’s direction permanently. While Davido’s gesture came from a genuine place of support and belief in their sound, they understood the importance of building their brand on their own terms.

‘We were intentional about ownership,’ Ameen shared during the interview. ‘At that stage, we wanted to understand the value of controlling our creative direction, our brand, and our business.’

Krizbeatz, widely respected for crafting some of Africa’s biggest records, echoed the same sentiment, emphasizing that many young creatives focus only on immediate visibility without considering the long-term implications of partnerships and funding.

The revelation has sparked conversations online about independence in the music industry, especially in Afrobeats, where mentorship, collaborations, and co-signs often play major roles in breaking new acts.

Fans praised the duo for their foresight, noting that ownership has now become one of the most important conversations in modern entertainment.

Over the years, both Ameen and Krizbeatz have gone on to establish themselves as respected figures in African music, proving that strategic patience and self-belief can sometimes be more valuable than instant industry backing.

Their story also highlights an important side of Afrobeats culture rarely discussed publicly – the business decisions behind the glamour, hits, and fame. While many artists chase quick success, some choose the slower route of building legacy, structure, and equity.

Today, as Afrobeats continues its global domination, stories like these serve as reminders that ownership, vision, and discipline are just as important as talent.

President Bola Tinubu has delivered laudable transformational projects across the Northern part of the country, fulfilling his campaign promises to the region, the Renewed Hope Ambassadors (RHA) declared over the weekend.

The declaration follows a comprehensive media tour of Federal Government projects in the Northwest geopolitical zone, conducted by the RHA in collaboration with the Presidential Media Team.

The tour sought to address insinuations in some quarters that the Tinubu administration had neglected its commitments to the North. In a statement issued after the tour-which spanned the Federal Capital Territory, Kaduna, Kano, Jigawa, and Kebbi States-the RHA maintained that the administration has kept faith with the region through strategic interventionist projects currently at various stages of completion.

The RHA highlighted that under the Renewed Hope Agenda, the Federal Ministry of Works embarked on 260 Special Intervention Projects nationwide. Notably, the Northwest zone-comprising Kano, Kaduna, Katsina, Jigawa, Sokoto, Kebbi, and Zamfara-accounts for 48 of these projects.

‘This is the highest among the six geopolitical zones in the country,’ the RHA stated. ‘It is clear evidence of President Tinubu’s commitment to the transformation of the Northern region. These projects will aid transportation, boost trade and agriculture, and foster speedy economic growth.’

The Benue State Fruit Juice Company (BENFRUIT) has commenced final test runs ahead of full scale production aimed at cutting post-harvest losses of oranges in the state by 80 percent in order to boosting the local economy.

The company, reactivated through a partnership between the Benue Investment and Property Company Limited (BIPC) and Brazil-based SONO Group Global, would be churning out large scale juice concentrate production for the Nigerian market.

It would be recalled that the partnership agreement was signed in August 2025, with SONO Group expected to manage the facility for 15 years.

Speaking with journalists yesterday during the final testing phase at the factory in Makurdi, the Maintenance Manager of BENFRUIT, Engr. Henry Boager, said the plant currently operates at a capacity of four tonnes per hour.

He said that the company initially started production tests at two tonnes per hour before increasing to three tonnes, and has now attained four tonnes to ensure production stability.

Boager explained that about 6,000 litres of oranges were crushed within three hours during the test run, noting that the process involved extraction, pre-heating, refining and separation of pulp before concentration in the chamber.

He further said that 400 litres of juice were transferred into the juice tank within 30 minutes, while 2,200 litres were sent hourly into the concentration chamber.

‘If you calculate 2,200 litres per hour, you can determine the quantity of concentrate produced. We discharge the concentrate into buckets and 23-litre barrels. In one day, we are expecting up to 75 drums and about two container loads in a week,’ he said.

Twenty years. Eighteen billion dollars. Zero functional refineries. These numbers capture Nigeria’s greatest industrial tragedy-not engineering failure, but organised impunity. Now, just as Nigerians hoped for closure, the Nigerian National Petroleum Company Limited has signed a fresh Memorandum of Understanding with two Chinese firms-Sanjiang Chemical Company Limited and Xingcheng Industrial Park Operation and Management Company Limited-to ‘accelerate’ the rehabilitation of Port Harcourt and Warri refineries.

Let me be clear: this MoU changes nothing. Worse, the chosen partners cannot do the job.

First, examine the Sanjiang Chemical. It is a legitimate petrochemical producer based in Jiaxing, China, specialising in epoxy ethane and ethylene glycol using light feedstocks. There is no public evidence that Sanjiang has ever built, operated, or managed a full-scale crude oil refinery-let alone facilities as complex as Port Harcourt (210,000 barrels per day) and Warri (125,000 bpd). Processing petrochemical derivatives is not the same as reviving aging refineries burdened by decades of decay. Financial reports also show declining revenues and significant short-term debt. If a company is already under liquidity pressure, how will it shoulder the burden of Nigeria’s most troubled national assets?

Second, Xingcheng Industrial Park is an even greater mismatch. By every corporate record, it is an industrial park and infrastructure management company-essentially a real estate manager. There is no verifiable evidence that it has any experience in petroleum engineering, refinery operations, or hydrocarbon processing. The MoU’s stated ambition to develop gas-based industrial hubs around the refineries may explain why a park manager was brought in, but the core job is rehabilitating and operating actual refineries. That requires a lead partner with proven refinery engineering credentials-a Technip, a Bechtel, a Sinopec Engineering. Xingcheng possesses none of these.

Nowhere in the NNPC’s announcement is there mention of a lead engineering, procurement, and construction firm with global refinery credentials. The statement says the MoU is for a ‘potential Technical Equity Partnership’ and that definitive arrangements will follow ‘subject to customary approvals.’ In plain language: this is an expression of interest, not a binding contract. The terms, financing, and the very identity of who will do the work are all yet to be determined. If the definitive agreement eventually brings in a proper refinery operator, why was that operator not named upfront? If the plan is for Sanjiang and Xingcheng to subcontract the actual work, Nigeria is signing an MoU with middlemen-adding layers of cost and opacity while diluting accountability.

The technical verdict on these refineries is already settled. Kelvin Emmanuel explains that they were built with only secondary distillation capabilities; their profit margin cannot exceed 20 per cent, while break-even requires 40 to 45 per cent. You cannot engineer your way around sixty-year-old assets with fundamental design limitations. The Chinese are not magicians.

But my greatest fear is not technical failure-it is contractual entrapment. Consider Uganda’s Entebbe airport. A $200 million loan from the Chinese Exim Bank required the aviation authority to seek Chinese approval for its annual budgets. All airport revenues were deposited into an escrow account controlled by the lender. Uganda waived sovereign immunity, and disputes would be settled in China under Chinese law. When Uganda tried to renegotiate, the Chinese authorities refused. The airport was never formally seized-effective control was transferred in the fine print. Uganda’s Finance Minister later apologised to parliament: ‘I apologise that we shouldn’t have accepted some of the clauses.’

Then consider Zambia. Over years, Zambia accumulated billions in Chinese loans backed by sovereign guarantees and linked to its copper sector. When copper prices fell, Zambia defaulted in 2020. Chinese lenders became Zambia’s largest bilateral creditor, with $5.7 billion owed. Debt restructuring dragged on for three and a half years because of the number of Chinese creditors. By late 2024, Zambia became the first African country to formally accept China’s yuan for mining taxes and royalties-a direct consequence of being unable to restructure on favourable terms. No asset was seized. But economic leverage and strategic influence transferred systematically. This is the trap Nigeria risks walking into-borrowing against oil assets to fix refineries that have already consumed $18 billion, with a partner whose operational capacity remains unverified.

What must be done? First, no binding agreement with Sanjiang or Xingcheng shall be signed unless the full unredacted MoU is transmitted to the National Assembly within seven days, followed by a public hearing within 30 days, and approved by a two-thirds majority of both houses. Second, no sovereign guarantee, revenue escrow arrangement, budget approval right ceded to any foreign entity, waiver of sovereign immunity, or agreement to foreign jurisdiction shall be included unless every such provision is individually and explicitly approved by the same supermajority after public testimony from the Minister of Finance and independent experts. Third, the Bureau of Public Procurement must certify compliance with the Public Procurement Act. Fourth, NEITI must audit the transaction at every stage.

Beyond these demands, the only honourable exit is transparent, competitive divestment. The Dangote refinery-built with private capital, not state billions-is producing fuel. The NNPC itself announced in December 2025 that it plans to sell stakes in selected oil and gas assets through a formal bidding process. The framework exists. What is missing is political courage. If Sanjiang and Xingcheng are capable, let them bid in an open process. If they cannot win a competitive bid, they should not operate Nigerian refineries. That is not anti-China. It is pro-accountability.

For young Nigerians watching this cycle of waste, the lesson is brutal: your future was traded for contracts that never worked. Selling the refineries will not recover the $18 billion already lost, but it will stop the bleeding. Nigeria tried rehabilitation. Nigeria paid for rehabilitation. Nigeria failed at rehabilitation. To persist is moral negligence. The Chinese MoU is not a solution. It is the same disease in a different bottle-this time, with less convincing actors.

Shareholders of Nigerian Aviation Handling Company Plc have recorded dividend returns of more than 733 per cent over the past five years, underlining the company’s sustained profitability, consistent shareholder rewards and strong market performance.

A five-year dividend analysis showed that a shareholder who invested N1 million in NAHCO shares at the beginning of 2021 has earned cumulative cash dividends of about N8.33 million within the period, excluding the massive capital appreciation recorded by the stock on the Nigerian Exchange.

The shareholder is also expected to receive an additional N3.24 million in cash dividends for the 2025 financial year as shareholders prepare to meet at the company’s annual general meeting to review the operational and financial performance of the aviation handling and logistics group.

NAHCO’s share price opened 2021 at N2.30 per share, implying that a N1 million investment translated to approximately 432,000 shares after transaction costs. Over the years, the company’s steady earnings growth and rising investor confidence pushed the value of the investment significantly higher.

By the third year of the investment cycle, the shareholder had already recovered the initial N1 million capital through dividend income and additional gains. As the company continued to expand operations and improve profitability, shareholder returns accelerated through higher dividend payouts and bonus share allocations.

In 2021, NAHCO paid a dividend of 41 kobo per share, which translated to a total dividend income of N177,120 for the investor holding 432,000 shares.

In 2022, the company increased its dividend payout to N1.20 per share and also declared a bonus issue of one new share for every five shares held. The dividend payment resulted in income of N518,400 for the shareholder, while the bonus issue added 86,400 shares, increasing the total shareholding to 518,400 shares.

The upward trend continued in 2023 as the company more than doubled its cash payout to N2.54 per share. This translated to a dividend income of about N1.32 million for the investor.

In 2024, NAHCO again raised dividend payout significantly to N5.94 per share, resulting in annual dividend earnings of approximately N3.08 million for the shareholder.

For the 2025 financial year, the board of directors recommended a dividend of N6.25 per share alongside another bonus issue of one new share for every seven shares held. The qualification date for the dividend and bonus issue was May 4, 2026, while payment is scheduled for May 15, immediately after the company’s annual general meeting.

With the latest payout, the model investor will receive an additional N3.24 million in cash dividends and 74,057 bonus shares. This brings the cumulative dividend earnings since 2021 to N8.33 million, while the shareholder’s total holdings increase from the original 432,000 shares to 592,457 shares.

Following adjustments for the dividend and bonus issue, NAHCO’s share price closed at N203.95 on the Nigerian Exchange. At that valuation, the original N1 million investment is now worth approximately N120.83 million, representing an increase of nearly 11,983 per cent over five years.

Market analysts said the company’s impressive performance reflects its strong operational fundamentals, disciplined management structure and commitment to rewarding shareholders consistently.

Analysts also noted that dividend growth is often closely linked to operational efficiency and profitability, pointing to NAHCO’s strong financial results over the years as evidence of sustainable growth.

Key highlights from the company’s audited report for the year ended December 31, 2025 showed that total revenue increased by 21.8 per cent from N53.54 billion in 2024 to N65.21 billion in 2025.

Gross profit rose from N33.08 billion to N38.61 billion, while operating profit climbed by 25 per cent from N19.84 billion to N24.84 billion.

Profit before tax increased by 30 per cent to N24.26 billion in 2025 compared to N18.70 billion recorded in 2024. Profit after tax also grew strongly by 39.91 per cent from N12.87 billion to N18 billion.

Earnings per share rose by 40 per cent from N6.60 in 2024 to N9.24 in 2025, reflecting the company’s improved profitability and enhanced shareholder value.

The company’s balance sheet also strengthened during the period, with total assets increasing from N46.95 billion in 2024 to N53.88 billion in 2025. Shareholders’ funds rose by 32 per cent from N20.08 billion to N26.5 billion.

Analysts added that NAHCO’s broad retail investor participation and free float of 56.68 per cent demonstrate the inclusive wealth creation potential of the Nigerian capital market.

NAHCO Group has diversified operations spanning aviation ground handling, airport management, aviation training, free trade zone operations, commodities export and energy solutions through subsidiaries including Mainland Cargo Options Limited, Nahco Free Trade Zone Limited, NAHCO Power Solutions Limited, NAHCO Aviation Academy and NAHCO Commodities Limited.

Nigeria’s banking industry has entered a new era following the successful completion of the Central Bank of Nigeria’s (CBN) sweeping recapitalisation programme, a reform many analysts believe could redefine the future of the country’s financial system and broader economy.

After raising an estimated N4.65 trillion within two years, banks are now confronting a more important question: what comes next after recapitalisation?

For regulators, investors, and industry stakeholders, the answer lies not only in stronger balance sheets but in how effectively banks utilise their fresh capital to drive economic growth, strengthen governance, improve service delivery, and position Nigeria as a stronger financial hub in Africa.

The recapitalisation exercise, initiated under the leadership of the CBN Governor, Olayemi Cardoso, was designed to prepare the banking sector for a more demanding economic environment and align it with Nigeria’s long-term ambition of becoming a $1 trillion economy.

Under the new capital requirements, international commercial banks are expected to maintain a minimum capital base of N500 billion, national banks N200 billion, and regional banks N50 billion.

The exercise triggered one of the largest capital mobilisation efforts in the history of Nigeria’s financial sector, with lenders tapping the equities market, strategic investors, and retained earnings to meet the new thresholds.

Now that most banks have either completed or significantly advanced their recapitalisation plans, the focus is shifting from raising money to deploying it productively.

Industry analysts say the post-recapitalisation era will test the capacity of banks to convert stronger financial positions into measurable economic impact.

For many observers, recapitalisation marks only the beginning of a broader transformation process that will determine whether Nigerian banks can evolve into institutions capable of financing large-scale development, competing globally, and supporting sustainable growth.

One of the immediate consequences of recapitalisation is the stronger financial resilience now evident across the banking sector.

Most banks currently operate with improved capital adequacy ratios, enhanced liquidity buffers, and greater capacity to absorb economic shocks.

This stronger financial footing is particularly important at a time when global markets remain volatile due to geopolitical tensions, fluctuating oil prices, inflationary pressures, and tighter international financial conditions.

The International Monetary Fund (IMF) recently acknowledged the importance of Nigeria’s recapitalisation programme during the IMF/World Bank Spring Meetings in Washington.

According to the IMF, stronger capital buffers are essential for safeguarding financial stability during periods of economic stress and external shocks.

The Fund noted that well-capitalised banks are better positioned to support economic expansion, sustain lending activities, and strengthen confidence in the financial system.

The IMF Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, said recapitalisation becomes most valuable during periods of uncertainty.

‘Concerning bank recapitalisation, it is in times of stress where the value of bank capital really comes to the fore. What we are aiming at for global financial stability is a banking sector that is capitalised against adverse shocks,’ he stated.

For Nigerian banks, however, the conversation is increasingly moving beyond stability toward expansion and impact.

With stronger balance sheets, lenders are expected to finance larger projects and support sectors that are critical to economic diversification.

Infrastructure development remains one of the biggest areas where banks are expected to play a transformative role.

Nigeria continues to face significant infrastructure deficits in transportation, power, housing, and logistics. Analysts believe recapitalised banks now possess the financial capacity to participate more actively in long-term infrastructure financing that was previously beyond their reach.

Manufacturing is another sector expected to benefit from stronger banks.

For years, manufacturers have complained about limited access to long-term credit and the high cost of borrowing. Industry stakeholders believe the recapitalisation exercise could improve banks’ appetite for lending to the real sector, particularly if macroeconomic conditions become more stable.

Agriculture and small and medium enterprises (SMEs) are also expected to attract greater attention from lenders.

These sectors remain central to job creation and economic inclusion, yet many businesses continue to struggle with inadequate financing.

Economists argue that one of the true tests of recapitalisation will be whether banks can extend more affordable and accessible credit to productive sectors capable of stimulating industrial growth and employment.

At the same time, Nigerian banks are expected to expand their influence beyond the domestic market.

With stronger capital positions, many lenders are likely to deepen their regional presence and take advantage of opportunities under the African Continental Free Trade Area (AfCFTA).

Analysts believe recapitalised banks are now better positioned to support cross-border transactions, finance regional trade, and compete with larger African financial institutions.

The reforms could also improve Nigeria’s attractiveness to foreign investors.

A stronger and better-capitalised banking system often serves as a key indicator of economic stability, making it easier to attract international capital and partnerships.

For foreign investors, strong banks provide confidence that the financial system can support large-scale investments and withstand periods of uncertainty.

However, industry observers say the post-recapitalisation era will not be defined by capital alone.

Corporate governance is emerging as one of the most critical priorities for regulators and stakeholders.

The CBN has already signalled that it intends to adopt a stricter regulatory posture after the recapitalisation exercise.

Speaking recently at the Chartered Institute of Directors Nigeria’s induction ceremony in Lagos, Cardoso, represented by the Director of Banking Supervision, Olubukola Akinwunmi, said the next phase of reform would focus heavily on governance, accountability, and risk management.

According to him, stronger capital must be matched with stronger oversight.

‘The role of directors becomes even more critical in this new phase. Stewardship must now be exercised with sharper focus on consolidation, confidence and stability,’ he said.

The renewed emphasis on governance follows previous regulatory interventions in the banking sector, including the dissolution of boards and management teams of some financial institutions over governance breaches and regulatory infractions.

To prevent future failures, the CBN has introduced stricter rules relating to board oversight, succession planning, insider lending, and disclosure requirements.

Among the measures is a directive requiring systemically important banks to obtain regulatory approval for incoming chief executives at least six months before transitions, while successor announcements must be made three months ahead.

The apex bank has also intensified scrutiny of related-party transactions and insider lending practices that previously contributed to governance failures within the industry.

Analysts say the stronger governance framework is intended to ensure that recapitalisation translates into sustainable financial stability rather than reckless expansion.

Another major development in the post-recapitalisation landscape is the adoption of risk-based supervision.

Under the new approach, banks are expected to align their capital planning more closely with the risks they undertake.

This means lenders must improve risk management systems, strengthen internal controls, and maintain greater discipline in lending practices.

The CBN believes risk-based supervision will help create a more resilient banking system capable of navigating economic cycles without excessive dependence on regulatory interventions.

Beyond governance and regulation, customers are also expecting significant improvements in banking services.

The stronger capital positions of banks are expected to support greater investments in technology, digital banking platforms, cybersecurity, and customer experience.

Competition within the banking industry is already shifting toward innovation and service delivery.

Many banks are investing heavily in financial technology solutions, artificial intelligence, digital payments, and mobile banking infrastructure to remain competitive in an increasingly technology-driven market.

Customers are therefore anticipating faster transactions, improved dispute resolution mechanisms, more accessible financial products, and better overall service quality.

The growing competition between traditional banks and fintech firms is also expected to shape the future of the industry.

While fintech companies have disrupted several areas of financial services, recapitalised banks now possess greater financial capacity to invest in technology and defend market share.

Some analysts predict that the post-recapitalisation era may lead to stronger collaborations between banks and fintech firms, particularly in areas such as digital payments, lending, and financial inclusion.

Despite the optimism surrounding recapitalisation, experts caution that significant challenges remain.

High interest rates continue to limit credit expansion and increase borrowing costs for businesses and households.

Inflationary pressures, exchange rate volatility, infrastructure deficits, and policy uncertainties also remain major constraints to economic growth.

There are also concerns that some lenders could prioritise investments in government securities rather than productive lending due to prevailing economic risks.

The recapitalisation exercise has strengthened confidence in the financial system and demonstrated the ability of Nigerian banks to undertake major reforms without triggering systemic instability.

For many stakeholders, the sector is now entering a period of strategic repositioning where banks are expected to evolve from institutions focused primarily on short-term profitability into stronger development partners capable of supporting national economic transformation.

The coming years are therefore likely to determine the true legacy of recapitalisation.

Gunmen suspected to be cultists reportedly shot dead an undergraduate of the University of Benin (UNIBEN), identified simply as Alexander and injured three others, including a female, in an attack on Sunday in Benin.

The attack reportedly happened in the evening at about 6pm outside the Ugbowo campus of the UNIBEN, along the Benin-Lagos Road.

The deceased was said to be driving his GLK Mercedes-Benz out of the campus with two other occupants when a white unregistered white GLK Mercedes-Benz reportedly intercepted the vehicle.

Witnesses said some masked gunmen immediately opened fire on the vehicle, targeting the driver’s side and zooming off, leaving the occupants of the vehicle in a pool of blood.

It was gathered that the deceased, a part-time student of the Department of Political Science, had reportedly finished his exams about an hour earlier before he was reportedly shot dead.

The three other victims, who sustained injuries during the attack, were said to have been rushed to the University of Benin Teaching Hospital, where they are currently receiving treatment.

The spokesperson of the Edo State Police Command confirmed the incident, saying one person died while three others sustained injuries in the incident.

She said the gunmen opened fire on the vehicle coming out of the school at close range, injuring the three occupants of the vehicle and a female passerby whose identity is yet to be ascertained.

She said the victims were rushed to the hospital, where the driver, identified as Alexander, was confirmed dead, while others are receiving treatment.

She said the State Commissioner of Police, Monday Agbonika, has ordered investigations into the matter to unravel the perpetrators and bring them to justice.

The university management has distanced its staff and students from the violent clash that led to Alexander’s death.

Spokesperson Benedicta Ehanire said preliminary findings linked the incident to cult-related activities outside the campus.

Meanwhile, Monday Okpebholo condemned the killing, assuring that security agencies are working to arrest those responsible and ensure justice for the victims’ families.

The Nigerian Shippers’ Council (NSC) has facilitated the savings of over N348.8 million for stakeholders in Nigeria’s maritime sector during the first quarter of 2026 through its complaints and dispute resolution mechanism.

According to the Council’s quarterly data, the agency handled a total of 32 complaints in the period under review and successfully resolved 19 cases, while 12 others are still being investigated and one remained closed.

The report also showed that the various interventions made by the Council helped importers, exporters, freight forwarders, shipping agents and other port users to recover or avoid losses amounting to N348,813,072.06.

Similarly, shipping companies and their agents recorded the highest number of complaints with 22 cases filed against them.

Other complaints were directed at seaport terminal operators, government agencies, exporters, importers, de-consolidators, as well as freight forwarders and clearing agents.

The report further revealed that container deposit refund disputes topped the list of complaints with five cases, followed by arbitrary charges with four cases.

Other recurring issues included unsettled demurrage, missing cargo, service failures, damaged cargo, wrong port of discharge and non-release of auction cargo.

Additional complaints handled by the Council involved delays in cargo transfer, invoice cancellation, breach of trust, export fraud, lack of telex release, delay in export documentation, waiver-related disputes, vessel demurrage and breach of contract.

The data showed that most complainants were shippers, including importers and exporters, alongside freight forwarders and shipping agents, underscoring the persistent operational and commercial challenges facing stakeholders in the nation’s port system.

Leading underwriting firm, NEM Insurance Plc, has released its audited financial results for the year ended December 31, 2025, showing strong growth in assets and revenue across its group and parent operations.

At the Group level, total assets rose significantly by N61.81 billion to N186.04 billion in 2025, up from N124.23 billion recorded in 2024.

Group liabilities also increased to N101.58 billion from N58.79 billion, in line with higher underwriting activities and obligations, while total equity climbed to N84.46 billion, compared to N65.44 billion in the previous year, underscoring improved shareholder value.

The Group recorded a strong rise in total revenue, which grew to N173.04 billion from N121.6 billion in 2024, representing a substantial increase driven by enhanced premium income and investment performance.

However, profitability moderated during the period, with Profit Before Tax (PBT) declining to N27.98 billion from N33.7 billion, while Profit After Tax (PAT) stood at N23.9 billion, down from N29.24 billion in the prior year.

At the Parent Company level, NEM Insurance Plc also posted notable growth in key balance sheet indicators.

Total assets increased to N178.59 billion in 2025 from N121.93 billion in 2024, while total liabilities rose to N94.59 billion, compared to N56.49 billion recorded in the previous year.

Revenue for the parent company grew to N165.72 billion, up from N119.88 billion, reflecting sustained business expansion and improved operational performance.

Similar to the Group, profitability declined, with PBT falling to N27.56 billion from N33.52 billion, and PAT decreasing to N23.55 billion from N29.08 billion in 2024.

Commenting on the results, the company noted that the performance demonstrates resilience and strong market positioning, driven by revenue growth and asset expansion, despite prevailing economic and industry challenges that impacted margins.

The company reaffirmed its commitment to delivering value to shareholders, strengthening underwriting capacity, and sustaining growth through innovation and customer-focused insurance solutions.

The Head coach of Doma United, Najib Mabo, has said his team’s underwhelming performance at the just concluded Nigeria National League (NNL) Super 4 is an eye opener as the ‘Savanah Tigers’ prepare for top flight football next season.

The former Mighty Jets of Jos coach said critics of Doma United shouldn’t judge his team by the performance in Ikenne.

At the championship deciding tournament which was held at the Remo Stars Stadium, Doma United who topped Conference C to return to the Nigeria Premier Football League (NPFL) won their opening match 1-0 against Inter Lagos but suffered losses in the remaining matches to Sporting Lagos 0-4 and 0-3 to Ranchers Bees.

In a chat with Daily Trust, coach Mabo who acknowledged the unwavering support of the club owner, Alhaji Suleiman Umar (Mai Doma}, blamed his team’s unsatisfactory performance on loss of concentration and inability to convert chances.

He said ‘It was unfortunate that after winning our first match, we couldn’t win in our second and third game.

‘What happened was largely due to loss of concentration at critical moments. In most cases, before we settle down, the damage was done.

‘Our opponents punished us for our failure to convert our chances. The Super 4 is an eye opener for us to prepare well for the NPFL.’

Mabo disclosed that Doma United would return to the drawing board and inject more players in the present squad for better results in the future.

‘No NNL team will go into the NPFL without reinforcement. Moreover, you can’t judge us with this Super 4 because we just discovered many new things which we are going to correct,’ he assured.