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THE Chairman of Troyka Group, Dr. Biodun Shobanjo has described the nation’s advertising as big business, with a value likely to hit the N1 trillion mark, in the next four years.

Making this prediction at the Fellowship Induction, held by the Advertising Regulatory Council of Nigeria (ARCON), in Lagos, recently, the doyen of advertising therefore stressed the need for stakeholders in the business to up their games, to enable them add value to the evolving sector.

While congratulating the 45 new inductees, Shobanjo stressed the need for ARCON to rethink some of the criteria for its fellowship, so as to further enhance the value of the title.

He charged the apex regulatory body in advertising, to borrow a leaf from the nation’s judicial council, and other professional councils, whose members are required to fulfil other requirements, beyond the mandatory 15 years of practice, before being admitted into the top echelon of the professions.

‘In another 4 years, this business will be worth N1 Trillion. It’s a serious business. You’ve gotten the fellowship now, but what does it mean? When a lawyer is called a SAN there are benefits that go with them. The fact that you’ve been in practice for X number of years does not grant you automatic SANship. There is still a process that you have to go through. You will be interviewed. And they will look at your conduct, your character, and the number of cases you have you done at the Supreme court, among others.

‘I think we have evolved, and we are still evolving. We need to take a look at the rules again. When I was inducted, there were only 10 of us, but the number that came out today was a lot. How many lawyers are there in Nigeria, how many of them get SANship every year? We need to ask ourselves this question,’ he stated.

The advertising guru, who recently became the first West African to be inducted into Lorries Hall of Fame, therefore, urged ARCON to meet with other Sectoral groups to deliberate on the benefits and values to be attached to the Council’s fellowship Awards.

The Troyka Group boss also charged practitioners in the sector to imbibe sound ethical values and act on them, at individual levels to further to elevate the practice.

While congratulating the new inductees on their latest achievement, the Chairman of the Fellowship Selection Committee, Emma Ajufo, stated that those being sworn were seen by the committee to have exhibited a high standard of excellence.

In his goodwill message, Chairman, National Advertising Conference, Tunji Adeyinka emphasised the need for the new inductees to observe some of the ‘rituals’of the practice, which are the conferences and thought leadership events held within the practice.

‘Few weeks ago, all accountants met in Abuja, and they were about 10,000. About 7,200 were there physically. In the next 12 days, we will be in Abuja for NAC, and as a fellow, I will encourage you to be there,’ he stated.

Congratulating the new inductees, the Director General of ARCON, Dr. Lekan Fadolapo, explained that fellowship of Advertising profession, the highest status of membership of the profession is usually conferred on practitioners who have been registered as (full) members of the profession, and must have met other criteria, as well as significantly impacted the development of the profession.

He added with conferment, 45 new fellows would be added to the existing 170, some of whom have retired from the profession or passed on.

AS a Nigerian American, I believe that the recent altercation between Nigeria and the United States is deeply worrying. What began with a post by Senator Ted Cruz on X accusing the Nigerian government of anti-Christian violence has escalated into a direct confrontation between the two presidents. President Donald Trump’s administration has designated Nigeria a *’Country of Particular Concern’* under U.S. religious freedom law, alleging systematic persecution of Christians by Islamist extremists. Within days, he warned that U.S. aid could be halted and said he had instructed the Pentagon to prepare possible military action if Nigeria fails to stop the violence. President Bola Ahmed Tinubu publicly rejected the designation, saying it *’does not reflect our national reality,’* and stressed that Nigeria protects freedom of worship and remains committed to religious tolerance. This moment requires diplomacy, not bravado, on both sides. Tinubu must engage Trump directly – not out of weakness, but in both nations’ interest.

A Yoruba Lens on Diplomacy

As an Oyo-born Yoruba man, I draw from a political tradition older than most European monarchies. In the Oyo Empire, the seven Oyo Mèsì – the kingmakers – did not award the throne by simple birthright. They weighed consultation, counsel, and the character and relationships of each prince. They also understood that every ruler carries ‘the good, the bad, and the ugly,’ so the king-elect was subjected to spiritual scrutiny by dedicated Ifá priests to guard against abuses and calamities. The system built checks and balances: if a king became tyrannical, the Oyo Mèsì could compel him to abdicate – even to take his own life. This is a culture of diplomacy, consultation, and accountability – not the blind hereditary absolutism seen elsewhere. Tinubu stands in that lineage. Nigeria does not need a shouting match with Washington. It needs disciplined, structured engagement.

Nigeria’s Legacy of Global Diplomacy and Cooperation: Nigeria has a long record of responsible engagement in world affairs. Nigerian troops led West Africa’s ECOMOG missions in Liberia and Sierra Leone in the 1990s. Our forces have served in United Nations peacekeeping, including Darfur and the Congo. Nigeria backed decolonisation across the continent and stood firmly against apartheid in South Africa. More recently, Nigeria has partnered with Western nations on counter-terrorism and maritime security in the Gulf of Guinea. Our ties with the United States are just as deep. Washington recognised Nigeria on our Independence Day in 1960. Programs like PEPFAR and USAID have supported health and governance. The African Growth and Opportunity Act opened U.S. markets to Nigerian exports. And Nigerian professionals in America strengthen the U.S. economy every day. Yet Nigeria now faces Boko Haram, an Islamist insurgency active since 2009 that has murdered both Christians and Muslims, displaced millions, and torn communities apart. Under late President Muhammadu Buhari, the United States – particularly under President Trump – approved the sale of A-29 Super Tucano aircraft to support Nigeria’s fight against these extremists. That cooperation should not end; it should deepen.

The US role: the moral duty: The United States has clear interests in Nigeria: energy, trade, regional stability, and counter-terrorism. There is also a moral claim. When extremist groups massacre civilians – including Christians – Americans feel an obligation to respond. By naming Nigeria a ‘Country of Particular Concern’ and threatening action, the Trump administration is signaling urgency. Whether one agrees with that framing or not, it cannot be ignored. The roots of Boko Haram are not only Nigerian. The 2011 NATO-led intervention in Libya shattered an already fragile region and flooded the Sahel with weapons and fighters. Even former President Barack Obama later said that failing to plan for ‘the day after’ in Libya was his ‘worst mistake.’ The rise of jihadist networks across West Africa – including Boko Haram – is part of that legacy. The United States therefore has not only a strategic interest but a moral duty to help stabilize the region. But that duty must be carried out with Nigeria, not imposed on Nigeria.

What needs to be done – A strategic way forward: President Tinubu must now reopen diplomatic channels. He should immediately appoint a credible ambassador to Washington to restore Nigeria’s voice and give the White House, State Department, Congress, and U.S. religious freedom advocates a direct line. The non-appointment of ambassadors to the Nigerian embassies across the world for the past two years is a Tinubu’s government’s poor understanding of international relations. This is robbing Nigeria of necessary behind-the-scenes diplomatic engagements that would have resolved issues like this before it gets to this level of confrontation. He himself should visit the White House. Such a visit would signal seriousness, mutual respect, and readiness to work through differences at the highest level. Nigeria and the United States should also agree on a disciplined security framework: deeper intelligence-sharing, coordinated pressure on Boko Haram and other violent groups in the Sahel, and honest discussion of where U.S. support can help. Tinubu should make clear that Nigeria seeks partnership, not supervision. At home, just as the Oyo Mèsì sought wisdom before enthroning a king, Tinubu should convene religious leaders, traditional rulers, civil society, and the military to present one Nigerian voice. Nigeria must be able to show U.S. officials real steps: protection of worshippers, prosecution of bandits and insurgents, and measurable progress.

Why diplomacy now matters

The Trump administration’s public threat of military action is unprecedented in Nigeria-U.S. relations. An intervention without coordination would be disastrous for both countries. Nigeria is Africa’s most populous nation and its largest economy. It is not a failed state. If the 2011 intervention in Libya unleashed chaos, a heavy-handed approach to Nigeria could produce something far worse. For the United States, bypassing diplomacy would damage decades of partnership, raise dangerous questions about sovereignty, and ignite anti-American anger across Africa. Diplomacy is the only responsible path. But diplomacy is a two-way street. President Trump must choose restraint over escalation. His administration should channel America’s moral voice toward partnership, not punishment – toward cooperation, not coercion. A phone call, a meeting, or a joint envoy on religious freedom would do more for both nations than threats of war.

For his part, President Tinubu also has an urgent window to show that Nigeria is not defiant for its own sake, but engaged on equal terms. He should appoint an ambassador, go to the White House, and set up a serious Nigeria-U.S. channel on security and religious freedom. If both men act now, Nigeria and America can renew a friendship that has served both nations for decades. The way forward is dialogue, trust, and cooperation – not ultimatums and not invasion. Both nations still have a chance to choose partnership over extremism. God bless Nigeria and the United States.

The Nigeria Union of Pensioners (NUP), Ondo State branch, has commended the state governor, Lucky Aiyedatiwa, for his administration’s commitment to improving the welfare of retirees in the state.

The State Chairman of the union, Comrade Johnson Osunyemi, gave the commendation in Akure during the union’s Pensioners’ Day celebration, expressing appreciation to the governor for the consistent payment of pension arrears and other welfare packages for retirees.

Osunyemi, who described pensioners as ‘retired but not tired,’ announced the conferment of the Grand Patron Award on Governor Aiyedatiwa for putting smiles on the faces of retirees across the state.

He said Aiyedatiwa’s administration had rescued pensioners from the era of percentage payments to full, regular, and timely pensions, and had also implemented the 30 per cent harmonisation and consequential adjustment arising from the 2018 salary increase.

Osunyemi said, ‘Governor Lucky Aiyedatiwa lifted pensioners from the quagmire of receiving as low as N1,500 monthly to a minimum of N30,000 across board. As of today, no pensioner earns below N35,000 in Ondo State.’

The NUP chairman also commended the Permanent Secretary of the Ondo Local Government Pension Transitional Department, Dr Mercy Olayinka Femi-Idris, for her administrative excellence and unwavering dedication to retirees’ welfare.

He disclosed that under her leadership, digital identity cards were issued to pensioners for the first time. At the same time, weekly medical examinations and treatment sessions were introduced every Wednesday to enhance retirees’ health and well-being.

In recognition of her service, the union honoured Femi-Idris with the Outstanding Administrative Excellence Award.

Similarly, the Minister of Interior, Dr Olubunmi Tunji-Ojo, was honoured with the Most Distinguished Humanitarian Patron Award for his philanthropy and advocacy for pensioners’ welfare.

Osunyemi lauded the minister’s reforms in the interior ministry, describing them as impactful and transformative, particularly in national security administration, immigration, and correctional services.

He also appealed to the state government to provide an official vehicle for the union and to rehabilitate the 1.5-kilometre road leading to its secretariat from Oda Road in Akure.

Speaking at the event, Governor Aiyedatiwa, represented by his Chief of Staff, Prince Segun Omojuwa, reaffirmed his administration’s commitment to the welfare of retirees, noting that they deserve peace of mind and regular income after years of service.

‘From day one, we took a solemn stand to bring humanity into governance. Every pensioner deserves peace of mind and a regular income after years of selfless service.

‘That is why we have made prompt payment of pensions a permanent culture,’ Aiyedatiwa said.

Ahead weekend’s conduct of the Anambra off-season governorship election, the Independent National Electoral Commission (INEC) has said its preparation remains top-notch for the exercise.

The Commission Director of Voters Education and Publicity, Victoria Messi, stated this in a telephone interview with the Nigerian Tribune on Sunday.

Mrs Messi revealed that sensitive materials already in custody of the Central Bank of Nigeria will be moved to all relevant designated locations this week.

She said: ‘Senstive materials will be moved from the Central Bank of Nigeria this week.’

The INEC national chairman, Professor Joash Amupitan, at a recent briefing on update on logistics for the election, disclosed that non-sensitive materials have been moved to the different local government areas in the South-East state.

Speaking on security challenges, the Director of Voters Education and Publicity, identified Ihiala as top on the list of hotspots in Anambra but noted that security agencies were equal to the task.

‘Ihiala remains an area of concern. There are other areas but that place stands out. The Commissioner of Police in the state has given us assurance that his men are working round the clock to guarantee security of lives during and after the election,’ she stated.

Also speaking at the weekend during a visit to INEC’s state office in Awka, ahead of the stakeholders’ meeting coming up on Monday, the chairman restated his commitment to free, fair, credible elections.

He said: ‘Our responsibility is to the people of this nation. We are fully prepared to deliver an election that is fair, credible, and reflective of the people’s will.

In an allusion to indictment of INEC by certain opposition figures, he cautioned against what he described as ‘attempts by vested interests to discredit the process,’ stressing that INEC remained focused and undeterred in the discharge of its constitutional mandate.

During the visit, the chairman issued a firm directive that all election materials must arrive at the polling units by 7:00am; polling must commence at 8:30am without delay; collation must take place in the presence of party agents and collated results must align precisely with BVAS records.

Amupitan reiterated that strong security arrangements had been instituted to safeguard personnel, voters, and materials throughout the process.

With these comprehensive assurances, INEC, according to the chairman, has sent a strong signal of its operational capacity, vigilance, and unwavering commitment to protecting the integrity of the electoral process in Anambra State.

Meanwhile, former Vice president and chieftain of the African Democratic Congress (ADC), Alhaji Atiku Abubakar, has tasked INEC chairman, Professor Joash Amupitan, to use the election in Anambra State to prove to the world that the electoral umpire has ‘turned a new page, and that the integrity of our election would not be sacrificed for the satisfaction of the ruling party’.

Atiku gave the charge in a statement issued in Abuja on Sunday.

The former presidential candidate also appealed to the electorate in the southeast state to cast their ballots for the ADC candidate, ‘Nwosu Chima John and Nwobu Geoffrey Ndubisi to lead Anambra State to a new era of prosperity and economic stability.’

THE newly elected President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe, has unveiled ‘One Insurance Industry’ as the central thrust of her administration, aimed at fostering unity, deepening market penetration, and repositioning the insurance sector for greater national impact.

Mrs. Ezeibe announced this strategic agenda during a press conference in Lagos, outlining five key pillars that would guide her tenure: deepening insurance penetration, completion of the Olola Olabode Ogunlana House, enhancing collaboration with the National Insurance Commission (NAICOM), capacity building and mentorship for brokers, and strategic partnerships with key stakeholders.

She explained that the ‘One Insurance Industry’ initiative seeks to unify the various segments of the insurance ecosystem – brokers, underwriters, loss adjusters, policyholders, and regulators – to ensure shared growth and consumer trust.

‘When we talk about one insurance industry, we acknowledge that brokers have a crucial role in connecting with consumers. It is our responsibility to reach out, educate, and bring insurance closer to the people. We must take advantage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to drive this vision,’ she stated.

Highlighting her plans to deepen insurance penetration, Mrs. Ezeibe announced that Abia State would serve as a pilot scheme for grassroots insurance awareness and inclusion.

Her administration plans to partner with the state government to extend insurance services to the uninsured and uninformed population.

After the Abia pilot, she said the initiative would move to the northern part of the country, where insurance penetration remains relatively low, adopting a state-by-state strategy to ensure sustainable market expansion.

Mrs. Ezeibe emphasized that her administration would build on the achievements of her predecessors, sustaining the NCRIB’s longstanding collaboration with NAICOM and other industry stakeholders.

She also pledged to empower brokers of all sizes through training, mentorship, and capacity development to strengthen their role as key drivers of economic growth.

‘We will continue to nurture a cordial and robust relationship with NAICOM and other arms of the industry. Our goal is to empower brokers, big and small, to expand their businesses and contribute more meaningfully to the national economy,’ she said.

In addition to institutional reforms, the NCRIB President announced plans to expand the Council’s Corporate Social Responsibility (CSR) initiatives, stressing that a society that feels the positive impact of insurance will be more receptive to its services.

She called on all industry stakeholders to collaborate with her administration in realizing the shared vision of a stronger and more inclusive insurance sector.

‘The insurance industry can only thrive when all players work together with a common purpose. Our economy will benefit immensely from a vibrant and trusted insurance market,’ Ezeibe added.

It has been over a year since the heavy flood that destroyed major water pipelines and reservoirs in Maiduguri, the capital of Borno State. Yet, residents in several parts of the city continue to face difficulties accessing clean and safe drinking water.

After the disaster, the Borno State Government responded quickly by drilling boreholes in affected communities to reduce the hardship caused by the damaged pipelines. The intervention was widely appreciated and has so far provided relief to many households.

However, some residents say the water from most of the boreholes is not suitable for drinking due to its unpleasant taste and quality. Many now use it only for bathing and washing while buying drinking water from vendors.

Similar complaints have been reported in Lamisula, Kumshe, Bayan Quarters, and other parts of the city. Residents say only a few can afford to buy clean water daily as the price of a 25-litre jerrycan now ranges between ?100 and ?150.

Some community members believe the problem may be due to poor drilling or lack of proper testing before the boreholes were completed. They are calling on the Ministry of Water Resources and relevant agencies to revisit the affected areas and ensure that the water provided meets safe drinking standards.

Despite these challenges, residents have continued to appreciate the government’s quick response after the flood and encouraged it to maintain close supervision of the ongoing water projects to ensure a lasting solution.

As the dry season approaches, many fear that the water situation may worsen if the issue is not urgently addressed. Residents are hopeful that with another phase of intervention, Maiduguri’s water challenge will soon be overcome.

Aisha Usman Yusuf is of the Department of Mass Communication, Kashim Ibrahim University, Maiduguri

THE outgoing President and Chairman of Council of the Institute of Capital Market Registrars (ICMR), Oluseyi Owoturo, has urged registrars to embrace innovation and efficiency in service delivery to strengthen trust and deepen participation in Nigeria’s capital market.

Speaking at the 14th Annual Conference and Presidential Investiture of the Institute in Lagos, Owoturo, also the Chief Executive Officer of Coronation Registrar Limited, said the forum was designed to explore how registrars can transform their operations through technology and forward-thinking strategies to meet the demands of the future.

He said the conference theme, ‘Unlocking Global Value: The Evolving Role of Capital Market Registrars in Trust, Efficiency and Innovation,’ reflected the need for registrars to evolve from traditional record-keepers to strategic partners shaping the future of the capital market.

According to him, the role of registrars now extends to fostering transparency, enhancing investor engagement, and supporting the growth of a resilient and sustainable market.

He added that the Institute remains committed to building trust, advancing efficiency through digital innovations, and ensuring compliance with ethical and regulatory standards.

The event also featured the investiture of Mrs. Catherine Nwosu as the 4th President and Chairman of Council of ICMR, alongside the induction of new fellows and associates.

The Centre for the Promotion of Private Enterprise (CPPE) has expressed strong support for the Federal Government’s recent introduction of a 15 percent import duty on refined petroleum products, describing it as a strategic policy measure capable of driving investment in Nigeria’s domestic refining sector and stimulating broader industrial development.

In a policy brief released on Sunday, CPPE’s Director and Chief Executive Officer, Dr. Muda Yusuf, said the tariff represents a balanced and forward-looking intervention that could help rebuild Nigeria’s industrial base-if backed by complementary reforms and supportive infrastructure.

According to him, Nigeria’s path to sustainable industrialisation must be rooted in ‘strategic, time-bound protectionism,’ rather than unrestrained trade liberalization, noting that ‘No country has industrialised through indiscriminate exposure to imports’.

He said: ‘A 15 percent duty on refined petroleum products is modest, balanced, and necessary to restore Nigeria’s refining capacity and fiscal resilience.’

Dr. Yusuf explained that the policy is not about closing borders, but about creating the right conditions for local producers to thrive.

‘Protectionism, when pragmatic and disciplined, is about building domestic strength for global competitiveness. The goal is not to shut out the world, but to empower Nigeria to engage it from a position of strength,’ he noted.

The CPPE urged the government to complement tariff protection with industrial support measures such as access to low-cost financing, affordable energy supply, and improved logistics to guard against price escalation.

It also called for the expansion of backward integration incentives in sectors like petrochemicals, steel, agro-processing, and pharmaceuticals.

Dr. Yusuf emphasised the need for strong monitoring and evaluation frameworks to ensure that protectionist measures lead to greater productivity, innovation, and price moderation.

He also recommended that such protection be performance-based and time-bound, with a clear transition plan toward export competitiveness once domestic industries attain stability.

Drawing from successful examples in the cement, flour, and beverage industries, Yusuf argued that Nigeria should prioritise policies that encourage both indigenous and foreign investors to produce locally rather than rely on imports.

‘Producers should compete with fellow producers, not with importers,’ he said.

Acknowledging concerns over potential short-term price increases, he maintained that these would be transitional, adding that the long-term solution lies in enhancing domestic efficiency rather than liberalising imports.

Dr. Yusuf also pointed out that Nigerian manufacturers face steep structural disadvantages, including high energy costs, weak infrastructure, limited access to finance, and inefficient ports, compared to their counterparts in advanced economies that benefit from subsidised energy and low-interest financing.

‘Without addressing these imbalances, subjecting Nigerian firms to open global competition is not fair competition but policy-induced disadvantage,’ he warned.

He urged the government to institutionalise a ‘balanced and growth-oriented protectionist framework’ that supports industrial resilience, promotes domestic investment, and positions Nigeria for global competitiveness.

FOLLOWING its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its audited results for the third quarter (Q3) ended September 30, 2025, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 3.0 per cent to N2.469 trillion up from N2.398 trillion recorded in September last year, while its net Interest income which stood at N1.103 trillion at the end of the third quarter in 2024, rose by 6.2 per cent to N1.172 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Thursday also indicated a slight drop by 4.1 per cent in Profit before Tax (PBT) to N578.59 billion compared to N603.48 recorded at the end of the third quarter of 2024, while profit after tax rose by 2.3 per cent from N525.31 billion recorded a year earlier to N537.53 billion at the end of September 2025.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N32.492 trillion, representing a 7.2 per cent increase over the N30.323 trillion recorded at the end of December 2024, just as total deposits rose by 7.7 per cent from N24.651 trillion at the end of last year to N26.54 trillion in September 2025.

UBA shareholders’ funds remained very strong at N4.301 trillion, rising by 25.8 per cent from N3.418 trillion recorded in December 2024 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, said the bank continues to demonstrate the strength, resilience, and diversification of its business in a dynamic operating environment.

‘We delivered solid performance supported by prudent balance sheet management, innovation, and a well-diversified earnings base across all our markets,’ he stated.

According to him, with profit After tax rising to N538 billion, from N525 billion, the bank continues to reflect consistent earnings momentum and its commitment to sustainable growth, with strength in Nigeria, African network and global presence amidst persistent macroeconomic headwinds.

Updating shareholders and investors on its recent recapitalisation efforts, the GMD said, ‘I am pleased to report that we have made significant progress on our capital raising, as part of the mandated industry-wide recapitalization exercise with the successful completion of the final phase II of the Rights Issue. This has strengthened our capital base and will support the continued, prudent expansion of our operations across our markets.’

Alawuba emphasised UBA’s unwavering focus on disciplined execution and strategic growth, ensuring the delivery of sustainable returns and long-term value to all shareholders.

UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, who also spoke on the result, pointed out that the Group delivered steady growth in earnings, with gross earnings rising to N2.47 trillion, driven by a 10.1% increase in interest income and a 6.2% uplift in net interest income.

He noted that total assets grew by 7% to N32.5 trillion, supported by focused deposit mobilisation and increased investment in earning assets.

‘Shareholders’ funds expanded by 26% to N4.3 trillion, underscoring the continued confidence of investors in the Group’s strategy, while capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth,’ he explained.

Speaking on the bank’s efforts to consolidate its performance for the rest of the 2025 financial year and beyond, Nwaghodoh said, ‘We remain focused on sustaining profitability, expanding our digital income streams, and delivering long-term value to our shareholders.’

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

REGENCY Alliance Insurance Plc has reported a strong financial performance for the 2024 financial year, with total assets rising by 15.96 percent to ?21.857 billion from ?18.848 billion recorded in 2023.

The company’s Chairman, Clem Baiye, disclosed this during its 31st Annual General Meeting (AGM), where he described the performance as a reflection of the insurer’s resilience, prudent investment strategy, and commitment to balance sheet growth amid a challenging operating environment.

According to Baiye, the group’s shareholders’ fund recorded a robust 19.24 percent increase, reaching ?13.972 billion in 2024 from ?11.718 billion in 2023.

Similarly, equity attributable to the company rose to ?14.044 billion, up from ?11.778 billion in the previous year.

Insurance revenue climbed by 20.03 percent to ?7.302 billion, compared to N6.083 billion in 2023, underscoring expanding underwriting activities and sustained business growth.

However, insurance service expenses, including incurred claims and technical costs, grew by 46.37 percent to ?4.117 billion from ?2.813 billion the prior year.

Despite the rise in expenses, Baiye said management maintained cost discipline, as reflected in a modest 7.66 percent increase in administrative costs year-on-year.

Investment income also improved, reaching ?1.165 billion in 2024 from ?0.923 billion a year earlier.

The company further recognised a fair value gain of ?170 million from the revaluation of its investment property, reflecting market-adjusted asset growth.

Consequently, profit before tax rose to ?2.503 billion, representing a 19.49 percent increase from ?2.095 billion in 2023, while profit after tax advanced by 16.73 percent to ?2.254 billion, up from ?1.931 billion recorded the previous year.

In appreciation of shareholders’ support, the board proposed a bonus issue of one new ordinary share for every three held.

Baiye further announced that the board had approved plans to embark on a rights issue and private placement to raise the ?15 billion minimum capital required under the new Insurance Industry Reform Act (NIIRA) 2025.

Speaking on the company’s outlook, the Managing Director, Bode Oseni, expressed confidence that the capital raising exercise would position Regency Alliance among Nigeria’s top non-life insurance providers.

‘The Board is convinced that our company has the potential to become a leading force in the non-life insurance space,’ Oseni said.

He added that upon completion, the new shares would be allotted and listed on the Nigerian Exchange, enhancing liquidity and shareholder value.