Nigerian Breweries Plc is increasingly emerging as one of the most compelling corporate recovery stories in Nigeria’s manufacturing sector.

The brewer’s latest numbers reveal a dramatic transition from a foreign-exchange-induced financial crisis to renewed profitability, stronger margins, substantially lower financing costs and, most significantly, positive retained earnings for the first time since the crisis.

The numbers tell a powerful story.

In 2024, Nigerian Breweries suffered a ₦145.0 billion net loss, with a loss per share of 1,207 kobo. In 2025, revenue climbed 35 per cent to about ₦1.47 trillion, while the company returned to a ₦99.1 billion net profit.

Then, in the first six months of 2026, revenue rose another 9 per cent to ₦803.68 billion, while profit after tax reached ₦92.95 billion. The company also restored retained earnings to positive territory.

This is The Ameh News anatomy of a corporate turnaround worth watching.

2024: When the FX crisis exposed the weakness

The company’s 2024 crisis was largely a consequence of the brutal macroeconomic environment confronting Nigerian manufacturers.

The sharp depreciation of the naira significantly increased the financial burden associated with foreign-currency-linked obligations, producing huge translation losses and pushing the brewer into a ₦145 billion annual loss.

The lesson was stark: even a company with strong brands, distribution networks and consumer demand can experience severe financial stress when currency exposure, high interest rates and inflation converge.

But Nigerian Breweries did not simply absorb the shock.

It embarked on a major recapitalisation programme.

The Rights Issue: the financial reset

The 2024 Rights Issue represented a decisive intervention to strengthen the balance sheet and reduce financial pressure.

The subsequent decline in financing costs demonstrates why the exercise was strategically important.

Nigerian Breweries’ own 2025 results attributed the dramatic improvement partly to the reduction in net finance costs, which fell by 83 per cent, while operating profit surged 194 per cent.

This is perhaps the most important analytical lesson from the recovery:

The company did not try to solve a balance-sheet crisis with sales growth alone. It repaired the balance sheet first, then allowed operating performance to translate into profitability.

2025: The year the turnaround became visible

The financial transformation became unmistakable in 2025.

Revenue increased by 35 per cent to ₦1.47 trillion, while the company moved from a ₦145 billion loss to a ₦99.1 billion profit. Operating profit increased by 194 per cent, while the reduction in net finance costs provided substantial relief to the bottom line.

This was not merely an accounting recovery.

The improvement reflected a combination of pricing, productivity, product mix, operational discipline and balance-sheet restructuring.

However, the cost side remained challenging.

Cost of sales increased significantly, while selling, distribution and administrative expenses continued to rise. That means the company’s next challenge is not simply generating revenue but protecting margins in an inflationary economy.

Expert view: the recovery is becoming operational

Investment analyst Qudus Adebara of DLM Capital Group, in his assessment of the H1 2026 performance, identified improved operating efficiency, stronger pricing and the significant reduction in finance costs as key drivers of the company’s performance.

Adebara noted that operating profit increased 8 per cent to ₦163.97 billion, while profit before tax rose 18.2 per cent to ₦156.33 billion and profit after tax increased 5.1 per cent to ₦92.95 billion.

His assessment is particularly significant because the balance-sheet recovery is now accompanying the earnings recovery.

The analyst highlighted the elimination of outstanding borrowings and the return to positive retained earnings as major milestones, arguing that these developments improve the company’s financial flexibility and strengthen its medium-term position.

H1 2026: Recovery moves into consolidation

The first-half 2026 results suggest that Nigerian Breweries has entered a different phase of its turnaround.

Revenue grew 8.9 per cent to ₦803.68 billion, while gross profit increased 14.1 per cent to ₦354.86 billion.

More importantly, the gross margin improved from approximately 42.1 per cent to 44.2 per cent, suggesting that pricing and production efficiency are beginning to provide some protection against the persistent cost environment.

Finance costs also fell by approximately 50 per cent year-on-year in H1 2026, helping profit before tax grow much faster than revenue.

This is why the H1 performance deserves attention.

Revenue growth slowed from the extraordinary 35 per cent recorded in 2025, but the underlying quality of the earnings appears to be improving.

That is the difference between a rebound and a sustainable recovery.

The retained earnings breakthrough

Perhaps the most important development is the return of retained earnings to positive territory.

Nigerian Breweries itself described the milestone as a restoration of retained earnings to a positive position.

For investors, this matters because retained earnings capture the cumulative effect of historical profits and losses.

The company therefore appears to have moved beyond simply reversing one year’s loss and into the deeper process of repairing the accumulated damage from the crisis years.

 The wider economic significance

Economist Celestine Ukpong has previously highlighted Nigerian Breweries as much more than a beverage producer, stressing the company’s wider economic multiplier effect through transport, retail, hospitality, suppliers and other businesses linked to its operations.

That perspective adds an important dimension to the turnaround story.

When a major manufacturer recovers, the impact does not stop at the corporate balance sheet.

A stronger Nigerian Breweries can mean stronger demand across its supply chain, improved opportunities for distributors and retailers, greater capacity for investment and a more stable ecosystem around its breweries and production facilities.

The company’s recovery therefore has implications beyond shareholders.

Governance and financial discipline

Peter Adebayo, FCA, has similarly emphasised the importance of financial discipline, transparency and governance in creating sustainable corporate value, particularly in assessing Nigerian Breweries’ broader contribution to shareholders and communities.

Applied to the current recovery, the lesson is clear: profitability must be accompanied by disciplined capital allocation and strong governance if the rebound is to become sustainable shareholder value.

The Rights Issue provides a useful example.

Fresh capital alone does not constitute a turnaround. The real test is whether management deploys that capital in a manner that reduces structural financial pressure and improves the company’s ability to generate sustainable earnings.

The subsequent collapse in finance costs suggests that the deleveraging strategy has had a meaningful impact.

From brewer to total beverage company

The recovery is also taking place alongside a significant strategic transformation.

Nigerian Breweries completed the acquisition and integration of Distell Wines and Spirits Nigeria, broadening its portfolio into wines, spirits and ciders.

The strategic objective is to evolve from being primarily a brewer into a “total beverage company.”

This diversification could become increasingly important as consumers change consumption patterns and manufacturers seek new sources of growth.

It also provides Nigerian Breweries with opportunities to leverage its distribution network, marketing capabilities and brand strength across a wider beverage portfolio.

The cost question: the next big test

Despite the encouraging numbers, there are still important warning signs.

H1 2026 selling and distribution expenses increased by more than 22 per cent, while administrative expenses rose by more than 11 per cent.

This suggests that logistics, distribution and operating costs remain significant threats.

The company therefore cannot afford to become complacent.

The next stage of the turnaround must focus on productivity, cost optimisation, cash generation and margin protection.

The recovery will be stronger if Nigerian Breweries can continue increasing gross margins while keeping operating expenses under control.

What the numbers mean for shareholders

For shareholders, the recovery creates a potentially important new chapter.

Positive retained earnings improve the financial position of the company, while the reduction in debt and finance costs creates greater flexibility.

It also naturally raises the question of dividend resumption.

However, investors should distinguish between the ability to report positive retained earnings and the actual decision to pay dividends.

Dividend payments will depend on the company’s cash position, future investment requirements, regulatory considerations and the board’s recommendation.

The important point is that the company has now crossed a psychological and financial threshold that makes the discussion possible again.

The V-shaped recovery

The Nigerian Breweries story can now be mapped into four stages:

2024 — Crisis:

₦145 billion net loss amid severe FX and financing pressures.

2024 — Recapitalisation:

Rights Issue deployed to strengthen the balance sheet and reduce financial exposure.

2025 — Rebound:

₦1.47 trillion revenue and ₦99.1 billion net profit, supported by strong operating growth and an 83 per cent reduction in net finance costs.

H1 2026 — Consolidation:

₦803.68 billion revenue, ₦92.95 billion profit after tax, stronger margins and positive retained earnings.

The pattern is unmistakable:

Crisis → Recapitalisation → Recovery → Consolidation.

The Ameh News verdict

Nigerian Breweries’ recovery is no longer simply a story about moving from loss to profit.

It is a story about balance-sheet repair, operational resilience, financial discipline and strategic repositioning.

The company has survived one of the harshest macroeconomic periods faced by Nigerian manufacturers, repaired the financial structure that amplified the crisis, returned to profitability and now appears to be rebuilding its cumulative financial strength.

The experts’ perspectives reinforce the broader picture: stronger operating efficiency, pricing discipline, lower financing costs and improved balance-sheet health are increasingly supporting the recovery, while the company’s wider economic footprint means the benefits extend beyond the shareholder register.

But the next chapter will be harder.

Can Nigerian Breweries sustain margins? Can it keep distribution and production costs under control? Can the Distell portfolio deliver additional growth? Can strong earnings translate into sustainable cash flows? And when will shareholders once again receive dividends?

Those are the questions that will determine whether the current recovery becomes a temporary rebound or a lasting transformation.

For now, the numbers provide a compelling answer to the first question of the turnaround.

From ₦145 billion loss in 2024, to ₦99.1 billion profit in 2025, to ₦92.95 billion profit in just six months of 2026, with retained earnings restored to positive territory, Nigerian Breweries has demonstrated that a battered corporate balance sheet can be rebuilt through decisive recapitalisation, disciplined execution and strategic repositioning.

That is The Ameh News anatomy of a corporate turnaround worth watching — a recovery story not only for Nigerian Breweries, but one that offers lessons for corporate Nigeria on how to survive crisis, repair the balance sheet, rebuild profitability and return to the path of shareholder value creation.

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The Nigerian Association of Insurance and Pension Editors (NAIPE) has elected veteran insurance journalist, Mrs. Ebere Nwoji of THISDAY Newspapers, as its new President, ushering in a new leadership at a defining moment for Nigeria’s insurance industry as stakeholders await the National Insurance Commission’s (NAICOM) next decision on the long-delayed recapitalisation programme.
The peaceful transition of leadership comes at a time when the insurance sector is navigating regulatory uncertainty, evolving market dynamics, digital transformation, and increasing calls for stronger public awareness of insurance and pension products.
For many industry stakeholders, the emergence of Nwoji and her executive team represents more than a routine change of leadership. It reflects renewed expectations that specialised insurance journalism will play an even greater role in promoting transparency, accountability, public confidence and informed policy discussions across Nigeria’s insurance and pension sectors.
Leadership Transition at a Critical Moment
The election took place as insurers continue to await regulatory clarity following the expiration of the latest recapitalisation deadline without a definitive public pronouncement from NAICOM on the next phase of implementation.
The delay has generated widespread speculation within the industry over whether the Commission will extend the timeline, introduce a phased implementation framework, or adopt elements of the Nigerian Insurance Industry Reform Agenda (NIIRA 2025), which advocates broader structural reforms beyond capital requirements.
Against this backdrop, the emergence of a new NAIPE leadership is viewed as timely, with expectations that the association will continue serving as a credible bridge between regulators, operators, investors, brokers, policyholders and the general public.
Nwoji Promises Continuity, Unity and Stronger Industry Coverage
In her acceptance speech, Nwoji assured members and stakeholders that her administration would build on the achievements of previous leaders while taking the association to greater heights.
She pledged to preserve the association’s legacy and ensure that future generations recognise the impact of the new administration.
“I will keep the candle burning and make the light even brighter for the next generation to see the footprints of this administration.”
She identified unity, togetherness and professionalism as the foundation of her administration.
According to her, the new executive will work to strengthen collaboration among members, deepen professional ethics and promote balanced, factual and developmental reporting on insurance and pension matters.
Nwoji stressed that insurance journalism goes beyond reporting corporate activities, noting that it serves as a vital instrument for educating Nigerians about financial protection, retirement planning and wealth preservation.
She reaffirmed NAIPE’s commitment to consistently tell the stories of the insurance and pension industries as effective tools for promoting long-term savings, financial security and financial independence among Nigerians.
According to her, the association will continue working with regulators, insurance companies, pension operators and other stakeholders to improve public understanding of the industry’s contributions to economic growth and national development.
Why NAIPE Matters
Over the years, NAIPE has become Nigeria’s foremost specialised association of journalists covering insurance and pensions.
Its members have consistently reported major developments, including recapitalisation exercises, mergers and acquisitions, compulsory insurance enforcement, pension reforms, financial inclusion initiatives, insurtech innovation, climate risk insurance and evolving regulatory policies.
The association has also organised workshops, public engagements and capacity-building programmes aimed at improving the quality of insurance journalism while strengthening collaboration between the media and industry stakeholders.
Industry leaders acknowledge that informed and accurate reporting has contributed significantly to increasing awareness of insurance products, pension reforms and risk management among Nigerians.
Spotlight on the Recapitalisation Debate
The leadership transition coincides with one of the most consequential periods in Nigeria’s insurance industry.
Operators remain uncertain over the future of the recapitalisation exercise after the compliance deadline elapsed without an official roadmap outlining the Commission’s next regulatory steps.
While many insurers have strengthened their capital positions through mergers, acquisitions, private placements and retained earnings, others continue to await further regulatory guidance before making additional strategic decisions.
The prolonged uncertainty has raised questions among investors, shareholders and policyholders regarding the future competitive landscape of the industry.
Many stakeholders believe that timely communication from NAICOM would help reduce uncertainty, support investment decisions and reinforce market confidence.
Others argue that any final regulatory framework should balance stronger capital requirements with broader reforms that encourage innovation, improved corporate governance, increased insurance penetration and enhanced consumer protection.
Media’s Strategic Role
Analysts say specialised journalism will become increasingly important as the industry enters its next phase of reform.
Through investigative reporting, policy analysis and sustained public education, NAIPE members are expected to continue explaining complex insurance and pension issues in ways that are understandable to ordinary Nigerians.
Greater collaboration between journalists, regulators and operators is also expected to improve transparency, combat misinformation and promote accountability across the financial services sector.
The association’s role in interpreting regulatory developments, highlighting emerging risks and showcasing industry innovations is expected to become even more significant as Nigeria pursues financial inclusion and economic diversification.
Expectations from the New Executive
Stakeholders expect the new NAIPE leadership to consolidate the association’s reputation for professionalism while expanding training opportunities for members, strengthening institutional partnerships and embracing digital journalism.
There are also expectations that the association will continue advocating easier access to industry information, regular stakeholder engagement and more proactive communication from regulators and market operators.
Observers believe these efforts will ultimately improve public confidence in insurance and pensions while supporting the industry’s long-term growth objectives.
Looking Ahead
As Nwoji begins her tenure, she faces the dual responsibility of preserving NAIPE’s proud legacy while positioning the association to respond to rapidly changing developments within Nigeria’s financial services industry.
Her pledge to keep “the candle burning” resonates beyond the association itself. It symbolises a commitment to sustaining credible journalism, strengthening industry engagement and ensuring that insurance and pension reporting remains relevant to national economic development.
With NAICOM’s recapitalisation decision still eagerly awaited, NAIPE’s new leadership assumes office at a pivotal moment when informed journalism, constructive stakeholder engagement and effective public communication will be critical to shaping the future of Nigeria’s insurance industry.
For many stakeholders, the election marks not only the beginning of a new administration within NAIPE but also a renewed opportunity to deepen public understanding of insurance and pensions as indispensable pillars of financial resilience, long-term savings, social protection and sustainable economic growth.

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The telecommunications giant’s unaudited financial statements for the six months ended June 30, 2026, show that revenue climbed by 25.9 per cent to ₦2.993 trillion, compared with ₦2.378 trillion recorded in the corresponding period of 2025.

The impressive revenue growth translated into a 41.9 per cent increase in operating profit, which rose to ₦1.267 trillion, while profit before tax surged 75.4 per cent to ₦1.092 trillion. After tax, profit jumped 70.6 per cent to ₦707.54 billion, underscoring MTN Nigeria’s ability to convert strong subscriber demand into higher earnings. Basic earnings per share equally rose by 70.6 per cent to ₦33.76.

The remarkable performance represents a significant turnaround for the telecom operator after navigating the challenges of foreign exchange volatility, inflationary pressures and rising operating costs that affected corporate earnings across several sectors of the Nigerian economy.

Revenue Growth Reflects Nigeria’s Expanding Digital Economy

The H1 2026 results reinforce MTN Nigeria’s dominant position in Africa’s largest telecommunications market.

Industry analysts say the performance demonstrates increasing consumer dependence on mobile broadband, digital financial services, enterprise connectivity and voice communications despite difficult economic conditions.

Revenue approaching the ₦3 trillion mark in just six months places MTN Nigeria on course for another record annual turnover should current growth momentum continue during the second half of the year.

Profitability Strengthens Despite Higher Costs

Although MTN continued to invest heavily in employee welfare, marketing, network expansion, depreciation and customer acquisition, improved operating efficiency enabled the company to significantly improve profitability.

Operating profit expanded from ₦892.82 billion in H1 2025 to ₦1.267 trillion, while finance costs declined compared to the previous year, helping boost pre-tax earnings.

The company also recorded a net foreign exchange gain of ₦36.36 billion, compared with a loss in the corresponding period of 2025, reflecting a more stable foreign exchange environment.

Balance Sheet Shows Stronger Financial Position

MTN Nigeria’s financial position also improved considerably during the review period.

Total shareholders’ equity rose by 69.6 per cent from ₦548.71 billion at the end of December 2025 to ₦930.61 billion by June 2026.

Net assets per share increased to ₦44.41, while the company’s market capitalisation climbed to over ₦15.1 trillion, reflecting growing investor confidence.

The company closed the half-year with total assets of approximately ₦5.97 trillion, supported by continued investment in property, network infrastructure, digital platforms and financial assets.

Heavy Investment in Network and Sustainability

Beyond financial performance, MTN Nigeria continued significant investments aimed at improving service quality and advancing its environmental commitments.

During the first half of 2026, the company:

Deployed renewable energy across 15 locations.

Transitioned eight operational sites to compressed natural gas (CNG).

Installed electric vehicle charging infrastructure.

Expanded deployment of electric and hybrid vehicles.

Invested billions of naira in solar-powered base stations, network security and high-efficiency cooling systems.

These initiatives form part of MTN’s long-term climate transition strategy while reducing operating costs and improving network resilience.

Digital Inclusion Continues to Expand

The report also highlights progress in digital inclusion and financial services.

Broadband penetration remained above 91 per cent, while 5G population coverage increased to 13.1 per cent.

Active MoMo wallets expanded from 3.8 million to 5 million, reflecting growing adoption of mobile financial services across Nigeria.

The company also increased the number of beneficiaries reached through its corporate social investment programmes and expanded digital skills training initiatives nationwide.

Corporate Governance and Sustainability

MTN Nigeria became one of the early Nigerian companies to integrate interim sustainability disclosures into its financial reporting in line with IFRS S1 and IFRS S2 sustainability reporting standards adopted in Nigeria.

The company disclosed zero critical data breaches during the reporting period while maintaining 100 per cent employee information security training compliance, reinforcing its focus on customer privacy and cybersecurity.

Outlook

With revenue already nearing ₦3 trillion in six months, strengthened profitability, improved shareholder value and continued investment in digital infrastructure, MTN Nigeria appears well positioned to sustain growth through the remainder of 2026.

The H1 performance not only demonstrates the resilience of Nigeria’s telecommunications sector but also highlights the increasingly critical role of broadband connectivity, fintech and digital services in driving economic activity.

For investors, the results reaffirm MTN Nigeria’s status as one of the country’s strongest listed companies, while for consumers and policymakers, they underscore the importance of continued investment in telecommunications infrastructure as Nigeria accelerates its digital transformation agenda.

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Dame (Dr.) Adaora Umeoji, The Zenith Bank Group Managing Director and CEO

Zenith Bank Plc is no longer competing only for the title of Nigeria’s most profitable bank. It is steadily positioning itself as Africa’s next truly global financial institution.
An investigation by The Ameh News, based on an extensive review of the bank’s first-quarter 2026 financial statements, independent industry research and recent international developments, shows that Zenith Bank is outperforming many of its peers across virtually every critical performance indicator—from profitability and capital strength to asset quality, shareholder returns and cross-border expansion.
The evidence extends beyond impressive quarterly numbers.
Within months, the bank has won Euromoney’s highest banking honours, completed a strategic acquisition in Kenya, launched operations in Côte d’Ivoire, strengthened its capital base and unveiled plans to seek a London Stock Exchange listing in 2027.
Together, these developments signal a carefully executed strategy aimed not merely at defending market leadership in Nigeria but transforming Zenith Bank into one of Africa’s most influential banking groups.
Record Profit Strengthens Leadership
The bank opened 2026 with a profit before tax of ₦361 billion for the first quarter ended March 31, maintaining its position among Nigeria’s most profitable lenders.
Unlike institutions whose earnings have depended heavily on interest rate movements, Zenith delivered balanced growth across interest income, non-interest revenue, shareholders’ funds and operating efficiency, demonstrating the resilience of its business model.
Bigger Is Not Always Better
Although some competitors maintain larger balance sheets through acquisitions, Zenith continues to prove that disciplined capital allocation can generate stronger returns.
Total assets stood at ₦32.01 trillion, customer deposits climbed to ₦24.47 trillion, while shareholders’ funds rose to ₦5.17 trillion.
The bank’s market value has surged alongside investor confidence, reflecting strong earnings quality rather than simple expansion in size.
Growing Loans Without Growing Risk
Perhaps the strongest indicator of management discipline lies in Zenith’s lending business.
Gross loans expanded to ₦12.04 trillion, while net loans increased even faster to ₦11.38 trillion.
Yet, despite the aggressive credit expansion, the bank reduced its non-performing loan ratio to 3.79%, continuing a multi-year improvement in asset quality.
Combined with a loan-loss coverage ratio above 172%, the figures point to one of the strongest risk management frameworks among Nigeria’s leading banks.
Digital Banking Powers Revenue Growth
The Ameh News analysis also shows that Zenith’s earnings are becoming increasingly diversified.
While net interest income reached ₦634.1 billion, fee and commission income grew by almost 45%, driven largely by digital banking, transaction services and electronic payment platforms.
This shift reduces reliance on lending income and strengthens the bank’s long-term earnings sustainability.
Rewarding Investors While Building Capital
Zenith is simultaneously strengthening its balance sheet and rewarding shareholders.
The bank generated a 23.2% return on average equity, doubled its annual dividend to ₦10 per share and distributed more than ₦410 billion to investors.
Meanwhile, its capital adequacy ratio remained comfortably above regulatory requirements, giving management sufficient capacity to finance expansion without placing undue pressure on capital.
International Recognition Backs Financial Performance
Financial results alone do not explain Zenith Bank’s growing influence.
In July, Euromoney named the lender both Africa’s Best Bank and Nigeria’s Best Bank, placing it ahead of hundreds of institutions evaluated across the continent.
The awards reinforce years of international recognition and underscore the bank’s reputation for operational excellence, corporate governance and consistent financial performance.
Beyond Nigeria: A Continental Banking Strategy
Perhaps the clearest indication of Zenith’s long-term ambition lies outside Nigeria.
The acquisition of Paramount Bank in Kenya provides an entry into East Africa, while the launch of its Côte d’Ivoire subsidiary opens access to the eight-country WAEMU market.
The bank is also preparing for a London Stock Exchange listing in 2027, a move expected to expand access to global capital and strengthen its ability to finance international business.
Rather than pursuing isolated overseas investments, Zenith appears to be constructing an integrated pan-African banking network linking West Africa, East Africa and major international financial centres.
The Ameh News Analysis
The 2026 banking race is no longer defined simply by the size of assets or the number of acquisitions completed.
Increasingly, investors are asking which institution can consistently combine profitability, prudent risk management, capital strength, shareholder value and sustainable international expansion.
On each of those measures, Zenith Bank is building a compelling case.
Its record earnings, improving asset quality, diversified revenue, robust capital buffers, international awards and expanding African footprint suggest the lender is moving beyond being Nigeria’s leading bank to becoming one of Africa’s most competitive financial institutions.
If the current momentum continues, Zenith Bank may not simply retain its leadership at home—it could redefine what an African banking champion looks like in the years ahead.

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This includes, Cotonou, Lome, Douala, Libreville, Malabo, Niamey, Brazzaville and ND’jamena.

Addressing delegates at the 5th ordinary congress of FAPETEL in Dakar, Senegal, Sani remarked that the Nigerian Airspace remains committed under the leadership of Engr. Ahmed Umar Farouk, the MD/CE to working closely with ASECNA and all African partners to facilitate technical discussion on the establishment of AMHS IP Connectivity, configuration and interoperability testing;

and coordination of implementation schedules, etc to ensure smooth and safe Air navigation services.

He described the two day congress with the theme: Strengthening competencies in Aeronautical Telecommunication: Training the experts of tomorrow as timely as the future of aviation depends on skilled professionals, modern technologies, and stronger regional cooperation.

Sani extended appreciation for the invitation and also congratulated the organisers of the important congress and wished them successful deliberations

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Managing Director/CE Rex Insurance and NIA Chairman-elect Mrs. Ebelechukwu Nwachukwu

The Nigerian Insurers Association (NIA) has reaffirmed its commitment to rebuilding public trust, accelerating technology adoption and deepening insurance penetration as part of a comprehensive strategy to transform the industry and expand financial protection for millions of Nigerians.

The commitment was outlined by the Managing Director, Rex Insurance and the Association’s Chairman-Elect, Mrs. Ebelechukwu Nwachukwu, during a pre-investiture media briefing ahead of her inauguration as the 27th Chairman of the NIA.

Nwachukwu, who will become the first woman to lead the Association since its establishment, described public confidence and digital innovation as the twin pillars upon which the future growth of Nigeria’s insurance industry will depend.

She noted that despite decades of industry development, insurance penetration in Nigeria remains among the lowest globally, leaving vast segments of the population and businesses exposed to financial risks arising from accidents, health emergencies, natural disasters and business disruptions.

Trust Remains the Industry’s Most Valuable Asset

According to the Chairman-Elect, the ability of insurers to honour claims promptly and transparently remains central to winning public confidence.

She stressed that insurance companies have continued to pay substantial claims to policyholders across various sectors, helping businesses recover from losses and supporting families during difficult times.

“Trust is built strongly through the payment of claims. When policyholders see that claims are settled promptly and fairly, confidence in the insurance industry grows,” she stated.

Industry experts note that while awareness of insurance products has improved in recent years, public skepticism remains a challenge, often driven by misconceptions about claims settlement procedures and limited understanding of insurance benefits.

To address this, the NIA plans to strengthen public engagement, improve communication strategies and showcase the industry’s contributions to economic stability and wealth protection.

Digital Transformation to Drive Growth

Nwachukwu identified technology adoption as one of the most important tools for expanding insurance coverage and improving operational efficiency.

She explained that digital innovation is enabling insurers to simplify policy purchases, automate claims processing, improve customer service and develop products tailored to the needs of different segments of society.

From mobile insurance applications and digital payment systems to artificial intelligence and data analytics, insurers are increasingly embracing technology to improve service delivery and customer experience.

According to industry observers, technology-driven insurance solutions could significantly reduce administrative costs while making insurance products more accessible to Nigeria’s growing population of digitally connected consumers.

“Digital innovation and transparency are critical to improving efficiency, enhancing customer confidence and driving sustainable industry growth,” Nwachukwu said.

Expanding Insurance Awareness and Financial Inclusion

The NIA Chairman-Elect emphasized that increasing insurance penetration will require sustained public education and stronger financial inclusion initiatives.

Nigeria’s insurance penetration rate remains below one percent of Gross Domestic Product (GDP), a figure that trails several African countries despite Nigeria’s large population and economic potential.

She disclosed that the Association intends to work closely with regulators, government institutions, financial service providers and development partners to expand insurance awareness across urban and rural communities.

Particular attention, she noted, will be given to microinsurance and inclusive insurance products designed for low-income earners, small businesses, transport operators, farmers and other underserved groups.

Stronger Stakeholder Engagement

Nwachukwu also pledged to strengthen collaboration between insurers, regulators and policymakers to create a more enabling environment for industry growth.

She said meaningful engagement with the National Insurance Commission (NAICOM), government agencies and other stakeholders would be essential in addressing regulatory challenges, promoting compliance and encouraging innovation.

According to her, a united industry approach is necessary to unlock the enormous opportunities available within Nigeria’s insurance market.

A Historic Leadership Moment

Observers view Nwachukwu’s emergence as a landmark moment for the industry, reflecting the increasing role of women in leadership positions across Nigeria’s financial services sector.

Her appointment comes at a time when the insurance industry is pursuing reforms aimed at increasing market penetration, strengthening solvency standards and leveraging technology to modernize operations.

Industry stakeholders believe that her tenure could mark a turning point in efforts to reposition insurance as an essential component of Nigeria’s economic development agenda.

Outlook for the Industry

Analysts project that greater digital adoption, improved customer engagement, faster claims settlement and stronger public awareness campaigns could significantly boost insurance uptake over the next decade.

For the NIA, the challenge is clear: transform public perception, expand accessibility and ensure that insurance becomes a trusted financial safety net for individuals, families and businesses across Nigeria.

With public trust and technology now at the center of its strategy, the Association believes the industry is well-positioned to unlock its vast untapped potential and contribute more meaningfully to national economic growth and resilience.

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Group Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin; Chairman, Stanbic IBTC Holdings, Sola David Borha; Chief Executive Officer, Standard Bank Group, Sim Tshabalala; Managing Director/Chief Executive Officer, Dangote Petroleum Refinery & Petrochemicals, David Bird; and Chief Executive, Stanbic IBTC Holdings, Chuma Nwokocha, during a strategic visit by Standard Bank Group executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Ibeju Lekki, Lagos.

Africa’s largest financial institution, Standard Bank Group, has reaffirmed its strong commitment to supporting the growth trajectory of Dangote Industries Limited, including backing the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery and future expansion projects across Africa.

The pledge was made during a high-level strategic visit to Lagos by Standard Bank Group Chief Executive, Sim Tshabalala, alongside senior executives, who toured the massive Dangote Petroleum Refinery and the Dangote Fertiliser complex.

Refinery Described as a “Transformational African Asset”

Speaking after the facility tour, Tshabalala described the refinery as a landmark industrial achievement with significant economic implications for Nigeria and the wider continent.

He noted that Standard Bank’s engagement with the Dangote Group is rooted in a long-standing partnership and a shared vision for Africa’s industrial growth.

According to him, the bank—recognized as one of the continent’s largest financial institutions—remains committed to supporting Dangote’s expansion strategy and upcoming capital market activities.

He further confirmed that Standard Bank is positioning itself as a key player in the refinery’s anticipated IPO process, as well as future advisory and financing arrangements tied to the group’s continental expansion agenda.

Strong Signals Ahead of IPO Launch

Tshabalala emphasized that the planned listing of the refinery represents a major milestone for African capital markets, noting that the bank is ready to provide both advisory services and balance-sheet support.

He also described the refinery as a “transformational and productive asset” already delivering measurable benefits to Nigeria’s economy, including stronger foreign exchange inflows, improved trade balance performance, and enhanced energy security.

Dangote Group Highlights Long-Term Partnership Value

Reacting to the visit, Group Vice President, Oil and Gas at Dangote Industries, Devakumar Edwin, described the engagement as a continuation of a partnership that began during the refinery’s construction phase.

He said Standard Bank’s early involvement helped shape confidence in the scale and ambition of the project, adding that the current operational phase demonstrates the value of that support.

According to him, both organisations are now exploring deeper collaboration opportunities as Dangote accelerates industrial investments across Africa.

Operational Milestone Surpasses Design Capacity

Managing Director and Chief Executive Officer of the refinery, David Bird, said the visit underscored the importance of long-term financial partnerships in delivering complex infrastructure projects.

He noted that Standard Bank has remained a consistent supporter of the Dangote Group and the refinery project from inception through to full operation.

Bird also revealed a major technical milestone: the refinery has now exceeded its original design capacity.

According to him, recent performance test runs recorded output of 700,000 barrels per day, surpassing the installed capacity of 650,000 barrels per day—an achievement he attributed to engineering flexibility and strong operational systems.

Outlook

The renewed backing from Standard Bank is expected to strengthen investor confidence ahead of the refinery’s IPO and further reinforce Nigeria’s positioning as a key hub for industrial refining and energy security in Africa.

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The high-level engagement, held at the Marriott Hotel Ikeja, brought together regulators, telecom operators, policymakers, technology experts, and development partners to reflect on the evolution of Nigeria’s telecoms landscape over the past 25 years and define a more future-ready regulatory direction.

A Turning Point in Nigeria’s Digital Journey

Opening the workshop, the Executive Vice Chairman/Chief Executive Officer of the NCC, Dr Aminu Maida, described the telecommunications industry as no longer a standalone sector but a “foundational ecosystem” that now underpins virtually every aspect of national development—from finance and education to agriculture, manufacturing, and governance.

He noted that the review of the 2000 policy framework has become necessary due to rapid technological disruption and the emergence of new digital realities that were not foreseen when the original policy was designed.

According to him, emerging technologies such as Artificial Intelligence (AI), satellite broadband, Internet of Things (IoT), digital sovereignty systems, critical national information infrastructure, and network resilience frameworks now demand a stronger, more adaptive regulatory environment.

Economic Stakes of Digital Transformation

Dr Maida referenced data from the GSMA, stressing that accelerated digitisation across key sectors of the economy could significantly boost national productivity. He projected that Nigeria could add up to 2% to its Gross Domestic Product (GDP), create as many as two million jobs, and generate approximately ₦1.6 trillion in additional tax revenue if digital adoption is strategically deepened.

He further emphasised that modern telecom regulation must evolve beyond traditional oversight functions to address increasingly complex areas such as cybersecurity, data governance, digital financial systems, and online safety—issues now central to both economic stability and national security.

From Policy Legacy to Future Framework

Participants at the workshop engaged in technical and strategic sessions aimed at evaluating the legacy and impact of the NTP 2000, which laid the foundation for Nigeria’s telecom liberalisation and early digital growth.

Discussions also focused on bridging the persistent digital divide through collaborative implementation models involving both public and private sector stakeholders. Another key theme was how to build a resilient communications ecosystem that balances innovation with trust, security, and consumer protection.

Experts and stakeholders also examined international telecommunications policy models, drawing lessons from global best practices to strengthen Nigeria’s regulatory approach in a rapidly evolving digital landscape.

In addition, feedback sessions on the Commission’s proposed policy directions provided an opportunity for industry stakeholders to contribute insights on improving implementation, regulatory efficiency, and sector competitiveness.

Building a Future-Ready Digital Economy

The NCC described the ongoing review process as a strategic national reset moment aimed at aligning Nigeria’s telecommunications governance with global technological realities.

As deliberations continue, the workshop is expected to produce a more robust policy framework that reflects the realities of the modern digital economy and positions Nigeria to compete more effectively in the global technology ecosystem.

Ultimately, the review signals a shift from legacy-driven regulation to a forward-looking digital governance model designed to support innovation, inclusion, resilience, and sustainable growth.

Nigeria’s telecommunications regulator, NCC, has begun a major review of the National Telecommunications Policy (NTP) 2000 in Lagos, aiming to modernise the country’s digital governance framework, strengthen cybersecurity, and unlock economic growth through emerging technologies like AI, IoT, and satellite broadband.

NCC begins review of Nigeria’s National Telecommunications Policy 2000 in Lagos, targeting digital transformation, cybersecurity, AI regulation, and economic growth through updated telecom frameworks.

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