AIICO Insurance Plc emerged as the Outstanding Insurance Company of the Year at the 2025 Marketing Edge Brands & Advertising Excellence Awards held in Lagos.

This recognition marks the third consecutive year that AIICO has been celebrated at the event. It was named Insurance Company of the Decade in 2023, followed by another top industry honour in 2024, before bagging this year’s award.

The organisers of the award noted that AIICO’s selection was based on its performance and the positive impact it continues to make on the Nigerian financial services industry.

The Head of Marketing and Communications at AIICO Insurance Plc, Mr Segun Olalandu, expressed the company’s appreciation, “We sincerely thank the organisers of the MARKETING EDGE Awards for consistently recognising and honouring the AIICO brand over the years. This recognition affirms our strength and relevance in the marketplace. At AIICO, we will not rest on our oars.

We remain intentional about delighting our customers, meeting their needs, and surpassing their expectations with innovative solutions and superior service.”

AIICO Insurance is a composite insurer in Nigeria, founded in 1963. It provides life and general insurance, health insurance, and investment management services.

Trading activities on the Nigerian Exchange Limited opened the week on a positive note as investors gained N115bn in market value on Monday, driven by strong performances in the banking and oil and gas sectors.

At the close of transactions, the market capitalisation of listed equities advanced to N90.1tn from N89.99tn recorded at the previous session, reflecting a gain of N115bn. Similarly, the benchmark All-Share Index appreciated by 244.51 points, or 0.17 per cent, to settle at 142,377.54 basis points.

Market data showed that a total of 383.91m shares worth N11.61bn were traded in 28,088 deals, representing a 26 per cent decline in volume and a 36 per cent decline in value compared with last Friday’s session, although the number of deals rose 26 per cent.

The day’s rally was largely supported by buying interest in stocks such as Fidelity Bank, Zenith Bank, Eterna and Seplat Energy, which buoyed the banking and oil and gas indices. The NGX Industrial Index gained 1.59 per cent, while the Banking Index advanced 0.47 per cent.

A total of 125 equities participated in trading, with 25 gainers and 36 losers. SFS Real Estate Investment Trust led the gainers’ chart with a 10 per cent rise to close at N346.55 per share, followed by Thomas Wyatt Nigeria, which also appreciated 10 per cent to N3.63 per share. LivingTrust Mortgage Bank rose 9.9 per cent to N5.66, while Eterna advanced 9.86 per cent to N30.65 per share.

On the flip side, AXA Mansard Insurance topped the losers’ list, shedding 10 per cent to close at N14.40 per share. University Press dropped 9.85 per cent to N5.40, Learn Africa fell 9.72 per cent to N6.50, while Julius Berger depreciated 8.7 per cent to N136.50 per share.

In terms of activity, First HoldCo led the volume chart with 47.5m shares valued at N1.47bn. Ellah Lakes followed with 24.46m units worth N290.87m, while Veritas Kapital Assurance traded 21.87m shares valued at N44.66m. Zenith Bank also featured among the top volume and value drivers with 18.75m units worth N1.31bn.

The Top 30 Index advanced 0.26 per cent, and the Main Board Index rose 0.31 per cent, while the Premium Index dipped slightly by 0.13 per cent. Year-to-date, the ASI has now returned 38.33 per cent, reinforcing investors’ appetite despite volatility in select counters.

Meanwhile, the release of fresh corporate earnings also shaped investor sentiment. Zenith Bank Plc posted a 19.96 per cent growth in revenue and declared an interim dividend of N1.25 per share. United Bank for Africa Plc reported a 6 per cent rise in profit after tax, but its interim dividend was reduced to 25 kobo per share, much lower than last year’s payout.

Stanbic IBTC Holdings Plc delivered a 49 per cent jump in profit after tax, rewarding shareholders with an interim dividend of N2.45 per share. However, Guaranty Trust Holding Company Plc saw a sharp 50 per cent decline in profit after tax, though it still announced a dividend of N1.00 per share. Other listed companies such as BUA Foods, Cutix, Red Star Express and Sovereign Trust Insurance also released results during the session.

Analysts noted that these earnings reports, coupled with the broader market momentum, reflect the resilience of the Nigerian corporate sector despite macroeconomic headwinds.

They added that Nigeria’s economy is gaining momentum with a recovery in oil production, expansion in non-oil activities, and looser monetary policy. However, they cautioned that while opportunities exist in energy, ICT, agriculture, and finance, investors should remain diversified and cautious.

Globalview Capital Limited, a licensed investment firm, reiterated that it is registered and regulated by the Securities and Exchange Commission, Nigeria.

Stakeholders have said that the merger between Providus Bank and Unity Bank would intensify competition in the banking sector and commended it for being a better deal for minority shareholders.

This assertion followed the ratification of the merger by the shareholders of the Unity Bank at the court-ordered meeting of the lender held in Abeokuta, Ogun State, on Friday.

Ahead of the meeting, the Nigerian Exchange Limited had lifted the suspension on the trading of Unity Bank’s shares, enabling the Asset Management Corporation of Nigeria to sell its 34 per cent holding in the lender to a current shareholder of Unity Bank.

Speaking on the development, the Head of Financial Institutions at Agusto & Co, Ayotunde Olubunmi, said, “The merger has been long coming. As we all know, Unity Bank has been in the market for over a decade, and for additional capital, so this is a way of finally resolving its negative capital issue. Secondly, for Providus Bank, it’s also a positive development. They are relatively new in the market; this will give them a bigger footprint, right? By the time they actually receive Unity Bank branches, they will have more branches. It will also give them exposure to different parts of the country, particularly in the North, where Unity Bank is more prominent. I doubt if Providus Bank has any branches in the North, given that they are a regional bank, and they only have a presence in the South.

“For the banking industry, it also intensifies competitiveness. Because of this merger, Providus Bank now has a bigger footprint. They can easily compete more with the big boys in the markets, and that will also help them. That will increase competition.”

On the recapitalisation, Olubunmi anticipates that the Central Bank of Nigeria may have a special arrangement to enable it to meet the new capital threshold of N200bn for a national bank.

The financial analyst said, “In terms of capitalisation, because automatically Providus Bank now becomes a national bank, maybe the CBN will give them some sort of waiver on when to meet the N200bn capitalisation. Also, some part of the facility that CBN will give them will qualify.”

When the merger between the lenders was announced in August 2024, the Central Bank of Nigeria okayed financial support totalling N700bn to the new entity to be repaid with an interest rate of six per cent. The CBN said the support, structured as a 20-year term loan, will begin repayment after a five-year moratorium without giving further indication of the source of funds.

A stockbroker and Vice Chairman of Highcap Securities, David Adonri, in a chat with The PUNCH, noted that the merger aligned with the motive for the recapitalisation mandate of the CBN, which was to create stronger banks.

“At the end of the day, there will be no weak bank within the banking system. Apparently, Unity Bank has been a laggard. The acquisition or merger with Providus Bank is like a lifeline to the bank. It is a welcome development for the shareholders of Unity Bank. Otherwise, if the bank had failed, we would have lost the investment just like everybody did in Skye Bank. For the depositors, if the bank had failed, the NDIC would just settle the depositors with meagre sums of money. So, it is a welcome development for all the stakeholders,” he said.

Adonri, however, wondered whether Providus Bank would return to the market as a replacement for Unity Bank.

“The next thing, however, is whether Providus Bank will come to the market to list its shares. So, it will be like a replacement for Unity Bank, which is very weak, and then a stronger bank is coming into the market. So, we are therefore waiting for the announcement from Providus Bank to know whether they are going to be listed or not,” he stated.

The 59th president of the Institute of Chartered Accountants of Nigeria, Innocent Okwuosa, echoed similar sentiments about the merger fulfilling the objective of the CBN’s recapitalisation directive.

Okwuosa, who is also the chairman of the Nigerian Integrated Reporting Committee, said, “The first implication in the banking industry is that of the ability of the merged bank to withstand the macroeconomic challenges and headwinds occasioned by external and domestic shocks, making it more resilient. I expect the solvency and capacity of the merged bank to improve, thereby contributing to the stability of the banking industry and its ability to contribute to the economy.