Great Nigeria Insurance Plc has reversed the loss of N736m in 2022 to post a profit after tax worth N2bn at the end of 2023.

The financial performance of the insurance firm was disclosed at its 53rd Annual General Meeting held in Lagos recently.

Speaking on the floor of the AGM, the chairman of GNI, Bade Aluko, said that the company had reported a significant financial turnaround for the year 2023, driven largely by exceptional investment income and sector-wide resilience despite severe national economic conditions.

In the year under review, the firm transitioned to the International Financial Reporting Standard 17. The 2022 transiting figure for Insurance Revenue stood at N2.6bn, but it dropped in 2023 by 3.8 per cent to N2.5bn.

The Insurance Service Expense for 2023 stood at N2bn, rising from N1.5bn in the previous year.

In the current reporting year, the company’s Net Investment Income stood at N4.6bn, higher than N1.3bn, indicating a 254 per cent surge in Investment Income. Profit After Tax jumped to N2bn from a loss of N736m in 2022.

Net investment income was highlighted as a key driver of this success, with the report noting, “In the current reporting year, the company’s Net Investment Income stood at N4.6bn as against the 2022 figure, which was N1.9bn.”

The chairman acknowledged the broader macroeconomic context, saying, “Our organisation gallantly thrived through the avalanche of economic woes that swept businesses globally and locally since the unfortunate throes of the pandemic and the Russia/Ukraine war. The ripple effects of the pandemic from 2019, regurgitating all through into 2023, and the harsh economic realities in Nigeria stemming from the reforms of the current administration may have had smattering effects on our operations, but, as has been reflected in our books, we have emerged profitable regardless.”

Looking ahead, Aluko outlined the powerful forces expected to shape the future of the Nigerian insurance industry.

He said, “The future of Nigeria’s insurance industry will likely be shaped by four powerful forces: regulatory upgrades (like IFRS 17), economic reforms, technology adoption, creating both challenges and big opportunities, and the newly signed Nigerian Insurance Industry Reform Act 2025.

“It is expected that IFRS 17 will change the dynamics of insurance performance reporting going forward. The takeaway will be greater transparency and investor confidence. By standardising key assurance measures and reporting performance, IFRS 17 should boost investor trust, attract foreign capital, and help the market compare companies more easily,” he observed.

On NIIRA 2025, the chairman said, “The newly signed NIIRA 2025 has several radical reforms that are mainly targeted at boosting confidence and trust in the insurance industry in Nigeria and ultimately gaining geometrical penetration if keenly executed.” The act “also provided a robust system that will guarantee the financial safety of the insured in case of insolvency while creating a formidable bulwark against insolvency for the insurer.”

He maintained that despite the positive reforms, the industry continues to face significant headwinds stemming from the broader economy: “There are still challenges that could slow growth in the near future if not properly and timely mitigated presently.”

Aluko reassured the shareholders that GNI was committed to sustaining resilience in the face of the market dynamics.

“Great Nigeria Insurance Plc. remains committed to a rigorous pursuit of excellence in our operations as an insurance company. We have maintained a rare display of courage and resilience thus far, and we will continue to give it all it takes to ensure we keep thriving in all our business expressions,” he concluded.

GNI is undergoing a mandatory takeover by Insurance Resourcery and Consultancy Services Limited. Under this arrangement, the company will acquire 500,000,000 ordinary shares in Great Nigeria Insurance Plc at N1.30 per share in accordance with the provisions of Part XII Section 143 (2) of the Investments and Securities Act 2025.

The Nigerian Exchange Limited closed last week on a positive note as investors gained N1.27tn, pushing the market capitalisation to N94.56tn. The All-Share Index rose by 1.35 per cent to 148,977.64 points, driven largely by gains in financial stocks, Temitope Aina writes

The Nigerian Exchange Limited recorded a significant rebound in trading activities last week, as investors gained about N1.27tn in market value, driven largely by strong demand for financial stocks and renewed investor confidence across key sectors.

At the close of trading on Friday, the All-Share Index and market capitalisation appreciated by 1.35 per cent and 1.36 per cent to settle at 148,977.64 points and N94.561tn, respectively, compared to the previous week’s 146,998.63 points and N93.291tn.

Market data from the Exchange showed that a total turnover of 2.422bn shares worth N76.618bn was traded in 126,591 deals during the week, as against 2.286bn shares valued at N90.280bn exchanged in 138,177 deals the previous week.

The Financial Services Industry (measured by volume) dominated the activity chart, accounting for 1.662bn shares valued at N32.565bn traded in 56,253 deals. This represented 68.65 per cent and 42.50 per cent of the total equity turnover volume and value, respectively.

Following closely was the ICT industry, which recorded 184.884m shares worth N8.662bn in 11,500 deals, while the services industry occupied the third position with 154.537m shares valued at N1.066bn exchanged in 5,975 deals.

Trading in the top three equities, Consolidated Hallmark Holdings Plc, Fidelity Bank Plc, and Access Holdings Plc, accounted for 618.549m shares valued at N9.220bn in 9,277 deals, contributing 25.54 per cent and 12.03 per cent to the total equity turnover volume and value, respectively.

Also, a total of 202,526 units of Exchange Traded Products valued at N24.917m were traded this week in 556 deals, in contrast to 147,745 units valued at N24.075m transacted last week in 372 deals.

Similarly, investors traded a total of 448,601 units of bonds valued at N381.846m in 46 deals, compared to 984,209 units worth N883.357m traded in 28 deals in the preceding week.

A review of the sectoral performance indicated that all other indices finished higher with the exception of the Consumer Goods, Banking, AFR Bank Value, AFR Div Yield, MERI Growth, NGX MERI Value, and Growth Indices, which declined 0.19 per cent, 0.13 per cent, 0.51 per cent, 0.93 per cent, 0.97 per cent, 0.68 per cent, and 2.08 per cent, respectively.

Market breadth closed positive, with 52 equities appreciating in price during the week, higher than the 51 equities recorded in the previous week. 41 equities depreciated, the same number as in the previous week, while 53 equities remained unchanged, lower than the 55 equities recorded earlier.

According to data released by the Exchange, Sovereign Trust Insurance Plc emerged as the week’s top gainer, rising 11.21 per cent from N3.21 per share to close at N3.57 per share. The company was followed by Royal Exchange Plc, which appreciated 11.11 per cent, moving from N2.16 to N2.40 per share.

Eunisell Interlinked Plc also saw significant investor interest, gaining 10 per cent to close the week at N48.40 per share from N44.00, while SFS Real Estate Investment Trust rose 9.88 per cent to close at N418.75 from N381.10.

Omatek Ventures Plc appreciated 9.49 per cent, rising from N1.37 to N1.50 per share, while Transcorp Power Plc climbed 8.92 per cent, closing at N342.00 per share compared to N314.00 at the start of the week.

Stanbic IBTC Holdings Plc gained 8.26 per cent to close at N118.00 from N109.00, while Universal Insurance Plc advanced by 8.11 per cent, moving from N1.11 to N1.20 per share.

Vitafoam Nigeria Plc appreciated 7.41 per cent to close the week at N87.00 per share, up from N81.00, while Prestige Assurance Plc rounded off the list of top ten gainers with a 6.51 per cent increase, closing at N1.80 per share compared to N1.69 at the beginning of the week.

On the flip side, Tripple Gee and Company Plc led the decliners’ chart, shedding 18.84 per cent to close at N4.91 per share from N6.05. Academy Press Plc followed closely, losing 17.92 per cent to close at N7.88 per share, down from N9.60, after marking an ex-dividend of 15 kobo per share and a one-for-five bonus.

Regency Assurance Plc also recorded a loss of 13.94 per cent, closing at N1.42 per share from N1.65, while LivingTrust Mortgage Bank Plc declined 13.46 per cent to N4.50 from N5.20 per share.

Industrial & Medical Gases Nigeria Plc dropped 9.87 per cent to close at N32.40 per share from N35.95, and Sunu Assurances Nigeria Plc depreciated 9.01 per cent to N5.25 per share from N5.77.

UAC of Nigeria Plc also posted a decline of 8.53 per cent, falling from N72.70 to N66.50 per share, while Austin Laz & Company Plc shed 7.94 per cent to close at N2.90 from N3.15.

Ellah Lakes Plc lost 7.20 per cent to close at N13.40 per share from N14.44, while Chams Holding Company Plc completed the list of top decliners with a 6.98 per cent drop, closing at N4.00 per share from N4.30.

Meanwhile, the Exchange also announced regulatory updates, including the delisting of Smart Products Nigeria Plc and the migration of Juli Plc to the Growth Board. According to a market bulletin referenced NGXREG/IRD/MB76/25/10/08, the delisting of Smart Products followed its failure to meet the required criteria for migration after the closure of the ASEM Board, while Juli Plc successfully transitioned to the Growth Board effective Monday, October 13, 2025.

Last week’s market performance, analysts noted, reflected growing investor appetite for financial sector equities amid expectations of improved third-quarter earnings results and moderate inflationary pressures. They added that the N1.27tn rise in market capitalisation signals renewed optimism as investors position for dividend yields and possible policy stability ahead of the year-end trading season.

The Securities and Exchange Commisison has urged stockbrokers to uphold the highest level of professionalism and ethical conduct at all times in a bid to ensure a fair and transparent market.

Director General of the SEC, Dr. Emomotimi Agama who stated this weekend during the 29th annual conference of the Chartered Institute of Stockbrokers in Abuja, said investors must have full confidence that the intermediaries who manage their wealth are guided by the highest standards of honesty and competence.

Agama said the theme of this year’s conference: “Capital Markets in a Digital, Ethical, Sustainable Era: Pathways for Economic Transformation” is timely as it speaks directly to the global transition where technology drives innovation, where ethics anchor trust, and where sustainability defines the future of finance.

“These three dimensions—digitalization, ethics, and sustainability—are not separate pillars; they form the foundation of a modern, inclusive, and resilient capital markets.

“Across the world, capital markets are being reshaped by technological innovation. The digital era has introduced new possibilities—from online trading platforms and digital assets to data analytics, blockchain, and artificial intelligence. These innovations are changing how we raise capital, how we invest, and how we supervise.

The SEC Boss stated that the Commission has embraced this transformation as an opportunity to enhance efficiency, transparency, and investor protection adding that ongoing efforts to strengthen market surveillance systems, automate regulatory processes, and introduce risk-based supervision frameworks are all aimed at positioning the Nigerian capital market for the realities of a digital economy.

He said, “We are also actively engaging with stakeholders: including the Chartered Institute of Stockbrokers, to deepen digital literacy and capacity-building across the market. As technology evolves, so must our skills, our ethics, and our shared commitment to fairness and professionalism.

“No amount of innovation can replace the foundational importance of ethics. A truly transformative capital market must be builton integrity, transparency, and accountability.

He said the CIS has remained a key partner in this regard, setting professional standards and upholding the code of ethics that define the stockbroking profession.

“As regulators, we continue to emphasize that professionalism and ethical conduct are non-negotiable. Investors must have full confidence that the intermediaries who manage their wealth are guided by the highest standards of honesty and competence.

“Together, the SEC and the CIS must continue to strengthen ethics education, continuous professional development, and disciplinary frameworks to ensure that the market remains a place of trust”. He added.

The Central Bank of Nigeria and the Bank of Angola have signed a Memorandum of Understanding to strengthen bilateral cooperation, promote knowledge sharing, and enhance capacity building across both central banks.

The agreement, sealed on Thursday on the sidelines of the ongoing International Monetary Fund and World Bank Annual Meetings in Lima, Peru, was signed by the CBN Governor, Olayemi Cardoso, and his Angolan counterpart, Manuel Antonio Tiago Dias.

The pact, officials said, marks a new phase of collaboration between the two institutions and reflects a broader push for regional financial stability across Africa.

Speaking at the ceremony, which was moderated by the CBN Deputy Governor (Economic Policy), Mohammed Abdullahi, and attended by senior officials of both banks, Cardoso described the MoU as a “timely and significant milestone” in strengthening inter-African cooperation in central banking.

“This forum brings together a multiplicity of stakeholders and interests from across the globe, and what we’ve done today highlights the spirit of cooperation that defines these annual meetings.

“The agreement provides us an opportunity to build a more interconnected and resilient African financial system capable of withstanding external shocks,” a statement issued by the apex bank on Friday stated.

The CBN boss explained that the collaboration aligns with Nigeria’s strategic goal of promoting regional stability, supporting cross-border financial integration, and enhancing institutional resilience within Africa’s monetary landscape.

Providing further details, Abdullahi said the MoU establishes a structured framework for both central banks to exchange technical expertise, regulatory information, and supervisory best practices.

He listed key areas of cooperation, including foreign reserve management, currency operations, monetary policy coordination, payment systems, and cybersecurity.

Other areas covered by the pact include anti-money laundering and counter-terrorism financing, as well as staff training and the development of financial statistics and research capacity.

“This cooperation will strengthen our collective ability to manage systemic risks, enhance transparency, and promote financial stability in our respective countries,” Abdullahi said.

He added that the framework would also support oversight of cross-border financial institutions, a growing priority as African economies become more interconnected through trade and financial services.

In his remarks, the Governor of the Bank of Angola welcomed the collaboration, describing it as a “strategic partnership that will help both nations deepen financial integration and institutional reform.”

“Nigeria and Angola share similar macroeconomic aspirations, maintaining stability, fostering financial inclusion, and modernising our payment systems. This MoU allows us to work together toward these common goals,” he said.

Dias noted that the pact also aligns with ongoing efforts by African central banks to strengthen intra-continental collaboration in line with the objectives of the African Continental Free Trade Area and regional economic integration initiatives.

The agreement comes at a time when African economies are stepping up coordination on monetary policy, digital payments, and anti-money laundering frameworks, amid growing regional financial flows and exposure to global economic shocks.

It also underscores Nigeria’s renewed diplomatic and economic outreach within Africa under the administration of President Bola Tinubu, which prioritises financial sector reforms, regional partnerships, and macroeconomic stability.

The CBN, under Cardoso’s leadership, has recently engaged in a series of policy realignments aimed at restoring confidence in Nigeria’s foreign exchange market and strengthening regulatory oversight.

The latest partnership with Angola is therefore seen as part of a broader effort to reinforce Africa-led solutions to Africa’s financial challenges, especially in areas such as liquidity management, digital finance, and banking supervision.

The President/Chief Executive of Dangote Industries Limited, Aliko Dangote, and the Manufacturers Association of Nigeria have called on the Federal Government to amend the Public Procurement Act to embed the Nigeria First Policy and link budgetary releases to verified compliance with local content targets.

Dangote made the call on Thursday in Lagos while delivering the keynote address at the 53rd Annual General Meeting of MAN, themed “Nigeria First: Prioritising Made-in-Nigeria.”

He urged the government to “gazette the Nigeria First Policy as a binding law with punitive measures for non-compliance,” stressing that Executive Orders 003 and 005 failed because of “weak enforcement.”

“The Public Procurement Act should be amended to embed the Nigeria First Policy and link budgetary releases to verified compliance levels,” Dangote said. “The government must mandate all MDAs to allocate at least 65 per cent of their procurement budgets to locally manufactured products

He proposed the establishment of an Independent Monitoring and Compliance Agency to audit Ministries, Departments, and Agencies, as well as their contractors, in real time, with sanctions for defaulting entities, including budget cuts and blacklisting from public tenders.

Dangote stated that a properly legislated and consistently enforced policy would strengthen the local manufacturing base, create jobs, and promote self-sufficiency.

“The Nigeria First Policy is not just an economic slogan but a strategic blueprint for industrial survival and prosperity,” he said.

He warned that Nigeria must avoid a repeat of the textile industry’s collapse, which resulted in over 500,000 job losses due to unchecked importation and poor policy enforcement. “Revitalising domestic industries requires not just protectionism but targeted investment in infrastructure, skills, and technology,” he added.

The industrialist outlined eight expectations from the Nigeria First framework, including policy consistency, the creation of a national supplier registry in partnership with MAN, and the institutionalisation of transparent monitoring systems.

He also called for tax incentives for firms investing in backward integration, local sourcing, and research, as well as cheaper credit for manufacturers, especially SMEs supplying government contracts.

“Manufacturers need single-digit interest rates and priority access to foreign exchange for machinery and inputs,” he noted.

Dangote urged the Federal Government to address infrastructure and energy deficits, saying, “Without reliable power and efficient transport systems, local manufacturers cannot meet the demands of the Nigeria First procurement goals.”

Earlier in his welcome address, President of MAN, Francis Meshioye, commended the Federal Government’s ongoing industrial reforms, including the establishment of the Industrial Revolution Working Group and the Presidential Economic Coordination Council.

He, however, stressed that the Nigeria First Policy must be “fully legislated and implemented” to ensure measurable outcomes for local producers. “We are eager to see this policy move from advocacy to action. It holds the potential to significantly boost the manufacturing sector and improve citizens’ welfare,” Meshioye said.

Also speaking, Minister of State for Industry Senator John Enoh reaffirmed the government’s commitment to advancing industrial backward integration and local sourcing. He disclosed that the ministry would, by December 2025, issue procurement documentation guidelines requiring justification when imported goods are preferred over certified local alternatives.

He added that the Bank of Industry, SMEDAN, and MAN would collaborate to graduate 1,000 MSMEs into certified supplier chains by 2026, while energy and transport ministries would prioritise dedicated power and logistics infrastructure for industrial clusters in Lagos, Ogun, Kano, Kaduna, Aba, and Onitsha.

Dangote concluded his address by urging collaboration between government and industry to ensure the policy translates into tangible national growth. “Every nation is in a race to improve the living conditions of its citizens. Nigeria must act decisively. The Nigeria First Policy gives us a fighting chance to compete globally,” he said.

Independent petroleum marketers have confirmed that the Dangote Petroleum Refinery has set a target to release up to 600 million litres of petrol monthly as part of efforts to stabilise supply in the domestic market and ease the recent surge in pump prices.

It said the new distribution framework is been finalised with 20 selected marketers that will see the release of up to 600 million litres of petrol monthly to stabilise the Nigerian downstream market amid lingering supply challenges and rising pump prices.

This was disclosed by the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, on Thursday, who confirmed that the refinery recently held a strategic meeting with key players in the downstream sector.

According to him, the meeting, which included representatives of A.Y.M. Shafa, A. A Rano, NNPCL Retail, Salbas, and several other major distributors, focused on how to streamline product allocation and reduce the layers of middlemen contributing to price distortions

“At the meeting, Dangote announced plans to sell to only 20 selected marketers who will serve as primary distributors to other dealers. Each of them will lift a minimum of two million litres, which will translate to about 600 million litres every month,” Ukadike said.

He explained that the move was part of the refinery’s strategy to stabilise supply, eliminate speculation, and restore efficiency in product delivery across the country.

“We believe that once this structure takes effect, petrol availability will improve significantly and retail prices will start to ease,” he added.

The National Vice President of IPMAN, Hammed Fashola, also confirmed the arrangement, stating, “I have confirmed that 20 marketers have been shortlisted, although the final list has not yet been made public.”

Despite the refinery’s plan, filling stations in the Federal Capital Territory have continued to adjust pump prices upward amid tight supply.

Checks by The PUNCH showed that some stations, including Optima Energy, increased their prices from N945 to N955 per litre, while A.A. Rano also raised its pump price to N945 per litre. A.Y.M. Shafa sold its products at N940 per litre.

Independent marketers have attributed the recent hikes to supply bottlenecks, depot pricing inconsistencies, and delays in product loading from the refinery.

This challenge moved the price of the commodity to N1,000 per litre mark across major cities in the country.

Reacting, the Independent Petroleum Marketers Association of Nigeria has blamed depot owners for the sudden surge in petrol prices.

IPMAN President, Abubakar Shettima, told The PUNCH that depot owners increased their prices when they discovered that the Dangote refinery had stopped fuel loading for some days.

“These DAPPMAN people are the only ones who are selling the product now. But, probably, Dangote will start tomorrow (today). So, if Dangote starts selling tomorrow, the price will come down. Dangote has not been selling to marketers since all these days.

“You may see their trucks on the road, but the trucks are not enough; marketers still have to support by going there to load. And immediately, these DAPPMAN people saw that Dangote was not loading, they increased their ex-depot prices. That’s just what is happening. But I know these things are temporary, very soon they will wipe away,” Shettima said.

In a move expected to bring relief to transporters and industrial users, the Dangote Petroleum Refinery and Petrochemicals FZE has announced a N50 reduction in the ex-depot price of Automotive Gas Oil, popularly known as diesel.

According to a notice issued by the refinery’s Group Commercial Operations Department on Wednesday, the gantry price of diesel has been reviewed downward from N960 per litre to N910 per litre, effective October 15, 2025.

The refinery, in the circular titled “AGO Gantry Price Reduction”, informed its customers of the price change and expressed appreciation for their continued patronage.