Mutual Benefit Assurance Invests $64m in Oil Producing Assets

Ebere Nwoji

Mutual Benefit Assurance Plc said besides its core insurance operations, it has diversified into the energy sector having invested a whooping $64 million (N96 billion) in a producing oil asset as a hedge against economic volatility. 

This was revealed by the company’s chairman, Dr Akin Ogunbiyi at the 30th anniversary/ thanks giving service held by the company in Lagos.

Describing this as a major milestone for a firm that started operations three decades ago with an initial capital of approximately N5 million, Ogunbiyi said going forward Mutual Benefit would focus efforts on growing its retail market as part of its growth efforts. 

Ogunbiyi said ahead of June deadline for recapitalisation of insurance firms in the system, Mutual Benefit has already exceeded the industry’s recapitalisation requirements and is currently on growth track.

According to Ogunbiyi, the retail segment remains largely untapped and presents significant opportunities for sustainable expansion.

Speaking to journalists on the side lines of the event, the Managing Director and Chief Executive Officer, of Mutual Benefit, Mr. Olufemi Asenuga, said the company had strategically positioned itself to meet recapitalisation requirements long before the enactment of the Nigerian Insurance Industry Reform Act 2025.

According to him, despite multiple regulatory directives issued over the past five years, Mutual Benefits had already surpassed the required capital thresholds of N10 billion for Life insurance and N15 billion for General insurance.

“By 2020, we had already complied with the initial directives. Today, we have not only met the minimum requirements, we have exceeded them for both the holding company and the Life business,” he said.

He added that the company’s current focus had shifted from regulatory compliance to injecting additional liquidity aimed at driving aggressive business growth.

He said the group’s regional subsidiaries were also contributing to performance, adding that its Niger Republic operation has grown to become the country’s second-largest insurer and was positioned to become the market leader following the exit of several francophone competitors.

NEPAD Business Group Calls for AfCFTA Expertise in Ambassador Appointments

The President Bola Tinubu-led administration has been urged to prioritise deep knowledge and practical understanding of the African Continental Free Trade Area (AfCFTA), as the key requirement for appointing new ambassadors recently screened by the National Assembly.

In a statement, the NEPAD Business Group Nigeria (NBGN), noted that as Africa is repositioning its economy towards intra-African trade, regional value chains, and economic resilience, Nigeria’s diplomatic representation must be strategically aligned with AfCFTA objectives.

According to NBGN, “AfCFTA represents a $3.4 trillion market for over 1.4 billion people, offering Nigeria unprecedented opportunities to expand exports, attract investment, strengthen industrialisation, and create jobs. However, these opportunities can only be fully harnessed if Nigeria’s foreign missions are led by ambassadors who are conversant with AfCFTA rules, protocols, trade remedies, non-tariff barrier mechanisms, and regional trade frameworks.

“The success of AfCFTA will not be determined solely by policies signed at the continental level but by how effectively countries deploy their institutions and representatives to implement them. Nigeria’s ambassadors must be prepared to serve as frontline drivers of intra-African trade, investment promotion, and private sector competitiveness.”

NBGN reaffirms its readiness to continue supporting the Federal Government through policy advisory, private sector engagement, and evidence-based advocacy, to ensure that Nigeria assumes its rightful leadership role in AfCFTA implementation and Africa’s economic transformation.

Access Bank to Drive Africa’s Trade Ambitions at Cape Town Conference

Nume Ekeghe

Access Bank Plc has announced plans to host the second edition of the Africa Trade Conference (ATC 2026), a high-level strategic convening designed to accelerate Africa’s role in shaping the future of global trade.

The bank in a statement noted that its maiden edition, which convened senior decision-makers from 28 countries, the 2026 conference will be held under the theme:
“Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact.”

It stated: “ATC 2026 will feature a rich programme of high-impact sessions, including a Ministerial Panel, High-Level Plenaries, Partner-Led Workshops, an Innovation and Exhibition Arena, Media Content Studios, curated Networking Lounges, and an Awards and Cultural Showcase, all designed to foster collaboration, catalyse capital flows, and translate ambition into execution.”

Speaking on the significance of the conference, the Group Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, described ATC as more than a traditional convening.

“Africa is no longer at the margins of global trade conversations. The question today is not about potential, it is about execution. The Africa Trade Conference is designed as a platform for action, not rhetoric. It brings together the people shaping policy, capital, infrastructure, and innovation to build the systems that will define Africa’s trade future,” Ogbonna said.

He added, “At Access Bank, we see ourselves not just as financiers, but as connectors of markets, ideas, and opportunities. Our role is to help African businesses move from ambition to impact, from local relevance to global competitiveness.

“Our presence across Africa and key global corridors gives us a front-row seat to the realities of trade. It also gives us the responsibility to design solutions that are inclusive, scalable, and future facing. ATC 2026 is part of that commitment.”

CIIN Celebrates Insurance Sector Doyens

Ebere Nwoji

The Chartered Insurance Institute of Nigeria (CIIN), recently celebrated elders of insurance industry through the hosting of the annual CIIN Elders’ forum in Lagos.

The occasion brought together the doyens of the insurance industry for the purpose of interacting, reflecting on their days as industry captains and pointing the way forward in collaboration with the present industry leaders for the upcoming professionals. 

At this year’s edition of the annual forum, the CIIN President, Mrs Yetunde Ilori, addressing the elders said, “Distinguished elders, it is with great delight and a deep sense of honour that I stand before you today to warmly welcome you to this auspicious gathering. I bring you heartfelt greetings from the governing council of our great institute and wish you all a happy new year, as this marks the very first official event of the institute in the year. We are profoundly grateful to God for his guidance and protection over the institute and, most importantly, for preserving the lives of our esteemed elders throughout the year 2025”. 

She informed that the industry would not take such for granted.

According to her, it is indeed a rare privilege to be in the midst of individuals who have accumulated a wealth of knowledge, experience, and wisdom over the years. 

She informed the insurance doyens that their presence reflected a continued commitment to the growth and betterment of the insurance profession and the society at large. 

Foundation Food Outreach Supports Vulnerable Households Across Lagos, Ogun

The Margaret Modinat Foundation has provided food relief to more than 1,000 households across Ogun and Lagos states in its latest humanitarian outreach.

The initiative, led by the foundation’s founder, Princess Olanrewaju Osibote, was carried out simultaneously in Ijebu Ife, Ogun State, and several communities in Lagos, including Akowonjo, Egbeda, Igando Road, Abaranje Road in Ikotun, Olowo Ira, and Ojodu Berger.

According to Osibote, the exercise was designed to ease the pressure of rising living costs on low-income families and petty traders who depend on daily earnings. Each state recorded no fewer than 500 beneficiaries.

Residents received staple food items such as rice, tomato paste, spaghetti, and semovita, which were distributed in an orderly manner at the designated locations.

Speaking during the outreach, Osibote explained that the foundation’s choice of communities was guided by the need to reach vulnerable groups most affected by economic hardship. She emphasised that the organisation remains committed to sustaining such interventions, particularly during festive periods when many households struggle to put food on the table.

“This outreach is part of our ongoing effort to support families in need and spread hope across communities,” she said, explaining that the foundation was established in memory of her late mother, whose compassion for humanity continues to inspire its work.

Beneficiaries expressed gratitude for the gesture, describing it as timely and impactful amid current economic challenges.

ASIS 2026 Policy Engagement Set for Abuja

Nume Ekeghe 

Sterling One Foundation, in collaboration with the Office of the Vice President of the Federal Republic of Nigeria, the United Nations System, and partners of the Africa Social Impact Summit (ASIS) will convene the ASIS 2026 High-Level Policy Engagement today at the State House Conference Centre, Abuja. 

The foundation in a statement noted that the session will bring together senior government leaders, chief executives, development partners, investors, and civil society leaders to advance results-driven partnerships for inclusive growth, foundational learning, women and youth empowerment, and national development delivery.

Speaking ahead of the engagement, the Vice President of the Federal Republic of Nigeria said, “Nigeria’s future prosperity depends on how effectively we mobilise the private sector, development partners, and public institutions around shared national priorities. This engagement marks a critical step toward delivery-driven partnerships that unlock the full potential of our women and youth, strengthen human capital, and accelerate inclusive growth.”

According to CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, “ASIS 2026 High Level Policy Engagement represents a pivotal shift from conversation to national execution. By deliberately aligning policy, innovation, and financing, we are catalysing a framework that enables solutions to scale, delivering real impact for millions of Nigerians while positioning Nigeria as a leader in Africa’s sustainable growth agenda.”