Economy
Leadway Assurance Nears Full Implementation of IFRS 17
By Adedapo Adesanya
Leadway Assurance Limited has said it is on a course to implement the International Financial Reporting Standard (IFRS 17), which will help standardize insurance accounting globally.
IFRS 17 (previously known as IFRS 4 Phase II) is an International Financial Reporting Standard developed by the International Accounting Standards Board (IASB) providing new standards for reporting profit emergence from insurance contracts, scheduled to take effect from January 1, 2023.
At a lecture series with media practitioners in Lagos, the underwriter noted that implementing the current standard will help users of accounts make sensible comparisons between companies, their past performance, their current financial position, and risk exposure.
Speaking on Navigating the New Financial Reporting Standard, Mr Raphael Akomolede, from Leadway’s Finance Department, gave insights on the position of the firm regarding the implementation of the IFRS 17.
He said the company has completed solution design which takes care of Gap Analysis, Financial, and Operational Impact Assessment; Designed Future State of Finance Process/Technology Gap Analysis; Development, Documentation, and Review of Target Operating Model; Preparation of Technical documents and Reviews, and Vendor Selection for IFRS 17.
He said presently, the relevant departments of the company are working simultaneously on System testing and Implementation (pre and post); Reviewing and Producing 2021 and 2022 financial positions, produce interim IFRS 17 compliant financial statements, including transition disclosure.
Speaking on the problem with the soon-to-be-replaced IFRS 4, he said the IFRS 17 replaces the interim standard that allows insurers to use local Generally Accepted Accounting Principles (GAAP) to measure insurance contracts; no single way to account for insurance contracts; existing accounting makes it hard for investors to see which groups of contracts are profit-making and which are not.
The impact of IFRS 17, according to him, includes improved comparability for the first time; relevant and updated measurement of insurance contract liabilities; a more intuitive presentation of financial performance and position; enhanced disclosure and transparency and a clear distinguishing of insurance activities from investment activities.
While commending the National Insurance Commission (NAICOM) for the Roadmap for the implementation of IFRS 17 for the insurance industry in Nigeria, he said the commission has been working seriously since 2019 towards ensuring the full adoption of IFRS 17 in the Nigerian insurance industry.
Speaking on Breaking Down the Power of Synergy, Mr Joshua Ogbeifun of the Strategy and Special Project Department, Leadway Assurance, highlighted the strategy adopted by Leadway in enhancing its ambition of remaining the dominant insurance company in Nigeria in revenue and profit market share within the corporate and retail market segment.
He said the company is focusing on becoming a customer-centric organization with an efficient sales process and structure, partnering with organisations with the reach Leadway is seeking by providing data-driving customer insights and customer-led solutions.
Mr Ogbeifun, who described Leadway as a one-stop shop business group, listed the associate companies as Leadway Assurance, Leadway Pensure, Leadway Asset Management, Leadway Health, and Leadway Capital & Trust Limited.
In his closing remarks, Chief Marketing Officer, Mr Olusakin Labeodan, emphasised the importance of the media in the growth of any business and the development of any nation.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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