Economy
AIICO Grows PAT by 129% to N1.9bn in Q1 2020
By Adedapo Adesanya
AIICO Insurance Plc said it reported a 129 percent growth in Profit after Tax (PAT) for the first three months of the year.
In a statement issued by the firm’s Head, Strategic Marketing & Communications Department, Mr Segun Olalandu, the insurer said its net profit stood at N1.9 billion compared with N820 million attained in Q1 2019.
This happened as the underwriter’s Gross Written Premium (GWP) during the period hit N17.6 billion, 23 percent higher than N14.3 billion achieved the same period in 2019.
Mr Olalandu explained that the growth was driven by sustained positive performance across the major lines of business of the group: Retail and Corporate & Institutional businesses.
The group recorded a 24 percent increase in profit before tax (PBT) of N1.44 billion compared with N1.17 billion in Q1 2019.
Quoting Managing Director/Chief Executive Officer of AIICO Insurance, Mr Babatunde Fajemirokun, the statement said, “AIICO delivered excellent first quarter results, demonstrating the overall strength of our company and ability to continue to meet our obligations to stakeholders even in the face of the COVID-19 global pandemic.”
“We are living in a period of uncharted waters and recognize the situation presents both challenges and opportunities.
“Our resilient business continuity plans and robust technology infrastructure ensured we remained operational throughout the lockdown period.
“We have rolled out additional digital channels for the convenience and safety of our customers, and our employees have embraced the Work-From-Home (WFH) concept – indeed this is the new normal,” Mr Fajemirokun added.
Speaking further, Mr Fajemirokun said, “In light of these outcomes, we recorded strong growth in our Retail Life business, which grew by 34 percent to N10.97 billion (Q1 2019: N8.2 billion); and an increase of 6 percent in our Corporate and Institutional business to N6.2bn (Q1 2019: N5.9 billion).
“Within the period under review, the Group’s balance sheet improved with total assets growing by 11 percent to N176 billion compared to N159 billion in December 2019. Shareholders’ funds, also rose by 0.28 percent to N27.99 billion (Dec 2019: N27.91 billion).”
He added that, “Insurance has a critical role to play in the economy and business environment in which we operate. With the advent of this pandemic, we are seeing increasing requests from corporates in Nigeria trying to understand how insurance can be deployed as a strategy for building resilience within their businesses.”
On the retail side, he said: “We are seeing new trends emerge; one of which is the shift towards a low touch world, where close-contact interaction is discouraged.
“In response, we are positioning to take advantage of these trends and opportunities presented by the COVID-19 pandemic to reshape and disrupt the way we operate, interact and our go-to-market strategy. I am, however, confident that we will get through this difficult times and emerge stronger.”
AIICO Insurance is a leading composite insurer in Nigeria with a track record of serving our clients that dates back over 50 years.
Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.
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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