Economy

AIICO Grows PAT by 129% to N1.9bn in Q1 2020

Published

6 years ago

29/05/2020

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.

Economy

NRS Launches Unified Tax ID System

Published

5 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

7 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

7 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.