Economy
AXA Mansard Improves Gross Written Premium by 15% in FY 2022
By Dipo Olowookere
In the 2022 financial year, a member of the AXA Group and a global insurance and asset management firm, AXA Mansard Insurance Plc, reported a 15 per cent improvement in gross revenue to N69.0 billion from N60.2 billion.
This was driven by a 49 per cent surge in Life and Savings (L&S) at N13.8 billion and a 22 per cent increase in the health insurance segment of the business at N27.7 billion, while the Property and Casualty (P&C) were down by 3 per cent to N27 billion mainly caused by a deliberate selection of risks to drive profitability.
In the same period, the company recorded a 24 per cent growth in net premium income to N46.1 billion from the N37.1 billion posted in the 2021 fiscal year.
However, the underwriting firm posted a 42 per cent decline in its profit before tax and a 35 per cent fall in the profit after tax in the period under review at N300 million.
According to the Chief Financial Officer of AXA Mansard Insurance Plc, Mrs Ngozi Ola-Israel, this was due to the higher claims experience in the health portfolio and fair value losses on the investment property.
But she stressed that the insurer delivered strong double-digit growth in the top line of the financial results “Despite the macroeconomic challenges the business faced in the 2022 financial year.”
Mrs Ola-Israel noted that Axa Mansard Insurance has remained focused on its growth plan across business lines.
“We made significant recoveries in the second quarter of 2022, with the health business moving from break-even to closing with profits of N0.3 billion at the end of the year.
“We have taken all necessary steps to strengthen our balance sheet and have set the right platform for continued profitability in 2023,” she added.
Highlights of the results showed that P&C went down in the year owing to one-off impacts regarding a non-renewable transaction and a change in the timing of the booking of another transaction in the CL P&C portfolio. It also dropped because of the non-recurrence of premiums from commercial lines, which declined by 6 per cent to N24.7 billion from N26.3 billion due to shortfalls in the Engineering and marine portfolios, while oil & energy remained flat. The engineering dip was driven by one-off unrenewable transactions in the prior year.
It was observed that last year, Life volume acceleration increased due to the fast onboarding of the new life savings product, while Health volumes improved as a result of increased premiums and renewals for key commercial line clients.
The L&S business recorded an improved performance in the group life (+20%) and individual life businesses (+107%). The life and savings business has experienced strong customer retention, and sales drive from the launch of the new life savings product.
Overall, improved agent productivity and digital footprint also contributed to the revenue growth, as the total revenues improved by 18 per cent, with higher management fees benefiting from improved 3rd party assets under management.
AuMs for corporate clients grew 51 per cent as client count grew by 21 per cent, leading to a 16 per cent growth in 3rd party AuMs and a 6 per cent growth in total AuMs.
Axa Mansard Insurance said it was committed to improving performance through an improved distribution network, process automation, and client retention.
“We have remained market leaders in the health segment with a strong focus on providing excellent customer experience while partnering with health providers.
“Growth in P&C (+23%) versus LY is attributable to improved net premium income, investment income, and reduced claims. L&S grew 448 per cent due to improved revenue performance, investment income, and a strong drive for operational efficiency,” the company said.
Economy
Dangote Refinery Crude Intake Hits 635,000b/d in April, Receives 21 Cargoes
By Adedapo Adesanya
Nigeria’s 650,000 barrels-per-day Dangote Refinery hit its highest-ever monthly crude intake in April 2026, taking in about 635,000 barrels per day of crude oil, according to Argus tracking data.
Deliveries in the review month rose from 565,000 barrels per day in March, bringing the refinery close to its full installed capacity.
The increase followed the completion of maintenance work on one of the refinery’s crude distillation units earlier this year.
This indicates that the Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023.
The refinery received 21 separate crude cargoes in April — a record since operations began.
All supplies came from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon.
Nigerian grades delivered included Bonny Light, Escravos, Qua Iboe, Bonga, Forcados, Brass River, Amenam, and others.
Cameroon’s Ebome crude was supplied to the refinery for the first time.
April receipts comprised 160,000 barrels per day of Bonny Light, 65,000 barrels per day each of Escravos, Qua Iboe and Bonga, 50,000 barrels per day of CJ Blend, then 25,000-35,000 barrels per day each of Nigerian Utapate, EA, Jones Creek, Amenam, Forcados, Brass River, plus 25,000 barrels per day of Cameroon’s Ebome.
The strong rise in local and regional crude supply could also reduce the refinery’s dependence on imported crude grades and strengthen Nigeria’s domestic fuel production capacity.
The Argus report said that no US crude was delivered in April, despite the US West Texas Intermediate (WTI) crude previously being a major feedstock for the plant in 2025.
The refinery relied heavily on Suezmax tankers, with some vessels making multiple shuttle trips between offshore terminals and the refinery.
Average crude receipts in the first four months of 2026 climbed to 495,000 barrels per day, significantly above last year’s average of 375,000 barrels per day.
The data assessed Dangote’s April receipts at a weighted average of 35.1°API and 0.2 per cent sulphur content, compared with 37.2°API and 0.2 per cent sulphur in March. Receipts averaged 37.1°API and 0.15 per cent sulphur in January-April, compared with 36.8°API and 0.2 per cent sulphur across 2025.
The report also added receipts for May appear good as the refinery should get a cargo each of Qua Iboe and Odudu this week.
Economy
Customs Area 11 Command Seizes N2bn Containers of Illicit Items
By Bon Peters
About 17 containers containing illicit items worth over N2 billion have been seized by the Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Port Harcourt, Rivers State, between January and April 2026.
In the period under review, the agency generated about N258 billion as revenue, a statement signed by the command’s acting spokesman, Mr Paul Istifanus Gimba, an Assistant Superintendent of Customs 1, disclosed on Thursday.
The Customs Area Controller for the Command, Comptroller Aliyu Mohammed Alkali, said last month, more than N77 billion was generated, noting that this reflects the command’s unwavering commitment to revenue generation, trade facilitation, and the enforcement of extant government fiscal policies.
He stated that in the second month of this month, his men intercepted an attempt to smuggle one 40-foot container declared to contain plumbing materials, with a Duty Paid Value (DPV) of N185.2 million.
According to him, upon examination, it was discovered that the perpetrators had concealed the original container number and replaced it with a fake one in an attempt to unlawfully remove the container from the port without payment of duty.
Furthermore, he hinted that in April 2026, the command intercepted six 20-foot containers carrying a total of 1,100 jerricans of Super Delicieux Vegetable Oil with a DPV of N494.0 million, in contravention of section 55 of the Nigeria Customs Service Act, 2023, which prohibited the importation of refined vegetable oils and fats in order to protect and promote local industries, particularly domestic vegetable oil producers and agro-allied businesses.
The senior customs officer highlighted other items seized by his men during the period under review, including cartons of chilli cutters, ceiling fans, and food packs.
The Comptroller reminded all mischievous importers and their agents that the command remained unwavering in its resolve to combat smuggling and all forms of illegal trade practices at the port, even as he strongly encouraged all law-abiding traders to remain compliant and resist the temptation to engage in activities that contravene the law.
Mr Alkali praised the professionalism of the officers and men of the command as well as their vigilance and dedication to duty.
He also thanked members of the press for their continued partnership and commitment to disseminating accurate and reliable information about the activities of the agency to the public.
Economy
Indonesia Buys Nigerian Crude Oil to Reduce Exposure to Hormuz Disruptions
By Adedapo Adesanya
Indonesia has imported crude oil from Nigeria as Southeast Asia’s largest economy moves to reduce its dependence on Middle Eastern supplies amid rising geopolitical tensions involving the United States, Israel, and Iran.
Indonesia’s Ministry of Energy and Mineral Resources confirmed that Nigerian crude cargoes have already arrived in the country as part of efforts to diversify supply routes away from the volatile Strait of Hormuz, a key global oil transit chokepoint that handles about 20 per cent of world oil shipments.
The development positions Nigeria as an increasingly strategic alternative supplier in the global energy market as buyers seek more stable and flexible crude sources outside the Middle East.
Nigeria, which is Africa’s largest crude producer, has always sold some of its crude grades via joint ventures with international oil companies as well as to Dangote Refinery, to boost domestic production.
Indonesia’s Director General of Oil and Gas, Mr Laode Sulaeman, said the country was prioritising crude imports from suppliers whose shipping routes do not pass through the Strait of Hormuz, which has faced heightened security concerns following the ongoing conflict involving Iran, Israel, and the United States.
Apart from Nigeria, Indonesia is also considering crude supplies from Russia and the US.
The move could strengthen Nigeria’s crude export market at a time the country is seeking to boost production levels and attract new long-term buyers for its oil grades.
Speaking in March, the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Before the latest geopolitical tensions, around 20 per cent of Indonesia’s crude imports came from the Middle East. However, the country has now accelerated plans to diversify supply sources, naming Nigeria among key replacement suppliers alongside Angola, Brazil, Russia, and the US.
The development comes as Nigeria continues to gain attention in global oil markets, with its crude grades increasingly sought after because of their relatively low sulphur content and suitability for modern refineries.
Indonesia also recently opened talks with Russia for long-term crude and liquefied petroleum gas supplies, including a proposed purchase of 150 million barrels of Russian crude scheduled for delivery from late 2026.
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