Economy
NAICOM Advocates Environmental Footprint for Insurance Companies
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has encouraged insurance companies to reduce their environmental footprint through internal operations and business activities.
This call was made by the Commissioner for Insurance, Mr Sunday Thomas, at the recent 2022 Insurance Directors’ Conference organised by the College of Insurance and Financial Management (CIFM) and NAICOM in Lagos.
He added that this has become necessary as insurance remains the industry that ensures the survival of other industries.
He noted that the world is going through rapid changes economically, socially, and environmentally and this has spurred the need to bring directors of insurance entities to speed on these developments to enable sustainability.
He maintained that role of the board of directors in the survival and transformation of their establishments could never be overemphasized, and programmes like the conference were meant to apprise the directors of the developments in the industry and also equip them with the necessary knowledge that will enhance the value of their companies.
“We want to further encourage insurance companies to reduce their environmental footprint through their internal operations and business activities. I want to borrow the words of my dear sister, Dr Yeside Oyetayo, Rector of the College of Insurance and Financial Management, when she said, and I quote, Insurance is the industry that ensures the survival of other industries, it has always risen to the risks associated with human challenges in the past, and climate risks require that insurers must be part of the solution,” he said.
Mr Thomas said the insurance industry globally is continuously undergoing profound changes, adding that “we must admit that the disruption we are faced with is not just digital but also harsh market conditions, demanding customers, innovative new market entrants, and regulations which are also some of the forces transforming the insurance industry.
However, wherever there is a challenge, there is an opportunity. And all the sources of disruptions can be harnessed to become a source of growth for insurers. While no one can predict exactly what insurance might look like in a decade, insurers can take several steps now to prepare for these changes.
He noted that each of the four Principles for Sustainable Insurance has actions in the areas of company strategy, risk management and underwriting, product, and service development, claims management, sales, and marketing, investment management, clients and suppliers, insurers, reinsurers and intermediaries, government regulators, policymakers and stakeholders.
“It is imperative that as an industry, we take precautionary measures by raising awareness within ourselves on the potential sustainability impacts of business transactions and integrating these considerations into pre-emptive and holistic risk management processes,” he submitted.
He advised the directors as leaders of their respective companies that it is instructive that they take deliberate steps at reconciling long-term with short-term goals, global expansion with local objectives, and workplace, and community issues, all of which must be united, while not losing sight of the basic goals of profitable operations and increasing shareholder value.
He said to facilitate economic prosperity and ensure environmental sustainability and social development; we must join forces with identified stakeholders to drive long-term sustainable growth in the insurance sector for lasting benefits to all stakeholders.
“As an industry, we should draw on external knowledge and partnerships to keep pace with wider trends affecting not just the local but also the global insurance market. We must discover strategies to adapt and overcome further changes in the near future that may arise as a result of entrenching Economic, Social, and Governance principles,” he submitted.
By Dipo Olowookere
The Nigerian bourse rebounded by 0.57 per cent on Tuesday despite weak investor sentiment triggered by a negative market breadth index after finishing with 26 price gainers and 31 price losers.
Customs Street was saved from a further decline due to buying interest in some mid and large-cap equities, which offset profit-taking in others.
It was observed that the insurance sector bled by 1.64 per cent and the consumer goods index depreciated by 0.93 per cent. However, the industrial goods space appreciated by 2.27 per cent, the banking counter improved by 0.98 per cent, and the energy industry rose by 0.11 per cent.
Consequently, the All-Share Index (ASI) gained 1,430.59 points to settle at 251,635.42 points compared with the previous day’s 250,204.83 points, and the market capitalisation chalked up N917 billion to close at N161.280 trillion versus the N160.363 trillion it ended a day earlier.
FTN Cocoa led the advancers’ chart after rising by 10.00 per cent to trade at N9.79, Zichis increased by 9.97 per cent to N29.13, SAHCO jumped by 9.79 per cent to N156.95, Caverton flew by 9.76 per cent to N6.75, and Japaul grew by 9.73 per cent to N3.72.
Conversely, Unilever Nigeria depreciated by 10.00 per cent to N153.00, Trans-Nationwide Express crashed by 9.92 per cent to N6.99, Sovereign Trust Insurance fell by 9.81 per cent to N2.39, McNichols slumped by 9.26 per cent to N7.25, and Austin Laz declined by 7.28 per cent to N4.20.
The busiest stock on the floor of the Nigerian Exchange (NGX) Limited yesterday was Access Holdings with 88.4 million units sold for N2.3 billion. Linkage Assurance transacted 46.2 million units valued at N83.5 million, Sterling Holdings traded 44.9 million units worth N349.3 million, Secure Electronic Technology exchanged 35.0 million units valued at N31.6 million, and Zenith Bank sold 30.4 million units for N4.0 billion.
At the close of trades, a total of 704.0 million units worth N32.2 billion were executed in 64,539 deals versus the 800.5 million units valued at N37.1 billion traded in 87,096 deals on Monday, implying a decline in the trading volume, value, and number of deals by 12.06 per cent, 13.21 per cent, and 25.90 per cent, respectively.
By Adedapo Adesanya
The oil market edged lower on Tuesday but remained well above $100 per barrel, as investors weighed mixed signals from President Donald Trump on the resumption of military strikes against Iran.
Brent crude futures lost 0.73 per cent to trade at $111.28 per barrel, and the US West Texas Intermediate (WTI) fell 0.82 per cent to sell for $107.77 per barrel.
President Trump told reporters Tuesday that the US. might have to give Iran “another big hit” after he had previously posted that his administration would ‘hold off’ on a planned military attack, renewing the threat after he said he called off the attack scheduled for Tuesday at the request of the leaders of Qatar, Saudi Arabia and the United Arab Emirates (UAE).
The American President also said that Iran has a “limited period of time” to agree to a deal, giving options “two or three days, maybe Friday, Saturday, Sunday, something, maybe early next week.”
Iran’s latest peace proposal to the US involves ending hostilities on all fronts, including Lebanon, the exit of US forces from areas close to Iran and reparations for destruction caused by the war.
Meanwhile, the US imposed sanctions on an Iranian foreign currency exchange house and what it said were front companies overseeing transactions on behalf of Iranian banks. It also blocked 19 vessels, which it said were involved in shipping Iranian petroleum and petrochemicals to foreign customers. It also seized an oil tanker linked to Iran in the Indian Ocean overnight.
US Treasury Secretary Scott Bessent extended a sanctions waiver by 30 days to allow “energy-vulnerable” countries to continue purchasing Russian seaborne oil.
Oil markets continue to price in persistent supply disruptions in the Middle East, with analysts noting that hopes that China would help broker progress during recent Trump-Xi talks failed to materialise.
Goldman Sachs forecasts that every month the Strait of Hormuz remains closed adds $10 to the price of oil at year’s end, while ING said some shipping activity through the Strait of Hormuz has resumed, including several crude tankers and a Vietnamese-bound Iraqi oil shipment, though flows remain well below normal levels and could deteriorate quickly.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 9.1 million barrels in the week ending May 15. In the week prior, US crude oil inventories fell by 2.188 million barrels. Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
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