Economy
NAICOM Takes Over UNIC Insurance, Plans Forensic Audit
By Dipo Olowookere
The regulatory agency for insurance business in Nigeria, the National Insurance Commission (NAICOM), has taken over operations at UNIC Insurance Plc.
This followed the sacking of management of the insurer and the constitution of a four-man interim board to pilot the affairs of UNIC Insurance for the next six months.
The takeover of the firm, which happened on Thursday, according to NAICOM, is to ensure safety of policyholders’ investment as well as sanitise the insurance industry.
The interim board is chaired by NAICOM’s former Director of Finance and Accounts, Mr Samuel Ordu, while Mr Theophilus Eke will serve as its interim Managing Director.
Other members are Ifeyinwa Ann Momah and Nicholas Shaiyen.
During its six-month lifespan, the interim board will conduct a forensic audit on the firm’s financial position as well as point out the corporate governance failures observed in the course of reviewing the financial statements of the company.
On Friday, NAICOM explained that it was taking over UNIC Insurance to rescue it from distress. The firm has been unable to pay claims to policyholders and had weak financial result.
It was gathered that NAICOM plans to spread its tentacles to other insurance companies operating in the country.
Recall that few days ago, the Commissioner for Insurance, Mr Mohammed Kari, said there was an urgent need for consolidation between the firms.
He said aside the underwriters, all other insurance operators especially brokers would also need to consolidate.
According to him, out of 27 companies, only six or seven have paid dividend in last three years, pointing out that the resolution to consolidate was reached and agreed upon by the regulator and operators at the Insurers Retreat held recently in Abeokuta, Ogun State.
He further advised operators who are seeking or may want to seek for a new operating license to acquire some of the existing weak companies, stating that consolidation will enable the companies to strengthen themselves financially.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) 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 traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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