Economy
Stanbic IBTC Vows to Restore Public Trust in Insurance Industry
By Modupe Gbadeyanka
Steps are already being taken by Stanbic IBTC Insurance Brokers Limited, member of Stanbic IBTC Holdings Plc, to deploy trust-building measures that would plug major gaps in the insurance value chain in Nigeria.
With the ultimate aim of enhancing insurance penetration in the country, the company said given the low level of trust in the industry, strategic steps are required to restore public confidence and put the sector on a stronger footing.
Speaking during a media interactive forum in Lagos on Thursday, April 20, 2017, Chief Executive of Stanbic IBTC Insurance Brokers Ltd, Mr Anselem Igbo, identified some of the perceived gaps in the industry to include inadequate support to clients to help them effectively manage their risks and the claims management process.
Through effective risk transfer mechanisms, seamless insurance cover payment and impeccable quality of service, the customer will have peace of mind, and subsequently provide the testament required to convince the insuring public to embrace insurance and deepen participation, Mr Igbo submitted.
This will in turn empower the industry to play its catalytic role in economic development by mobilizing savings for investment, mitigating loss, ensuring financial stability and promoting trade and commerce, he added.
According to him, “Public trust and integrity are the bedrock of the insurance business. By applying global best practice and corporate governance, what will result is transparency and openness, which are instrumental in building trust.”
According to Mr Igbo, global best practice, including facilitating prompt payment of claims, will underline the operations of Stanbic IBTC Insurance Brokers Ltd as it aims to become one of the top five insurance brokerage firms in Nigeria in the next 10 years.
The company commenced full operations in February 2016 following the granting of a licence by the National Insurance Commission (NAICOM), paving the way for the firm to offer the full spectrum of insurance brokerage services in Nigeria.
Part of the company’s goal, Mr Igbo said, is to introduce micro-insurance products targeted at the informal sector in order to expand coverage of more Nigerians.
In addition, rather than focus exclusively on corporates, as currently obtains, the company will extend its services to all strata of society as practically everyone is subject to loss and uncertainty.
“We believe that the test of any insurance arrangement is in prosecuting claims to a satisfactory conclusion for our clients.
“Our role as brokers also ensures that insurers, as a matter of obligation, pay claims equitably and promptly.
“Prompt payment of claims is a key factor in any insurance contract. We continuously develop key relationships and requisite logistical processes to ensure that claims are promptly settled,” he promised.
Whilst benefiting from a strong, dynamic and vast group structure, Mr Igbo said the company will be differentiated from the competition as it will be driven by a team of reputable and financially strong underwriters; fully customized solutions, and innovative insurance products at no additional cost to the client.
“Stanbic IBTC Insurance Brokers’ professional services are at no additional cost. We will negotiate your insurance premiums and get the best quotes available.
“We will not be content to rest on our oars but will consistently seek ways of making incremental improvements to our operations and the industry,” Mr Igbo said.
He added that in an industry inundated by a persistent lack of trust and confidence from customers, the reputation of an insurer in Nigeria is critical to its success. #“We are proud that the brand strength of the Standard Bank Group, to which Stanbic IBTC Holdings belongs, echoes stability, financial strength, expertise and reliability.
“Consequently, we believe customers who truly want to protect the people they love will put their trust in the reliability we offer.
“We will work tirelessly to provide the best solutions and service to our clients. We are motivated and determined to continue to deliver innovative and optimal insurance and risk management solutions to our clients,” he noted.
Stanbic IBTC Insurance Brokers Limited is a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets and market capitalization.
It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
