Business

Cornerstone Hails Insurance Best Practices

Published

16 years ago

July 24, 2009

Cornerstone Insurance has commended professional brokers and other stakeholders in the collective drive to enhance the ethics and compliance with best practices in the Nigerian Insurance Industry.

Cornerstone Insurance recorded the highest gross premium earning in its 18 years of existence underwriting N3.8 billion in 2008, in spite of the adoption of a wholly ethnical approach to insurance business.

Mr. Adedotun Sulaiman, chairman Cornerstone Insurance Plc, at the yearly general meeting of the company in Lagos recently, said the top line performance of the company was due to supports from professional brokers, corporate Nigerian, institutions, businesses operators in the formal and informal sectors and individual policy holders.

According to him, despite choosing the ethnical route and emphasising that it will not pay bribe to acquire business, the company had tremendous support and patronage from professional brokers which saw it recording its all-time high gross premium of N3.8 billion.

Sulaiman said 80 per cent of Nigeria’s insurance businesses are controlled by brokers, which underlined their importance as strategic business partners are influencing factors in the drive to reposition the Nigerian insurance industry.

He called for closer collaboration between brokers and underwriters in the country to enable the industry give the highest value to policy takers adding that all stakeholders stand to benefit in the growth of the industry.

“Cornerstone as a responsive and transparent company, will always meet its obligation to brokers and those on whose behalf they placed their insurance risk with Cornerstone”, Sulaiman said.

He assured shareholders that the Company’s definitive strategic medium term growth plan would translate into significant shareholders’ value in the years ahead.

He said the company has undertaken comprehensive renew of its process and resources and already implementing measures to realise the company’s vision of being the leading insurance-based financial services company in Nigeria. According to him, the company’s unwavering commitment to enshrining an ethical culture and promoting best business practices informed its resolve to put in place a robust governance structure, which importance in the creation of shareholder value cannot be overemphasised.

We are taking sure and steady steps, more than ever before, to take advantage of the opportunities and are confident that the prospects are bright.

We are strengthening the leadership of the business – Life, General and Financial Services and intensifying our brand reputation in line with our corporate mission to deliver value beyond the expectations of stakeholders”, Sulaiman said.

He pointed out that in spite of the recession in the financial markets, the company has maintained its focus on building the company for sustainable success and leadership.

He noted that the company was constantly engaging its customers to identify and create tailor-made solutions to meet their needs as part of efforts to deepen existing market share and break new ground.

He urged shareholders and other stakeholders to support the on-going efforts by the company to redefine Nigerian insurance practice along ethical line noting that it is possible to business successfully without engaging in unethical practices.

He added that the nature of insurance business as a long-term business also requires understanding and patience given the ups and downs that sometimes characterise investments.

He said the company’s determination to ensure prompt claim payment irrespective of the global and national macro-economic conditions and the recession in the stock market adversely affected the performance of the company in 2008.

He noted that many one-off costs such as rebranding and relocation of the head office of the company in 2008 would not reoccur and as such mitigate costs while significantly adding value to the business.

He said the board took a courageous decision to make almost full provisions for the potential loss in the market value of its investments, although the recovering trend at the stock market suggests that the potential loss is unlikely to crystallise.

Audited report and accounts of Cornerstone Insurance for the year ended December 31, 2008 showed significant improvements in the top line and bottom-line with group gross premium rising but 37 per cent from N2.7 billion in 2008. Profit before tax and diminution in value of investment jumped by 76 per cent to N678.9 million in 2008 as against N386.6 million in 2007.

A provision of N1.11 billon as diminutions in value of investments however impacted negatively on the bottom-line, leaving the company with a net loss of N419.5 million in 2008 compared with a net profit of N325 million in 2007.

Sulaiman however assured shareholders that the company would deliver better results in 2009 noting the interim reports for the first half of the year showed significant improvements.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

2 days ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

2 days ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

5 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi