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Guinea Insurance records N1.29bn Gross Premium Written in 2019

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Guinea Insurance plc on Monday said it recorded a modest earnings of N1.29 billion in 2019 as its Gross Premium Written (GPW) as against N1.24 billion in 2018, representing an increase of 4.02 per cent.

Mr Ufot Hanson, Team Lead, Corporate Communication of the firm, disclosed this in a statement on the outcome of the company’s 62nd virtual Annual General Meeting (AGM) held in Lagos.

Hanson said the insurance company’s Gross Premium Income decreased by 2.05 per cent from N1.20 billion in 2018 to N1.17 billion in 2019.

He stated that the Net Premium Income also decreased slightly by 0.2 7 per cent from N904.9 million in 2018 to N902.4 million in 2019.

According to him, investment income for the period under review increased considerably by 50.5 per cent from N139 million in 2018 to N210 million in 2019.

This, he said, was due to operational efficiency in terms of people, processes and technology.

“Operational expenses of N868.6 million was efficiently managed as it resulted in a savings of about three per cent when compared to N904 million reported in 2018.

” Premium payments for the year decreased significantly, as in most cases, policies were not renewed for want of disposable income, amongst other economic challenges.

“The dip experienced in the general economy is the root cause of the declining revenue pool of Nigerian insurance companies, ” he said.

The company’s spokeman noted that the firm, at the AGM, was able to secure its shareholders’ approval to appoint BDO Professional services as its external auditors.

Hanson said the company also re-elected three directors — Alhaji Hassan Dantata, Dr Mohammed Attahir and Mr Anthony Achebe –who were to retire by rotation.

In his remarks, the firm’s Chairman, Board of Directors, Mr Godson Ugochukwu, appreciated the company’s shareholders as they continued to keep faith with it, albeit harsh economic realities.

On steps taken by the company to meet the National Insurance Commision (NAICOM) Dec. 31 and Sept. 30, 2021 recapitalistion deadline, Ugochukwu assured that discussions were ongoing and preparedness had reached an advanced stage.

“We are also looking the way of merger and the company is in discussion with core investors,” he said.

The company’s Managing Director/Chief Executive Officer, Mr Ademola Abidogun, said that the intention of the board and management was to identify opportunities amid the COVID-19 pandemic.

Abidogun said the firm would continually leverage on Information Communication Technology to create veritable and easily accessible platforms that will not only deliver services real-time and in a seamless manner, but will also deliver on the numbers.

“Our longevity as a brand has stood the test of time, and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders.

“We intend to keep Guinea Insurance plc as a legacy for several generations to come.

“Our strength is made manifest in our passion for high standards and our single-minded determination to emerge a world class enterprise.

” One with the scope and economies of scale necessary to drive home our unflinching mandate of returning the firm on the path of sustainable profitability,” the managing director said. (NAN)

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Economy

Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

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By: Fabian Apechihin

Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.

Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.

Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.

Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.

“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.

IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.

Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.

The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.

Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.

Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”

In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.

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Economy

Tourism wearing a new face in Kwara: Commissioner

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  • Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin

Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.

The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.

The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).

According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.

“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.

The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.

She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.

She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.

“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.

The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.

In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.

Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.

She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.

Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.

End

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Economy

FAAN Rolls Out Cashless Payment System at Lagos, Abuja Airports

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By: Fabian Apechihin

The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.

In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.

According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.

FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.


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