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Veritas Kapital Assurance Records N2.7 Billion Net Premium Income, Focuses on Energy Sector

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By  Milcah  Tanimu

Veritas Kapital Assurance has announced a Net Premium Income of N2.699 billion for the 2022 financial year, representing a marginal one percent increase compared to N2.675 billion in 2021.

Mr. Nahim Ibraheem, Chairman of the Board of Directors of Veritas Kapital, disclosed this during the company’s 46th Annual General Meeting (AGM) held in Abuja on Tuesday.

Ibraheem explained that the company experienced a 28 percent reduction in Gross Premium Written (GPW), which amounted to N4.37 billion, down from N6.055 billion in 2021. This reduction was attributed to operational challenges stemming from the adverse economic conditions in the year under review.

According to the company’s annual report, Profit before Tax (PBT) increased significantly to N219.77 million in 2022 from N36.31 million in 2021, marking a growth of 505 percent. However, Profit after Tax (PAT) decreased from N331.24 million in the previous year to N170.13 million in 2022.

Ibraheem also highlighted that shareholders’ equity grew organically by three percent, reaching N9.625 billion in 2022, while total assets decreased slightly from N14.551 billion in 2021 to N13.996 billion in 2022.

Despite the economic challenges faced by the country, Ibraheem assured shareholders that the company was committed to delivering dividends in the upcoming business year. He further mentioned that Veritas Kapital Assurance was strengthening its relationships with key players in the upstream and downstream sectors of the oil and gas industry to attract profitable business opportunities.

“The Board and management remain confident and committed as it continues to leverage several key fundamentals in its activities to provide reasonable returns to shareholders,” Ibraheem stated.

He added that the company had re-strategized and was actively working to enhance the perception and awareness of the Veritas Kapital Assurance brand in order to expand its market presence. Additionally, the company was focusing on retaining more premiums from the highly lucrative energy sector.

Ibraheem emphasized the importance of balancing capital exposure and risk aversion in making business decisions and noted that the company was well-positioned to take advantage of opportunities while maintaining excellence and affordable coverage for customers and the insuring public.

Shareholders commended the board and management for their resilience in managing the company’s affairs amid the challenging economic conditions in the sector. They expressed satisfaction that, despite not paying dividends during the period, the company fulfilled all client claims

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Defence/Security

Banditry: Rep member condemns attack on Kwara community

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Stephen Olufemi Oni, Ilorin

The Member representing Ekiti/Isin/Irepodun/Oke-Ero Federal Constituency in the National Assembly, Hon. Raheem Tunji Olawuyi Ajuloopin, has strongly condemned the recent attack in Idofin Odo-Ashe, Oke-Ero Local Government Area of Kwara State, describing it as a cowardly act that seeks to disrupt the peace and stability of the community.

Hon. Ajuloopin, in a statement personally signed by him, expressed deep concern over the unfortunate incident and sympathised with the victims, their families, and the entire community affected by the dastardly attack, emphasising that acts of violence have no place in a civilised society, and therefore urged security agencies to intensify efforts in bringing the perpetrators to justice.

While commending the swift response of both the federal and Kwara State governments, as well as the security agencies and local vigilante groups, the lawmaker reiterated that the fight against insecurity requires collective responsibility, calling on traditional rulers, community leaders, and residents to remain vigilant and cooperate fully with security operatives by providing timely and credible information.

“Security is everyone’s business. We cannot afford to leave the safety of our communities solely to government agencies. Every citizen must be actively involved in safeguarding our environment and ensuring that peace prevails,” Hon. Ajuloopin admonished.

He reaffirmed his commitment to continued collaboration with relevant authorities to ensure that lasting peace in all parts of Kwara South and beyond.

Hon. Ajuloopin also appealed for calm, assuring that both the federal and state governments are working tirelessly to address the root causes of insecurity and prevent future occurrences.

End

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Governor Namadi Attends High profile Ministerial Meeting On Self-Sufficiency In Cairo

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From Hassan Taiye

Governor Umar Namadi is currently in Cairo,Arab Republic of Egypt, attending the Third High-Level Ministerial Meeting on Rice Self-Sufficiency, holding from October 7th to 9th, 2025, in Cairo and Sakha.

The meeting, themed “Towards Rice-Based Agri-Food Systems Transformation and Delivering on Rice Self-Sufficiency through Peer-to-Peer Learning: The Case of the Arab Republic of Egypt,” is jointly organized by the Egyptian Ministry of Agriculture and Land Reclamation, AfricaRice, the Arab Organization for Agricultural Development (AOAD), and other key continental partners.

This high-level gathering brings together African Ministers of Agriculture, State Governors, and agricultural leaders to share practical experiences on achieving rice self-sufficiency and agricultural transformation.

The event will showcase Egypt’s remarkable progress in achieving rice self-sufficiency despite its limited water and land resources, offering valuable lessons adaptable to other African contexts.
Namadi is participating alongside top policymakers, agricultural experts, and private sector players from across Africa to discuss innovations, policy reforms, and strategic investments aimed at strengthening food security and transforming the agricultural sector on the continent.

Over the three-day programme, delegates will engage in high-level ministerial sessions, technical discussions, and a field visit to Egypt’s renowned Rice Research and Training Centre (RRTC) in Sakha.

During the visit, participants will interact directly with Egyptian scientists and farmers to learn about the country’s advancements in high-yield rice varieties, efficient irrigation systems, and modern post-harvest technologies.

Jigawa State’s participation in this important forum underscores the state’s commitment to agricultural transformation, food self-sufficiency, and consolidating Jigawa’s position as one of Nigeria’s leading hubs for rice production and agribusiness development.

The meeting is expected to conclude with a Ministerial Declaration setting a continental roadmap for achieving rice self-sufficiency through collaborative research, policy coordination, and targeted investment across the rice value chain.

Governor Namadi is accompanied by senior officials from the Jigawa State Ministry of Agriculture and related agencies.

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There’s Political Genocide Against Christians in Northern Nigeria – Aisha Yesufu

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By: Fabian Apechihin

Sociopolitical activist Aisha Yesufu has accused Nigerian political leaders of perpetuating what she described as a “political genocide” against Christians in Northern Nigeria.

Yesufu made the remark on Tuesday in response to American comedian and TV host Bill Maher, who recently alleged that Nigerian Christians are facing coordinated attacks.

Maher, speaking on his HBO show, said, “I’m not a Christian, but they are systematically killing Christians in Nigeria. They’ve killed over 100,000 since 2009 and burned 18,000 churches. These are the Islamists, Boko Haram.”

Reacting via her X handle, Yesufu criticized what she called hypocrisy among Nigerian politicians who express concern over Christian persecution yet supported the Muslim-Muslim presidential ticket during the 2023 elections.

“You are shouting that Northern Christians are being persecuted, but you championed a Muslim-Muslim ticket! Their Christianity was not Christian enough for you during the 2023 election,” she wrote.

She concluded by calling for greater attention to what she termed the “political genocide” against Northern Christians, urging consistency in both words and actions when addressing religious and political marginalization in Nigeria.

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