…pays out N11bn claims
Noor Takaful Insurance Limited, the pioneer composite Takaful insurance firm in Nigeria, has distributed N404.19 million as surplus to participants who did not make claims on their insurance during the 2023 financial year.
The surplus distribution was announced the 2023 surplus distribution and claims celebration ceremony for participants held in Lagos.
It was announced that over 1,000 participants would be entitled to over N400 million as surplus. A total of 15 participants, including individuals, financial institutions, and private and public organisations, received surplus payments at the event.
Lotus Bank, ARM Group, Trustlub Resources Limited, and MG Vowgas Ltd. Alternative Bank received the lion’s share of the payment, receiving N19.02 million, N8.60 million; N1.44 million; N1.35 million;, and N1.28 million respectively.
Other companies or individuals who also received part of the 2023 surplus distribution include Automarket Nigeria Limited, Starlink Internet Services Nigeria Limited, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic, Ilaro, Globus Bank, Wema Bank/Mezovest Limited, Halden Nigeria Limited & ICA Logistics Ltd, Kaka Ajibola Oladele and i-SOW Investment Limited.
Speaking at the occasion, Julius Odidi, deputy director at the National Insurance Commission, who represented the commissioner for Insurance described the surplus distribution event as a statement of the resilience, inclusivity and ethical foundations upon which Nigeria’s takaful industry is being built.
Odidi stated that celebrating distribution and the fulfilment of claims is a stark reminder of the true meaning of takaful, which entails the principles of trust, fairness, and shared prosperity.
According to him, these principles are at the heart of takaful and remain central to the progress of Nigeria’s broader insurance sector.
He explained further that Takaful offers financial protection, dignity, fairness and confidence in the future.
In her keynote address, the foremost entrepreneur, Ibukun Awosika, explained that driving the Takaful insurance model in a country like Nigeria requires the effort of the institution involved, particularly at a time when conventional insurance has failed to deliver on expectations.
Awosika described the Takaful model as an equitable business model that rewards each party for its contribution.
She stressed that the company must intensify its efforts to deepen awareness about the takaful model in a way that will attract interest from Nigerians regardless of their faith.
“Non-conventional insurance is a sector that needs to grow exponentially because of the market space there, and this model will encourage more people to get into insurance. I was asking how many people you have signed up with right now, and I was told that the number is about 20,000. So, we’re really at the early stage. And what I would challenge the company to do is to invest time in educating the public. As a company, you need to share the model of what you do. You don’t want to be just another insurance company, and you don’t want the door to be shut on it just being called a religious insurance company,” she said.
While congratulating the beneficiaries of the surplus distribution, she expressed optimism that the model would help re-engineer the value system with which corporations and society operate.
Shuaibu Ahmed, chairman of Noor Takaful Insurance Limited, explained that the distribution of a staggering N1 billion in surplus since inception, including N400 million in 2023 alone, is not just a milestone but powerful proof that the Takaful system works for everyone.
“We are not just celebrating numbers on a Balance Sheet; we are celebrating trust, partnership, and the very essence of the Takaful model, which is mutual cooperation and shared prosperity. These numbers are not just statistics but stories of solidarity, fairness, and justice. They show that in Noor Takaful, everyone wins. Our model is not about transferring risk to another; it is about sharing risk with one another. It is about creating a Win–Win partnership where both protection and prosperity are shared,” Ahmed said.
Aminu Tukur, vice chairman, Noor Takaful Insurance Limited, whilst emphasizing that the Takaful model-a win-win for all parties, Noor Takaful has paid over 11 Billion Naira on claims and close to 1 Billion since the company started operations in January 2017.
According to Tukur, the company remains committed to ensuring that participants get their benefits whether through receiving claims when they need it or sharing in risks or rewards.
Noor Takaful Insurance Ltd., a takaful insurance firm was established and duly licensed by NAICOM in April 2016 as the first full-fledge composite takaful insurance operator in Nigeria with a 100 percent indigenous Nigerian shareholding.
