Nigeria News (Standard)
Lagos-Based Cornerstone Insurance Records Over 50% Profit Decline as FX Gains Fall in 2025
Company’s earnings drop sharply after foreign exchange windfall dries up, raising concerns for insurance sector stability
Company’s earnings drop sharply after foreign exchange windfall dries up, raising concerns for insurance sector stability
Cornerstone Insurance Plc, a leading insurer headquartered in Lagos, saw its profit for the first half of 2025 drop by more than half, following a sharp decline in foreign exchange gains that had previously boosted earnings. The company disclosed the development in its latest financial report released on Friday.
The results showed that while gross premium income remained steady, Cornerstone’s net profit slumped significantly compared to the previous year. The main reason cited was the absence of major foreign exchange gains, which had contributed substantially to profits during the volatile naira movements of 2024. In the latest reporting period, such gains were minimal as at June 2025.
This downturn comes at a challenging time for Nigeria’s insurance industry, which has been grappling with currency instability and rising claims payouts amid economic headwinds. Analysts say Cornerstone’s results highlight how dependent some firms have become on non-core income such as FX revaluation, rather than traditional underwriting profits. The sector is also facing pressure from stricter recapitalisation requirements set by the National Insurance Commission (NAICOM).
While Cornerstone Insurance has not issued a formal statement addressing the profit slide, market observers note that similar trends may emerge across other insurers in coming quarters if naira volatility continues to ease. Financial experts are urging companies to refocus on core insurance business and risk management practices.
Industry analysts expect more scrutiny of insurers’ financial health going forward, especially as NAICOM continues to monitor compliance with solvency standards and as shareholders seek clarity on sustainable profit sources.
Nigeria News (Standard)
Borno Court Sentences Boko Haram Member to Death by Hanging Over 2015 Maiduguri Attacks
Landmark judgement marks rare capital conviction for terrorism in North-East; security agencies welcome verdict as deterrent
Landmark judgement marks rare capital conviction for terrorism in North-East; security agencies welcome verdict as deterrent
A Borno State High Court has sentenced a Boko Haram member to death by hanging for his involvement in the deadly 2015 attacks on Maiduguri, the state capital. The judgement was delivered on Friday, June 26, following a lengthy trial in Maiduguri that highlighted the severity of insurgency-related crimes in the North-East.
According to court proceedings, the convicted individual was found guilty of participating in coordinated assaults that left many residents dead and property destroyed during the 2015 wave of violence that shook Maiduguri. The presiding judge stated that the evidence presented proved beyond reasonable doubt that the accused played a significant role in planning and executing the attacks.
The sentencing comes at a time when security challenges persist across Borno and other North-East states, with government intensifying efforts to prosecute high-profile terrorism cases. The conviction is seen as a major milestone in Nigeria’s ongoing fight against Boko Haram, which has displaced millions and claimed thousands of lives since its insurgency began.
Security agencies have described the judgement as a strong message to those involved in violent extremism. A senior officer in Maiduguri said the court’s decision will encourage further cooperation between law enforcement and communities affected by insurgency. No statement from defence counsel was available as at press time.
With this ruling, authorities are expected to speed up prosecution of other pending terrorism cases, while rights groups continue to call for fair trials and improved support for victims. The execution order underscores growing pressure on Nigeria’s judiciary to deliver justice amid ongoing security threats.
Nigeria News (Standard)
Army Rescues 53 Civilians After Dismantling ISWAP Roadblock in Borno’s Biu LGA
Troops under Operation HADIN KAI recover eight vehicles as Theatre Command urges vigilance against insurgent ambushes
Troops under Operation HADIN KAI recover eight vehicles as Theatre Command urges vigilance against insurgent ambushes
Nigerian Army troops of Sector 2, 135 Special Forces Battalion, rescued 53 civilians on Wednesday after dismantling an ISWAP roadblock along the Buratai–Kamuya Road in Biu Local Government Area, Borno State. The operation was conducted under the Joint Task Force North-East Operation HADIN KAI following reports of insurgents blocking the highway.
According to the Acting Military Information Officer, Captain Mohammed Goni, soldiers deployed at Dutse Kura observation post detected the illegal checkpoint through surveillance cameras. A Quick Reaction Force team responded swiftly to the scene and engaged the terrorists near Mangari–Dora, forcing them to abandon their position after a gun battle. The troops then cleared withdrawal routes and recovered eight vehicles seized by the insurgents.
The rescue comes amid persistent insecurity in North-East Nigeria, where groups like ISWAP and JAS have used road ambushes to abduct travellers and steal property. Roadblocks remain a major tactic for disrupting civilian movement and targeting commuters along key highways in conflict-affected areas such as Borno.
“The prompt action by our personnel prevented what could have been a severe hostage situation,” Captain Goni said in a press statement released by Theatre Command. He confirmed that all rescued civilians and recovered vehicles were safely escorted to Buratai town for documentation and medical checks before reuniting with their families. The command commended the troops for their professionalism and rapid response.
Military authorities are urging residents across Borno and neighbouring states to maintain vigilance and report any suspicious activities or movements to security forces. They reiterated the importance of community support for ongoing counter-insurgency operations aimed at securing major roads and preventing further attacks by armed groups in the region.
Nigeria News (Standard)
Lagos Three-Storey Building Collapse Claims Nine Lives in Satellite Town
Emergency agencies intensify rescue efforts as several victims remain trapped at Ori-Ade LCDA site
Emergency agencies intensify rescue efforts as several victims remain trapped at Ori-Ade LCDA site
Nine people have now been confirmed dead following the collapse of a three-storey residential building at Alakija, Old Ojo Road, near Alakija Bus Stop in Satellite Town, Lagos State, on Thursday. The incident, which occurred within Ori-Ade Local Council Development Area (LCDA), triggered a swift response from emergency agencies as at 11 a.m.
The building, occupied by numerous tenants and housing several businesses such as cyber cafés, phone repair shops, and a photo studio, caved in suddenly, trapping many occupants under the rubble. Rescue teams from the National Emergency Management Agency (NEMA), Lagos State Emergency Management Agency (LASEMA), and the Lagos State Fire and Rescue Service (LSFRS) arrived at the scene shortly after the collapse to commence search-and-rescue operations. According to LSFRS officials, firefighters from Ijegun-Egba Fire Station reached the site around 11:49 a.m. and joined ongoing efforts to save trapped individuals.
Building collapses remain a recurring challenge in Lagos due to factors including poor construction practices and disregard for safety standards. Satellite Town has witnessed similar incidents in recent years, raising concerns among residents about regulatory enforcement and urban safety. Many affected families are now left seeking information on missing loved ones as rescue operations continue into the evening.
Speaking at the scene, an official of the Lagos State Fire and Rescue Service said efforts were ongoing to locate survivors beneath the debris. “We are working closely with other agencies to ensure all those trapped are rescued or accounted for,” he stated. As at press time, authorities had not released an official figure for those still missing.
Government has appealed for calm while urging residents to cooperate with emergency responders. The incident is expected to prompt renewed scrutiny on building approvals and monitoring within Lagos metropolis. Meanwhile, further investigations are underway to ascertain the immediate cause of the collapse and prevent future occurrences.
Borno Court Sentences Boko Haram Member to Death by Hanging Over 2015 Maiduguri Attacks
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Army Rescues 53 Civilians After Dismantling ISWAP Roadblock in Borno’s Biu LGA
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Lagos Three-Storey Building Collapse Claims Nine Lives in Satellite Town
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