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)
Resident Doctors Threaten Nationwide Strike Over Osun Teaching Hospital Dispute
National body says action may spread if government fails to address demands of OAUTHC doctors in South-West
National body says action may spread if government fails to address demands of OAUTHC doctors in South-West
The National Association of Resident Doctors (NARD) has threatened to embark on an indefinite nationwide strike if the ongoing industrial action by resident doctors at the Obafemi Awolowo University Teaching Hospitals Complex (OAUTHC), Ile-Ife, Osun State is not resolved. The warning was issued on Friday, 26 June, as tensions rose over the protracted dispute in the South-West institution.
According to NARD, the standoff at OAUTHC has lingered without meaningful intervention from government authorities. The association said its members across Nigeria are prepared to down tools in solidarity with their colleagues if urgent steps are not taken to address their grievances.
The dispute at OAUTHC has disrupted medical services at the federal teaching hospital, with resident doctors demanding improved working conditions and payment of outstanding allowances. The issue has drawn concern from patients and medical stakeholders, who fear that a nationwide escalation could cripple healthcare delivery amid existing challenges in the sector.
NARD said it expects prompt intervention from both federal and Osun State governments to prevent a wider shutdown. While authorities have yet to issue a formal response, hospital management sources confirmed efforts are ongoing to resolve the matter through dialogue. Representatives of health workers unions have also appealed for calm and urged all parties to return to negotiation.
If unresolved, the planned strike could see thousands of resident doctors across public hospitals withdraw their services, further straining Nigeria’s healthcare system. NARD warned that such action would persist until all legitimate demands of OAUTHC doctors are met.
Nigeria News (Standard)
Sunday Igboho’s Security Operatives Injured as Suspected Bandits Engage in Gun Battle in Oyo National Park
Incident sparks renewed calls for security reinforcement after recent school kidnappings and teacher’s killing in Oriire LGA
Incident sparks renewed calls for security reinforcement after recent school kidnappings and teacher’s killing in Oriire LGA
Several members of Sunday Igboho’s Iru Ekun security outfit sustained injuries during a fierce gun battle with suspected cross-border bandits inside Old Oyo National Park, Oyo State, on Tuesday. The attack occurred while the operatives were carrying out an operation aimed at flushing out criminal groups believed to be hiding in the forest following recent abductions in the region.
According to information gathered, the Iru Ekun team deployed surveillance drones to identify possible hideouts before moving into the dense forest. However, they reportedly came under heavy gunfire from armed men suspected to belong to cross-border criminal gangs. The security personnel returned fire and resisted the attackers, but several operatives were wounded. The exact number of casualties has not been officially confirmed by authorities as at press time.
The incident comes against the backdrop of rising insecurity in Oyo State, particularly after a wave of school kidnappings in Oriire Local Government Area. Armed men had recently invaded schools, abducting pupils, teachers and a principal. One of the abducted teachers, Michael Oyedokun, was killed by his captors, who released a disturbing video showing his execution. These attacks have triggered widespread panic among parents and disrupted academic activities in affected communities.
Communities surrounding Old Oyo National Park have repeatedly called on government and security agencies to increase operations in the area due to persistent reports of kidnapping and armed attacks linked to bandit groups. Security experts warn that forests spanning Oyo and neighbouring states are increasingly used as hideouts by armed gangs because of their difficult terrain and limited security presence.
As anxiety spreads across affected communities, stakeholders are urging immediate deployment of more police and military personnel to secure schools and restore public confidence. Government has yet to issue an official statement regarding the latest attack on Sunday Igboho’s operatives. Meanwhile, parents continue to withdraw their children from schools over fears of further abductions.
Nigeria News (Standard)
Providus, Unity Bank Set to Begin Joint Operations After Merger Approval in Lagos
Regulatory green light paves way for integration of banking services; customers advised to expect transition updates
Regulatory green light paves way for integration of banking services; customers advised to expect transition updates
Providus Bank and Unity Bank have received approval to commence joint operations following a merger agreement finalised in Lagos on Friday, 26 June 2026. The decision marks a significant development in Nigeria’s financial sector, as both institutions prepare to combine their assets and customer bases under a unified brand.
According to information released on Friday, the banks will begin implementing their integration plan immediately, with a focus on ensuring minimal disruption for existing customers across all branches nationwide. The management of both banks stated that the merger is aimed at strengthening their market presence and improving access to innovative banking solutions for Nigerians.
The merger comes at a time when competition in Nigeria’s banking sector has intensified, with regulators encouraging consolidation to enhance financial stability and efficiency. Analysts say the combined entity is expected to leverage Providus’ digital banking strength and Unity Bank’s extensive branch network, positioning it as a major player in retail and corporate banking segments.
A joint statement from the management teams of Providus and Unity Bank indicated that customers should expect communication regarding account migration procedures and service updates in the coming weeks. The banks also assured depositors that all funds remain safe and that there would be no interruption in daily transactions during the transition period.
Industry observers believe this merger could trigger further consolidation within Nigeria’s financial sector as lenders seek to boost capital buffers amid evolving regulatory requirements. Both banks confirmed that regulatory compliance remains top priority throughout the integration process.
Sunday Igboho’s Security Operatives Injured as Suspected Bandits Engage in Gun Battle in Oyo National Park
Resident Doctors Threaten Nationwide Strike Over Osun Teaching Hospital Dispute
Providus, Unity Bank Set to Begin Joint Operations After Merger Approval in Lagos
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Lagos-Based Cornerstone Insurance Records Over 50% Profit Decline as FX Gains Fall in 2025
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