Noor Takaful Insurance Limited has shared ₦404.19 million as surplus among participants who made no claims during the 2023 financial year. The announcement was made in Lagos during the company’s annual Surplus Distribution and Claims Celebration, an event designed to highlight the fairness and transparency that define the Takaful insurance model.
Over 1,000 individuals and institutions qualified for the payout. Leading the list of beneficiaries were Lotus Bank with ₦19.02 million, ARM Group with ₦8.60 million, Trustlub Resources Limited with ₦1.44 million, MG Vowgas Limited with ₦1.35 million, and Alternative Bank with ₦1.28 million. Others included 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 Limited, Kaka Ajibola Oladele, and i-SOW Investment Limited.
Speaking at the event, the Chief Executive Officer of the National Insurance Commission (NAICOM), represented by Deputy Director Dr. Julius Odidi, described the exercise as a testament to the resilience, inclusivity, and ethical principles on which Nigeria’s Takaful industry is being built. He said surplus sharing and claim settlements embody the true essence of Takaful, anchored on trust, fairness, and shared prosperity.
Odidi noted that Takaful goes beyond conventional financial protection by promoting dignity, equity, and confidence in the future. He added that NAICOM expects stronger collaboration between conventional insurers and Takaful operators to widen the sector’s reach while aligning with global movements in ethical finance and sustainability. Such collaboration, he said, would help position Nigeria as a leader in inclusive and responsible insurance.
He further commended Noor Takaful’s transparency and accountability in returning unclaimed funds to participants, describing it as a model for the industry. According to him, trust, integrity, sound risk management, and ethical investment are the core values that will drive the sector’s growth and enhance its contribution to Nigeria’s economic development.
Delivering the keynote address, Ibukun Awosika, founder of The Chair Centre Group, urged Noor Takaful to intensify efforts to create greater public awareness of the Takaful model. She described it as a fair and equitable system where all stakeholders are rewarded for their contributions.
Awosika stressed the need for education to ensure the model is not narrowly viewed as a religious product but as an inclusive financial solution that can serve Nigerians of all backgrounds. She revealed that Noor Takaful currently has about 20,000 participants, underscoring the infancy of the industry in Nigeria. She challenged the company to increase outreach efforts, noting that non-conventional insurance holds vast potential in deepening insurance penetration nationwide.
According to her, wider adoption of Takaful could significantly enhance trust in the insurance sector and attract more people who have traditionally stayed outside the market.
The ceremony not only rewarded participants financially but also reinforced the ethical values of fairness, accountability, and inclusivity that continue to shape the growth of Takaful in Nigeria.
