Noor Takaful Insurance Limited, recognised as Nigeria’s first comprehensive Takaful insurance provider, has revealed the allocation of ₦404.19 million in surplus funds to participants who maintained claim-free records throughout the 2023 financial period.
This disclosure occurred at the company’s yearly Surplus Distribution and Claims Celebration Ceremony conducted at Lagos Continental Hotel.
The ceremony underscored the organisation’s dedication to ethical risk-sharing principles and collective prosperity through the Takaful framework.
More than 1,000 participants qualified for surplus payments, with 15 organisations and individuals receiving immediate disbursements during the ceremony. Major beneficiaries included:
Lotus Bank – ₦19.02 million
ARM Group – ₦8.60 million
Trustlub Resources Ltd – ₦1.44 million
MG Vowgas Ltd – ₦1.35 million
Alternative Bank – ₦1.28 million
Additional recipients encompassed Automarket Nigeria Ltd, Starlink Internet Services Nigeria Ltd, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic Ilaro, Globus Bank, Wema Bank / Mezovest Ltd, Halden Nigeria Ltd, ICA Logistics Ltd, Kaka Ajibola Oladele, and i-SOW Investment Ltd.
During the ceremony, Julius Odidi, Deputy Director at NAICOM, highlighted that surplus distribution demonstrates the strength and ethical principles underlying Nigeria’s expanding Takaful sector.
He observed that this model encourages trust, equity, and mutual benefit, which are crucial for expanding insurance coverage throughout Nigeria.
Ibukun Awosika, entrepreneur and featured speaker, advocated for enhanced public understanding and education regarding the Takaful approach. She encouraged Noor Takaful to extend its reach beyond religious considerations and access Nigeria’s substantial uninsured market.
“This is a model that rewards contribution and promotes dignity. With only 20,000 participants signed up, the growth potential is enormous,” Awosika said.
Regarding financial results and organisational commitment, Noor Takaful Chairman Shuaibu Ahmed disclosed that the company has allocated ₦1 billion in surplus distributions since its establishment, with the ₦404 million representing 2023 distributions alone. He characterised this achievement as evidence that the Takaful framework delivers benefits to all participants.
Vice Chairman Aminu Tukur noted that Noor Takaful has processed over ₦11 billion in claim payments since beginning operations in January 2017. He confirmed the company’s ongoing commitment to ensuring participants receive value through either claim settlements or surplus distributions.
