₦airaland Forum

*The 19 Nigerian Companies usually invested in, by Foreign Portfolio Investors (FPIs) are:*

1. *Access Holdings Plc* - `ACCESSCORP`
2. *Airtel Africa Plc* - `AIRTELAFRI`
3. *BUA Cement Plc* - `BUACEMENT`
4. *BUA Foods Plc* - `BUAFOODS`
5. *Dangote Cement Plc* - `DANGCEM`
6. *First Bank of Nigeria Holdings Plc* - `FBNH`
7. *Geregu Power Plc* - `GEREGU`
8. *Guaranty Trust Holding Company Plc* - `GTCO`
9. *Guinness Nigeria Plc* - `GUINNESS`
10. *Lafarge Africa HBMNG Plc* - `WAPCO`
11. *MTN Nigeria Communications Plc* - `MTNN`
12. *Nestle Nigeria Plc* - `NESTLE`
13. *Nigerian Breweries Plc* - `NB`
14. *Oando Plc* - `OANDO`
15. *Seplat Energy Plc* - `SEPLAT`
16. *Stanbic IBTC Holdings Plc* - `STANBIC`
17. *Transcorp Power Plc* - `TRANSPOWER`
18. *UBA Bank Plc* - `UBA`
19. *Zenith Bank Plc* - `ZENITHBANK`


If you want to follow Big Money players, now you know where they go to...

African Alliance Insurance Plc

Staco Insurance Plc

zendi:
I sense that many people rail against political "derailment" here not because of the "derailment", but because they don't like the political views expressed.

It is the offending opinion (offending to them) that annoys them, rather than the "derailing" act.

Not true

This is where a lot of people are getting confused with the "Royal Exchange" name.

*The Royal Exchange Assurance Plc Breakdown*

*Parent Company:*
*Royal Exchange Assurance Plc* - The holding company

Under it are 2 completely separate, licensed insurance companies:

*1. Rex Insurance Limited*
- *Former name*: Royal Exchange General Insurance Company (REGIC)
- *Business*: Non-life / General insurance
`Oil & Gas, Marine, Aviation, Property, Motor, etc.`
- *Status*: ✅ *QUALIFIED* - Met NAICOM MCR under NIIRA 2025
- *Why the rebrand*: To give it a modern, standalone identity separate from the group

*2. Royal Exchange Prudential Life Plc*
- *Business*: Life insurance + Investment-linked savings products
- *Status*: ❌ *NOT YET QUALIFIED* - Not on NAICOM’s list of 43 compliant firms
- *Note*: It’s on the list of companies not yet verified.

*Why One Can Qualify, and the Other Can’t*.
Because NAICOM regulates them as *2 different legal entities* with:
- *Separate capital* - Each must meet MCR on its own
- *Separate licenses* - General vs Life
- *Separate filings and audits*

So Rex Insurance Limited qualifying, doesn’t "carry along" Royal Exchange Prudential Life Plc. And vice versa.
Same family, different bank accounts.

*What this means for customers*
- *If you have General insurance* with Rex Insurance Limited: You’re covered. They have the capital buffer now.
- *If you have Life insurance* with Royal Exchange Prudential Life Plc: The company is still in NAICOM’s review process. Final decision on them should come within the 14-day window ~Aug 14.

This split is actually common in Nigeria now. A lot of groups separated Life and General to meet the new capital requirements more cleanly.

It helps a lot of policyholders know exactly which entity they’re with.

"Men are polygamous by nature" line gets thrown around a lot, but lets break down exactly why it’s complicated.

*The 2 parts people mix up*

1. *The biology/desire part*
There _are_ evolutionary arguments about male mating strategy vs female mating strategy. Humans aren’t 100% monogamous like swans, but we’re also not 100% polygamous like some primates. We’re somewhere in the middle.
Attraction to multiple people happens. For men and women. That’s the "desire" part.

2. *The character/choice part*
And this is the part you pointed out: desire ≠ action.
Every faithful person, man or woman, will feel attraction outside their relationship at some point. The difference is what you do next.
Commitment is literally the choice to say "I feel this, but I honor this person/agreement more."

*Where the excuse breaks down*
Using "nature" to dodge accountability does 3 things:
- *Erases consent*: Polygamy in cultures that practice it is structured, transparent, and agreed to by all parties. Cheating is secrecy + broken agreement
- *Removes agency*: It frames men as unable to control themselves, which isn’t true. Millions of men choose fidelity daily
- *Shifts the hurt*: Instead of "I broke trust", it becomes "blame biology". But the pain to the partner is still real

*Bottom line*
Nature might explain _why_ a temptation shows up.
Character explains _what you do_ when it shows up.

A man can be wired to notice other women and still be the kind of man who chooses loyalty, communication, or an honest conversation if the relationship structure needs to change.

So yeah - "polygamous by nature" can be a discussion about human behavior. But it’s not a free pass for dishonesty.

Samantha125:
The cat.

By the cat, do you mean the kpomo below the seat belt?

So NSPPD is now the preferred church of all so-called repentant Prostitutes?

Toto Dickeh, their mentor and idol.

Most so-called Repentant prostitutes will never allow their son to marry a Prostitute. Why?

As a guy, it is bad to beat a lady. But it is worse to be beaten by a lady.

As a guy, it is bad to beat a lady. But it is worse to be beaten by a lady.

megawealth01:
If people no sell off their VFD tomorrow eh, it means they have faithful shareholders

Why would people want to sell off their VFD Group shares tomorrow, just because today was the QD of their Interim Dividend?

hfinest1:
Well, what can I say??🤔

Momma raised me a complete gentleman 😁😐

Another word for a Mumuman, according to most ladies.

Regency Alliance Insurance Plc

Guinea Insurance Plc

*Full List of Companies that have declared Interim Dividend in 2026 so far*

Here’s the breakdown:

*2026 Interim Dividends Declared*

1. *Africa Prudential Plc* - *N0.10*
2. *Custodian Plc* - *N0.25*
3. *Guinness Plc* - *N7.00*
4. *HBMNG Plc* - *N16.00*
5. *MTN Nigeria Plc* - *N26.00*
6. *NGX Group Plc* - *N1.30*
7. *Presco Plc* - *N10.00*
8. *Seplat Plc* - *12 cents* = $0.12
9. *The Initiates Plc* - *N0.20*
10. *Transcorp Hotels Plc* - *N0.10*
11. *Transcorp Plc* - *N0.40*
12. *Transcorp Power Plc* - *N1.50*
13. *United Capital Plc* - *N0.30*
14. *Unilever Plc* - *N2.00*
15. *VFD Group Plc* - *N0.24*

*Quick Notes*
- *Highest*: HBMNG Plc at *N16.00* and MTN Nigeria at *N26.00*
- *Transcorp Group sweep*: Transcorp, Transcorp Power, and Transcorp Hotels all paid
- *Dollar dividend*: Seplat at *12 cents* - typical for them since they report in USD
- *Sectors represented*: Banking/Financial, Consumer, Oil & Gas, Power, Telecoms, Agric, Exchange

Interim dividends usually signal strong H1 2026 earnings and cashflow. Final dividends will come after year-end results.

Someone should publish full list of companies that have declared interim dividend in 2026

*Some Insurance Companies still under Review are:*

1. Guinea Insurance Plc.
2. Regency Alliance Insurance Plc.
3. Royal Exchange Assurance Plc.

*NAICOM Recapitalisation: It’s done ✅*

Deadline was *July 31, 2026* and NAICOM just published the list. This is huge for the insurance sector.

*The Numbers*
- *43 Companies Confirmed*: 41 Insurance + 2 Reinsurance firms
- *8 More Pending*: Submitted evidence just before deadline. Final verification in 14 days
- *12-month window*: Started Aug 2025 after NIIRA 2025 was signed by President Tinubu.

NAICOM says this "enhanced financial resilience, attracted investment, and rekindled investor confidence."

*FULL LIST: 43 Compliant Companies*

*Composite Insurers* - Do Life + Non-Life
1. AIICO Insurance Plc
2. AXA Mansard Insurance Plc
3. Cornerstone Insurance Plc
4. Fortis Global Insurance Plc
5. Great Nigeria Insurance Plc
6. LASACO Assurance Plc
7. Leadway Assurance Company Limited

*Life Insurance*
1. Capital Express Life Assurance Limited
2. CHI Life Assurance Limited
3. Coronation Life Assurance Limited
4. Custodian Life Assurance Limited
5. Enterprise Life Assurance Company (Nigeria) Ltd
6. Heirs Life Assurance Limited
7. Mutual Benefits Life Assurance Ltd
8. Prudential Zenith Life Insurance Ltd
9. Sanlam-Allianz Life Insurance Nigeria Limited
10. Stanbic IBTC Insurance Limited

*Non-Life/General Insurance*
1. Anchor Insurance Company Ltd
2. Capital Express Indemnity Insurance Limited
3. Consolidated Hallmark Insurance Limited
4. Custodian and Allied Insurance Limited
5. Fin Insurance Company Limited
6. Heirs General Insurance Limited
7. International Energy Insurance Plc
8. KBL Insurance Ltd
9. Linkage Assurance Plc
10. Mutual Benefits Assurance Plc
11. NEM Insurance Plc
12. NPF Insurance Company Ltd
13. NSIA Insurance Limited
14. Prestige Assurance Plc
15. Rex Insurance Limited (Royal Exchange Assurance Plc)
16. Sanlam-Allianz General Insurance Nigeria Ltd
17. Sterling Assurance Nigeria Limited
18. Sunu Assurances Nigeria Plc
19. Tangerine General Insurance Ltd
20. Unitrust Insurance Co. Limited
21. Veritas Kapital Assurance Plc
22. Zenith General Insurance Company Limited

*Reinsurance*
1. Continental Reinsurance Plc
2. FBS Reinsurance Limited

*Sector Consolidation*: 8 firms still under review. Expect M&A. The stronger 43 will likely gain market share.

This recapitalisation was meant to make Nigerian insurers able to compete with SA, Kenya, and take bigger infrastructure/energy risks.

This is the biggest reset for insurance since 2007.

https://orientalnewsng.com/guinea-insurance-plc-surpasses-%E2%82%A615-billion-minimum-capital-requirement-in-recapitalisation-milestone/

This is a big news for Guinea Insurance Plc 📰

*Key points*

*What happened:*
- *Guinea Insurance Plc has passed the ₦15 billion minimum capital requirement* set by NAICOM for non-life insurers.
- They did this through a *hybrid capital raise*: Rights Issue + Private Placement that brought in *~₦12.6 billion*.

*Why it matters:*
1. *NAICOM recapitalisation*: Non-life insurers must have ₦15bn minimum capital. Guinea has now crossed that threshold.
2. *Stronger position*: MD Mr. Ademola Abidogun says this boosts their financial strength, underwriting capacity, and ability to pay claims.
3. *Next steps*: Final regulatory verification by NAICOM is still pending. Allotment results for the Rights Issue + Private Placement will be published in national dailies *on or before 6 August 2026*.

*What the MD said:*
It's a "major milestone" that shows commitment to shareholders and stakeholders. He thanked investors, regulators, and advisers.

*Context*
This is part of the industry-wide recapitalisation NAICOM pushed. Companies that don't meet the ₦15bn minimum risk license downgrade or merger.

So Guinea is now among the insurers that have cleared the first big hurdle.

Based on Lasaco Assurance Plc’s unaudited consolidated balance sheet as of June 30, 2026, here is a thorough structural and financial health analysis to evaluate if its high market price of ₦2.16 is justified.

Share capital sits completely flat at ₦5.54B compared to June 2025. The 152.58% EPS jump was entirely organic operational improvement, not distorted by shifting share counts.

The Group is carrying an accumulated negative retained earnings balance of -₦751.18M (deteriorating from -₦710.08M in June 2025). On a standalone Company level, this deficit worsens to -₦1.24B.

Legally and statutorily in Nigeria, a company cannot declare or pay cash dividends to shareholders while carrying a negative Retained Earnings balance. This means despite the turnaround in PAT, Lasaco cannot pay dividends anytime soon.

Cash and cash equivalents stand at an extraordinary ₦16.73B, accounting for 39.6% of the total asset base.

Statutory deposits with the Central Bank surged to ₦2.54B (up nearly 400% from ₦535.15M in June 2025), satisfying regulatory cushion requirements.

Investment properties are valued steadily at ₦10.56B. Lasaco has prioritized hard cash reserves over aggressive stock market instruments, making its asset base highly liquid and defensive against economic volatility.

Insurance contract liabilities spiked to ₦18.38B (up 20.4% from ₦15.26B in June 2025). This heavy accumulation of underwriting risk outweighs their liquid cash position.

Total liabilities stand at ₦21.47B against ₦20.74B in Shareholders' Funds. This leaves Lasaco with a leverage ratio slightly over 1.0x, meaning the business is financed more by policyholder obligations than by owner equity.

At ₦2.16, Lasaco trades at a 16% premium to its net asset book value. Buyers are overpaying for Lasaco's assets, to chase its recent earnings turnaround momentum.

Lasaco Assurance possesses excellent cash reserves (₦16.73B) and clean share stability, but the stock is highly expensive relative to its peers (P/E of 62.25x), trades at a premium to book value, and is legally barred from paying dividends until it wipes out its ₦751.18M accumulated deficit.

Lasaco Assurance Plc.

PAT grew from -731,452,000 to 384,869,000

It recorded a 152.62% turnaround growth in its Profit After Tax (PAT). This performance marks a complete recovery from a net loss position into a profitable state.

Also, its EPS grew from -N0.0660 to N0.0347. So, even its EPS recorded a massive 152.58% turnaround growth.

At its current market price of ₦2.16, Lasaco Assurance Plc is trading at a Trailing Price-to-Earnings (P/E) ratio of 62.25x, indicating that the market has heavily priced in this dramatic turnaround. Lasaco is being traded at a massive premium, as investors are paying much more for each Naira of Lasaco’s earnings.

Here is a comprehensive financial health and structural analysis of Regency Alliance Insurance Plc based on their balance sheet as of June 30, 2026.

Paid-up share capital expanded to ₦8.00B, up 33.3% from Dec 2025 (₦6.00B) and up 140% from June 2025 (₦3.33B).

Retained earnings fell from ₦2.80B in Dec 2025 to ₦1.46B. This confirms that a massive chunk of retained earnings was capitalized to fund the bonus shares and bonus issues.

Despite the drop in retained earnings, Total Equity grew to ₦15.39B (up from ₦14.57B in Dec 2025). This proves the new capital raised completely offset the internal capitalization drawdowns.

Financial assets climbed to ₦10.32B, representing 48% of the entire balance sheet. This explains why investment income grew fast enough to protect the EPS from dilution.

Statutory deposits with the Central Bank jumped 400% from ₦300M to ₦1.50B. This reflects aggressive compliance with NAICOM’s strict recapitalization benchmarks.

Cash and cash equivalents declined to ₦1.24B (from ₦1.71B in Dec 2025). Liquid cash was actively converted into higher-yielding financial assets and statutory deposits.

Insurance contract liabilities dropped heavily from ₦6.00B in June 2025 to ₦3.59B, keeping flat against Dec 2025. This shows rapid claims settlement or a tighter, lower-risk underwriting standard.

Total liabilities sit at just ₦6.13B against ₦15.39B in Equity. This yields an exceptionally low debt-to-equity style leverage ratio for an insurer, signaling immense insolvency protection.

In Summary,

At ₦0.88, the stock trades at a 9% discount to its net asset value. Buying the stock at ₦0.88 means you are acquiring its asset base of cash, real estate, and financial portfolios for less than what they are worth on paper.

SonofElElyonRet:
Just thinking that current price is fair for the EPS. Or you think it's undervalued?

At a current market price of ₦0.88, Regency Alliance Insurance Plc is trading at a Trailing Price-to-Earnings (P/E) ratio of 17.22x. This valuation indicates that the market is pricing in high growth expectations, willing to pay over ₦17 for every ₦1 of earnings due to the company's massive 155.5% EPS expansion despite share dilution.

A Price-to-Earnings-to-Growth (PEG) ratio of 0.11x is heavily compressed. This signals that if the company maintains even a fraction of this earnings momentum, the current ₦0.88 price is fundamentally cheap.

Investors did not penalize the stock for the expanded share capital. Instead, the market recognized that the new capital instantly generated superior returns, keeping the P/E ratio at a justifiable tier.

With a healthy ₦0.0511 wrapped into a sub-one-naira stock, the company has strong statutory capacity to declare a dividend yield that could highly compete with fixed-income instruments if they opt for a standard 30%–50% payout ratio.

SonofElElyonRet:
5k EPS

Regency Alliance Insurance Plc's EPS despite OS dilution, still jumped from N0.0200 to N0.0511

Thats about 155% growth on EPS.

megawealth01:
Financial year zeros dividends

UBA
Access holding plc
Sterling bank plc
Mrs oil plc
Northern Nigeria flour mills
Tranex plc
Total energies plc
Livestock plc
Cadbury
FGI insurance
Nestle
First Holdco plc
John Holt
Resourcery
Ellah lakes
Daar communication plc
LBIC
Royal exchange plc
Guinness plc
Dangote sugar plc
Union property plc
Neimeth plc
Austin laz plc
NCR plc
Prestige insurance
Japaul gold plc
Lasaco

Some of the Companies that did not pay Dividend in this year 2026:

1. *Access Holdings Plc*
2. *Austin Laz & Company Plc*
3. *Cadbury Nigeria Plc*
4. *Daar Communications Plc*
5. *Dangote Sugar Refinery Plc*
6. *Ellah Lakes Plc*
7. *First Holdco Plc*
8. *Fortis Global Insurance Plc*
9. *Guinness Nigeria Plc*
10. *Japaul Gold & Ventures Plc*
11. *John Holt Plc*
12. *Lasaco Assurance Plc*
13. *Guinea Insurance Plc*
14. *Livestock Feeds Plc*
15. *International Energy Insurance Plc*
16. *Neimeth International Pharmaceuticals Plc*
17. *Nestlé Nigeria Plc*
18. *Northern Nigeria Flour Mills Plc*
19. *NCR (Nigeria) Plc*
20. *Prestige Assurance Plc*
21. *Secure Electronic Technology NSLTECH Plc*
22. *Royal Exchange Assurance Plc*
23. *Sterling Financial Holdings Company Plc*
24. *TotalEnergies Marketing Nigeria Plc*
25. *Transnationwide Express Plc*
26. *United Bank for Africa Plc*
27. *Regency Alliance Insurance Plc*
28. *Veritas Kapital Assurance Plc*