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Regency Alliance Insurance Plc

*Fidelity 38th AGM (Virtual, Oct 9, 2026) — Key takeaways:*

*Asset quality cleanup:*
- *NPL ratio: 3.1% → 2.4%* — now one of the cleanest in Tier-1 and Tier-2. CBN threshold is 5%, so they have huge buffer.
- *Loan-loss coverage: 138.40% → 203.90%* — meaning for every N1 of bad loan, they have N2.03 set aside. Very conservative.
- *Liquidity ratio: 66.50%* vs regulatory minimum 30.00%

*Capital — above CBN finish line:*
- Eligible capital: *N305.5bn → N532.6bn* after *N227.05bn private placement completed Dec 2025*.
- That puts them *above N500bn minimum for International banks* in the ongoing recapitalization. No need to run around for public offer like some peers.
- Total equity: N897.9bn → N1.09tn
- *CAR: ∼16.1%* — above 15% required for international banks.

*2025 FY Earnings:*
- Gross earnings: *N1.04tn → N1.52tn (+45.6%)*
- PBT: *N347.7bn*, PAT: *N242.4bn*
- Customer base: 16 million.

*Why this matters:*

1. *Insider rule fear is selective:* Fidelity is showing it can provision 203.00% and still report N242bn profit. Banks that _can't_ do that are the ones market is punishing. Fidelity is gaining credibility.

2. *Recap winners are emerging:* GTCO, Zenith, UBA, and now Fidelity are clearly above N500bn.

3. *Shareholder sentiment:* At AGM, Bisi Bakare (Pragmatic Shareholders) and Boniface Okezie (Progressive Shareholders) both used NPL 2.4% + CAR 16.1% to back management — but also warned board to sustain returns.

Fidelity is now objectively strong on asset quality. They have better NPL and capital cushion, and still pays dividend.

Regency Alliance Insurance Plc

https://doclib.ngxgroup.com/Financial_NewsDocs/48071_REGENCY_ALLIANCE_INSURANCE_PLC-_NOTICES_OF_ANNUAL_GENERAL_MEETING_(AGM)_-__ANNUAL_GENERAL_MEETING_(AGM)_OCTOBER_2026.pdf

https://doclib.ngxgroup.com/Financial_NewsDocs/48073_REGENCY_ALLIANCE_INSURANCE_PLC-_NOTICES_OF_BOARD_MEETING_(BM)_-_NOTICE_BOARD_MEETING_(BM)_OCTOBER_2026.pdf

Lasaco Assurance Plc has kept its *A(NG) Financial Strength Rating* from Global Credit Rating Co (GCR) for 2025/2026, stable outlook.

Key numbers from GCR affirmation:

- *Insurance revenue: N30.8bn in 2024, +35.2% YoY*
- Capital injection during the year strengthened risk-adjusted capital - they raised *N19.30bn from rights issue*
- Liquidity coverage improved
- Underwriting performance still pressured (claims high across industry)

MD Shobo: "validates hard work, but we're working to elevate rating through better underwriting".

This is classic insurance recapitalization playbook:
Raise capital -> get rating -> get new license classes -> write bigger premiums -> meet NAICOM N15bn (general) / N25bn (composite) recapitalization deadline.

Lasaco did rights issue, got N19.3bn, now qualifies to underwrite larger risks like Agric (which needs heavy capital for CAT risk).

Lasaco is following this path - strengthen balance sheet first, then product expansion.

Watch next: Q3 2026 results - does N30.8bn revenue translate to underwriting profit, or still loss? Rating says adequate, not strong.

*Lasaco Assurance - Agricultural Insurance Approval - Oct 13 2026*

Lasaco just got NAICOM approval to do agric insurance. Big move for them.

What they will now sell:

- Multi-Perils Crop Insurance
- Plantation Insurance
- Poultry, Fishery, Livestock, Cattle Insurance
- Farm Property & Produce Insurance

Why it matters:

1. *Revenue driver:* MD Ademoye Shobo said this will "substantially boost revenue" - agric is 25% of Nigeria GDP but insurance penetration is <1%. Government Anchor Borrowers, CBN recapitalization for insurers coming - first movers get advantage.

2. *Strategy:* Head of Strategy Adedayo Adetokun says it's about diversification. Lasaco was heavy on motor/general - agric is less cyclical and gets donor or government premium subsidies.

3. *Timing:* With floods, food inflation 30%+, farmers need cover. NAICOM is pushing Index-Based Agric Insurance. Lasaco already has footprint in SW - can partner with farmer co-ops, Lagos Food Systems.

*Stock angle:* Lasaco closed at N1.75 yesterday, a small cap insurance. This approval won't move profit this quarter, but next 2 quarters if they sign state governments (like Lagos, Oyo) for subsidized crop cover, premium income could double.

If you hold insurance stocks, watch for:

- Actual gross premium written from agric segment in Q4 2026 results
- Reinsurance backing (Swiss Re, Africa Re?) - agric is high risk
- Claims ratio after rainy season.

Full statement today, so official announcement on NGX, should drop this week.

mikeapollo:
Coastal Road Has Become Land Road; Where is the N15 Trillion? - Femi Falana

https://www.nairaland.com/8764818/coastal-road-land-road-where

Femi Falana's exact words:

> "The road, coastal road, has now become land road, I'm sure you are aware... after Ogun State, they now said they are going from Edo to go by land, because they can't fund it. Again, we must now ask questions: Where are the 15 trillion naira earmarked for that road?"

*Context:*

Lagos-Calabar Coastal Highway is Tinubu's flagship - 700km, 9 coastal states, originally N15tn ($11bn) EPC+F, contractor Hitech (Gilbert Chagoury), with Deutsche Bank syndicated loan of $747m for first 47.5km.

Last week, Works Minister Dave Umahi announced change:

- Sections 4A/4B (67km - 27km Ogun + 40km Ondo) will no longer hug shoreline
- From Ondo into Edo, highway will follow old East-West Road instead of new coastal alignment
- Umahi said order came directly from President: "Divert, do not do any new alignments. Pass the coastal highway through the existing East-West Road"

Umahi's reason: deep pits (100m deep) in Ondo, no sharp sand for 300m, terrain too expensive - calls it "excellent engineering choice, by Mr President".

Falana's point and why it's trending:

1. N15tn was for brand new 6-lane coastal road with rail, drainage, wave protector. If you now use existing East-West Road, where is cost saving?
2. Homes and businesses were demolished in Lagos and Ondo for coastal ROW - now route abandoned.
3. No public Bill of Quantities, no competitive bidding - awarded by presidential fiat to Hitech.

He tied it to 2027 - warned against voter suppression in Lagos, and said accountability is "the only way we can get these people to be accountable".

Why do people move their load at night, when relocating?

Yesterday was brutal - Monday Oct 12, NGX lost *N407.3 billion* in one session, and it was led by FUGAZ.

- Access Holdings: *-4.24%*
- Zenith: *-4.23%*
- Fidelity -2.62%, FirstHoldCo -2.54%, UBA -0.81%
- Banking Index: 2,614 to 2,567 = *-1.81%* on the day.

The week before was same story - Banking Index *-3.93%* for the week, worst sector on NGX. Fidelity was worst at -10.64%, FirstHoldCo -4.27%.

*Why now? It's not panic, it's profit-taking.*

1. *Base is too high:* ASI is still up *59 to 61% YTD* even after the drop. Banking Index is still up ∼75% YTD. Everyone who bought in Dec 2025 is sitting on double digits. When Float-adjusted index (the liquid FUGAZ names) falls hardest, it means funds are locking gains.

2. *Dangote IPO vacuum:* Analysts flagged it early - people are raising cash for the Dangote Refinery IPO. That's why transaction value went UP 2% even as volume fell - big guys selling FUGAZ to free N160k minimum for IPO.

3. *Hype matured:* CBN recapitalisation rally + H1 earnings (GTCO did N603bn profit) already priced in. Now market wants Q3 earnings, not story.

*Where is FUGAZ heading?*

Short-term (this week): *Sideways to down*. ASI hit resistance around 252,500 and broke below 250k support. Expect choppy, breadth weak - last week 54 decliners vs 24 advancers. Don't try to catch falling knife.

Medium-term (Q4): *Bias up, but selective.* This is not a crash, it's rotation. Banks still have interim dividends coming (Jim Ovia set for N8.7bn from Zenith interim), recapitalisation still intact, and after Dangote IPO money settles, liquidity comes back to banks.

If you hold: don't panic sell into -4% days. If you want to buy: wait for stabilization above 247k ASI, buy in tranches - Zenith and GTCO first (strongest H1), then Access and UBA for higher beta.

FUGAZ isn't dying - it's just exhaling after a 60% sprint.

Most ladies now are into hookup. Patronize them if you need to pour out, but never have anything serious to do with them, or you will definitely regret it forever. Enough said.

Yesterday, there was massive Sell-offs in Access Bank, GTCO, UBA, Zenith Bank, etc. What way is FUGAZ heading to? Up or down?🤔

- *Jonathan era:* 50L @ N97 = N4,850 / N18,000 min wage = *27% of monthly wage* for 50L
- *Buhari era:* 50L @ N187 = N9,350 / N33,000 = *28.3%*
- *Tinubu now:* 50L @ N1,500 = N75,000 / N70,000 = *107%* - more than a full minimum wage

So in liters, minimum wage used to buy:

- Jonathan: 185 liters (18,000/97)
- Buhari: 176 liters (33,000/187)
- Tinubu: 46 liters (70,000/1,500)

That's why people feel poorer even with wage doubled. Two things changed at once:

1. *Petrol price is no longer subsidized.* Under Jonathan/Buhari, government paid the difference between landing cost (~N800-1,200 now) and pump price. That kept pump price low but cost FG N4trn/year in 2022 alone.

2. *Naira floated.* Landing cost is in dollars. When FX went from N460/$ official to N1,500+, petrol cost in naira tripled even without subsidy.

So is the economy "repaired"? On fiscal books - subsidy bill gone, FAAC up 3x, fuel imports down, FX arbitrage spread gone. On household books - transport now eats most of the wage, which is what the calculation shows.

That's the trade-off Tinubu bet on: short-term purchasing power crash for long-term fiscal reset and local refining (Dangote now at 700k bpd means import cost should fall eventually).

Whether that bet pays off depends on whether pump price falls as Dangote ramps and naira stabilizes - or whether wages catch up.

unite4real:
How can Zenith PE ratio be 12.85X.

I think you should stop using the source of the information you are dropping here.

You will mislead people that depend on it

Why don't you post the correct one as a Counter? Or better still ignore it. Last time I checked, no one asked you to pay for it, or insist you use it.

Zenith Bank Plc has:

Return on Equity: 8.82%
Price to Earnings Ratio: 12.85x
Debt to Equity Ratio: 5.68x
Current Ratio: 1.15x
Net Profit Margin: 25.70%
Dividend Yield: 7.61%.

UACN Plc has:

Return on Equity: 26.45%
Price to Earnings Ratio: 27.51x
Debt to Equity Ratio: 6.37x
Current Ratio: 1.02x
Net Profit Margin: 5.49%
Dividend Yield: 0.55%

sboga:
it s a lie !!
MTN P/E ratio is around 12-13X not 24.88X as stated by you.
either you dont know how to calculate P/E or you are deliberately misleading people...
haba you doubled their P/E ratio....the shares of mtn would have to be 1600 to have P/E of 24.88...

The P/E ratio is 12-13X and that too is the trailing P/E now the forward P/E which is much lower....

omo see tokumbo analyst....comot

If you were a little bit well trained to be civil, you can make your points without tantrums.

Regency Alliance Insurance Plc, on Full Bid...

Regency Alliance Insurance Plc has:

Return on Equity: 5.32%
Price to Earnings Ratio: 15.07x
Debt to Equity Ratio: 0.40x
Current Ratio: 3.07x
Net Profit Margin: 15.62%
Dividend Yield: 0.00%.

Must have been those from the West. Always noisy and aggressive everywhere they go to.

MTNN Plc has:

Return on Equity: 76.03%
Price to Earnings Ratio: 24.88x
Debt to Equity Ratio: 5.42x
Current Ratio: 0.52x
Net Profit Margin: 23.64%
Dividend Yield: 4.88%.

Lasaco Assurance Plc has:

Return on Equity: 1.86%
Price to Earnings Ratio: 51.01x
Debt to Equity Ratio: 1.04x
Current Ratio: 1.09x
Net Profit Margin: 2.35%
Dividend Yield: 0.00%

GTCO Bank Plc has:

Return on Equity: 12.50%
Price to Earnings Ratio: 11.76x
Debt to Equity Ratio: 4.62x
Current Ratio: 1.19x
Net Profit Margin: 35.63%
Dividend Yield: 9.70%.

Dangote Cement has:

Return on Equity: 20.14%
Price to Earnings Ratio: 27.91x
Debt to Equity Ratio: 1.09x
Current Ratio: 0.90x
Net Profit Margin: 25.40%
Dividend Yield: 4.22%.

Aradel Plc has:

Return on Equity: 8.81%
Price to Earnings Ratio: 38.93x
Debt to Equity Ratio: 4.02x
Current Ratio: 0.81x
Net Profit Margin: 7.67%
Dividend Yield: 1.67%.

Access Bank Plc has:

Return on Equity: 4.92%
Price to Earnings Ratio: 7.99x
Debt to Equity Ratio: 11.15x
Current Ratio: 0.62x
Net Profit Margin: 16.16%
Dividend Yield: 0.00%.

Vitafoam Plc has:

Return on Equity: 30.90%
Price to Earnings Ratio: 19.33x
Debt to Equity Ratio: 0.59x
Current Ratio: 2.70x
Net Profit Margin: 14.95%
Dividend Yield: 1.55%.

Oando Plc has:

Return on Equity: -12.92%
Price to Earnings Ratio: 4.55x
Debt to Equity Ratio: -15.87x
Current Ratio: 0.54x
Net Profit Margin: 3.32%
Dividend Yield: 0.00%.

Omatek Plc has:

Return on Equity: 1.15%
Price to Earnings Ratio: -335.00x
Debt to Equity Ratio: -1.89x
Current Ratio: 0.01x
Net Profit Margin: -3,143.00%
Dividend Yield: 0.00%.

Premier Paint Plc has:

Return on Equity: 3.57%
Price to Earnings Ratio: -434.29x
Debt to Equity Ratio: -1.69x
Current Ratio: 0.003x
Net Profit Margin: -21.51%
Dividend Yield: 0.00%.

RT Briscoe Plc has:

Return on Equity: -16.48%
Price to Earnings Ratio: 14.03x
Debt to Equity Ratio: -4.59x
Current Ratio: 0.48x
Net Profit Margin: 3.26%
Dividend Yield: 0.00%.