A day after President Bola Tinubu assented to a new insurance reform law aimed at recapitalising the industry and boosting investor confidence, insurance stocks on the Nigerian Exchange Limited (NGX) surged 10 percent on Tuesday.
On Tuesday, President Bola Tinubu signed the Nigerian insurance industry reform bill 2025 into law.
Tinubu assented to the bill to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
According to Bayo Onanuga, special adviser on information and strategy to Tinubu, the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.
Within 24 hours after the bill was signed into law, the share prices of most insurance companies surged 10 percent, according to market data, CableNG reported.
Out of 17 insurance stocks, only two recorded zero movement from the previous day’s closing price, as of the time of filing this report.
Here’s how the insurance stocks are currently performing.
MUTUAL BENEFITS ASSURANCE
The stock rose from N2.20 kobo to N2.42 kobo, marking a 10 percent increase.
CUSTODIAN INVESTMENT
Custodian appreciated by 9.96 percent, climbing from N39.15 kobo to N43.05.
CORNERSTONE INSURANCE
The share price of Cornerstone Insurance gained 9.96 percent, moving from N4.82 kobo to N5.30 kobo.
WAPIC INSURANCE
The insurer’s share value appreciated from N2.72 kobo to N2.99 kobo, up by 9.93 percent.
LASACO ASSURANCE
Lasaco’s share price increased by 9.87 percent, from N3.14 kobo to N3.45 kobo.
AIICO INSURANCE
AIICO’s share price moved from N2.64 kobo to N2.90 kobo, gaining 9.85 percent.
CONSOLIDATED HALLMARK INSURANCE (CHI)
The share value of CHI jumped by 9.97 percent, from N3.71 kobo to N4.08.
SOVEREIGN TRUST INSURANCE
The insurer recorded a 9.71 percent appreciation in its share value, as it increased from N2.06 to N2.26 kobo.
INTERNATIONAL ENERGY INSURANCE
International Energy Insurance’s share price rose from N2.36 kobo to N2.59 kobo, up by 9.75 percent.
UNIVERSAL INSURANCE
The share value of Universal Insurance appreciated by 9.64 percent, rising from N0.83 kobo to N0.91 kobo.
VERITAS KAPITAL ASSURANCE
Veritas Kapital share price moved from N1.67 kobo to N1.83 kobo, representing a 9.58 percent gain.
LINKAGE ASSURANCE
Linkage Assurance climbed 9.43 percent, from N1.59 to N1.74.
PRESTIGE ASSURANCE
The share price went from N1.38 to N1.51, up 9.42 percent.
GUINEA INSURANCE
Guinea Insurance share value appreciated by 9.28 percent, from N0.97 kobo to N1.06.
REGENCY ALLIANCE
Regency Alliance share price also gained 9.28 percent, increasing from N0.97 kobo to N1.06.
However, during the same period, AXA Mansard and NEM Insurance shares were trading flat at N11 and N27, respectively, indicating no changes from the previous day’s closing price.
![Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg "Odiong: US-based Nigerian Catholic priest convicted over sexual assault")
