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SUNU Assurances pay N3.28bn in Claims for 2024, Posts N3.87bn Profit

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SUNU Assurances Nigeria Plc says it paid a total of N3.28 billion in claims in the 2024 financial year.This was disclosed by Mr Kyari Bukar, Chairman, SUNU Assurances at the 38th Annual General Meeting (AGM) of the company held on Friday in Lagos.Bukar said that payment marked a substantial 57.

8 per cent increase from the N2.08 billion paid out in 2023, adding that it underscored the company’s dedication to meeting its obligations in spite of economic challenges.
He also said that the company recorded significant growth and profitability within the period under review.Report says that the company reported a Profit After Tax (PAT) of N3.59 billion, a remarkable performance that far exceeded the full-year budgeted profit of N377 million.
This robust financial result according to the chairman of SUNU, enabled the Board to declare a dividend of 10 kobo per share on 50 kobo ordinary shares, thereby rewarding shareholders for their confidence in the company.He added that the company’s Gross Written Premium (GWP) for the period under review reached N13.03 billion, a significant increase from N8.16billion in 2023.“This growth of N4.87 billion, represents a 59.6 per cent rise, also surpassing the full-year budget of N10.16 billion by an impressive 128.3 per cent,” he said.Bukar said that the impressive revenue growth was driven by several key factors like higher business renewals, contribution to stability and expand.Other factors he said were increase in motor insurance premium rates, expanding customer base and favorable foreign exchange movements among others.He explained that the increase in claims payments, which grew from N2.08 billion in 2023 to N3.28 billion in 2024, was due to unfavorable claims experience in certain special risk businesses.“The company’s net claims expenses rose to N2.6 billion in 2024, a 56.0 per cent increase from N1.7 billion in the previous year.“The unfavorable impact of inflation and fuel price volatility contributed to a significant rise in operating expenses which reached N3.21 billion in 2024, a 37.7 per cent increase from N2.33 billion in 2023.“This figure represents 113.3 per cent of the full year budget of N2.83 billion, reflecting the financial strain imposed by macroeconomic challenges.“The Profit after Tax for 2024 reached N3.59 billion which significantly exceeded the full year budgeted profit of N877 million.“This impressive performance was driven by business growth and favorable impact of the federal government forex policy compared to N2.5 billion recorded in 2023.“This marks a substantial increase, reflecting the company’s ability to capitalise on market opportunities and optimise profitability despite economic challenges, he said,” he said.On dividends, the chairman noted that the company’s commendable performance, led the Board to recommend a 10 kobo dividend per share for the financial year ended 2024, subject to shareholders’ approval at the AGM.Similarly, the Managing Director of SUNU Assurances, Mr Samuel Ogbodu said that year 2024 was a year with both challenges and opportunities amid economic headwinds, currency volatility, inflationary pressures and a dynamic regulatory landscape.Ogbodu reiterated that SUNU Assurances remained committed to its core mission of providing innovative and reliable insurance solutions to it’s growing customers’ base.He said that in spite of the hurdles, the company delivered solid performance and achieved notable progress on several fronts.Meanwhile, Mr Jimoh Saka a shareholder has expressed satisfaction with the AGM financial report, and lauded the company for declaring 10 kobo, while also appealing to the company to do more to achieved one naira dividend per share in the next financial year. (NAN)

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Minister Describes Death of Leon Usigbe as Monumental Loss

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By Johnson Eyiangho, Abuja

Minister of Information and National Orientation, Mohammed Idris has described the death of Dr Leon Usigbe, the Abuja Bureau Chief of the Tribune Newspaper, as a monumental loss to the Newspaper, journalism profession and to the entire nation.The Minister said with the death of Usigbe, Nigeria has lost one of its finest media minds — a man whose intellect, courage, and clarity of purpose earned him the respect of colleagues, government officials, and the public alike.

In condolence message on Saturday, Idris said he received news of the death of Tribune Newspaper Bureau Chief with profound shock and deep sadness.”Dr. Usigbe was an outstanding journalist, a highly cerebral professional, and a shining light within the Nigerian media landscape.
His work was defined by integrity, depth, and an unflinching determination to the public good. As a pen-wielding advocate for democracy and national development, he brought intellectual rigour, insight, and balance to his reporting. In him, the Fourth Estate had a true patriot who used his craft to foster accountability and nation-building.”I recall with particular sorrow his eloquent and thought-provoking contributions during the regular Ministerial Press Briefing Sessions convened by the Federal Ministry of Information and National Orientation in Abuja, as well as at the Press Briefings in the Presidential Villa. His interventions consistently elevated the quality of discourse and helped bridge the gap between government and the media — all in service of a more informed and engaged society,” Idris said.On behalf of the Federal Ministry of Information and National Orientation, and himself , the Minister extended his heartfelt condolences to the management and staff of Tribune Newspaper, the government and people of Edo State, where he hailed from, as well as to his family, friends, and professional associates. He prayed the God Almighty to comfort those the late Bureau Chief left behind and to grant them the fortitude to bear the irreplaceable loss, saying “May his soul rest in perfect peace.”

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Unique Secondary School Expands Outreach, Honors Ogbodo, Launches Scholarships

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By David Torough, Abuja

Unique Secondary School Makurdi (USSM), a leading private educational institution in Benue State, continues to make significant strides in academic excellence and community impact.

In a bold move to increase accessibility and reward excellence, the school has unveiled a new examination centre in Oju Local Government Area, launched a scholarship scheme for families with multiple children in the school, and honoured a distinguished alumnus, Dr.

Mark Ogbodo, by naming a recreational facility after him.

The newly inaugurated Dr. Mark Ogbodo Park was officially commissioned on July 24, during a colourful ceremony held at the school’s New GRA campus in Makurdi.

The event drew an impressive turnout of students, staff, parents, alumni, and dignitaries.

Chairman of Unique Schools and co-founder of USSM, Engr. Felix Atume led the commissioning, describing it as a tribute to dedication and impact.

Dr. Ogbodo, an author and founder of Lydia Memorial Hospital, Ugbokolo, was visibly moved by the honour.

In a social media post after the event, he wrote: “Who am I to deserve this great honour? What impact have I made on USSM? These thoughts flooded my mind as I stood speechless in awe.”

He praised the school leadership, particularly Principal Mr. Samuel Ortsega, and the Parent-Teacher Association (PTA) for the recognition.

Also unveiled at the event was a scholarship programme aimed at easing the financial burden on families with more than one child enrolled at USSM.

The initiative was met with excitement and gratitude from parents in attendance. Furthermore, the newly established Oju exam centre was widely applauded for eliminating the long travel often required for external examinations, especially for students living in remote areas.

Founded on September 1, 1998, by Engr. Atume and Mrs. Juliana Atume, a noted philanthropist, USSM has built a strong reputation for nurturing students through academic rigor and character development.

Originally a day school, it added a boarding facility in 2007 to cater to growing demand. Situated in a serene environment, the school provides a secure and conducive atmosphere for learning.

USSM is part of the larger Unique Schools family, which began with Unique Nursery and Primary School in 1995.

The secondary arm offers a comprehensive curriculum infused with entrepreneurial and vocational training in areas such as catering, fashion, cosmetology, and design—preparing students with practical skills for life beyond the classroom.

The school boasts modern infrastructure, including science laboratories, an ICT centre, a digital library, spacious classrooms, quality boarding facilities, a healthcare unit, and the expansive Engr. Felix Atume Hall. Recreational amenities include courts for basketball, volleyball, tennis, a football pitch, and indoor games like chess and scrabble.

In keeping with global trends, USSM has embraced digital innovations such as an online result-checking system and is planning an enhanced presence on social media.

The school runs a three-term calendar and prepares students for key national examinations including BECE, WAEC, and NECO.

Ambitious plans are underway to launch Unique Technical College, which will focus on technical and vocational education.

As the evening of July 24 transitioned into a celebratory dinner in honour of the 2025 graduating class, guests—including PTA members, parents, alumni, and staff—shared heartfelt goodwill messages. The PTA Chairman described the event as “unparalleled in the school’s history.”

Through initiatives like the Oju centre, new scholarships, and the celebration of alumni impact, Unique Secondary School Makurdi continues to set the benchmark for holistic and community-rooted education in Benue State.

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Foreign News

Zelensky Announces New Draft Law on Anti-corruption Bodies after Protests

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Ukrainian President Volodymyr Zelensky said he has approved the text of a draft law guaranteeing the freedom of two anti-corruption bodies in Ukraine – days after nationwide protests broke out over changes curbing their independence.

Kyiv’s Western partners had also expressed serious concerns over the legislation.

On Thursday, Zelensky seemed to backtrack, saying the new bill was intended to safeguard the independence of Ukraine’s National Anti-Corruption Bureau (Nabu) and Specialised Anti-Corruption Prosecutor’s Office (Sap), and to protect them from Russian influence.

He said the text of the bill was “balanced”, but did not provide any details.

The law passed earlier this week brought Nabu and Sap under the control of the prosecutor general, who is appointed by the president.

At the time Zelensky justified his decision to curtail the bodies’ powers by citing Russian influence. The day before, Ukraine’s security services had carried out searches and arrests targeting alleged Russian spies at the agency.

The passing of the legislation instantly sparked the largest protests since the start of Russia’s full-scale invasion in February 2022 in several cities across Ukraine, with many worrying the law would severely undermine the Nabu and Sap’s authority and effectiveness.

Thousands of people gathered in streets and squares across Ukraine, holding placards calling for the legislation to be vetoed.

Several commentators accused Zelensky of democratic backsliding. Their concerns were further exacerbated when Ukraine’s Western partners signalled their displeasure with the bill.

Ukraine has official EU candidate status and a spokesman for European Commission chief Ursula von der Leyen previously warned Kyiv that the rule of law and the fight against corruption were “core elements” of membership to the bloc.

On Thursday, the Commission said it “welcomed” the Ukrainian government’s decision to take action against the bill.

“We are working [with the Ukrainian government] to make sure that our concerns… are indeed taken into account,” the spokesman said.

Nabu and Sap were created in 2014-15 as one of the requirements set by the European Commission and International Monetary Fund to move towards a relaxation of visa restrictions between Ukraine and the EU.

Writing on Facebook, opposition MP Oleksiy Goncharenko noted Zelensky said that “the independence of anti-corruption institutions must be guaranteed.”

“First we take it away, and then we say that it must be guaranteed. So why was all this necessary?”

In his message on social media on Thursday, Zelensky did not acknowledge the protests or the backlash but said it was “important that we respect the position of all Ukrainians and are grateful to everyone who stands with Ukraine.”

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