Business
Heirs General Insurance appoints New Executives
Nigeria’s fastest-growing insurance provider, has announced the appointment of Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General.
The appointments further strengthen HIG’s governance and leadership team.
HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique offering of digitally driven insurance products and customer-centric service proposition.
Ibrahim Puri is an accomplished financial services leader, with over 30 years of experience in banking, fintech, and FMCG industries.
He was Group Executive Director at the United Bank for Africa and serves on the board of RedTech and Nigeria Breweries. He brings a deep understanding of the African financial industry and the ability to navigate complex market dynamics.
Sonny Iroche has over four decades of experience in finance, investment promotion, and economic advisory.
He serves as the Executive Chairman of Strategic Alliance Promotion Company and has held leadership positions at the Transmission Company of Nigeria and United Capital Plc.
He also serves as a special advisor to the Board of Governors of the African Leadership Institute (AFLI).
Commenting, Tony O. Elumelu, CFR, Chairman, Heirs Holdings said: “We are pleased to welcome Ibrahim and Sonny to Heirs Insurance Group, and specifically to Heirs General Insurance.
Their exceptional leadership and track record of success will further assist in executing our vision of being Nigeria’s foremost, trusted, and innovative insurance provider. I know that their expertise will enhance Heirs Insurance Group’s position as an industry leader, delivering exceptional value to all stakeholders.
“Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.
With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.
Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
Business
Nigerian Exchange Emerges Top In Africa By Dollar Values
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.
The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.
The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
Source: ThisDay
Business
Phillips Consulting Report Ranks Enugu Nigeria’s Fastest Improving State
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
• Governor Peter Mbah
Enugu State has been ranked as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index, outperforming 32 other states in the latest assessment of governance and development across the country.
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
According to Phillips Consulting, the Momentum Index measures the rate at which states improved relative to the national average during the review period. Positive scores indicate above-average progress, while negative scores reflect slower-than-average improvement.
The report said Enugu’s emergence as the national leader reflected deliberate governance, strong fiscal discipline, and sustained implementation of reforms, while the South-east recorded the strongest overall regional performance among Nigeria’s six geopolitical zones
Business
IMF Warns of AI Financial Shocks Across Institutions, Markets
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
The International Monetary Fund (IMF) has called on central banks and financial regulators to strengthen governance frameworks for Artificial Intelligence (AI), warning that the rapid adoption of the technology across the financial system could create new systemic risks if left inadequately supervised.
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
Adrian noted that AI is increasingly being used to price financial risks, allocate credit, execute trades and support supervisory activities, creating opportunities for greater efficiency while introducing new vulnerabilities that regulators must address.
He identified three immediate priorities for policymakers: strengthening oversight of AI-driven trading, lending and supervisory technology (SupTech); improving transparency around AI adoption, model dependencies and correlated investment strategies; and expanding international cooperation on cyber security and operational resilience.
According to him, AI has compressed the speed of financial transactions, allowing trading, lending decisions and supervisory analysis to occur in real time. While these innovations have improved market efficiency, they also increase the speed at which financial shocks can spread across institutions and markets.
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