Noor Takaful Insurance Limited, Nigeria’s trailblazer and foremost provider of composite Takaful insurance, has allocated a total surplus of four hundred and four million, one hundred and ninety-one thousand, five hundred naira (N404,191,500.00) to policyholders who did not file claims during the 2023 fiscal year.
This surplus allocation was officially revealed on Wednesday, September 17, 2025, at the 2023 Surplus Distribution and Claims Recognition event held at Lagos Continental Hotel, Lagos.
More than 1,000 participants qualified to share in the surplus exceeding N400 million. At the ceremony, fifteen recipients-including individuals, financial institutions, and both private and public sector organizations-were presented with their surplus payments.
Among the top beneficiaries were Lotus Bank, ARM Group, Trustlub Resources Limited, MG Vowgas Ltd., and Alternative Bank, receiving N19,018,379.20, N8,604,413.77, N1,441,430.08, N1,346,198.37, and N1,282,242.71 respectively.
Additional recipients included Automarket Nigeria Limited, Starlink Internet Services Nigeria Limited, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic Ilaro, Globus Bank, Wema Bank/Mezovest Limited, Halden Nigeria Limited & ICA Logistics Ltd, Kaka Ajibola Oladele, and i-SOW Investment Limited.
During the event, Dr. Julius Odidi, Deputy Director of the National Insurance Commission (NAICOM), representing the CEO, praised the surplus distribution as a testament to the strength, inclusiveness, and ethical principles underpinning Nigeria’s Takaful insurance sector.
He emphasized that the celebration of surplus allocation and claims settlement highlights the core values of Takaful-trust, equity, and collective prosperity.
Dr. Odidi further noted that these values are fundamental to the advancement of Nigeria’s insurance industry as a whole.
He elaborated that Takaful provides not only financial security but also dignity, fairness, and assurance for the future.
In her keynote speech, renowned entrepreneur Ibukun Awosika highlighted the critical role institutions play in promoting the Takaful insurance framework in Nigeria, especially given the shortcomings of conventional insurance models.
Awosika characterized the Takaful approach as a fair and balanced business system that rewards all contributors equitably.
She urged Noor Takaful Insurance Limited to amplify efforts in raising public awareness about the Takaful concept to attract Nigerians from diverse backgrounds, irrespective of religious beliefs.
“The alternative insurance sector holds vast potential for growth due to the untapped market. This model can motivate more people to embrace insurance. When I inquired about your current subscriber base, I was told it’s around 20,000. This indicates we are still in the early stages. My challenge to the company is to dedicate resources to educating the public. You need to clearly communicate your unique model. You don't want to be perceived as just another insurance provider, nor do you want the perception to limit you as a religious-only insurance option,” she stated.
Congratulating the surplus recipients, Awosika expressed confidence that the Takaful model would help reshape corporate and societal value systems.
Opening the event, Ambassador Shuaibu Ahmed, Chairman of Noor Takaful Insurance Limited, remarked that distributing over ₦1 billion in surplus since the company’s inception-including ₦400 million in 2023 alone-is a significant achievement and compelling evidence that the Takaful system benefits all stakeholders.
