Noor Takaful Insurance Limited, Nigeria’s first composite Takaful operator, distributed ₦404.19 million as surplus to participants who made no claims during the 2023 financial year.
The company made the announcement at its 2023 Surplus Distribution and Claims Celebration Ceremony in Lagos.
More than 1,000 participants qualified for a share of the payout, while 15 organisations and individuals collected their cheques at the event.
Major Beneficiaries
Lotus Bank led the list of beneficiaries with ₦19.02 million.
ARM Group followed with ₦8.60 million, while Trustlub Resources received ₦1.44 million, MG Vowgas Ltd.
Alternative Bank took ₦1.35 million, and several others, including Automarket Nigeria, Starlink Internet Services, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic Ilaro, Globus Bank and Wema Bank/Mezovest Limited, also secured their share.
Takaful Model And Growth
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During the ceremony, Julius Odidi of the National Insurance Commission emphasised that the exercise demonstrated the resilience and ethical foundation of Nigeria’s Takaful industry.
He stressed that Takaful promotes fairness, trust and shared prosperity.
Entrepreneur Ibukun Awosika highlighted the Takaful model as an equitable system that rewards all parties.
She urged Noor Takaful to intensify public awareness and position the model as an inclusive financial solution rather than a religious option.
Building on that message, chairman Shuaibu Ahmed revealed that the company has distributed more than ₦1 billion in surplus since inception, alongside over ₦11 billion paid in claims.
Vice chairman, Aminu Tukur, reaffirmed the firm’s commitment to rewarding participants through both claims and surplus sharing.
Since its licensing in 2016, Noor Takaful has consistently advanced a model where participants share both protection and prosperity.
