- Noor Takaful Insurance distributed N404.19 million to over 1,000 participants who did not make claims in 2023, showing the strength of the mutual benefit model
- The company has paid more than N11 billion in claims since its launch in 2017, confirming its commitment to ethical risk sharing and participant protection
- Industry leaders called for increased public awareness to grow Takaful adoption and position it as a fair and inclusive alternative to conventional insurance
Noor Takaful Insurance Limited, Nigeria’s pioneer composite Takaful insurance firm, has announced the distribution of N404.19 million in surplus to participants who did not make claims during the 2023 financial year.
The announcement was made during the company’s annual Surplus Distribution and Claims Celebration Ceremony held at the Lagos Continental Hotel.
The event highlighted the firm’s commitment to ethical risk-sharing and mutual prosperity under the Takaful model.
Key Beneficiaries and Distribution Breakdown
Over 1,000 participants are eligible for the surplus payout, with 15 organisations and individuals receiving direct payments at the event. Notable beneficiaries include:
- Lotus Bank – N19.02 million
- ARM Group – N8.60 million
- Trustlub Resources Ltd – N1.44 million
- MG Vowgas Ltd – N1.35 million
- Alternative Bank – N1.28 million
Other recipients include Automarket Nigeria Ltd, Starlink Internet Services Nigeria Ltd, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic Ilaro, Globus Bank, Wema Bank/Mezovest Ltd, Halden Nigeria Ltd, ICA Logistics Ltd, Kaka Ajibola Oladele, and i-SOW Investment Ltd.
Industry Endorsement and Strategic Outlook
Speaking at the event, Dr. Julius Odidi, Deputy Director at NAICOM, emphasized that the surplus distribution reflects the resilience and ethical foundation of Nigeria’s growing Takaful industry.
He noted that the model promotes trust, fairness, and shared prosperity, which are essential for deepening insurance penetration in Nigeria.
Ibukun Awosika, entrepreneur and keynote speaker, called for increased public awareness and education around the Takaful model. She urged Noor Takaful to position itself beyond religious boundaries and tap into Nigeria’s vast uninsured population.
“This is a model that rewards contribution and promotes dignity. With only 20,000 participants signed up, the growth potential is enormous,” Awosika said.
Financial Performance and Commitment Chairman of Noor Takaful, Ambassador Shuaibu Ahmed, revealed that the company has distributed N1 billion in surplus since inception, including the N404 million for 2023 alone. He described the milestone as proof that the Takaful system works and benefits all stakeholders.
Vice Chairman Aminu Tukur added that Noor Takaful has paid out over N11 billion in claims since operations began in January 2017. He reaffirmed the company’s commitment to ensuring participants receive value—either through claims or surplus sharing.
About Noor Takaful
Established in April 2016 and licensed by NAICOM, Noor Takaful Insurance Ltd. is Nigeria’s first full-fledged composite Takaful operator with 100% indigenous ownership. The company continues to lead efforts in unlocking the potential of ethical, inclusive insurance in Nigeria.
