L-R: Cordelia Ekeocha, group head, Marketing & Corporate Communications; Kayode Odetola, head of Retail; Stephen Alangbo, GMD/CEO, Cornerstone Insurance Plc; Adesua Ewalefoh, annuity manager, Abuja and Joel Akamagwuna, head of Annuity Business during the Company’s Annuity Forum held in Abuja.
…to continue paying its customers
Cornerstone Insurance Plc, one of Nigeria’s leading insurance providers has taken over the annuity business of defunct Niger Insurance Plc, and will continue to pay its customers on the scheme.
Niger Insurance Plc’s operational license was cancelled in June 2022 by the National Insurance Commission (NAICOM) and handed over to liquidators following the Company’s insolvency and inability to meet its contractual obligations.
Stephen Alangbo, group managing director/CEO of Cornerstone Insurance Plc made the disclosure while addressing annuitants and stakeholders at the Company’s Annuity Forum held in Abuja.
He noted that Cornerstone Insurance Plc has successfully taken over the annuity payments of former Niger Insurance Plc customers, following regulatory approval.
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Speaking on the Company’s Annuity Program, Alangbo reassured Nigerian retirees of its unwavering commitment to reliability, transparency, and service excellence.
He emphasized the company’s solid financial standing and its readiness to continue delivering on its promises.
He stated, “Our annuitants represent the trust our customers continue to place in us, the commitment of our people, and the strength of our vision. We are building a future-ready business, one that remains relevant to individuals, families, and businesses across Nigeria.”
Alangbo also spoke on the implications of the recently signed Nigerian Insurance Industry Reform Act (NIIRA 2025), which requires significant recapitalization across the industry. He assured annuitants that Cornerstone remains financially secure and ahead of the curve:
“Subject to confirmation from NAICOM, Cornerstone Insurance Plc does not need to raise additional capital under NIIRA 2025. We are solid, we are transparent, and we are fully able to continue paying your claims without interruption.”
Appreciating the presence of retirees, guests, and members of the press, the CEO reiterated the company’s philosophy of keeping promises and putting customers first:
“At Cornerstone Insurance Plc, we are not like any other insurance company. We are unique. We are transparent. We keep our promises, and your trust is the foundation of everything we do.”
With over three decades of operations, strong subsidiaries in FIN Insurance and Hilal Takaful, and a reputation for integrity and customer focus, Cornerstone Insurance continues to lead with integrity, innovation, empathy, team spirit and professionalism; reassuring Nigerian retirees that their future remains in safe hands.
The event, which featured health checks, entertainment, quizzes, gifts and refreshments, provided a platform for honest conversations on enhancing customer experience and reaffirming Cornerstone’s leadership in the annuity space.
Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services. As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via the internet and mobile platforms.
