Noor Takaful Insurance Limited, the pioneer and leading composite Takaful insurance firm in Nigeria, has distributed a total of N404,191,500.00 as surplus to participants who did not make claims on their insurance during the 2023 financial year.

The surplus distribution was announced on Wednesday, September 17, 2025, during the 2023 Surplus distribution and Claims celebration ceremony for participants at Lagos Continental Hotel, Lagos.

Over 1,000 participants would be entitled to over N400 million as surplus, with 15 participants, including individuals, financial institutions, and private and public organisations, receiving surplus payments at the event.

Lotus Bank, ARM Group, Trustlub Resources Limited, and MG Vowgas Ltd. Alternative Bank received the lion’s share of the payment, receiving N19,018,379.20, N8,604,413.77, N1,441,430.08, N1,346,198.37, and N1,282,242.71, respectively.

Other companies or individuals who also received part of the 2023 surplus distribution include 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.

The Chief Executive Officer, National Insurance Commission, represented by the Deputy Director, NAICOM, Dr. Julius Odidi, described the surplus distribution event as a statement of the resilience, inclusivity, and ethical foundations upon which Nigeria’s takaful industry is being built.

“Celebrating distribution and the fulfilment of claims is a stark reminder of the true meaning of takaful, which entails the principles of trust, fairness, and shared prosperity,” Odidi said.

According to him, these principles are at the heart of takaful and remain central to the progress of Nigeria’s broader insurance sector. He explained further that Takaful offers financial protection, dignity, fairness, and confidence in the future.

In her keynote address, Ibukun Awosika, a foremost entrepreneur, explained that driving the Takaful insurance model in a country like Nigeria requires the effort of the institution involved, particularly at a time when conventional insurance has failed to deliver on expectations.

Awosika described the Takaful model as an equitable business model that rewards each party for its contribution. She stressed that the company must intensify its efforts to deepen awareness about the takaful model in a way that will attract interest from Nigerians regardless of their faith.

“Non-conventional insurance is a sector that needs to grow exponentially because of the market space there, and this model will encourage more people to get into insurance. I was asking how many people you have signed up with right now, and I was told that the number is about 20,000. So, we’re really at the early stage. And what I would challenge the company to do is to invest time in educating the public. As a company, you need to share the model of what you do. You don’t want to be just another insurance company, and you don’t want the door to be shut on it just being called a religious insurance company,” she said.

Ambassador Shuaibu Ahmed, Chairman of Noor Takaful Insurance Limited, explained that the distribution of a staggering N1 billion in surplus since inception, including N400 million in surplus for 2023 alone, is not just a milestone but powerful proof that the Takaful system works—for everyone.