Inside Crown Takaful’s Landmark Surplus-Sharing Ceremony: Meet the Speakers

Nigeria’s leading Islamic scholars, insurance regulators and non-interest finance experts will converge in Abuja on Tuesday as Crown Takaful Insurance Limited hosts its inaugural surplus-sharing ceremony following approval to distribute ₦100.9 million to eligible participants.

By Abdullahi Yusuf

Abuja will host some of Nigeria’s most prominent figures in Islamic finance, insurance regulation and Shariah scholarship on Tuesday as Crown Takaful Insurance Limited stages its first-ever Surplus-Sharing Ceremony, an event expected to highlight the growing role of Takaful in expanding ethical and inclusive insurance across the country.

The ceremony comes days after the National Insurance Commission (NAICOM) approved the distribution of ₦100,997,759.09 in surplus to eligible participants under the company’s General Takaful and Group Family Takaful funds for the 2024 financial year, making Crown Takaful one of the few operators in Nigeria’s non-interest insurance industry to declare and distribute surplus after its first full year of operations.

The event is expected to bring together regulators, Islamic scholars, insurance executives, financial experts and industry stakeholders for discussions on the future of Takaful, ethical finance and insurance inclusion in Nigeria.

Chairman of the ceremony is Sheikh Prof. Bashir Aliyu Umar, OON, President of the Supreme Council for Shariah in Nigeria (SCSN), whose scholarship in Qur’anic studies, Hadith and Islamic jurisprudence has earned him recognition as a respected authority in Islamic scholarship. Over several decades, he has played a leading role in promoting Islamic education, religious dialogue and the advancement of Shariah-compliant institutions.

Delivering one of the addresses is Muhammad Kari, former Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM). A veteran figure in Nigeria’s insurance sector, Kari spent more than four decades in insurance regulation, corporate leadership and information technology, helping shape policy and strengthen the country’s insurance industry before leaving public office.

Also scheduled to speak is Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance (Finance and Administration) at NAICOM. With more than 30 years of experience in insurance management, finance and corporate strategy, he is expected to provide the regulatory perspective on the evolving landscape of Nigeria’s insurance industry and the role of Takaful within it.

The programme will also feature Prof. Adam Muhammad Abubakar, Professor of Islamic Banking and Finance and a recognised scholar in Shariah-compliant finance. A scholar, researcher and adviser on Islamic financial systems, he currently serves on several non-interest finance advisory bodies and has contributed significantly to the development of Islamic banking, Takaful and Shariah governance in Nigeria.

Another speaker is Mudathir Adesanya, Founder and Chief Executive Officer of IFING Media, whose work has focused on promoting Islamic finance, the halal economy, financial technology and enterprise development across Africa. Through media engagement and policy advocacy, he has become one of the prominent voices advancing awareness of ethical finance and financial inclusion.

Representing the broader insurance industry is Mrs. Bola Odukale, Director-General and Chief Executive Officer of the Nigerian Insurers Association (NIA). A veteran insurance executive with more than three decades of experience, she has championed initiatives aimed at strengthening collaboration within the industry, improving insurance penetration and advancing corporate governance.

The event will also be attended by members of Crown Takaful’s Board of Directors and executive management led by its Chairman, Mallam Dahiru Yahya Barguma, alongside the Managing Director and Chief Executive Officer, Mallam Nasir Abubakar Song, and Executive Director, Operations, Mallam Abiodun Aliu Agbabiaka, who have overseen the company’s early growth and expansion.

Licensed by NAICOM in 2024, Crown Takaful Insurance Limited was established to provide Shariah-compliant insurance services built on the principles of mutual risk-sharing, transparency and social solidarity. Since commencing operations in 2024, the company has expanded its presence in Nigeria’s emerging Takaful market and positioned surplus distribution as a defining feature of its participant-focused model.

Tuesday’s ceremony will therefore serve not only as a celebration of Crown Takaful’s first surplus distribution but also as a meeting point for regulators, scholars and industry leaders examining the future direction of Nigeria’s Takaful sector. As demand grows for ethical and inclusive financial solutions, the discussions in Abuja may offer insight into how non-interest insurance can expand its role within the country’s broader financial landscape.

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