NAICOM Urges Insurers to Help Finance Nigeria’s Infrastructure
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has urged insurers to support Nigeria’s infrastructure development through pooled funds, infrastructure bonds and risk guarantees. The Commissioner for Insurance, Olusegun Ayo Omosehin, made the call on Wednesday at the 2026 National Insurance Brokers Conference in Abuja. According to him, the country cannot bridge its infrastructure gap […]
Insurers Must Compete With Betting for Customers
By Oluwakemi Kindness Nigeria’s insurance industry must find new ways to compete for the attention and spending of Nigerians, particularly young people who readily participate in betting and pools. The Group Managing Director of Sahara Power Group, Dr. Kola Adesina, made the call on Thursday in Abuja at the unveiling of the Insurance Sector Strengthening […]
FG Queries NAICOM Over N500m Recapitalisation Fee Demand
By Mardiyyah Abubakar The Federal Government has queried the National Insurance Commission (NAICOM) over disputed fees and escrow demands linked to the ongoing recapitalisation of NICON Insurance Limited and Nigeria Reinsurance Corporation. The Ministry of Finance directed NAICOM to provide a detailed response and legal justification for the disputed charges. The query follows a petition […]
Senate Panel Steps Up Efforts to Strengthen Financial System
By Al-Kadriyar Abdullahi The Senate Committee on Banking, Insurance and Other Financial Institutions has stepped up engagement with financial regulators and industry stakeholders to strengthen Nigeria’s financial system and promote economic stability. This is as the committee held an expanded stakeholders’ engagement in Lagos at the weekend, bringing together officials from the Central Bank of […]
NAICOM Begins Issuing New Licences to 43 Insurers
By Oluwakemi Kindness The National Insurance Commission, NAICOM, has begun issuing new licence certificates to insurance companies that met its revised minimum capital requirements. The new certificates were presented to compliant insurers at the Commission’s headquarters in Abuja on Tuesday, marking a major milestone in Nigeria’s insurance industry recapitalisation programme. The Commissioner for Insurance, Olusegun Ayo-Omosehin, […]
43 Insurers Meet New Capital Requirement, 8 Under Review
By Oluwakemi Kindness Forty-three insurance and reinsurance companies have met the new minimum capital requirements set by the National Insurance Commission (NAICOM) following the completion of the sector’s 12-month recapitalisation exercise. The Commission disclosed this in a statement on Sunday, saying eight other insurance companies that submitted evidence of compliance shortly before the statutory deadline […]
NAICOM Gives Insurers 14 Days to Meet Capital Deadline
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has given insurance companies 14 days to meet the July 31, 2026 recapitalisation deadline, warning that the timeline is mandatory and will not be shifted. Commissioner for Insurance, Olusegun Ayo Omosehin, issued the warning on Friday at the investiture of Akinjide Orimolade as the 53rd President and […]
NAICOM Urges States to Embed Insurance in Loan Schemes
By Oluwakemi Kindness The Commissioner for Insurance, National Insurance Commission (NAICOM), Olusegun Ayo-Omosehin, has urged state governments to integrate insurance into loan schemes and poverty alleviation programmes. Omosehin said this will serve as part of efforts to strengthen economic resilience and ensure the sustainability of public interventions. Omosehin made the recommendation on Tuesday while delivering […]
NAICOM Pushes Insurance Reform, Flags Trust Gap in Sector
By Oluwakemi Kindness The National Insurance Commission (NAICOM) says the success of ongoing reforms in Nigeria’s insurance industry will depend on effective implementation of the Nigerian Insurance Industry Reform Act (NIIRA 2025). Speaking at the opening of Insurance Week 2026, the Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Ayo-Omosehins, who was represented by […]
Nigeria Launches Fund to Protect Insurance Customers
By Oluwakemi Kindness Millions of Nigerian insurance policyholders are set to benefit from a new protection fund designed to ensure they are not left stranded if insurers fail. The development on friday followed the inauguration of the Insurance Policyholders Protection Fund (IPPF) Committee. The IPPF is a statutory initiative under Nigeria’s insurance reform framework aimed […]