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 […]
NAICOM, NCAA Strengthen Insurance Checks for Airlines
By Oluwakemi Kindness The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) are strengthening checks on aviation insurance to ensure adequate financial protection for air travellers, third parties and other stakeholders. The two agencies formalised the partnership on Wednesday in Abuja with the signing of a Memorandum of Understanding (MoU) and the […]
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 […]
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 Trains Police to Enforce Mandatory Insurance Compliance
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has trained officers of the Nigeria Police Force (NPF) in the Federal Capital Territory (FCT) to strengthen enforcement of compulsory insurance laws and curb the use of fake motor insurance certificates. The one-day training, held in Abuja, focused on improving compliance with Motor Third-Party Insurance and other […]
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, Abia Partner to Protect Investments
By Oluwakemi Kindness The National Insurance Commission (NAICOM) and the Abia State Government have pledged closer collaboration to strengthen risk protection for businesses, safeguard economic activities, and boost investor confidence in the state. The commitment was made during a courtesy visit by the Commissioner for Insurance, Olusegun Ayo-Omosehin, who led a high-level delegation from Nigeria’s […]