The engagement comes on the heels of the newly enacted Nigerian Insurance Industry Reform Act 2025, a landmark legislation designed to strengthen regulatory oversight, deepen market penetration, and position Nigeria as a competitive hub for insurance and reinsurance business in Africa.

Led by Chief Executive Officer Mr. Mohammed Maharaj, the MISR delegation met with the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, to explore emerging opportunities in Nigeria’s non-life and reinsurance segments, signaling growing foreign investor confidence in the country’s reform-driven transformation agenda.

The delegation includes Ahmed Alkanhawy, Assistant CEO and Hossein Shaky of the Egypt Embassy in Nigeria,  received a warm welcome from NAICOM leadership, who outlined the Commission’s mandate, recent reforms and goals to strengthen Nigeria’s insurance market in support of the country’s broader economic agenda.

Commenting on the visit, Omosehin emphasized its commitment to fostering collaboration with international partners to deepen market capacity and protect policyholders. Mr. Mohammed Maharaj expressed strong interest in Nigeria’s non-life and reinsurance opportunities and confirmed plans to meet industry stakeholders in Lagos to explore market entry and potential partnerships.

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The launch marks a key milestone in Cornerstone Insurance’s long-term human capital strategy, reinforcing its commitment to continuous learning and sustainable performance. The academy integrates digital learning platforms with purpose-built physical training facilities. While the digital platform is already live, the upcoming physical academy will further enhance in person and hybrid learning experiences

Developed by the Human Capital team, the Learning Management System (LMS) serves as the academy’s virtual classroom and is now accessible to employees across the Group; https://academy.cornerstone.com.ng/.

A dedicated mobile application is also ready for deployment, alongside a fully functional academy website, ensuring seamless access to learning resources anytime and anywhere;https://app.cornerstone.com.ng/academy/index.html.

Speaking at the launch, the Group Managing Director and Chief Executive Officer, Stephen Alangbo, described the academy as a strategic investment in people and the future of the insurance industry.

He noted that it reflects the company’s commitment to building a future-ready workforce and embedding a culture of continuous learning aligned with its long-term growth ambitions.

In the short term, the academy focuses on structured capability development across the Group. Over the long term, it is positioned to evolve into a leading learning and knowledge hub for the insurance and financial services sector in Nigeria and across Africa.

About Cornerstone Insurance

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.

At Cornerstone, we are committed to our core values of integrity, empathy, professionalism, innovation, and team spirit. Our mission remains delivering value beyond expectations through need-based products and quality service.

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BY NKECHI NAECHE-ESEZOBOR—NEM Insurance Plc has reaffirmed its commitment to women empowerment and grassroots economic development with the launch of the third edition of its flagship initiative, She Means Business.

Through the programme, the leading general business underwriter will award ₦250,000 each to three outstanding female entrepreneurs, providing critical financial support to help them expand and strengthen their businesses.

The initiative underscores the company’s broader mission of promoting entrepreneurship, deepening financial inclusion, and investing meaningfully in the communities it serves.

Speaking on the initiative, General Manager, Corporate Services NEM Insurance Plc Mrs. Mojisola Teluwo, said the entry window opened on February 16, 2026, and is scheduled to close on February 28, 2026, whilst  urging interested participants to adhere strictly to the contest timeline.

According to her the move is part of the underwriter’s commitment to promoting entrepreneurship and deepening financial inclusion among women in the country. 

She submitted that the three outstanding female entrepreneurs will be selected to receive a cash grant of ₦250,000 each to scale their business operations.

She noted that the contest is a strategic response to the need for grassroots economic empowerment.

“At NEM Insurance, our mission extends beyond providing world-class insurance products; we are deeply invested in the growth of the communities we serve. The ‘She Means Business’ contest, now in its third phase, is our practical way of ‘inspiring inclusion.

“We recognize the pivotal role women play in the economy, and we are proud to provide this ₦250,000 financial catalyst to help three visionary women turn their business aspirations into reality,” she stated.

In a bid to foster creativity and digital engagement, the insurer has outlined a seamless entry process for prospective participants:

Participants are to create a 1-minute video articulating specific actions to accelerate your business.

 Upload the video on personal handles and tag @neminsuranceplc.

They are to follow NEM Insurance on all social media platforms (Facebook, Instagram, and Twitter @neminsuranceplc) and like, share, and Tag 5 friends to the post.

They are to use #NEMSheMeanBusiness3.0 for tracking and validation.

Industry observers believe that such initiatives by NEM Insurance continue to enhance the corporate image of the insurance sector, shifting the narrative toward proactive social investment and the development of the Small and Medium-sized Enterprises (SMEs) segment in Nigeria.

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This new direction marks a shift in strategic direction. According to the company’s management, this approach balances growth initiatives with financial strength, governance discipline, and operational resilience, ensuring that Lasaco Assurance Plc remains agile and responsive in a rapidly changing market.

Lasaco Assurance Plc plans to expand its market share through partnership, strengthen capital base and then reinforce its operational, governance, technology and compliance focus. These measures are designed to create a resilient and high-performing organization, capable of delivering on its strategic objectives.

Speaking on the company’s evolving direction, Mr. Ademoye Shobo, Acting Managing Director, highlighted the importance of execution consistency and organizational alignment.

“As the business environment continues to evolve, our priority is execution. We are aligning our people, processes, and technology to ensure that our strategic intent translates into improved service delivery, stronger performance, and sustainable growth,” Mr. Shobo stated.

From a financial perspective, Mr. Rilwan Oshinusi, Deputy Managing Director, emphasized the company’s focus on capital discipline, efficient resource allocation, and balance sheet resilience.

“Financial strength is the backbone of our execution strategy. We are optimizing capital deployment, strengthening our balance sheet, and ensuring that growth initiatives are supported by prudent financial management. This positions us to meet regulatory requirements while delivering long-term value for shareholders and policyholders,” Mr. Oshinusi added.

Providing further insight into the company’s strategic framework, Mr. Adedayo Adetokun, Head of Strategy, Research, and Communications, explained that Lasaco Assurance Plc has adopted a structured, layered approach to execution.

“Our strategy is designed to reflect current market realities. We are driving growth and market enrichment, reinforcing core stability and governance, and strengthening the capabilities required to deliver results. This ensures that every initiative aligns with our broader objectives and that execution remains focused, measurable, and sustainable,” Mr. Adetokun said.

Lasaco Assurance Plc’s integrated focus on execution, financial discipline, and strategic enablement positions the company to navigate regulatory changes, respond to customer expectations, and strengthen competitiveness within Nigeria’s insurance sector. By combining operational resilience, customer-centric innovation, and financial prudence, Lasaco Assurance Plc is well-equipped to thrive in a dynamic and challenging market environment.

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Through lively street interviews and candid exchanges, students were asked a simple yet profound question: How far would you go to protect the ones you love? The answers—emotional, thoughtful, and deeply personal—revealed a generation that sees love not only as affection, but as responsibility. From pledges to secure their parents’ futures to dreams of safeguarding family businesses, the message was clear: for many young Nigerians, real love plans ahead.

Partnering with popular street influencer Kabiyesi, AIICO Insurance brought energy, laughter, and meaningful conversations to undergraduates through engaging street interviews focused on one powerful question: How far would you go to protect the ones you love?

The answers were heartfelt, surprising, and deeply moving.

From spontaneous shout-outs to emotional tributes, many students spoke passionately about their parents, especially their mothers. One undergraduate declared, “My mum has sacrificed everything for me. If there’s anything I can do to secure her future, I will do it.” Another said, “If I start making money today, the first thing I’ll do is make sure my family is protected.”

While the atmosphere was fun and lively – complete with playful banter and Valentine-themed giveaways, the message was clear: love is not just about grand gestures; it is also about responsibility.

“For us at AIICO Insurance, Valentine’s Day is about more than romance,” the company’s brand manager, Oluremi John, shared. “It’s about showing love in practical ways – by protecting the people and things that matter most. Insurance is one of the most powerful ways to do that.”

Through Kabiyesi’s signature high-energy style, students were asked what they would insure if money were no object. The responses ranged from “my mum, without thinking twice” to “my entire family” and even “my small business hustle.” Many expressed willingness to “pay any price” to shield their loved ones from life’s uncertainties – demonstrating that, even at a young age, they understand the true cost of care and commitment.

Beyond the excitement, the campaign seamlessly blended entertainment with education. Between laughter and candid moments, AIICO representatives simplified what insurance means, how it works, and why it matters—breaking down common misconceptions and showing that insurance is not distant or complicated, but accessible and relevant to young adults beginning their financial journeys.

As one student put it, “We always think insurance is for older people, but honestly, it makes sense. If you love someone, you should plan for them.”

With over six decades of standing by Nigerians through life’s highs and lows, AIICO Insurance continues to innovate in how it connects with emerging generations. By taking the conversation to the streets, the company reinforced its commitment to deepening insurance awareness and building a culture of protection among young Nigerians. This momentum is further reflected in AIICO’s recently refreshed brand identity, reimagined to resonate with younger demographics, their energy, bold aspirations, and evolving lifestyles. It signals a company that is not only modern in outlook but intentional about journeying with them through every stage of life – supporting their dreams, protecting their milestones, and growing alongside their ambitions.

Valentine’s Day may be known as the season of love, but for AIICO Insurance, it also became a season of purpose—reminding youths that true love plans ahead, prepares for tomorrow, and safeguards the future.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

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The initiative benefited three schools in Agege, Lagos: De Royal School Papa Ashafa; Al-Huda School Papa Ashafa; and Debby Frank School, Morikaz.

Speaking at the event, the Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo, reaffirmed the company’s commitment to improving the welfare of vulnerable communities. He was represented by Mrs. Cordelia Ekeocha, Group Head, Marketing and Corporate Communications.

Ekeocha said the initiative was driven by the need to address the growing challenge of food poverty among children, noting that millions of Nigerian children—particularly those under the age of five—face hunger each year.

“Charity begins at home. This is the season of love, and we decided to come back this year to show love to the children. In our little way, feeding them gives us the opportunity to share our blessings. Even if it is for a day, we are glad they have something to eat,” she said.

She added that the company’s corporate social responsibility efforts demonstrate that insurance is not just about selling policies, but also about giving back to society.

“It’s not just about buying insurance. We give back in different ways and collaborate with various organisations. We partnered with the Food Bank last year and decided to return this year. For us, this is something we want to continue and expand annually. A little act of love can make a big difference in someone’s life,” she said.

Ekeocha further stressed the importance of collaboration in tackling poverty, explaining that partnering with the Lagos Food Bank Initiative made it easier to reach schools and children in need through its established network.

She also expressed appreciation to the volunteers for their dedication to ensuring that children from low-income families have access to nutritious meals and renewed hope.

Michael Sunbola, Executive Director of the Lagos Food Bank Initiative (LFBI), has highlighted the impact of the organisation’s school feeding programme across Lagos State.

According to him, the initiative, which forms part of a broader global school feeding effort, is designed to improve children’s cognitive development, boost school attendance and enhance their level of concentration in class.

“This programme is spread across Lagos. Through consistent feeding, we have seen improvements in the children’s cognitive development, their attendance in school and their concentration levels. Proper nutrition helps them stay in class and build a better future,” he said.

Sunbola explained that the programme runs multiple times each month in participating schools, stressing that its success depends largely on the consistent support of corporate partners and individual donors.

He commended Cornerstone Insurance Plc for its sustained commitment, noting that consistency in corporate social responsibility initiatives demonstrates that a company is not solely profit-driven but also genuinely invested in community development.

“The fact that they show up consistently shows that giving back is a top priority for them. They are not just about making profit; they are concerned about supporting vulnerable populations and carrying people along. That is a strong core value,” he said.

Sunbola urged other corporate organisations to emulate such efforts by showing up consistently and collaborating with credible non-profits to address the growing hardship in communities.

“These are challenging times. The best way to grow and nourish our communities is through collaboration. By working together, we can bring relief and help ease the plight of vulnerable populations. That is how we make our world a better place,” he added.

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Agweh brings over three decades of deep industry experience cutting across underwriting, claims management, reinsurance, insurance broking, life assurance, and technical operations.

Her appointment marks a significant milestone in the company’s commitment to strengthening leadership capacity and enhancing operational excellence within Nigeria’s insurance sector.

Prior to her appointment, she served as Executive Director, Technical Operations at SanlamAllianz General Insurance.

She previously held senior management roles at FBN General Insurance (now Sanlam General Insurance), Oasis Insurance Plc, Kelsan Insurance Brokers Limited, ACEN Insurance Co. Limited, and other leading institutions within the industry.

READ ALSO: SanlamAllianz Deepens Financial Inclusion with Lagos Market Outreach

Mrs. Agweh is a Fellow of the Chartered Insurance Institute of Nigeria (FCIIN) and an alumna of the Lagos Business School (SMP 69).

She holds a Bachelor of Science degree in Insurance from the University of Lagos.

A respected industry professional, she has served on several Nigerian Insurers Association (NIA) committees, including as Chairman of the Sub-Committee on Outstanding Claims and Chairman of the Motor Technical Committee Retreat (2022). She is also actively involved in various professional and industry associations, contributing to the advancement of insurance practice and governance in Nigeria.

A recipient of multiple industry awards, including the then FBN General Insurance Chairman’s Gold Award for Leadership, Mrs. Agweh is widely recognized for her strategic leadership, customer-focused approach, and strong commitment to innovation and continuous improvement.

Speaking on the appointment, the Company reaffirmed its confidence in her ability to drive growth, deepen stakeholder trust, and position SanlamAllianz General Insurance as a market leader in delivering innovative and reliable insurance solutions.

About SanlamAllianz General Insurance

SanlamAllianz General Insurance is a subsidiary of SanlamAllianz Life Insurance, a leading provider of innovative and customer-focused insurance solutions in Nigeria, committed to delivering financial security and long-term value to individuals and businesses.

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Speaking at the Commission’s 2026 Management Retreat in Uyo, the Commissioner for Insurance, Olusegun Ayo Omosehin, said the recapitalisation drive will be executed with strict adherence to credibility and fairness, stressing that there will be no room for compromise or ambiguity in the process.

He noted that the initiative is designed not only to strengthen insurers’ financial capacity but also to enhance consumer protection, deepen market penetration and restore public confidence in the industry.

The retreat, themed “Insurance Regulation: Reset, Reimagine, Refocus,” was described as a defining moment in the Commission’s 29-year history.

According to him, the retreat’s theme represents a deliberate call to action — to reset outdated practices, reimagine the industry’s potential and refocus regulatory strategies to deliver greater national impact.

Omosehin stressed that NAICOM has a critical role to play in supporting President Bola Ahmed Tinubu’s $1 trillion economic agenda. He noted that achieving this ambition requires a robust, well-capitalised and shock-resistant insurance sector capable of driving economic stability, strengthening investor confidence and supporting sustainable national development.

Transparent Recapitalisation Exercise

The Commissioner described the ongoing recapitalisation exercise as one of the most significant regulatory interventions in recent decades.

He clarified that the initiative goes beyond capital raising and is designed to:

• Strengthen the financial health of insurers

• Enhance consumer protection

• Deepen insurance penetration

• Build a shock-resistant industry

• Reinforce insurance as a pillar of national development

• Restore and sustain public trust

He emphasised that the success of the exercise will be judged by its credibility, transparency and professional execution, adding that there will be no room for ambiguity, favouritism, compromise or shortcuts.

Addressing management staff, Omosehin urged them to uphold the highest standards of integrity and professionalism.

“Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard,” he charged.

He noted that NAICOM’s strength lies in internal cohesion and warned against silo mentalities and turf protection. The Commissioner called for teamwork, discipline, open communication and shared accountability.

During the session, management staff collectively pledged to uphold integrity, fairness and global best practices in implementing a recapitalisation process that safeguards the future of Nigeria’s insurance industry.

The Commissioner also outlined priority areas aimed at repositioning the sector, including:

1. Strengthened regulatory oversight

2. Precise execution of the recapitalisation roadmap

3. Enhanced stakeholder engagement

4. Improved internal capacity, particularly in risk-based supervision and data analytics

5. Market development and technology-driven innovation

6. Stronger institutional culture and accountability

7. Reinforced policyholder protection

Concluding his remarks, Omosehin invoked the African proverb, “When spider webs unite, they can tie up a lion,” underscoring the importance of collective strength and shared purpose.

He reaffirmed NAICOM’s commitment to building a resilient, trustworthy and globally benchmarked insurance industry aligned with Nigeria’s long-term economic ambitions.

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The payouts, made under the Index-Based Livestock Insurance (IBLI) programme, provide timely financial relief to pastoralists affected by drought and other climate-related shocks.

Using satellite-driven data to trigger claims, the programme ensures transparency, efficiency, and rapid compensation, helping herders protect their livestock, secure livelihoods, and strengthen resilience against the impacts of climate change.

The IBLI programme is designed to provide timely financial relief to livestock owners affected by drought and other climate shocks and avails them with financial resources to purchase pasture for their animals whenever there is drought in the grazing area thereby protecting the animal from mortality. Unlike conventional insurance, IBLI relies on objective indices such as satellite-based vegetation data to trigger payouts, ensuring transparency, efficiency, and prompt compensation without the need for individual loss verification.

Leadway Assurance serves as the Lead Technical Partner for the IBLI programme, providing technical leadership in product design, risk management, and implementation, while working closely with its co-underwriters. The programme is further strengthened through partnerships with Africa Reinsurance Corporation (Africa Re), the reinsurer of the project,Livestock Productivity and Resilience Project (L-PRESS),International Finance Corporation (IFC) a member of the World Bank Group, thereby underscoring the importance of regional and international partnerships in the development and deployment of this innovative and bespoke insurance solutionsfor the benefit of cattle herders in Nigeria.

Mr. Ayoola Fatona, Global Head, Agriculture Risk Solutions, Leadway Assurance, highlighted the importance of collaboration in delivering impact at scale: “The IBLI claims payout underscores our commitment to delivering innovative, data-driven insurance solutions that protect livestock-dependent livelihoods. Through strong collaboration with our co-underwriters, L-PRESS, IFC and Africa Re as reinsurer, we are strengthening resilience among herders in Adamawa, Bauchi, and Plateau States while advancing sustainable agricultural risk management in Nigeria by Livestock farmers. By deploying this solution the herders adaptability and coping mechanism against the negative impact of climate change and global warming is further enhanced”

The claims paid represent verified index-triggered losses recorded during the insured period and demonstrate the effectiveness of the IBLI framework in responding to climate shocks affecting pastoral communities.

The IBLI consortium remains committed to expanding access to agricultural insurance through strong partnerships with reinsurers, governments, and development stakeholders, while promoting resilience, financial inclusion, and sustainable livelihoods within Nigeria’s livestock sector.

By this initiative, Leadway Assurance Company Limited has once again demonstrated its commitment to contributing to guaranteeing the food security of the Nation.

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The company confirmed that it has fully paid its ₦1.5 billion statutory deposit to the Central Bank of Nigeria (CBN), including an additional ₦1.165 billion recently remitted to meet the Minimum Capital Requirement (MCR) guidelines issued by the National Insurance Commission (NAICOM).

Managing Director/Chief Executive Officer, Dr. Japhet Duru, disclosed that the company recently paid an additional ₦1.165 billion to the CBN, complementing the ₦335 million earlier deposited, to complete the statutory requirement. The additional payment followed the approval of shareholders at the company’s Extraordinary General Meeting (EGM) held on February 4, 2026.

“I am delighted to inform you that we have secured all mandatory consent from our shareholders at the EGM to raise ₦15 billion for the purpose of recapitalisation. We are confident that Universal Insurance Plc will be on the roll call when NAICOM releases the compliance list on July 31, 2026,” Duru said.

NIIRA 2025, signed into law by President Bola Tinubu on July 31, 2025, introduced a new framework for minimum capital requirements for insurance and reinsurance companies as part of broader reforms aimed at strengthening Nigeria’s insurance sector. Existing operators were given 12 months from the commencement date to meet the revised thresholds or face regulatory sanctions, including possible licence cancellation, merger directives, or liquidation.

Under the Act, life insurance companies are required to maintain a minimum capital base of ₦10 billion, non-life operators ₦15 billion, and reinsurance firms ₦35 billion. The new capital thresholds, which represent a significant increase from previous requirements, are complemented by a Risk-Based Capital (RBC) framework designed to align capital adequacy with each company’s risk exposure.

The recapitalisation deadline of July 30, 2026 remains in effect, with NAICOM reiterating that the timeline will not be extended and that compliance monitoring is ongoing.

Duru also reaffirmed the company’s commitment to prompt settlement of genuine claims and delivering superior customer service as it strengthens its capital base.

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