BY NKECHI NAECHE-ESEZOBOR—Directors in Nigeria’s insurance industry have been called upon to take full ownership of the ongoing reform process under the Nigeria Insurance Industry Reform Agenda (NIIRA 2025).
The Minister of State for Finance, Dr Doris Uzoka-Anite, gave the charge while declaring open the 2025 Insurance Directors’ Conference organized by the College of Insurance and Financial Management, (CIFM), in Lagos.
She urged directors to embed compliance, transparency, and digital innovation into their organisational cultures, stressing that their leadership is crucial to the industry’s sustainability and credibility.
“Directors, the responsibility for driving this transformation rests heavily on your shoulders,” Uzoka-Anite said. “As board members and captains of institutions, you are the custodians of governance and the stewards of strategy. Your decisions determine the sustainability and credibility of the insurance industry. This is not the time for complacency; it is a time for courage, foresight, and leadership.”
The minister encouraged directors to internalise the principles of NIIRA 2025, making compliance and transparency shared values rather than regulatory obligations. She emphasised that strong capital positions and sound risk frameworks form the foundation for expansion, stability, and trust.
Uzoka-Anite also called for greater digital transformation, describing technology as “the lifeblood of efficiency, customer satisfaction, and competitiveness,” and urged institutions to strengthen enterprise risk management to respond effectively to emerging risks such as cyber threats, climate change, and geopolitical shocks.
On financial inclusion, she stated that the future of insurance lies in reaching those who have long been excluded.
“We cannot talk about growth without inclusion,” she said. “When insurance becomes accessible to all Nigerians — regardless of income, gender, or location — it will truly serve its purpose as a social and economic equaliser.”
Speaking on the need to restore trust and consumer confidence, the minister stressed that without trust, even the most innovative products would fail. She called for prompt claims settlement, transparent operations, and responsive services, noting that integrity and professionalism must remain non-negotiable values.
She reaffirmed the Ministry of Finance’s support for NAICOM’s ongoing efforts to enforce compulsory insurance, enhance market conduct supervision, and protect consumer data. She described these measures as corrective rather than punitive — designed to protect both consumers and the industry.
On government support, she said “We are working to strengthening capital market linkages, enabling insurers to invest more confidently in long-term infrastructure and green finance. Review investment and solvency frameworks to align with macroeconomic stability and protect policyholders. Promote inter-agency collaboration, ensuring synergy between NAICOM, the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Corporate Affairs Commission (CAC), the Federal Road Safety Corps (FRSC), the Nigerian Data Protection Commission (NDPC), and the Economic and Financial Crimes Commission (EFCC).Support financial innovation, through tax incentives, digital platforms, and sandboxes that encourage InsurTech growth.”
“Our collective goal is clear: to make insurance a pillar of Nigeria’s financial ecosystem — a sector that protects, empowers, and propels economic transformation,” she said.
She reiterated that NIIRA 2025 is not just an Act but a reform framework and national mission — aimed at rebuilding trust, restoring relevance, and redefining the place of insurance in Nigeria’s economy.
In his remarks, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasised that directors’ leadership is central to the success of the reform.
“Your role as directors is not only to oversee financial performance but also to champion innovation, compliance, and resilience,” he said. “Boards must be proactive, inquisitive, and courageous. Good governance is not just a regulatory expectation — it is a moral duty.”
He stressed the importance of trust-building, transparency, and accountability in maintaining confidence among customers and stakeholders.
“We must make a collective commitment to deliver on our promises — to pay legitimate claims promptly, communicate clearly with policyholders, and uphold fairness in every transaction,” he added.
He noted thst NIIRA 2025 represents a transformative journey that demands discipline, innovation, and unity of purpose, expressing confidence that the industry can build a resilient, inclusive, and globally competitive insurance sector that secures Nigeria’s financial future
