BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) have called for deeper collaboration with the Nigerian Association of Insurance and Pension Editors (NAIPE) to accelerate development across the country’s insurance and pension sectors.

Speaking on Thursday in Victoria Island, Lagos, during the inauguration of NAIPE’s newly elected executive members, representatives of both regulatory bodies emphasized that a strong partnership with the media is vital for driving key industry reforms, strengthening economic resilience, and boosting public confidence.

Addressing the newly inaugurated executives, NAICOM’s Commissioner for Insurance, Mr. Olusegun Omosehin—represented by Dr. Julius Odidi—urged insurance journalists to maintain high standards of professionalism and integrity in their reporting.

He noted that because the industry relies heavily on public trust, media professionals play a crucial role in translating complex regulatory policies into clear, accessible information for everyday citizens, ultimately supporting market penetration and consumer protection across Nigeria.

Reminding them that insurance and pension sectors thrive on trust, he implored them to keep expanding the knowledge of the industry by doing more of interpretative journalism for citizens to understand insurance in simple terms.

“The developmental agenda of NAICOM is anchored on reforms that strengthen regulation, deepen market penetration, and enhance consumer protection. These reforms ranging from digital transformation, risk-based supervision, financial inclusion, to pension integration require not only technical execution but also effective communication. This is where synergy with NAIPE becomes indispensable.

“Together, we can ensure that the public understands the benefits of reforms, that operators embrace compliance with enthusiasm, and that the industry’s image is projected positively. The partnership between NAICOM and NAIPE is therefore not a matter of convenience but of necessity.

“As regulators, we rely on your editorial expertise to amplify our vision. As journalists, you rely on our openness and transparency to enrich your reportage. This mutual dependence is the foundation of sustainable growth for the sector”

The Commissioner affirmed that, NAIPE’s role in disseminating accurate information is critical to the success of the industry.

He stressed that, leadership is both a privilege and a responsibility.

And as the new excos steps into roles that demand vision, courage, and dedication, he urged them to build on the solid foundation laid by its predecessors, be innovative in approach and uphold the values of professionalism and integrity that define its association.

“Your tenure should be marked by stronger collaboration with NAICOM, deeper engagement with industry stakeholders and a renewed commitment to educating the public on the importance of insurance and pensions in national development.

“Remember that your voice shapes the narrative and the narrative shapes the future. On behalf of NAICOM, I assure you of our unwavering support. We recognize the importance of your work and will continue to partner with you in every possible way, ” he stressed.

He believes that, with collaboration, reforms can be driven not only to strengthen the industry but also contribute to Nigeria’s economic resilience and social security.

“As you embark on this journey, may your tenure be fruitful, impactful and memorable. May you find fulfillment in service and may your leadership inspire confidence and progress. Let us continue to work hand in hand, regulators and editors alike, to build an insurance and pension industry that Nigerians can trust, rely upon, and be proud of” he added.

Also, Chairman, Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, represented by the Director General/CEO, NIA, Mrs Bola Odukale expressed optimism over new leadership of NAIPE, saying, NIA looks forward to strengthening  collaboration with the Association.

“I have no doubt that under her leadership, NAIPE will attain even greater heights. Your contributions have not only enhanced the visibility and reputation of the insurance industry but have also strengthened national conversations around financial inclusion, economic resilience and sustainable development, ” she emphasised.

She affirmed NIA’s commitment to sustaining and deepening strategic partnership through continuous engagement, knowledge sharing and collaborative initiatives that will further promote the value of insurance to individuals, businesses and the Nigerian economy.

“As you assume the responsibility of leading this esteemed Association, I wish you and your team wisdom, strength, unity of purpose and outstanding success. May your tenure be marked by impactful leadership, professional excellence and meaningful contributions to the growth of insurance journalism and the advancement of Nigeria’s insurance industry” she added.

In her acceptance speech, Mrs. Ebere Nwoji assured stakeholders she would keep the candle burning and the light brighter for the next generation to see her regime’s footprints.

Nwoji reiterated her administration’s agenda: to ensure unity, togetherness and effective coverage of insurance and pension sectors.

She assured stakeholders of NAIPE resolve to keep telling the insurance and pension stories consistently as means of long term savings, financial security and independence.

Given the assurance of propagating the gospel of insurance and pension, she urged operators to ensure that they win public trust.

“This trust can only be won when they keep the hallowed promise of utmost good faith to the customer. This stands as an oath to the insured and contributors from the onset of insurance contract.

In the pension industry, she maintained that operators’ ability and willingness to meet expectation guarantees the workability and mass patronage of the Personal Pension Plan which is a big challenge starring on the faces of both  operators and journalists covering the beat.

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Speaking at the official lunch of the scheme, Olusegun Ayo Omosehin Commissioner for Insurance/Chief Executive, NAICOM, said the commission will provide the regulatory backing, ensuring that every policy issued under it is underwritten by companies licensed and supervised by the Commission, and by no one else.

The commissioner who was represented  by the Deputy Commissioner for Insurance, Finance and Administration Mr. Ekerete Ola Gam-Ikon, said “We will support Lagos State in the fight against fake certificates and unlicensed operators, because a compulsory scheme is only as strong as the integrity of the cover behind it.

“The Commission will support and insist upon a scheme architecture that is open, transparent, competitive, and accessible to all insurance operators duly licensed by the National Insurance Commission, Nigeria.

He added that “No compulsory insurance framework of this significance should be structured in a manner that excludes qualified licensed operators, creates undue monopoly, restricts fair market participation, or denies the insuring public the benefit of choice, capacity, innovation, and service competition.

“The role of the regulator is to protect the policyholder, preserve market integrity, and ensure that every eligible operator who meets the Commission’s licensing, solvency, conduct, and claims-payment standards is given a fair opportunity to participate.

“We will treat this Scheme as a national reference point. If it succeeds here, and it must, it becomes the template by which other States across the Federation can protect their own citizens. Lagos, as so often, is lighting the path.

“This is about people. It is about the market trader in Alakija, the family in Lekki, the worshipper, the tenant, the child asleep in a building that its owner did not think to insure.

”The measure of this Scheme will not be the size of the ceremony we hold today. It will be the number of Lagosians who, on the worst day of their lives, discover that they are not alone and that there is cover, and there is recovery.”

He commended  the vision and the courage of Governor Babajide Sanwo-Olu, and the diligence of the Office of the Special Adviser on e-GIS and Urban Development in bringing us to this day.

He reassured that the Commission stands firmly with the Government and people of Lagos State in this historic step for the safety of our people.

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The Managing Director and Chief Executive Officer of Rex Insurance Limited was elected to lead the association during its 55th Annual General Meeting in Lagos, ushering in a fresh leadership team tasked with steering the industry’s next phase of growth.

The AGM also produced a new executive team, with the Managing Director of AIICO Insurance Plc, Babatunde Fajemirokun, elected Deputy Chairman, while the Managing Director of Anchor Insurance Company Limited, Augustine Ebose, emerged as Treasurer.

Others elected on the council are Managing Director of Coronation Insurance Plc, Olamide Olajolo; Managing Director of SanlamAllianz Life , Tunde Mimiko; Managing Director of SUNU Assurances Nigeria, Samuel Ogbodu; Managing Director of Veritas Kapital Assurance PLC, Dr. Adaobi Nwakuche and Managing Director, of Cornerstone Insurance Plc, Mr. Stephen Alangbo.

Alongside the leadership transition, the association unveiled NIA Pulse, a podcast studio established to improve insurance awareness and strengthen engagement with the public through digital media.

The platform will feature discussions involving regulators, insurers and other industry stakeholders, with the goal of simplifying insurance concepts, addressing misconceptions and promoting a better understanding of insurance products.

Speaking at the launch, the outgoing Chairman, Kunle Ahmed, said the initiative gives the industry an opportunity to tell its own story and better communicate its contributions to the nation’s economy.

He noted that despite paying substantial claims and supporting economic growth over the years, the industry’s achievements have not been adequately recognized due to the limitations of traditional communication channels.

Ahmed added that the digital platform is designed to connect with today’s technology-driven audience by delivering insurance-related content through podcasts and other online channels.

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, represented by Julius Odidi, described NIA Pulse as a strategic investment that would improve consumer education and public engagement.

Also speaking, the President of the Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori, commended the initiative, saying it reflects the industry’s collective commitment to enhancing its image and increasing public confidence.

The emergence of Mrs. Nwachukwu and the launch of NIA Pulse come at a time of ongoing reforms in Nigeria’s insurance sector, reinforcing operators’ determination to expand insurance adoption and rebuild public trust.

The post NIA Ushers in New Era with Ebelechukwu Nwachukwu’s Election, Launches NIA Pulse appeared first on Business Today NG.

He disclosed this during the 2026 Nigerian Insurers Association (NIA) Awards and Recognition Ceremony, held in Lagos on Thursday.

Speaking through the Deputy Commissioner for Insurance (Finance and Administration), Ekerete Ola Gam-Ikon, he explained that the regulator is stepping up supervision as insurance companies work to comply with the capital requirements and need the deadline.

The NAICOM boss revealed that the Commission has already pinpointed firms with fragile finances and is assisting them with recovery plans, including restructuring and consolidation arrangements.

He emphasized that the authority has drawn a firm line against any insurer going under, noting that struggling operators are being supported through reorganisation efforts, partnerships, or takeovers to maintain their operations.

To strengthen trust among the public, NAICOM is shifting its approach from shutting down troubled firms to maintaining their operating permits by encouraging either mandatory or voluntary mergers.

Omosehin also pointed to the intervention in African Alliance Insurance as a model for how challenged companies can be revived and repositioned to continue business instead of being dissolved.

“This emphasis on mergers and acquisitions forms part of a wider reform plan designed to reshape Nigeria’s insurance sector. The strategy prioritises protecting customers, enhancing supervisory efficiency, maintaining strong financial footing through the recapitalisation programme, and expanding market reach through more robust and better-funded institutions.

Apart from the merging of companies, Omosehin pointed out that a stronger sector—emerging from effective combinations—will be in a better position to expand insurance penetration nationwide.

The post No Insurer Will Fail Under Our Watch — NAICOM Boss appeared first on Business Today NG.

The appeal was given by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, while addressing participants at the 10th Business Today annual Conference/ Exhibition held last week at Oriental hotel, Lagos.

He noted that the conference theme “Youth Advantage: Redefining Insurance and Pensions for a New Era.” highlighted the vital role youths must play in shaping the future of the industry.

He stated that Nigeria’s large youthful population offers both an opportunity and an obligation for stakeholders in the insurance and pension sectors.

“We are living in a time of profound transformation. Technology is changing the way we live and work, economies are advancing quickly, and expectations continue to evolve.

“At the centre of these changes are young people, not only as beneficiaries of tomorrow but as active contributors shaping it today.

“In our drive to deepen insurance and pension penetration, we must be intentional and strategic in how we engage, include, and empower this important segment of society,” he said.

Omosehin stressed the importance of using simpler and more relatable communication to attract young Nigerians.

According to him, highly technical language can discourage participation.

The NAICOM commissioner also pointed to ongoing reforms by the commission aimed at strengthening the industry through better consumer protection, greater transparency, and innovation.

“Our priority has been to improve consumer protection, strengthen market conduct, promote transparency and accountability, and encourage innovation across the sector.

These efforts go beyond regulation; they are focused on building trust,” he said.

However, Omosehin noted that regulation alone would not be enough to drive growth, emphasising the need for awareness and education, especially among young people making early financial decisions.

He appealed directly to the youth to secure their financial future by accepting insurance as a tool for safety and progress.

”You are not only the future of this industry; you are already a vital part of its present.

The choices you make today will define your future. I encourage you to ask questions, remain curious, seek knowledge, and take responsibility for your financial decisions.

Insurance is not merely a requirement; it is a tool for protection, stability, and growth.”

The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, stated that the institute had introduced an initiative to offer free training to at least one million Nigerian youths.

Ilori explained that the initiative is being carried out in partnership with the Federal Ministry of Youth and industry regulators.

According to her, the programme is also supported by Sapita Consultants.

She said it was designed to equip young people with foundational knowledge and professional skills in insurance, while also serving as a pathway to professional certification.

Ilori encouraged students and young graduates to take full advantage of the initiative.

She added that CIIN’s College of Insurance and Financial Management offers accelerated programmes that provide exemptions in professional examinations.

She further noted that insurance remains a highly relevant profession that plays a key role in economic development.

While President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe, lauded the publisher of BusinessToday for her role in advancing the insurance industry over the last ten years.

Ezeibe stated that the central vision of her administration is to promote “one insurance industry,” a vision that Business Today supports through the dissemination of insurance knowledge and promotion of sector growth.

She encouraged young people to collaborate with the council and take part in ongoing programmes designed to build capacity and broaden opportunities within the industry.

In the same vein, the immediate past President of NCRIB, Mr Babatunde Oguntade, noted that the industry has become well-capitalised and is firmly set on the path to success.

“Insurance is the new oil. The provisions of NIIRA 2025 have provided greater security and increased investor confidence. As youths, you should approach life with seriousness and take advantage of insurance.”

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