Omosehin Commissioner for Insurance Unveils Vision for $1trn Economy
By Patience Ikpeme
Recently appointed Commissioner for Insurance, Mr. Olusegun Ayo Omosehin has unveiled a bold vision for the insurance industry that aligns with President Bola Ahmed Tinubu’s objective of propelling Nigeria towards a $1 trillion economy by 2030.
Taking over from his predecessor Mr. Olorundare Sunday Thomas, Mr. Omosehin emphasized the pivotal role of the insurance sector in achieving this monumental economic goal.
Highlighting the significance of the insurance industry, Mr. Omosehin declared, “We are an integral part of the financial services sector that must make Nigeria a $1 trillion economy by 2030 happen, and that puts on us a very heavy burden to deliver.”
Addressing the challenges ahead, Mr. Omosehin reassured stakeholders of the commission’s unwavering commitment to upholding utmost probity to ensure a safe, sound, and stable insurance sector. He emphasized his transition from an operator to a regulator.
“We are committed to exercising utmost probity in ensuring a safe, sound, and stable insurance sector while protecting policyholders, public interests, as well as improving trust and confidence in the Nigerian insurance sector,” Mr. Omosehin assured.
Furthermore, Omosehin called for collective optimism and dedication as the industry embraces innovation, leverages technology, and fosters a culture of excellence to meet regulatory obligations effectively.
Acknowledging the pivotal role of the National Insurance Commission (NAICOM) in shaping the Nigerian insurance landscape and safeguarding policyholders’ interests, Mr. Omosehin stressed the importance of the industry’s social responsibility. He vowed to strengthen the industry’s social safety net, ensuring its reliability and accessibility to all Nigerians.
During his tenure, Mr. Olorundare Sunday Thomas, the former Commissioner for Insurance, emphasized his achievements such as automation initiatives and strategic partnerships with insurance institutions across Africa. Thomas lauded the establishment of the College of Insurance Supervisors, facilitating seamless interaction across West African borders and averting regulatory disputes.
Under his stewardship, NAICOM issued guidelines and spearheaded initiatives to enhance regulatory compliance, particularly in International Financial Reporting Standards (IFRS). Mr. Thomas commended collaborative efforts that propelled Nigeria ahead in IFRS compliance within the African continent.
As Nigeria faces crucial growth opportunities and regulatory challenges, the new leadership of NAICOM under Mr. Omosehin pledges to listen, learn, and lead with integrity, transparency, and inclusivity. They welcome feedback and practical suggestions to propel NAICOM towards becoming a beacon of excellence in insurance regulation and a source of national pride.
