‘This Is No Time for Complacency’ FG tells Insurance Directors
… NAICOM Completes Review of Submitted Recapitalisation Plan
By Patience Ikpeme
The federal government has charged Directors in the Insurance Industry to show courage, foresight, and leadership in driving national transformation, saying the weight of Nigeria’s insurance reform agenda rests squarely on their shoulders.
Minister of State for Finance, Dr. Doris Uzoka-Anite, made the call at the 2025 Insurance Directors’ Conference held in Lagos with the theme “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth.”
Addressing the gathering of insurance industry leaders, the Minister said, “This is not the time for complacency; it is a time for courage, foresight, and leadership because the responsibility for driving this transformation rests heavily on your shoulders.”
According to her, Board members and institutional leaders in the insurance sector play a defining role in shaping the industry’s sustainability and credibility. “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,” she said.
Dr. Uzoka-Anite urged Directors to embed the principles of the National Insurance Industry Reforms Agenda (NIIRA 2025) into their organisational culture, stressing that compliance and transparency must become shared values rather than regulatory obligations. She called on them to “prioritise solvency, sustainability, and ethical practice in all governance deliberations,” noting that strong capital positions and sound risk frameworks are critical for stability and trust.
She also challenged the industry to accelerate digital transformation, describing technology as “the lifeblood of efficiency, customer satisfaction, and competitiveness.”
The Minister urged Directors to strengthen enterprise risk management systems to respond effectively to emerging risks such as cyber threats, climate shocks, and geopolitical disruptions. She further encouraged them to “champion inclusion and innovation by expanding insurance products to underserved populations — farmers, artisans, transport workers, and micro-enterprises.”
“We cannot talk about growth without inclusion,” she stated. “The future of insurance lies in reaching those who have been left out for too long. 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.”
Dr. Uzoka-Anite also called on specialised institutions like the National Insurance Commission (NAICOM) to focus on delivering inclusive products that meet the needs of financially excluded segments of the economy.
On the government’s part, the Minister assured that the Federal Ministry of Finance remains fully aligned with NAICOM’s reform agenda. “Together, we are pursuing a multi-layered approach that connects insurance to national policy priorities,” she said.
According to her, the government is “strengthening capital market linkages to enable insurers invest more confidently in long-term infrastructure and green finance; reviewing investment and solvency frameworks to ensure macroeconomic stability and protect policyholders; promoting inter-agency collaboration with the SEC, CBN, CAC, FRSC, NDPC, and EFCC; and supporting financial innovation through tax incentives, digital platforms, and InsurTech sandboxes.”
In his remarks, Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, disclosed that the Commission has completed the review of recapitalization plans submitted by insurance operators in line with the NIIRA 2025 framework.
According to him, “The Commission will commence official communication to each company indicating the outcome of the review and provide guidance to ensure smooth implementation of the recapitalization exercise.” He added that several institutions met the September 30th submission deadline.
Omosehin noted that insurance must move “from the margins to the mainstream of economic planning,” stressing that the sector can provide long-term capital, mitigate risk, and offer financial security that supports Nigeria’s GDP growth.
Outlining NAICOM’s reform priorities under NIIRA 2025, he said the Commission is implementing key strategic initiatives such as building a centralised insurance industry database for real-time policy verification and supervision; improving market conduct and consumer protection to ensure prompt claims settlement; reviewing minimum capital requirements to enhance financial resilience; and strengthening cybersecurity through collaboration with the Nigerian Data Protection Commission.
He added that NAICOM is also enforcing compulsory insurance compliance nationwide in partnership with the Federal Road Safety Corps, the Nigeria Police Force, and state governments.
On innovation and inclusion, Omosehin said the Commission is deepening partnerships to expand access to affordable insurance and promote InsurTech adoption. “These reforms reflect NAICOM’s determination to ensure that regulation becomes a tool for growth — not a bottleneck — and that operators have the clarity and confidence to invest in innovation,” he said.
To industry Directors, Omosehin delivered a strong message of accountability and integrity. “Your leadership is central to the successful implementation of these reforms and of NIIRA 2025. You are the custodians of governance, ethics, and strategic foresight,” he stated.
He continued, “Boards must be proactive, inquisitive, and courageous. Good governance is not just a regulatory expectation — it is a moral duty. As leaders, you must hold yourselves to the highest standards of integrity and accountability.”
According to him, “Trust is the bedrock of our industry, and without it, sustainable growth is unattainable. We must prioritize trust-building and foster a culture of transparency, integrity, and accountability that inspires confidence in our customers, partners, and stakeholders.”
Omosehin urged operators to make a collective commitment to deliver on their promises — to pay legitimate claims promptly, communicate clearly with policyholders, and uphold fairness in every transaction.
He concluded by stating that insurance is not a peripheral service but a strategic pillar of national progress. “Our ambition goes beyond regulation. We envision an insurance sector that contributes meaningfully to national development — from infrastructure financing to climate resilience,” he said. “Through responsible investment and targeted products, insurers can help manage fiscal exposure, stabilise communities, and attract long-term capital.”
