Business

Insurance Week 2.0: Stop Selling Obsolete Products, NAICOM Warns Operators

Published

4 months ago

May 18, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has challenged Nigerian insurance operators to radically overhaul their business models by transitioning from product-centric marketing to a customer-centric approach.

The regulator warned that the long-standing industry habit of “selling what has been produced, rather than producing what can be sold” must change if the sector hopes to bridge the persistent public trust gap.

The call was made by the Commissioner for Insurance, Mr. Segun Omosehin, who was represented by the Deputy Commissioner for Insurance (Finance and Administration), Mr. Ekerete Ola Gam-Ikon, during the flag-off of the 2026 Insurance Week.

Omosehin emphasized that public awareness and trust are no longer peripheral regulatory duties but core strategic priorities necessary to unlock sustainable economic growth.

Addressing industry executives, Omosehin noted that despite the critical role insurance plays in risk management, public understanding remains low. He urged operators to move away from generic messaging and embrace localized, highly relatable communication.

“It is not enough for people to simply know that insurance exists,” Omosehin stated. “They must understand how it works, why it matters, and how it can protect their lives, assets, and aspirations. We must communicate in languages people understand and through platforms they trust.”

The Commissioner pointed directly to claims settlement as the ultimate litmus test for the industry’s credibility, describing it as the “moment of truth.”

“Delays, ambiguities, or perceived unfairness in claims settlement do not just erode trust in one company—they weaken confidence in the entire system,” he warned, urging operators to simplify documentation and create transparent timelines for policyholders.

Highlighting recent legislative achievements, the NAICOM chief described the passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a defining milestone that establishes a robust safety net for consumers.

Key structural transformations introduced under NIIRA 2025 include:

Policyholders’ Protection Fund to safeguard consumers even in cases of insurer insolvency.

• Stronger Capital Requirements: Re-architecting the financial resilience and supervisory frameworks of operating firms.

• Strategic Economic Alignment: Mandating deliberate insurance support for critical national sectors, including infrastructure development, agriculture, and Micro, Small, and Medium Enterprises (MSMEs).

However, Omosehin cautioned that legislation alone cannot guarantee success. “The true impact of NIIRA 2025 will depend on how effectively we implement its provisions. Compliance should be seen not as a burdensome obligation, but as an opportunity to elevate standards.”

Driving Inclusive Insurtech Innovation

Turning to technology, the Commissioner acknowledged that digital platforms, data analytics, and Insurtech innovations offer unprecedented opportunities to streamline onboarding, quicken claims management, and bridge geographical gaps.

He nonetheless urged operators to deploy tech responsibly, ensuring that cybersecurity and data privacy remain paramount. He stressed that innovation must be inclusive, intentionally drawing in rural communities and informal sector participants rather than isolating them.

Concluding his address, Omosehin declared that the Nigerian insurance sector stands at a historic crossroads, requiring practitioners to break the silence that has historically hindered industry penetration.

“Trust is not built overnight; it is earned through consistent actions, dependable service, and unwavering integrity,” Omosehin said.

“Let us seize the opportunities presented by ongoing reforms, sustain the momentum, and work together to create an insurance sector that is inclusive, innovative, and globally competitive.”

The post Insurance Week 2.0: Stop Selling Obsolete Products, NAICOM Warns Operators appeared first on Business Today NG.

Related Topics:Insurance NAICOM obsolete Operators Products Selling stop warns Week

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NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria

Published

38 minutes ago

September 9, 2026

Preport

BY NKECHI NAECHE-ESÉZOBOR—The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA), on Wednesday signed a Memorandum of Understanding (MoU) establishing a Joint Technical Committee on Aviation Insurance, aimed at strengthening regulatory collaboration between the two agencies.

The agreement was formalized at a ceremony held at the NCAA headquarters in Abuja, with the Director General of the NCAA, Capt. Chris Najomo, describing it as a landmark moment for the sector.

Speaking at the event, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Segun Omosehin, described the MoU as a strategic step toward strengthening Nigeria’s aviation insurance framework and supporting the country’s broader economic ambitions.

He said the agreement represents a significant milestone in deepening collaboration between the two regulators, whose mandates, though distinct, are mutually reinforcing.

“This occasion represents not only the strengthening of institutional cooperation, but also a clear affirmation of our shared regulatory commitment to the safety, integrity, and resilience of Nigeria’s aviation ecosystem,” the Commissioner said.

He noted that effective insurance protection in the aviation sector is not merely a regulatory formality but an essential risk management tool that safeguards lives, property, businesses, and the broader economy.

Under the MoU, NAICOM will continue to provide regulatory oversight and technical expertise on insurance matters, including verifying aviation insurance arrangements and providing information on insurers licensed to underwrite aviation risks.

The agreement also establishes a Joint Technical Committee, which the Commissioner described as the “engine room” for implementing the partnership’s objectives.

The committee will be responsible for facilitating information sharing, conducting periodic reviews of insurance requirements, addressing operational challenges, coordinating stakeholder engagement, and promoting capacity building across both institutions and industry participants.

The Commissioner assured NCAA management of NAICOM’s full commitment to the committee’s success, pledging the technical support and expertise needed for effective delivery of its mandate.

Linking the partnership to national economic goals, the Commissioner said strong insurance protection remains a key enabler of investment and growth as Nigeria pursues a $1 trillion economy by 2030 under the Renewed Hope Agenda. He added that a robust insurance framework promotes public confidence in air travel, supports business continuity, facilitates access to financing, and contributes to broader economic stability.

He further stressed that compulsory aviation liability insurance serves as an important safeguard for air travellers and other stakeholders, offering assurance that compensation will be available where legally due.

Responding,, the Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Chris Ona Najomo, said the MoU reflects a long-standing working relationship between the two regulatory bodies and reinforces their joint commitment to aviation safety, financial resilience, regulatory compliance, and the protection of the travelling public and other industry stakeholders.

“Aviation remains a paradoxical industry that is globally recognised as the safest mode of transportation, yet characterised by high-impact operational risks,” Najomo said, noting that the NCAA’s safety mandate must be backed by a transparent and verifiable insurance framework.

He explained that NAICOM for several years, supported the NCAA by assessing the adequacy of insurance policies procured by aviation operators, in line with Part 18.14 of the Nigeria Civil Aviation Regulations 2023. The newly signed MoU, he said, builds on that cooperation.

“This MoU we are signing today further deepens that cooperation, enhances stakeholder confidence, and supports cost-efficient operations while addressing challenges faced by Nigerian operators,” he stated.

According to Najomo, the goal of the partnership goes beyond regulatory enforcement. He said the aim is to create a balanced environment where aviation safety and financial protection reinforce one another, while promoting sustainable insurance practices and reducing avoidable regulatory bottlenecks — in alignment with the Federal Government’s Renewed Hope Agenda.

The post NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria appeared first on Business Today NG.

Business

CBN to prioritise terrorism financing supervision

Published

9 hours ago

September 9, 2026

Preport

The Central Bank of Nigeria (CBN) has prioritised the supervision of terrorism financing as part of efforts to protect the country’s financial system from abuse by illicit actors.

The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Sidi-Ali Hakama, on Tuesday.

The supervisory focus would cover terrorism-financing risk management, transaction monitoring, targeted financial sanctions implementation, and suspicious-transaction reporting related to terrorism financing.

“This supervisory priority covers, at a high level, terrorism-financing risk management, terrorism-financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting,” CBN said.

CBN also said it would continue to apply a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-terrorism financing, and counter-proliferation financing controls across the financial sector.

“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations,” it said.

The regulator further explained that the supervisory focus would also support Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.

The apex bank added that further supervisory engagement would be undertaken where necessary.

“Further supervisory engagement will be undertaken as appropriate,” it said.

This is another step by the regulator to curb terrorism financing and prevent illicit actors from abusing the financial system.

READ ALSO: CBN removes FX, government securities restrictions on discount window access

In June, CBN directed banks and other financial institutions to immediately freeze accounts and assets linked to six individuals and four Bureau de Change (BDC) operators designated for terrorism and terrorism-financing-related activities, following an update to the Nigeria Sanctions List on 18 June.

In March, the CBN also amended the Revised Regulatory Framework for BVN and Watch-List for the Nigerian Banking Industry.

The amendment introduced measures that include a temporary 24-hour watch-list for BVNs linked to suspected fraudulent transactions, restricting BVN enrolment to persons aged 18 and above, limiting phone number amendments to once, and restricting access to BVN databases to CBN-licensed financial institutions.