Business

Leadway Backs ISSP to Deepen Insurance Penetration, Consumer Trust

Published

37 minutes ago

September 11, 2026

Preport

Leadway Assurance Limited has launch Insurance Sector Strengthening Programme (ISSP), a five-year initiative.

The programme, held in Abuja, was designed to address key challenges limiting insurance growth in Nigeria, including low public awareness, weak consumer confidence, inadequate distribution, capacity constraints, and limited insurance adoption among women, young people, and Micro, Small and Medium Enterprises (MSMEs).

Speaking at the launch in Abuja, the Commissioner for Insurance and Chief Executive of NAICOM, Mr Olusegun Ayo Omosehin, said the programme would provide a coordinated framework to translate industry reforms into measurable improvements in insurance coverage and consumer confidence.

“The ISSP initiative will focus on six key areas: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value-chain development. Efforts to expand insurance coverage must be supported by strong underwriting standards, good corporate governance, effective claims administration, transparency and adequate policyholder protection. Regulation must serve as both a shield for policyholders and a compass for responsible market development.”

Also, the Head, Commercial Division, Leadway Assurance, Mr. Olawale Alao, described the ISSP as a timely intervention capable of tackling both the structural and perception-related challenges confronting the industry.
Alao said the programme offered stakeholders a structured platform to identify market gaps and develop practical solutions to improve public understanding and participation.

He said its success would largely depend on changing the perception of insurance from an optional financial product to an essential part of everyday life and financial planning.’

“Over the next five years, we believe this initiative can deepen awareness, particularly among young Nigerians, build stronger trust in the sector and encourage more people to see insurance as an essential tool for protection and financial resilience,” he said.

”Increasing the number of policyholders alone would not be sufficient, stressing that Nigerians must also understand the value of insurance and be able to incorporate it into their everyday financial decisions. He added that stronger awareness and confidence in insurance would be particularly important among younger Nigerians, who represent a major part of the country’s future consumer and investment base.Also speaking on this initiative, Team Lead of the ISSP Design Team and Managing Director of EMDI Capacity Development Ltd., Bukola Ifemade, called for urgent and coordinated action to unlock the trillion-naira potential of Nigeria’s insurance sector.

“This flag-off marks the beginning of this mobilisation. Success will require strong partnerships and a sustained commitment to innovation and inclusion,” he said.

The ISSP executive summary estimates that only about five per cent of Nigeria’s population currently has insurance coverage, while 78 per cent lack basic insurance knowledge. Women account for 32 per cent of policyholders, people aged 18 to 35 make up less than 20 per cent of the industry’s customer base, and insurance penetration among MSMEs is estimated at eight per cent. To address these gaps, the programme will target five million members of the general population, two million women entrepreneurs and decision-makers, 1.5 million young Nigerians and 250,000 MSMEs across Nigeria.

For Leadway, supporting the ISSP aligns with its commitment to building a formidable insurance industry by enhancing awareness, building consumer confidence, and making financial protection more accessible to individuals, families, and businesses.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering diversified solutions across insurance, pensions, health, and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving millions of individuals and businesses across Nigeria and West Africa.

The post Leadway Backs ISSP to Deepen Insurance Penetration, Consumer Trust appeared first on Business Today NG.

Related Topics:Backs consumer deepen Insurance ISSP Leadway Penetration trust

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Business

CBN disowns purported $46 billion grant approval

Published

9 hours ago

September 10, 2026

Preport

The Central Bank of Nigeria (CBN) has disowned a purported document claiming that Governor Yemi Cardoso approved a $46 billion developmental grant to an organisation.

CBN, in a post on its official X account on Thursday, described the document as “fake” and urged members of the public to disregard it.

The purported letter, dated 13 August 2026, was addressed to the “Atufeg Empowerment and Development Centre” and claimed to be an official endorsement and authorisation for the release of a developmental grant.

It purportedly bore Mr Cardoso’s signature and stated that CBN had authorised the immediate transfer of $46 billion to the beneficiary’s designated account for the execution of “approved national empowerment and developmental projects.”

“The CBN confirms full endorsement and authorises the immediate transfer of these funds to the beneficiary’s designated account,” the purported letter stated.

It further claimed that the authorisation was “final and binding.”

Disclaimer

However, the apex bank, while sharing an image of the document on X, said: “This content is FAKE. Let the public be guided.”

CBN’s disclaimer comes amid the recurring circulation of purported government and financial institution documents on social media, underscoring the importance of verifying such claims through official channels before acting on them.

In recent months, OPay Digital Services Limited, May & Baker, MTN, Wema Bank and other corporate organisations have dissociated themselves from social media posts published by unauthorised entities impersonating their brands and issuing purported corporate messages.

On Thursday, the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) announced that it had arrested Hafsat Abubakar for circulating false rumours about the OPay shutdown.

Similarly, in July, PREMIUM TIMES uncovered how unauthorised video advertisements on TikTok, offering financial assistance such as grants, loans, giveaways, and investment opportunities, were used to scam Nigerians.

The investigation found that the fraudulent ads, some of which were AI-generated, were designed to target and lure unsuspecting Nigerian users into scams.

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Business

Post-Recapitalisation, Mutual Benefits Pledges Deeper Investment in Tech, Customer Experience

Published

17 hours ago

September 10, 2026

Preport

For more than 30 years, Mutual Benefits Assurance Plc has built its reputation on a simple promise: being there for Nigerians when protection matters most.

From safeguarding families and businesses to protecting assets and supporting long-term financial goals, the company has earned the trust of millions of Nigerians and established itself as a recognised player in Nigeria’s insurance industry.

That legacy of trust now provides the foundation for Mutual Benefits’ next chapter.

Following the successful completion of its recapitalisation,Mutual Benefits is positioning for sustainable growth while strengthening its role as a trusted protection partner to Nigerians.

Commenting on the development, Managing Director/CEO, Femi Asenuga said: “For over three decades, Nigerians have entrusted Mutual Benefits with what matters most to them. This includes their families,

businesses, assets and financial futures.

That trust is both our greatest privilege and our greatest responsibility. Our recapitalisation strengthens the foundation from which we can serve our customers better, innovate more meaningfully and build sustainably for the future.”

For Mutual Benefits, the significance of recapitalisation goes beyond meeting a regulatory requirement. It provides a stronger platform to deepen investment in products, technology, customer experience and service capabilities, while responding to the evolving financial protection needs of Nigerians.

The company’s portfolio spans Non-Life and Life Assurance solutions covering key areas including Motor, Home, Marine, Fire & Special Perils, Travel and Group Life Insurance, among others, as well as a suite of solutions supporting children’s education, retirement, savings and investment.

As customers increasingly expect greater convenience and accessibility, Mutual Benefits is also accelerating its digital transformation, strengthening its online platforms and customer journeys to make insurance easier to access and interact with.

The company is equally placing renewed emphasis on customer experience, with a focus on improving engagement and service delivery across the customer journey.

Asenuga added: “Our ambition is not simply to grow bigger, but to become better for our customers. Every investment we make in technology, people, products and service must ultimately translate into greater convenience, stronger value and greater confidence for the people and businesses we serve.”

As Nigerians navigate changing economic realities and increasing financial responsibilities, Mutual Benefits believes insurance has an increasingly important role to play in helping individuals and businesses build resilience and protect what they have worked hard to create.

The company’s post-recapitalisation strategy, therefore, focuseson sustainable growth, innovation, operational effectiveness and deeper customer engagement, while expanding access to relevant protection and financial solutions.

With three decades of experience behind it and a stronger foundation for the future, Mutual Benefits remains committed to earning and reinforcing the trust of its customers, helping them protect what matters, prepare for uncertainty and pursue their financial aspirations with greater confidence.

“We are proud of the journey Mutual Benefits has taken over the past 30 years, but we are even more focused on what lies ahead. Our stronger foundation gives us the opportunity to serve more Nigerians, create greater value and deepen the trust that has sustained our business. We are committed to being a protection partner our customers can depend on today, tomorrow and for generations to come,” Asenuga concluded.

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