Business

NAICOM Issues IPPF Guidelines to Protect Policyholders’ Investments

Published

5 months ago

April 8, 2026

Preport

BY NKECHI NAECHE -ESEZOBOR—The National Insurance Commission (NAICOM) on Tuesday released guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund (IPPF), aimed at safeguarding policyholders and their investments in the event of liquidation.

This is contained in a circular released today and signed by John Falade, Deputy Director, Special Risk & Security Analysis, addressed to all insurance institutions, the Commission said the guidelines were issued in exercise of the powers conferred on it by the Nigerian Insurance Industry Reform Act 2025 and other relevant insurance laws and regulations.

The commission also set May 31 as the deadline for insurance operators to submit their IPPF Assessment Returns for the 2025 financial year.

The circular reads: “In exercise of the powers conferred on the National Insurance Commission (the Commission) by

the Nigerian Insurance Industry Reform Act 2025 and other extant insurance laws and

regulations, the Commission hereby issues the attached Guidelines for the Collection,

Management, and Administration of the Insurance Policyholders’ Protection Fund (the Fund).

It added that “the guidelines ensure regulatory clarity, guidance and ease compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the

Fund which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.”

“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submission shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.

“All insurers, reinsurers and relevant insurance institutions are required to ensure strict compliance with this Guidelines.

“Please accept the assurances of the Commission’s best wishes.”

The post NAICOM Issues IPPF Guidelines to Protect Policyholders’ Investments appeared first on Business Today NG.

Business

NAICOM Launches ISSP to Deepen Penetration, Boost Confidence

Published

6 hours ago

September 3, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Nigerian Insurance industry regulator, the National Insurance Commission (NAICOM), on Thursday in Abuja launched the Insurance Sector Strengthening Programme (ISSP), a new initiative aimed at accelerating the transformation of the industry and Nigeria in general.

The Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Ayo Omosehin, disclosed this today in Abuja during the official unveiling, he said the programme responds to persistent challenges facing the sector, including low insurance penetration despite Nigeria’s large economy, widespread underinsurance, limited public awareness of insurance products, and untapped opportunities among women, youth, and small businesses.

According to him, the ISSP is built around six pillars: Advocacy and Policy, Awareness and Education, Capacity Building, Gender Inclusion, Youth Engagement, and MSME and Value Chain Development.

He noted that the programme places strong emphasis on public education and financial literacy, arguing that insurance uptake is closely tied to consumer trust and understanding.

He further highlighted plans for professional training to strengthen technical expertise across the industry, alongside targeted efforts to bring more women and young people into the insurance space through tailored products and career opportunities.

He said the initiative would extend risk protection to Micro, Small, and Medium Enterprises (MSMEs), which he described as key drivers of employment and economic productivity but currently underserved by insurance.

The Commissioner linked the ISSP to the broader Nigeria Insurance Industry Reform Agenda (NIIRA 2025), stating that it supports goals such as deepening penetration, enhancing professionalism, strengthening consumer protection, and increasing the sector’s contribution to economic growth.

While pledging NAICOM’s continued support for innovation, Omosehin stressed that growth must be matched by strict adherence to prudential standards, transparency, and prompt claims settlement, adding that market expansion would not be permitted at the expense of solvency or public trust.

He described the launch as the beginning of a new chapter for insurance in Nigeria, one built on collaboration among regulators, operators, professional bodies, development partners, and the media to expand access and rebuild public confidence in the sector.

The post NAICOM Launches ISSP to Deepen Penetration, Boost Confidence appeared first on Business Today NG.

Business

IPMAN Urges FG to Intervene in Dangote Refinery Pricing to Reduce Petrol Cost

Published

12 hours ago

September 3, 2026

Preport

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to the Federal Government to intervene in the commercial operations and pricing of the Dangote Petroleum Refinery in a bid to reduce the rising cost of petrol across the country.

The appeal followed a fresh increase in petrol pump prices, with the product now selling between ₦1,310 and ₦1,345 per litre in Abuja and neighbouring areas.

IPMAN National President, Abubakar Maigandi, made the call while reacting to the recent surge in petrol prices, which he attributed to upward adjustments in gantry and ex-depot prices by the Dangote Refinery and private depot operators.

Maigandi urged the Federal Government to engage domestic refiners and broker an agreement that would help bring down the cost of petrol for consumers.

He stressed that such government intervention should not be regarded as a return to the former fuel subsidy regime, but rather as a targeted measure to cushion the impact of rising energy costs.

“We are appealing to the Federal Government to broker a deal with Dangote Refinery to reduce fuel prices.

“The government should intervene with Nigerian refiners, and this will lead to a reduction in fuel prices. It is different from fuel subsidy. In a situation where there is difficulty, the government should step in,” Maigandi said.

According to IPMAN, strategic government engagement with domestic refiners could help stabilise petrol prices, reduce the impact of fluctuations in international crude oil prices and ease the burden of rising energy costs on households and businesses.

The association maintained that ensuring affordable and stable petrol prices remains critical to reducing transportation and operating costs across the country.