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NAICOM Secures Police Backing for NIIRA Implementation Push

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From left: Mr Olusegun Ayo Omosehin; Commissioner for Insurance National Insurance Commission and Mr. Olatunji Disu; Inspector General of Police.


BY NKECHI NAECHE-ESEZOBOR—
The National Insurance Commission (NAICOM) has strengthened its reform drive with the backing of the Nigeria Police Force, forging a strategic alliance to accelerate the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The collaboration signals a coordinated push to enhance regulatory compliance, combat fraudulent insurance activities, and reinforce policyholder protection, as authorities move to deepen market discipline and restore confidence in the sector.

From left:‎Mr Ekerete Ola Gam-Ikon (Deputy Commissioner Finance and Administration National Insurance Commission) Mr. Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission), Mr. Olatunji Disu (Inspector General of Police), Dr Usman Jankara Deputy Commissioner Technical National Insurance Commission and Dr. Telmiz Usman ( Director; Legal, Enforcement and Market Development National Insurance Commission).

At a high-level engagement in Abuja, the Executive Management of  NAICOM, led by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, met today in Abuja with the Inspector General of Police (IGP), Olatunji Disu, to discuss strategies for deepening collaboration on the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and its accompanying reforms.

The meeting centered on joint efforts to strengthen compliance across the insurance sector and ensure robust protection for policyholders nationwide. Both parties agreed that effective partnership is critical to building public trust, curbing illegal insurance practices, and enhancing service delivery within the industry.

Speaking at the session, the Commissioner for Insurance emphasized that NIIRA 2025 was enacted to modernize Nigeria’s insurance landscape, promote transparency, and safeguard the interests of millions of Nigerians who rely on insurance for financial security. He stressed that NAICOM cannot achieve full compliance and market discipline without the active support of law enforcement agencies.

In his response, the Inspector General of Police reaffirmed the commitment of the Nigeria Police Force to partner with NAICOM in tackling fraudulent activities, unauthorized insurance operations, and other violations of insurance laws. He assured that the Police will provide the necessary operational and legal backing to ensure offenders are brought to justice and policyholders’ rights are fully protected.

This strategic collaboration marks a significant step toward restoring public confidence in Nigeria’s insurance industry and ensuring safer, more transparent financial protection for citizens.

The post NAICOM Secures Police Backing for NIIRA Implementation Push appeared first on Business Today NG.

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Enugu Air, airport concession to support state’s $30bn economy goal — official

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Enugu State is counting on its new airline and the concession of the Akanu Ibiam International Airport, enugu, to support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031, the Secretary to the State Government, Chidiebere Onyia, said on Tuesday.

Mr Onyia spoke during the Renewed Hope Media Tour of the airport, where he outlined how the state government’s plans to use aviation, tourism, and agriculture to drive economic growth.

According to him, the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South-east.

“We looked at Enugu as an economic hub where tourism, hospitality, investment and aviation can work together to drive growth,” he said.

Mr Onyia said the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.

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He explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state.

According to him, depending entirely on commercial airlines could limit the state’s ability to move people into Enugu efficiently.

That, he said, informed the decision to establish Enugu Air.

“If we’re expecting people to come into Enugu, then we can’t depend solely on third-party airlines based on their schedules,” he said.

Mr Onyia disclosed that Enugu Air has six aircraft, describing it as the first phase of the project.

The state government also expects the aviation project to support tourism development.

Mr Onyia said efforts are ongoing to revitalise tourist sites across the state, including attractions expected to draw more visitors to Enugu.

He said that improved access to the state would complement investments in tourism and hospitality by making it easier for visitors to travel to various destinations.

“If people are going to come here for tourism, they need to be able to get into Enugu, and when they get into Enugu, we’ll need places for them to visit,” he said.

He also noted that the airport infrastructure will also support the state’s agricultural development plans through cargo operations.

According to him, the cargo terminal will make it easier to move goods and agricultural produce within and outside the state, creating more opportunities for businesses and investors.

“This is also going to help our agricultural investment outlook because this is where the cargo terminal will be, where we can move things in and out of the state,” he said.

He added that the government’s vision is to use aviation infrastructure to strengthen trade and economic activities across the region.

Private sector-led approach

Mr Onyia said the state adopted a private sector-driven model for the airline and airport projects to ensure efficiency and sustainability.

According to him, professionals with industry experience have been involved in developing the airline and setting up its governance structure.

He said the approach is intended to avoid challenges often associated with direct government management of commercial enterprises.

READ ALSO: ENSSAA to begin enforcement against unauthorised outdoor advertisements across Enugu State

Providing an update on the airport concession process, Mr Onyia said October has been set as the timeline for the next phase of activities.

He explained that the current stage marks an important milestone in the project and will allow concessionaires and contractors to begin work at the site.

Mr Onyia also acknowledged the support of President Bola Tinubu and the Federal Ministry of Aviation in advancing the project.

According to him, federal approvals helped move the initiative from the planning stage to implementation.

The concession of the Akanu Ibiam International Airport followed approval by the Federal Executive Council as part of efforts to attract private investment into airport infrastructure.

In January, the Minister of Aviation and Aerospace Development, Festus Keyamo, signed a concession agreement with Aero Alliance for the operation of the airport.

Under the arrangement, ownership of the airport remains with the Federal Government, while the concessionaire will operate, maintain, and upgrade the facility.

The project has attracted public attention in recent months as the Federal Government and Enugu State continue efforts to re-position the airport as a major gateway for business, tourism and trade in the South-east.


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NAICOM Ends 18-Month Intervention, Hands African Alliance Insurance Back to New Board

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The National Insurance Commission (NAICOM) has formally handed over operational control of African Alliance Insurance Plc to a newly constituted, shareholder-nominated Board of Directors.

The transition marks the official conclusion of an intensive 18-month regulatory intervention that commenced in October 2024.

The regulatory intervention succeeded in stabilizing the distressed underwriting firm, resolving critical structural challenges, and rebuilding stakeholder confidence. During the 18-month period, the interim management cleared up to 15 months of annuity arrears, settled outstanding legacy claims, and restored vital liquidity to the firm through targeted asset sales and portfolio transfers. Comprehensive forensic and actuarial reviews were also finalized to address past regulatory breaches.

Speaking during the handover, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, charged the incoming directors to strictly uphold robust corporate governance frameworks, maintain absolute operational transparency, and prioritize the prompt settlement of customer claims.

Under the new administrative structure, African Alliance Insurance Plc will be led by Rear Admiral Anthony Odogba Isa (Rtd) as Chairman, alongside Mr. Abayomi Olakunle Olukeye, who assumes the role of Managing Director.

While day-to-day operations have returned to the board, NAICOM confirmed it will maintain close regulatory oversight of the company to monitor its ongoing recapitalization efforts and long-term solvency progress.

The Commission formally took over the board and management of African Alliance Insurance Plc on October 30, 2024.

According to NAICOM exercised its regulatory intervention powers under the NAICOM Act for several critical reasons:

 Insolvency and Financial Instability: Following extensive financial and operational monitoring, NAICOM identified deep-seated insolvency issues that threatened the company’s ability to operate safely and soundly.

 Failure to Meet Obligations: The company faced a massive public outcry and heavy criticism after failing to pay its policyholders and annuitants, leading to prolonged delays in settling claims.

 Governance and Operational Lapses: The regulator discovered major corporate governance failures, indicating that the previous leadership had mismanaged the firm’s assets—which consisted heavily of policyholders’ funds—and exposed the company to extreme risk.

The primary objective of the 2024 takeover was to safeguard public interest, protect policyholders, and implement critical structural reforms to stabilize the firm before handing it back to its shareholders.

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