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NAICOM Targets Market Stability, Recapitalization and ESG Growth Through UNDP Partnership
L-R Mr Ikenns Orji, Mr Ekerete Ola Gam-Ikon (Deputy Commissioner finance and administration; National Insurance Commission), Mr Henry Akwitti (Leader of the delegation), Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission), Mr David Rueller, (member of the delegation), Dr Usman Jankata (Deputy Commissioner technical National Insurance Commission)and Mr Joseph Eta.
BY NKECHINAECHE-ESEZOBOR—The National Insurance Commission, (NAICOM), has reaffirmed its commitment to strengthening Nigeria’s insurance sector through a renewed partnership with the United Nations Development Programme (UNDP), with a focus on market stability, industry recapitalization, and the integration of Environmental, Social, and Governance (ESG) principles.
During a courtesy visit by the UNDP delegation to the Commission, both parties outlined strategic priorities aimed at expanding insurance access, enhancing regulatory capacity, and developing innovative climate and disaster risk solutions to improve resilience and deepen insurance penetration across the country.
Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, expressed appreciation for the Commission’s leadership and reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector.
He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment.
The UNDP delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.
In his response, the Commissioner for Insurance welcomed the UNDP team and expressed gratitude for their sustained support to the Nigerian insurance industry. He outlined five strategic pillars underpinning NAICOM’s reform agenda and reiterated the Commission’s commitment to a transparent recapitalization process, fostering innovation, and creating an enabling environment to significantly enhance insurance penetration in Nigeria.
The Commissioner noted that the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.
He further explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions. To support operators, NAICOM has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.
The Commissioner also affirmed NAICOM’s commitment to institutionalizing Environmental, Social, and Governance (ESG) principles and sustainable insurance practices through the development of an in house NAICOM ESG Framework, building on prior diagnostic work and toolkits developed in collaboration with partners such as FSD Africa and UNDP.
Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.The meeting further explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).
The post NAICOM Targets Market Stability, Recapitalization and ESG Growth Through UNDP Partnership appeared first on Business Today NG.
From left: Dr Julius Odede, Head of Lagos Operations at National Insurance Commission, (NAICOM), presenting appreciation award plaque to Chief Strategist of MelvinAfrica, Chiamaka Ugo-Obidike, at the just concluded 2026 BusinessToday Annual Conference and Exhibition on Insurance and Pensions held in Lagos , with the Convener of the conference, Mrs. Nkechi Naeche-Esezobor.
Expert in the financial market has called on insurance and pension operators to need for customer-focused innovation and stronger integration across financial services.
The Chief Strategist of MelvinAfrica, Chiamaka Ugo-Obidike, made this call at the 2026 BusinessToday Annual Conference & Exhibition on risk protection and retirement planning, held recently in Lagos.
The MelvinAfrica Chief Strategist, who also delivered the keynote presentation themed “Youth Advantage: Redefining Risk Protection and Retirement Planning for a New Era,” said one of the major challenges in product development is creating solutions without involving the actual end users.
From left: Managing Director/Chief Executive Officer of Unitrust Insurance Company Limited, Adedayo Arowojolu; Chief Strategist of MelvinAfrica, Chiamaka Ugo-Obidike, past President of Nigerian Council of Registered Insurance Brokers Babatunde Oguntade at the event.
She stated, “Customers must be part of the product development process to ensure solutions truly meet their needs.”
She further highlighted the importance of data and seamless connectivity across financial platforms, urging stakeholders in the industry to embrace open finance.
According to her, customers should be able to access banking, coverage services, retirement savings, and investment solutions through a single platform, rather than having to navigate multiple applications.
She noted that although the financial services industry is evolving, it must move more quickly to keep pace with a youthful and increasingly digital population.
“Today’s customers do not want to open different apps to access their financial information. The industry must come together to make this work.”
“The biggest advantage we have is the youth. If the system is not ready for them, they will move on without it,” she said.
Earlier, while addressing participants, the convener of the conference, Nkechi Naeche-Esezobor, reflected on how the initiative began. She described its early phase as demanding but highly significant. According to her, the platform first started as an awards-focused initiative before gradually evolving into a forum designed to drive meaningful industry progress.
She explained that this transition was inspired largely by the late Mrs. Tonia Smart, who advised that recognition should go beyond celebration and contribute directly to measurable industry growth. Her recommendation later led to the introduction of conferences and seminars shortly after the platform’s fifth anniversary.
She said the platform has continued to expand under that vision of sustainable impact and sector advancement.
Speaking on the theme of the event, she said placing young people at the centre of sector reforms would help the insurance and pension industries build a stronger, more inclusive financial protection system.
She explained that the theme seeks to modernise insurance and pension products to reflect the realities of today’s youth-driven economy. With the growth of digital work, entrepreneurship, and the gig economy, the conference aims to promote flexible, affordable, and technology-enabled solutions tailored to young Nigerians.
This approach, she noted, is expected to close existing protection gaps and make insurance and pension products more accessible and relevant.
The event featured over 450 delegates, including regulators, business executives, key stakeholders, and young participants who explored practical ways to increase adoption among the youth.
The post Experts Push For Customer-Centric Reforms at BusinessToday Conference appeared first on Business Today NG.
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