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).
Nigeria and Canada have expanded their bilateral air transport framework, paving the way for scheduled direct air services between the two countries and creating new opportunities for passenger and cargo operations.
The agreement, signed on Thursday in Abuja, provides for multiple airlines from both countries to operate scheduled services and establishes capacity for passenger and cargo flights.
It also provides for up to 14 weekly passenger flights and 10 weekly all-cargo flights for designated airlines from each country.
The agreement is expected to improve air connectivity between Nigeria and Canada while supporting trade, tourism, education, investment and stronger people-to-people relations.
The Minister of Aviation and Aerospace Development, Festus Keyamo, was represented at the signing by the Director of Air Transport Management in the ministry, Mohammed Ahmed Tijjani.
Mr Tijjani signed the agreement with Canada’s Chief Air Negotiator for Global Affairs Canada, Shendra Melia, at the Canadian High Commission in Abuja.
The signing followed a technical review session in which officials from both countries examined the existing bilateral air services framework and agreed to expand it.
Nigeria, Canada expand air deal, pave way for direct flights
Shift towards direct connectivity
The new arrangement represents a significant expansion of the aviation relationship between Nigeria and Canada.
The two countries first negotiated an air transport agreement in 2014, but the framework was initially limited to code-sharing arrangements rather than direct scheduled flights.
The agreement was formally signed in March 2025, providing a framework for airlines to market services operated by partner carriers.
The latest expansion changes that framework by allowing designated airlines from both countries to operate scheduled services directly between Nigeria and Canada.
The agreement, therefore, provides the legal basis for airlines to pursue direct operations, although the signing itself does not mean such flights will begin immediately.
Airlines would still need to be designated by their respective governments and meet applicable regulatory, operational and commercial requirements before commencing services.
More opportunities for passengers and cargo
For travellers, direct scheduled services could reduce the need for connecting flights through third countries and make journeys between Nigeria and Canada more convenient.
The development could be particularly significant for Nigerians travelling to Canada for education, business, tourism and family visits, as well as Canadians travelling to Nigeria for business and other purposes.
As of 31 March 2026, more than 25,000 Nigerians held valid Canadian study permits, according to the information provided by the Federal Government, highlighting the importance of the education link between the two countries.
The agreement also provides a greater scope for cargo operations.
Under the expanded framework, designated airlines can operate up to 10 weekly all-cargo services, while fifth-freedom traffic rights have been granted for cargo operations.
Fifth-freedom rights allow an airline to carry traffic between two foreign countries as part of a service that originates from or terminates in the airline’s home country.
The provision could create additional options for moving goods through the two countries and strengthen commercial links between Nigerian and Canadian businesses.
Wider economic ties
The expanded aviation agreement comes as Nigeria and Canada seek to deepen economic relations beyond air travel.
Improved connectivity can support tourism, facilitate business travel, encourage investment and make it easier for people and goods to move between the two markets.
The Nigerian delegation at the signing included the Director of Air Transport Management, Mr Tijjani; the Director of Legal Services, Jummai Yahaya; and the Director of Air Transport Regulation at the Nigeria Civil Aviation Authority, Olayinka Babaoye-Iriobe.
The Canadian delegation was led by Ms Melia and included officials from Global Affairs Canada and Transport Canada.
The expanded framework gives airlines from both countries greater room to compete, as each country can designate multiple carriers rather than restricting scheduled operations to a single airline.
For Nigeria, the development also fits into the Federal Government’s wider effort to expand international air connectivity and secure new routes that can support tourism, trade and investment.
The agreement now provides the framework for airlines on both sides to pursue direct scheduled services, potentially bringing an end to years of reliance on connecting routes for travellers moving between Nigeria and Canada.
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BY NKECHI NAECHE-ESEZOBOR—For not meeting the statutory Minimum Capital Requirement as stipulated by the Nigerian Insurance Industry Reform Act 2025, the National Insurance Commission (NAICOM), has withdrawn the operating licence of Nigeria Reinsurance Corporation.
The commission has also appointed Dr Muiz Banire, SAN, as receiver and provisional liquidator which tookeffect on 3 August 2026.
According to notice dated 4 August, Banire confirmed he was empowered by NAICOM to oversee the receivership and liquidation of the company (registration number RR-002).
The withdrawal of authorization followed the organization’s failure to meet mandatory capital baselines before the statutory deadline.
The appointed liquidator is tasked with tracing and securing assets, auditing liabilities, coordinating with regulatory authorities, and submitting progress reports.
He ordered an immediate freeze on all corporate bank accounts, instructing financial institutions, clients, and the public to ignore commands unless issued directly by him or certified representatives.
Regulators framed this measure as essential to uphold financial standards, protect consumers, and maintain sector stability.
All involved parties must channel future transactions exclusively through the liquidator while assets are realized and operations are systematically terminated.