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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.
The Central Bank of Nigeria (CBN) has granted approval-in-principle to JP Morgan to set up a merchant in the country.
The move eases the path for the US largest bank to expand its services – payments, lending, trade finance and corporate banking – in Nigeria, where it has operated a representative office for years.
JP Morgan Merchant Bank Nigeria Limited plans to run wholesale banking, capital markets and advisory services, Michael Akuka, the CBN’s director of corporate communications and investor relations, said in a statement on Friday.
The approval-in-principle is the first phase of the licensing process, and does not translate into an ultimate banking permit.
JP Morgan needs to clear further regulatory hurdles such as incorporation with the Corporate Affairs Commission and operational approvals before it can commence operations, the regulator stated.
The push comes amidst hordes of banking sector reforms in Africa’s most populous country, aimed at bolstering the financial system, enhancing market confidence and boosting resilience.
According to the statement, the CBN also approved the nomination of Adedapo Olagunju as the managing director of the bank and Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors.
“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” said CBN Governor Olayemi Cardoso.
READ ALSO: CBN outlines market infrastructure supporting Nigeria–China financial flows at Beijing investor forum
“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive,” he added.
On Tuesday, Bloomberg, citing sources with knowledge of the deal, reported that JP Morgan was on course to secure a banking licence in the country after depositing N50 billion ($38 million) with the CBN.
It noted that the bank hopes to receive the licence by year-end or in early 2027, provided it is able to obtain all the requisite approvals
P Morgan’s presence in Nigeria dates back to 1961, when Chase Manhattan Bank, which later evolved into JP Morgan Chase & Co., opened a branch in Lagos, providing a wide range of commercial banking services to local businesses and individuals.
A year earlier, Chase International Investment Corporation, a unit of Chase Manhattan Bank, served as the lead partner in organising Nigerian Textile Mills in Lagos, regarded as the first major private industrial project with an American interest in Nigeria.
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The Bank of Industry (BOI) said it will expand financing for agriculture, local healthcare manufacturing and digital businesses in 2027.
The bank stated this as it seeks to consolidate the gains of its 2025–2027 corporate strategy and strengthen Nigeria’s industrial development.
The bank’s Managing Director and Chief Executive Officer, Olasupo Olusi, disclosed the plan on Thursday at a meeting in Lagos, where he outlined the bank’s priorities for the final year of the strategy.
Mr Olusi said BOI would work with the Federal Ministry of Industry, Trade and Investment on the National Industrial Finance Compact to attract more long-term capital into Nigeria’s industrial sector.
He also said the bank would deploy its new European Investment Bank facilities to agriculture and local healthcare manufacturing to increase domestic production of food and medicines.
The funding includes €85 million secured from the European Investment Bank for agriculture and another €50 million for healthcare manufacturing in 2026, as part of more than €2.2 billion in new funding the bank has secured for Nigerian industry since 2024.
READ ALSO: BOI supports 1.68m jobs as lending rises 26% to ₦644.9 billion
“We will deploy our new European Investment Bank facilities into agriculture and local healthcare manufacturing, so that Nigeria produces more of the food and medicines it consumes,” he said.
The bank also plans to expand its information and communications technology (ICT) and digital economy portfolio through the Investment in Digital and Creative Enterprises (iDICE) programme.
Mr Olusi said the initiatives formed part of the bank’s efforts to consolidate its achievements and meet the targets of its 2025–2027 corporate strategy.
“2027 is the final year of our strategy, and our task is to consolidate and meet every target we set,” the BOI boss, Mr Olusi, said.
BOI said it disbursed N644.9 billion in 2025, reaching 12,501 businesses and supporting 1.68 million jobs.
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