L-R Dr Usman Jankara (Deputy Commissioner Technical; National Insurance Commission), Dr Mathew Olumide Adepoju (Director General NASRDA), Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission) and Mr Ekerete Ola Gam-Ikon (Deputy Commissioner Finance and Administration National Insurance Commission)

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s insurance industry is set for a Satellite Data Powers New Era of Insurance Expansion in Nigeria transformation as the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) move to harness satellite and geospatial technology to deepen market penetration, strengthen enforcement, and modernize risk management nationwide.

At a high-level meeting between both institutions, leaders agreed on a strategic partnership that will deploy space-based intelligence to unlock new insurance opportunities, improve compliance, and support broader economic resilience. The initiative signals a shift toward data-driven regulation and innovation in Nigeria’s insurance ecosystem.

Director General of NASRDA, explained that the partnership would harness NASRDA’s geospatial and satellite capabilities to generate accurate, evidence‑based datasets. According to him, these datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub‑national levels. He further highlighted the importance of insurance in safeguarding high‑value national assets, citing a previous insured satellite replacement as a practical demonstration of insurance effectiveness in managing sovereign risk.

On his part, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasized that the initiative aligns strongly with NAICOM’s strategic transformation agenda and its commitment to swift, results‑oriented reforms. He noted the opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as to support the development of a robust national catastrophic risk insurance framework.

NAICOM reaffirmed its core regulatory pillars—policyholder protection, regulatory capacity enhancement, legal and regulatory modernization, financial soundness through recapitalization, and innovation and sustainability—underscoring that the partnership directly advances its innovation and access objectives.

Under the partnership framework, both agencies will collaborate on the development of a national catastrophic insurance framework, high‑resolution property mapping and the creation of a national property database, enhanced enforcement of compulsory insurance for public buildings, and the advancement of insurance penetration through innovation and sustainability initiatives.

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Entrepreneur and social figure Aisha Achimugu has refuted reports claiming that $13 million was seized from her home, maintaining that only $50,000 and N13 million were discovered during a search of her property.

She addressed the issue on Monday during an appearance on Politics Today, a show aired on Channels Television. According to her, the widely reported figure of $13 million is incorrect and creates a false impression.

It can be recalled that the EFCC had previously listed Achimugu as wanted. The agency alleged her involvement in a case related to criminal collaboration and financial misconduct.

As part of its investigation, the EFCC reportedly conducted a raid on her residence, after which varying accounts surfaced about the amount of money recovered. Achimugu, however, declined to go into specifics regarding the alleged $13 million, explaining that the issue is already before the court.

She also expressed doubt about the source of the claim, emphasizing that she does not keep such large amounts of cash at home.

In her words: “First, I will not go deeply into the issue of $13 million. As you are aware, it is already a matter before the court, and it would be inappropriate for me to comment on it. I have confidence in Nigeria’s judicial process and trust that a fair judgment will be delivered in due course.

“However, I must correct the narrative that $13 million was found in my residence. Yes, my home was searched, but only $50,000 and N13 million, which belongs to my mother, was recovered, along with my personal items.

“I am unsure how the public came to believe that I had $13 million in my house. I am not a financial institution, so I would not store such an amount at home. I have children studying overseas, so it is necessary to keep some foreign currency available for emergencies.”