Business
Satellite Data Powers New Era of Insurance Expansion in Nigeria
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.
The post Satellite Data Powers New Era of Insurance Expansion in Nigeria appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has reiterated the importance of effective communication in strengthening social security systems, as its Director General, Omolola Oloworaran, participated in the 2026 ISSA West Africa Technical Seminar held in Abuja.
The seminar, hosted by the Nigeria Social Insurance Trust Fund in collaboration with the International Social Security Association, focused on the theme: improving inclusivity and access to social security services through clear and effective communication. It brought together stakeholders from across West Africa to explore ways of enhancing service delivery and public engagement.
Speaking at the event, Oloworaran commended the organisers for convening the dialogue and highlighted the Federal Government’s ongoing efforts to expand social protection. She noted that President Bola Ahmed Tinubu has shown commitment to social welfare by supporting vulnerable citizens through initiatives such as cash transfers, improved healthcare access, and the settlement of outstanding pension obligations.
The PenCom DG explained that while the Contributory Pension Scheme has built a solid institutional framework over the years, achieving real inclusion requires more than just expanding coverage. According to her, trust and understanding among contributors are critical, which is why the commission continues to strengthen stakeholder engagement, promote the Personal Pension Plan, and expand digital communication channels.
She emphasised that communication plays a central role in the success of pension reforms and service delivery, noting that policies and benefits can only be effective when contributors clearly understand and are able to act on them.
The engagement, she added, reflects PenCom’s broader commitment to building a more transparent, inclusive, and responsive pension system, where clear communication helps bridge gaps in access, foster trust, and support long-term growth in the sector.
The post PenCom DG Advocates Inclusivity in Social Protection Services appeared first on Business Today NG.
MATINS IBE(Abuja) —The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has announced the Commission’s intention to make low-cost smartphones available in the market.
He explained that the initiative is designed to ensure wider access to mobile devices for Nigerians at more affordable rates.
He made this known recently during a media briefing with journalists in Abuja, stating, “We are exploring ways to bring less expensive smartphones into circulation.”
He also noted that despite the push for affordability, there is a clear shift in usage trends, with more people adopting 4G technology while gradually moving away from 3G and 2G devices.
“From available data, we are observing a steady transition to 4G connectivity. Currently, over 52 percent of users are on 4G networks,” he added.
He also commended media coverage of the telecommunications sector, describing it as instrumental in supporting the Commission’s work.
According to him, press reporting has helped in policy execution, keeping the public informed about developments, and ensuring regulatory accountability.
The post NCC Moves to Roll Out Affordable Smartphones in Nigeria appeared first on Business Today NG.
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