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Pension Compliance: PenCom DG Announces New Era of Zero Tolerance For Pension Defaults

…Trains Recovery Agents On Recovering Pension Liabilities From Employers

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has announced that PenCom has ushered in a new era of zero tolerance for pension defaults with accredited Recovery Agents serving as the cornerstone of Nigeria’s social contract with its workers.

Ms. Oloworaran represented by the Commissioner Inspectorate of the Commission, Hon. Samuel Chigozie Uwandu stated this during an intensive Training Workshop for accredited Recovery Agents held in Lagos on 2 December 2025. The training marked a renewed nationwide compliance push to recover outstanding pension contributions and penalties from employers who persistently violate the Pension Reform Act (PRA) 2014, which mandates remittance of pension contributions within seven working days of salary payment.

The workshop, attended by enforcement officers, resource persons and pension industry stakeholders, outlined new strategic initiatives that will strengthen enforcement efforts, deepen inter-agency collaboration, and empower recovery agents to tackle non-remittance of pension contributions with greater precision and authority.

Speaking further at the workshop, the Director General reaffirmed PenCom’s commitment to enforcing strict compliance across the pension industry.
PenCom currently engages Recovery Agents to audit defaulting employers, calculate outstanding pension liabilities, issue demand notices, and facilitate recovery of unremitted pension contributions. Recovery Agents’ work has been instrumental in enforcing compliance since the start of the recovery exercise in 2012.

PenCom data shows that the Commission has cumulatively recovered ₦32.27 billion, comprising ₦15.87 billion in principal contributions and ₦16.40 billion in penalties from defaulting employers between June 2012 and September 2025.

In addition, PenCom recorded significant compliance gains in the third quarter of 2025 alone, recovering ₦2.06 billion (₦775 million principal and ₦1.27 billion penalties) from 49 defaulting employers, reflecting a sustained surge in enforcement activities.

Ms. Oloworaran told the workshop participants that despite the successes of the Contributory Pension Scheme (CPS), persistent defaults by employers threaten the fundamental purpose of the system.
“Every unremitted Naira represents a broken promise to a Nigerian worker,” she said. “This Commission has moved from promoting voluntary compliance to mandating enforced compliance. The era of impunity is over.”

She recalled that the appointment of Recovery Agents followed a competitive, transparent selection process, reflecting PenCom’s confidence in their capacity, professionalism, and integrity. She reminded participants that they are the “operational arm of PenCom’s enforcement will” and are critical to PenCom’s strategy to safeguard workers’ retirement savings.

The Director General outlined several bold initiatives forming PenCom’s expanded enforcement architecture, including forming stronger partnerships with key regulatory bodies such as the Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS) and other relevant agencies. Under these partnerships, employers’ compliance with the PRA 2014 will influence their standing with these bodies. The DG noted that defaulting employers will face consequences beyond PenCom, as non-compliance may affect business operations, access to government services, and regulatory privileges.

PenCom DG also brought to the attention of the participants the newly executed Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which empowers ICPC to hold the management of recalcitrant employers personally accountable, making pension defaults a matter with potential criminal implications.

“This MoU is a decisive step to give teeth to our recovery efforts,” the DG stated. “No employer should imagine that withholding workers’ pensions is without consequences.”
The training modules delivered at the workshop were designed to deepen RAs’ skills in employer audit and compliance assessment; liability computation and negotiation; documentation and evidence management; engagement protocols under PenCom’s new enforcement architecture and use of enhanced digital compliance tools and reporting systems.

Participants were also briefed on PenCom’s internal reforms aimed at ensuring faster processing of reports, better coordination between departments, and stronger monitoring of ongoing recovery activities.
The DG concluded her remarks with a powerful charge to the Recovery Agents:
“You are the ambassadors of this new resolve, an Act with unwavering ethical standards, exercise professional care, and be relentless in securing what is rightfully due to the Nigerian worker.”

She said that PenCom stands fully behind the agents and will provide all necessary institutional support to ensure that every kobo owed to Nigerian workers is recovered.
The workshop ended with a renewed sense of mission as PenCom and its accredited Recovery Agents prepare to intensify nationwide compliance activities throughout 2026 and beyond.

by Online Poster — December 5, 2025 in Insurance and Pension

Leadway Assurance, AGRA, NADF, And Verdure Climate Advance Agricultural Insurance Solutions

Leadway Assurance, one of Nigeria’s leading insurance providers, has once again reinforced its industry leadership, following partnership with Alliance for a Green Revolution in Africa (AGRA), the National Agricultural Development Fund (NADF), and Verdure Climate, to lead a national dialogue on identifying challenges and proffering actionable solutions on agricultural and climate risks in Nigeria.

Held on Thursday, November 27, 2025, in Abuja, the high-level forum, themed “Accelerating Agricultural Lending to Market Actors and Smallholder Farmers Using Index-Based Agric Insurance & Blended Finance Solutions,” convened policymakers, financial institutions, agribusiness leaders, development experts, and critical value-chain actors to examine scalable models capable of strengthening Nigeria’s agricultural resilience.

Recent data shows that over 82% of Nigerian farmers remain uninsured (Phys.org, 2024), while projections warn that climate-induced disruptions could cut Nigeria’s agricultural productivity by 10–25% by 2080, with some rain-dependent regions facing losses of up to 50% (IOSR Journal, 2024; ScienceDirect, 2025). Against this backdrop, the dialogue provided a timely platform for advancing integrated solutions that combine insurance, credit, and climate-risk financing.

Speaking at the event, Ayoola Fatona, Global Head, Agriculture Risk Solutions, Leadway Assurance, reaffirmed the organisation’s long-term commitment to financial inclusion and agricultural transformation. “We are in a mission to make insurance a catalyst for productivity by ensuring farmers can access credit, adopt climate-keen practices, and recover quickly from weather-related shocks. Collaborating with AGRA, NADF, and Verdure Climate allows us to co-create solutions that strengthen the entire value chain and secure the future of our food systems.”

In his opening address, Mr. Fatona Ayoola, Global Head, Agriculture Risk Solutions, Leadway Assurance, underscored the urgency of building systems that empower farmers and de-risk financiers. He noted that “the dialogue forms part of our AGRA-supported initiative to build farmers’ resilience through innovative insurance models and financial instruments across Niger, Kaduna, and Nasarawa States. As climate risks intensify, our responsibility extends beyond underwriting; we must become enablers of productivity, inclusion, and long-term stability. Index-based insurance, when integrated with blended finance structures, creates the transparency, speed, and scalability needed to unlock credit for market actors and smallholder farmers alike.”

He added that the collaboration among government, insurers, financiers, and development partners is essential to translating innovation into real impact for farmers, the maize grower in Nasarawa, the rice producer in Niger, and the aggregators supporting thousands across Kaduna.

Leadway Assurance has consistently invested in strengthening Nigeria’s agricultural insurance framework through initiatives such as index-based crop insurance, public-private partnerships with state governments, and capacity-building programmes for rural farming communities. Between 2024 and 2025, Leadway has supported interventions that expanded coverage for thousands of smallholder farmers across multiple states, contributing to improved financial stability and agribusiness continuity.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering diversified solutions across insurance, pensions, health, and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving millions of individuals and businesses across Nigeria and West Africa.

by Online Poster — December 1, 2025 in Insurance and Pension

Expert Charges Insurance Journalists To Avoid Burnout In The Course Of Duty

‎Journalists have been charged to stay sane in the high-stakes working environment and recognize the signs of stress which could lead to burnout and possibly illness.
‎Dr. Tunde Jesusina, Director of Medical Science, Federal Polytechnic, Ilaro, gave the advice at a training for insurance journalists organised by the Insurance Industry Consultative Council (IICC) at the College of Insurance and Financial Management, Ogun State.

‎Speaking on the topic “Beyond the Byline: Managing Burnout in Nigerian Journalism” Jesusina stated that burnout is more than just stress.

‎He highlighted the progression to exhaustion to be in three dimensions, namely, emotional, physical, and mental exhaustion; increased mental distance or cynicism toward work; as well as reduced professional efficacy and effectiveness.

‎According to him, the Nigerian factor is a perfect storm for burnout with economic pressure such as low pay and high cost of living create constant financial stress. Information overload of 24/7 news cycle and relentless speed demands. Security risks of physical danger and threats to personal safety. Poor conditions of lack of resources, support, and proper facilities.

‎To recognize the signs of burning out, he said: “The physical & emotional signs include, chronic fatigue and exhaustion; frequent illnesses; insomnia or sleep disruption; anxiety and irritability; as well as feeling helpless or defeated.”
‎He stated that the behavioral & work-related signs include, “Cynicism and detachment; procrastination; difficulty concentrating; substance reliance; as well as withdrawal from people.”

‎On the long-term resilience for rebuilding foundation, he said: “Protect your sleep as a non-negotiable rest for recovery. Move your body as physical activity for mental health. Reclaim your identity by engaging in hobbies and life outside work. Mindfulness & prayer by being spiritual and mental grounding. Seek professional help as therapy and counseling are strengths.”
‎He charged journalists to embrace newsroom & peer support because we are stronger together.
‎

He said: “Advocate for Yourself: communicate your needs and boundaries clearly to colleagues and management.
‎”Peer debriefing: process trauma and difficult experiences with trusted colleagues who understand.
‎”Mentorship: seek guidance and share experiences with more experienced journalists.
‎”Push for Institutional Change: Collectively advocate for better working conditions and mental health support.
‎”Changing the Narrative: Our Industry’s Duty of Care: Media Houses Must: Pay living wages, provide safety & trauma training, ensure realistic workloads, remove stigma for mental health.

‎”The Nigeria Union of Journalists (NUJ) Can: Champion mental health awareness,
‎organize workshops and support groups,
‎negotiate better working conditions, as well as provide accessible resources.”

by Online Poster — November 25, 2025 in Insurance and Pension

NAICOM, Development Partners Announce Inclusive Insurance Innovation Challenge Nigeria 2025

Amaka Obiefuna

The National Insurance Commission (NAICOM), in partnership with leading development organisations, on Wednesday, November 19, 2025, formally announced the commencement of the Inclusive Insurance Innovation Challenge (IIIC) Nigeria 2025. The initiative is designed to serve as a transformational platform for developing innovative solutions that expand insurance coverage to underserved and excluded populations across the country.

Delivering his remarks at the event, Mr. Kenneth Aroh, Head of Innovation at NAICOM, reaffirmed the Commission’s commitment to strengthening Nigeria’s insurance ecosystem through innovation-driven interventions. He outlined the key components of the programme, which include structured mentorship and coaching for participating teams, regulatory guidance to ensure compliance with standards, and advocacy aimed at promoting impactful and inclusive insurance solutions.

Mr. Aroh commended the institutions whose contributions continue to advance the initiative. The 2025 edition is sponsored by Financial Sector Deepening Africa (FSDA), hosted by the United Nations Development Programme (UNDP), and supported by NAICOM and the National Health Insurance Authority (NHIA).

He further announced that preparations are underway for the next edition, the Inclusive Insurance Innovation Challenge Nigeria 2.0 (2026), which is expected to scale up engagement and participation across the insurance and technology sectors. Public institutions, insurers, InsurTech companies, donors, and private-sector stakeholders have been encouraged to join the collaborative effort as planning progresses.

The Challenge seeks to accelerate the development of an inclusive insurance landscape in Nigeria and strengthen mechanisms that ensure no segment of the population is left without adequate risk protection.

by Online Poster — November 21, 2025 in Insurance and Pension

NAICOM Welcomes New NCRIB President, Mrs. Ekeoma Ezeibe, FCIB – Reaffirms Commitment To Stronger Collaboration And Market Professionalism

The National Insurance Commission (NAICOM) last week Thursday 13th, November, 2025 received the newly elected President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe, FCIB, along with members of her Governing Council, on a courtesy visit to the Commission’s headquarters in Abuja.

This visit is Mrs. Ezeibe’s first official engagement with NAICOM following her formal investiture as the 17th President and third female leader of the Council. The meeting provided an opportunity to strengthen existing ties, review ongoing reforms, and align on key priorities under the National Insurance Industry Reform Agenda (NIIRA 2025).

Warm Welcome and Renewed Partnership

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, warmly welcomed the delegation and congratulated Mrs. Ezeibe on her well-deserved emergence as President of NCRIB. He described her leadership as “a major milestone for the Council and a reflection of the increasing strength and influence of women in the insurance profession.”

He added:

“We truly value the relationship between NAICOM and NCRIB. As we continue to implement NIIRA 2025, we see the brokerage community as a critical partner in promoting market discipline, driving professionalism, and rebuilding the confidence of Nigerians in the insurance sector. We look forward to a productive and fulfilling collaboration under your leadership.”

The Commissioner was joined by NAICOM’s senior management team, who also expressed confidence in the new leadership of NCRIB and reiterated their support.

NCRIB President Outlines Her Priorities

In her remarks, Mrs. Ekeoma Ezeibe thanked the Commissioner and the entire NAICOM management for the warm reception. She expressed her appreciation for the support the brokerage community has consistently received from the Commission.

She noted that her administration would focus strongly on:

• Strengthening the compliance culture among brokers,

• Improving documentation and communication processes,

• Enhancing the professional image of the brokerage subsector, and

• Promoting continuous training, mentorship, and capacity-building — especially for women and young professionals.

She also clarified that many of the historical compliance issues were not acts of negligence, but often administrative oversights. She assured the Commissioner that the new leadership is committed to addressing these gaps and deepening engagement with NAICOM to foster clarity and shared understanding across the market.

Both NAICOM and NCRIB agreed on several important areas that require joint focus:

1. Professionalism and Ethical Standards

The Commissioner stressed that the brokerage profession must continue to uphold its respected identity as professional advisers, not intermediaries perceived merely in transactional terms. He emphasised the need to reinforce trust and professionalism at every level.

2. Compliance and Documentation Quality

Improving communication, documentation standards, and timely updates across the value chain were highlighted as priorities — as poor documentation sometimes leads to avoidable disputes, particularly around claims.

3. Women Inclusion and Youth Engagement

NAICOM’s management expressed strong support for the President’s plans to expand opportunities for women and to mentor younger practitioners entering the industry.

4. Alignment With NIIRA 2025

Both parties agreed that the successful implementation of NIIRA 2025 requires continuous partnership. The Commissioner noted that brokers have an essential role in driving inclusion, building market trust, and educating consumers.

5. Strengthening Sector Reputation

The meeting emphasised the need for unified messaging and public sensitisation, ensuring Nigerians understand the value of insurance beyond legal obligation.

Agreements and Action Points

The session ended with both sides agreeing to the following:

1. Establish a NAICOM–NCRIB Joint Working Group to jointly address market conduct issues and compliance matters.

2. Expand training and capacity-building programmes for brokers, focusing on ethics, documentation, digital literacy, and client communication.

3. Enhance public awareness initiatives, especially for compulsory insurance classes and the role of brokers.

4. Hold regular engagement meetings between NAICOM and NCRIB leadership to monitor progress, resolve issues early, and sustain transparency.

The Commissioner assured Mrs. Ezeibe of NAICOM’s continued openness and support, noting that “stronger partnerships will help deliver a more trusted, professional, and inclusive insurance market for Nigerians.”

The visit concluded with a warm exchange of goodwill gifts between the Commissioner and the NCRIB President, symbolising mutual respect and ongoing partnership. A group photograph followed, capturing the NAICOM management team, the NCRIB President, and members of her delegation.

Conclusion

The meeting reinforced the longstanding relationship between NAICOM and NCRIB and highlighted a shared commitment to deepening professionalism, strengthening compliance, and driving sustainable growth in the insurance industry.

As reforms under NIIRA 2025 continue, both institutions reaffirmed their pledge to work together to build a more competitive, inclusive, and trusted insurance sector for the benefit of all Nigerians.

by Online Poster — November 19, 2025 in Insurance and Pension

Leadway Assurance As First Female Board Chairperson

By Amaka Obiefuna

Leadway Assurance, Nigeria’s leading insurance company, has announced the appointment of Mrs. Adebisi Lamikanra as the new Chairperson of the Board, following the tenure expiration and formal retirement of General (Rtd) Martin Luther Agwai, CFR, who has admirably served as Board Chairman since November 2016.

A Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Lamikanra brings nearly four decades of exceptional leadership and advisory experience to the role. She was a Partner at Andersen Nigeria and made history as the first female Partner at KPMG Nigeria, where she retired as Head of Advisory Services and Lead for the African Region Advisory Practice.

Her career has been defined by strategic consultancy to leading local and multinational organisations across sectors. A proud alumna of the University of Lagos and the Lagos Business School, she has also honed her leadership skills through advanced executive programs at Harvard Business School, INSEAD University, and the Kellogg School of Management.

Mrs. Lamikanra currently serves on the boards of Standard Chartered Bank Nigeria, Evercare Hospital Lekki, and Nestle Nigeria, where her governance acumen and cross-sector insights continue to shape corporate excellence.

Speaking on the appointment, the outgoing Chairman, General (Rtd) Martin Luther Agwai, CFR, expressed his confidence in Mrs. Lamikanra’s leadership, stating, “It has been a profound honour to serve Leadway Assurance, a company that continues to define trust and innovation in Nigeria’s financial services sector. As I pass the baton, I take pride in the enduring culture of excellence we have built together. Mrs. Lamikanra’s appointment represents a seamless continuation of this legacy; her integrity, professionalism, and wealth of experience will ensure that Leadway continues to grow stronger and advance firmly into its next chapter of success.”

Under General Agwai’s stewardship, Leadway Assurance achieved significant milestones, including restructuring into a holding company, expanding across West Africa, and solidifying its position as one of the West Africa’s most trusted financial services institutions. His tenure will be remembered for stability, innovation, and a commitment to governance excellence. His exit, after his successful tenure, reinforces Leadway’s penchant for uploading good governance principles.

Speaking on her appointment as the first female Board Chairperson of the Company, Mrs. Adebisi Lamikanra expressed gratitude and optimism about the company’s future. “I am deeply honoured to assume this responsibility at such a pivotal moment in Leadway Assurance’s journey. The organization’s legacy of trust and innovation, built over five decades, continues to inspire confidence in Nigeria’s financial ecosystem”, she said.

She expressed gratitude to her predecessor, Gen (Rtd.) Martin Luther Agwai, recognizing his outstanding leadership and mentorship skills in steering the affairs of the Board during his tenure as the Board Chairperson.

She further called on the Board, management, and all stakeholders to collaborate and work together in strengthening the Leadway legacy, driving sustainable growth, advancing digital transformation while reinforcing Leadway’s role as a catalyst for financial inclusion and economic development.

Mrs. Lamikanra’s appointment signals a continuation of this legacy, blending experience, foresight, and the dynamism required to navigate Nigeria’s evolving financial landscape. Her leadership is expected to strengthen further the organisation’s culture of excellence, innovation, and sustainable growth.

About Leadway Assurance
Leadway Assurance is one of Nigeria’s leading insurance companies, providing a wide range of financial protection services including life, general business, and agricultural insurance. With over 50 years of experience, Leadway is dedicated to delivering innovative solutions and superior service to its customers.

About Mrs. Adebisi Lamikanra
Adebisi Lamikanra is a Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She was a Partner in Andersen Nigeria and the first female Partner at KPMG. She retired as Head, Advisory Services KPMG Nigeria and Lead, KPMG African Region Advisory Practice having worked with leading local, international and multi-national organizations. She currently sits on the board of a couple of companies.

by Online Poster — November 17, 2025 in Insurance and Pension

PenCom, NAICOM Direct Insurance Firms To Stop Business With Defaulting Employers

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have directed insurance companies and their vendors to fully comply with Nigeria’s pension and insurance laws.
The new directive, contained in a joint circular signed by Abdulrahaman Muhammad Saleem, Director of Surveillance Department at PenCom, and Dr. Talmiz Usman, Director of Legal, Enforcement and Market Development at NAICOM, seeks to strengthen compliance with the Pension Reform Act (PRA) 2014 and the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The circular focus on compliance with the Contributory Pension Scheme (CPS) and the requirement for all employers to maintain Group Life Assurance (GLA) coverage for their employees.
Under Section 2 of the PRA 2014, every employer in the public and private sectors must participate in the CPS, remit pension deductions not later than seven working days after salary payment, and provide life insurance cover for employees.
However, despite continuous engagements, audits, and sanctions by PenCom, a significant number of employers, including some within the financial services industry, have remained in breach of these legal obligations.
PenCom revealed that it has appointed Recovery Agents to audit defaulting employers, impose administrative sanctions, and pursue judicial recovery of outstanding pension contributions and penalties.
Yet, the persistence of non-compliance has continued to threaten the sustainability and credibility of the CPS, prompting this joint enforcement strategy with NAICOM.
By this new circular, all Licensed Insurance Companies must possess valid Pension Clearance Certificates (PCCs) from PenCom and Group Life Assurance Certificates compliant with NIIRA 2025 before engaging in any operational or investment activity.
Every vendor, service provider, and counterparty that seeks to do business with insurance companies must also hold valid PCCs and GLA Certificates, as a pre-condition for any contractual agreement.
The directive further extends to investment transactions, including commercial papers, bond issuances, and bank placements. All counterparties involved must execute a Compliance Attestation, affirming that their own vendors and service providers also maintain valid PCCs and GLA Certificates.
This cascading requirement effectively embeds pension and insurance compliance throughout the investment value chain, ensuring that no entity within the insurance ecosystem operates outside the law.
Insurance firms are also required to integrate these compliance requirements into their internal policies, vendor selection, due diligence, and investment risk assessment frameworks.
Similarly, parent companies, subsidiaries, holding firms, and institutional shareholders of insurance entities must demonstrate full compliance before any business dealings are approved.
Recognising the operational adjustments that the new measures demand, PenCom and NAICOM have granted a six-month transition window from the date of the circular to enable full implementation.
During this period, insurance companies are expected to align their internal processes, communicate compliance expectations to vendors, and update their governance frameworks accordingly.

by Online Poster — November 5, 2025 in Insurance and Pension

2025 Almond Insurance Industry Awards Holds Friday, Nov 7 In Lagos

All is now set for the 2025 Almond Insurance Industry Awards 2025 in Lagos.

The annual Awards, which brings stakeholders in the various arms of the insurance industry, policy makers, insurance clients, entertainers and the insuring public together will hold on Friday November 7th at the Stable Event Centre Bode Thomas, Surulere, Lagos by 4pm (Red Carpet) while the Awards starts at 7pm. The 2025 Edition tagged #Recharged Edition will honour individuals and organisations in nine categories across the various arms of the Insurance Eco-System.

Speaking on preparations for the Awards so far, the Chief Executive Officer of Almond Productions Limited Ms. Faith Ughwode said that this year, attendees will be glad they did as top-rated comedians like Creative Toby, Mc Taichi, Mc Obinna and others are set to crack ribs with jokes. Musical headliner this year is the party shut down king, Slimcase and a host of others.

Show Host this year is Nollywood Legend, Mr. Segun Arinze. Speaking further, Ughwode said the annual awards is geared towards changing insurance narratives in Nigeria using pop culture as Nigeria’s current demography is made up of young people who should be the core customers of insurance companies in Nigeria.

“The Nigerian insurance industry has battled with issues of mistrust and suspicion from the Nigerian public for a long time. While we acknowledge that things are changing, social platforms such as the Awards which bring celebrities and industry players together in an atmosphere of fun has been applauded by industry stakeholders and the Insuring public.”

Apart from the sterling performances from the artiste lined-up this year, the organisers have also drawn an array of dignitaries from across various sectors of the economy as guest presenters.

Notable amongst them the Former Governor of Rivers State, His Excellency, Hon. Rotimi Chibuike Amaechi, Mrs. Rollence McCoy, President WimAfrica, VME Emmanuel Evue, Chairman, Emalsson Enterprise Limited and a host of other dignitaries.

The shortlisted categories this year are:

Insurance CEO of the Year
General Insurance Company of the Year
Life Insurance Company of the Year
Insurance Broking Company of the Year
Insurance Woman of the Year
Insurance Broker of the Year
Takaful Company of the Year
Micro Insurance Company of the Year
Most Valuable Insurance Customer of the Year

The strictly black-tie event is on ticket admission only.

by Online Poster — November 4, 2025 in Insurance and Pension

Rex Insurance’s GWP Hits N28.76bn In 2024 Financial Performance Update

By Amaka Obiefuna

Rex Insurance, Nigeria’s leading insurance company with over 100 years of experience in the insurance industry and offering general and special risks protection policies, has declared a Gross Written Premium of N28.76 billion of the financial year ended December 31, 2024, reflecting a 72 percent growth compared to the figure of 2023.

This was disclosed by the Managing Director/Chief Executive, Mrs. Ebelechukwu Nwachukwu during a press conference with Insurance Editors in Lagoe recently.

According to her, “today, we are pleased to announce Rex’s financial results for the full year 2024—a year we defined by resilient growth, strategic discipline, and a relentless focus on our customers.

A review of the results shows a Gross Premium Income of N28.76billion while Gross Claims paid to Policyholders stood at N30.2, showing an increased capacity to meet all obligations to our customers, no matter the quantum of the claim.

Total Assets for the

company for the year stands at N56.10billion with Shareholders Funds standing at N19.15billion at the end of the 2024 financial year. Profit before Tax (PBT) amounted to

N880million.

Despite a complex and dynamic global economic environment, I am proud to report that Rex has not only met but exceeded its financial targets.

These results are a testament to the strength of our business model, the dedication of our exceptional team, and the

success of our long-term strategy”, Mrs. Nwachukwu added.

“Despite facing significant challenges, including a large claim that impacted on our

financial standing, we are pleased to report that the company successfully met its obligations and settled the claim in a timely manner. This highlights our operational resilience and commitment to maintaining the trust of our clients.

Throughout the year,

we focused on optimizing processes, including improving claims turnaround time, which

helped stabilize our performance and ensure continued growth and profitability”

SheRex Insurance’s GWP Hits N28.76bn in 2024 Financial Performance Update further added that the company’s focus on operational efficiency and diversified income streams enabled the firm to deliver a profit before tax of N880.7 million, despite the significant claims, highlights the underlying strength and resilience of the business model.

Also, the company was able to pay a dividend to its shareholders.

by Winifred Bosa — November 3, 2025 in Insurance and Pension

Lasaco Assurance Records Strong 2024 Result With N13.19bn Claims Payment, 25% Revenue Growth

L-R: Deputy Managing Director, Corporate Service, Lasaco Assurance Plc, Mr. Rilwan Oshinusi; Executive Director, Technical, Ademoye Shobo; Director, Ademola Oshodi; Director, Biodun Dosunmu; Company Secretary, Mrs. Gertrude Olutekunbi; Chairman, Mrs. Maria Olateju Phillips; Managing Director, Razzaq Abiodun; Director, Fola Tinubu; and Non-Executive Director, Tobi Lawal, during the company’s 25th Annual General Meeting (AGM) held in Lagos today, Thursday.

Amid Nigeria’s challenging macroeconomic environment, Lasaco Assurance Plc has reaffirmed its commitment to policyholder trust and financial prudence with a total claims payout of ₦13.19 billion in 2024.

Speaking at the company’s 25th Annual General Meeting (AGM) held in Lagos, the Chairman, Mrs. Maria Olateju Phillips, said the claims expenditure underscores Lasaco Assurance’s dedication to fulfilling its obligations and supporting customers in times of need.

“Our ability to settle N13.19 billion in claims despite the prevailing economic headwinds reflects the strength of our balance sheet, prudent risk management, and unwavering focus on customer satisfaction,” she stated.

The Chairman noted that Lasaco Assurance demonstrated remarkable resilience and operational strength during the financial year, with insurance revenue rising to N22.82 billion in 2024, a 25% increase from N18.29 billion in 2023. The company also recorded a Profit After Tax (PAT) of N1.54 billion, representing an 18% growth over the previous year’s N1.31 billion.

She explained that the company’s strong performance was driven by market penetration initiatives, improved customer engagement, and disciplined cost optimization.

Despite rising regulatory costs and inflationary pressures, Lasaco’s total assets expanded to N30.94 billion, reflecting a 13% year-on-year growth, thereby reinforcing its liquidity and capacity to meet policyholder obligations.

In a move to strengthen its capital base and enhance competitiveness within the insurance industry, the company raised N11.1 billion through a private placement, adding 9.25 million new shares to its existing shareholding structure.

Looking ahead, , Mrs. Maria Olateju Phillips outlined the company’s strategic outlook for 2025 and beyond, emphasizing innovation, digital transformation, and sustainability as key growth drivers.

She said Lasaco Assurance is investing in advanced software and omnichannel customer engagement tools to enhance service delivery, while also expanding retail insurance offerings through targeted products and strategic partnerships.

“We are not merely adapting to the future; we are defining it,” she affirmed. “With a clear vision, a strong financial base, and an unwavering commitment to excellence, Lasaco Assurance Plc is poised to set new benchmarks in Nigeria’s insurance industry.”

The Chairman expressed appreciation to shareholders, regulators, employees, and clients for their continued trust and support, assuring them that the company remains steadfast in its mission to create sustainable value and deliver on its promises.

by Online Poster — October 24, 2025 in Insurance and Pension