The Nigerian Insurers Association (NIA) in partnership with the United Nations Development Programme (UNDP) and Milliman, has organised a one-day free Actuarial Capacity Building Training under the Global Actuarial Initiative in Nigeria (GAIN) for human resources practitioners, senior managers involved in actuarial recruitment and executive leadership of its member companies.

The training held at the Insurers House on December 11, 2025, was organised within the framework of the UNDP’s Insurance and Risk Finance Facility (IRFF) to engage key stakeholders on strategies for strengthening actuarial capacity within the insurance industry.

In his address, the Chairman of NIA, Mr Kunle Ahmed, represented by the Director-General of NIA, Mrs Bola Odukale, appreciated the efforts of UNDP and Milliman for organizing the workshop since last year.

Ahmed assured that the NIA is committed to building the capacity of local actuaries and would continue to drive it with partners for the growth of the industry.
The Chairman admitted that it is expensive to train Actuaries but urged insurance companies to commit to supporting the development of Actuaries in terms of cost and training.

He urged the participants to contribute meaningfully to the dialogue, adding that it was an opportunity to build a robust pipeline of actuarial professionals in Nigeria.
In his remark, Mr. Ikenna Orji, Programmes Specialist, UNDP, appreciated the NIA for making it seamless to connect with the insurers, noting that the project is dedicated to insurance awareness.

“I thank the NIA, especially because we can not access the insurance practitioners as a group without the support of the NIA.
“The low insurance penetration in Nigeria poses a developmental challenge, hence the UNDP intervention to dedicate this programme for insurance awareness by partnering the NIA and Milliman to develop the actuarial aspect of insurance expertise in Nigeria,” Orji said.

Mr Adrian Allott, Facilitator, Milliman GAIN, said Milliman is working with countries across the world to strengthen their actuarial capacity.

Allott said Milliman is on a mission to help Nigeria insurers develop their actuarial team to strengthen their prudential management and improve their understanding of risk and balance sheet.
No fewer than 35 NIA member companies’ representatives attended the workshop.

Following the revocation of the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc by the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) has commenced liquidation of the two financial institutions.
NDIC was appointed as the liquidator of the defunct banks in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the corporation

Commencement of Liquidation:

In line with Section 55, subsections 1 & 2 of the NDIC Act 2023, the Corporation has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc. Accordingly, the verification and payment of insured deposits to depositors of the closed banks have begun as outlined below:
Verification and Payment of Depositors

Depositors will be paid their insured deposits up to the maximum amount of N2,000,000 (Two Million Naira) per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate their alternate bank accounts, into which the insured sums will be automatically credited.
Depositors with balances in excess of N2,000,000 will be paid the initial insured amount, while their outstanding balances will be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to (of) the failed banks.

To this end, the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.
Submission of Claims
Verification and processing of depositors’ claims may be carried out online or physically, as follows:

Online Submission of Claims:

Depositors are advised to submit their claims online by visiting the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/ completing the digital claims form with all required information, and clicking the “Submit” button.

Physical Submission Of Claims:

Depositors who prefer physical verification are advised to visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.
For verification of deposits and subsequent payment of insured sums, depositors are required to present:
Proof of account ownership;
A verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card); and
Details of their alternate bank account and Bank Verification Number (BVN).

Activate Transaction Alerts

Depositors are advised to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments. Where alerts are not active, depositors may check their account balances using their banks USSD codes or by visiting their bank branches.

Verification And Payment To Creditors

Creditors of the closed banks are advised to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025.
In accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.

Payment To Bank Staff

After the full payment to all depositors, payment of deposit of staff of the defunct banks will be made from the proceeds of the sale of the banks’ assets, as liquidation dividends.
Payments to Shareholders
Following the full payment to Depositors and Creditors, Shareholders shall subsequently be paid from further realisation of the banks’ assets and the recovery of outstanding debts, as liquidation dividends.

Debtors’ Repayment of Outstanding Loans

Debtors of the defunct banks are advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.

Enquiries and Further Information
For further information or clarification on claims verification and payments, depositors and other stakeholders may contact the Corporation through the following channels:

E-mail: claimscomplaints@ndic.gov.ng

Claims Resolution Department:
(Weekdays: 9:00 a.m. to 5:00 p.m.)
Telephone Numbers:
09037273810, 09038197064, 08109313326, 08104220807,

By Fidelia Okafor 

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following the revocation of their operating licences by the Central Bank of Nigeria (CBN) on December 15, 2025.

In a statement to depositors and the general public, the NDIC said it was appointed liquidator of the two defunct primary mortgage banks in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, and has already begun the process of verifying and paying insured deposits.

The Corporation explained that the liquidation is being carried out pursuant to Section 55 (1 and 2) of the NDIC Act 2023, which mandates it to reimburse insured depositors of failed banks without delay.

Under the arrangement, depositors of Aso Savings and Union Homes will be paid up to the maximum insured limit of ₦2 million per depositor. Payments will be processed automatically using customers’ Bank Verification Numbers (BVN) to locate their alternate bank accounts, into which the insured sums will be credited.

Depositors with balances above ₦2 million will first receive the insured amount, while the outstanding portion of their funds will be settled later as liquidation dividends, subject to the realisation of the banks’ assets and recovery of outstanding debts. To fast-track these payments, the NDIC said it will commence the sale of the banks’ assets and intensify loan recovery efforts.

To facilitate verification and claims processing, the NDIC has provided both online and physical submission options. Depositors can submit claims digitally through the NDIC claims portal by completing the required form.

Those who prefer physical verification are advised to visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.

For verification and payment, depositors are required to present proof of account ownership, a valid means of identification—such as a Driver’s Licence, Permanent Voter’s Card or National Identity Card—and details of their alternate bank account and BVN.

The NDIC also urged depositors to ensure that transaction alerts are activated on their alternate accounts to enable them to receive notifications of payments. Where alerts are not active, depositors may confirm payments through USSD codes or by visiting their bank branches.

Beyond depositors, the Corporation said creditors of the defunct banks should also submit their claims within the same December 16–30 window, either online or physically.

However, payment of liquidation dividends to creditors will only commence after all depositors have been fully paid, in line with existing laws.

Payments relating to bank staff deposits will be made after depositors are settled, while shareholders will only be considered after full payment to depositors and creditors, subject to asset realisation.

The NDIC also directed debtors of the closed banks to report to its Asset Management Department to settle outstanding loans, noting that recoveries are critical to expediting liquidation payments and protecting the interests of all stakeholders.

AIICO Insurance Plc has officially unveiled its refreshed brand identity, marking a significant milestone in its evolution as one of Nigeria’s most trusted and established insurance institutions. The brand refresh signals renewed energy, youthfulness and innovation, while reinforcing the company’s longstanding commitment to trust, reliability and exceptional customer experience.

The unveiling, which took place on Friday, December 12, brings to life a revitalised visual and experiential identity designed to reflect modernity, optimism and relevance in a rapidly evolving marketplace. The refreshed brand is a representation of AIICO’s forward-thinking vision—one that connects with today’s dynamic consumers without losing touch with the values that have sustained it for over six decades.

AIICO serves a diverse customer base spanning multiple generations, from long-standing policyholders who have built their trust over years, to younger, digitally-savvy customers seeking flexible, accessible, and future-focused financial protection. The new identity embraces this broad spectrum, positioning AIICO as a brand that evolves with its customers while remaining rooted in its legacy of dependability and service excellence.

Speaking at the unveil, Mr. Babatunde Fajemirokun, the Managing Director/Chief Executive Officer of AIICO Insurance Plc., described the brand refresh as both a strategic and cultural shift for the organisation.

“Today’s unveiling represents more than a new look; it represents a renewed mindset,” the MD said. “We have refreshed our identity to reflect the vibrancy, resilience and forward momentum of our brand. While our appearance has evolved, our promise remains unchanged: to protect, to serve, and to continually place the customer at the centre of everything we do. This refresh reinforces our commitment to delivering innovative, reliable solutions for this generation and the next.”

Also commenting on the unveiling, the Chief Digital and Information Officer (CDIO), Mr. Olusanjo Shodimu, emphasised the brand’s alignment with AIICO’s digital transformation and innovation agenda.

“The refreshed brand is a true reflection of where AIICO is headed,” Mr. Shodimu said. “It mirrors our focus on digital enablement, smarter processes and more connected experiences for our customers and partners. We are building an organisation that is agile, tech-driven and deeply responsive to changing customer expectations. This new identity is a visual and strategic signal that AIICO is ready for the future.”

The rebrand extends across AIICO’s digital platforms, office environments, customer touchpoints and communication materials, ensuring a consistent, modern and engaging experience for stakeholders at every point of contact.

With this unveiling, AIICO Insurance Plc strengthens its position as a brand that combines legacy with innovation, tradition with transformation, and trust with renewed vitality – ready, more than ever, to serve its customers, partners and communities with excellence.

AIICO Insurance is a leading composite insurer in Nigeria, with over six decade’s record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the winners of its inaugural Retirement Dream Competition, a nationwide initiative launched to empower retired and soon-to-retire Nigerians to realise their long-held aspirations.

The competition, introduced in August 2025 with a total prize pool of ₦5 million, invited senior citizens aged 50 to 75 to submit a one-minute video describing their retirement dream and how the grant would help make it a reality.

After a thorough review process, Mr. Kayode Kolade, a 51-year-old former public servant from Rivers State, emerged as the overall winner, receiving a ₦2.5 million cash grant, Ms. Rakiya Idris, a 64-year-old retiree from the Federal Capital Territory (FCT), came in second, winning ₦1.5 million, while Mr. Sodeke Olusola, aged 60, from Lagos State, finished as the third-place winner, receiving ₦1 million.

The inaugural edition received hundreds of entries, with high participation extending beyond major cities into rural communities across the country, reflecting the deep relevance of retirement planning to Nigerians everywhere.

Speaking on the initiative, Niyi Onifade, MD/CEO, Heirs Life Assurance, applauded the participants for their creativity, resilience, and optimism. He said: “Retirement is not an end; it is a well-earned season of rest, fulfilment, and new beginnings. The Heirs Insurance Retirement Dream Competition was created to inspire the long-held dreams of senior citizens, encouraging them to live the retirement they truly desire. We remain committed to providing simple insurance to help every Nigerian secure a future where they can thrive, enjoy peace of mind, and reap the rewards of their years of hard work.”

The Retirement Dream Competition is an initiative under the newly launched Heirs Insurance Retirees Club, a community platform designed to connect retirees across Nigeria, offering access to expert advice on financial planning, health, well-being, and post-retirement lifestyle support. Through this initiative, Heirs Life Assurance reinforces its commitment to financial inclusion, lifelong security, and improving the quality of life for Nigerians.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

The Board and Executive Management of Guinea Insurance PLC paid a strategic courtesy visit to the National Insurance Commission (NAICOM), where they were received by the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr. Olusegun Ayo Omosehin, and his distinguished team in Abuja.

The Guinea Insurance delegation was led by Mr. Temitope Borishade, Chairman of the Board of Directors, accompanied by Mrs. Bernice Izilen Okosun, Non-Executive Director; Mrs. Ijeoma Pearl Okoro, Non-Executive Director; Dr. Nkemakonam Chukwukaodinaka Okeke, Non-Executive Director; Mr. Samuel Onukwue, Non-Executive Director.

The Executive Management team present included Mr. Ademola Abidogun, Managing Director and Chief Executive Officer; Mr. Pius Edobor, Executive Director, Finance and Corporate Services; Mrs. Ogonna Offor-Orabueze, Executive Director, Technical; and Mrs. Chinenye Nnankwo, Company Secretary.

Discussions during the visit explored regulatory developments, industry trends, and the company’s ongoing initiatives to strengthen operational capacity and improve customer experience across all touchpoints. The delegation also highlighted Guinea Insurance’s readiness to solidify its capital base ahead of the National Insurance Industry Restructuring and Recapitalisation (NIIRA) requirements, an important strategic action that enhances the company’s ability to seize emerging business opportunities and deliver stronger, long-term value to its stakeholders.

Speaking during the engagement, the Chairman, Board of Directors, Mr. Temitope Borishade, noted that the visit aligns with Guinea Insurance’s commitment to deepen collaboration with the regulator, enhance transparency, ensure compliance, and sustain growth. He emphasised that the company’s preparedness and capital strengthening efforts position it to serve its customers, shareholders, and partners with even greater effectiveness.

This courtesy visit underscores Guinea Insurance’s dedication to raising industry standards, strengthening stakeholder confidence, and building a more resilient and competitive organisation in the Nigerian insurance landscape.
Guinea Insurance remains committed to building a resilient, innovation-led, and trusted brand — exceeding expectations at every turn.

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.