Insurance and Pension

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Chartered Institute Of Directors Nigeria Lauds NDIC’s Commitment To Advancing Corporate Governance, Ethical Leadership

The Nigeria Deposit Insurance Corporation’s (NDIC) excellence in operational standards, consistent implementation of its mandate, and unwavering commitment to ethical leadership and sound corporate governance especially in banking supervision and depositor protection, have been critical factor in the Corporation’s success in promoting the stability of the banking sector and the nation’s financial system.

The President and Chairman of Council of the Chartered Institute of Directors (CIoD) Nigeria, Alhaji Tijjani Borodo, made these remarks during a courtesy visit by the CIoD Governing Council to the Management of the Nigeria Deposit Insurance Corporation (NDIC) at the Corporation’s Head Office in Abuja. While commending the NDIC for its notable achievements in bank liquidation and resolution, he noted that poor corporate governance has been a major contributing factor to bank failures. He stated that as the apex professional body for directors in Nigeria, the CIoD has instituted mechanisms and procedures to sanction erring directors found culpable of unethical conduct. He reaffirmed the Institute’s strong commitment to promoting high standards of governance and leadership across all sectors, including the banking industry.

Alh. Tijjani Borodo described the visit of the Governing Council of the CIoD opportunity to strengthen and sustain the partnership between the Institute and the NDIC, particularly in the area of capacity building through board induction programmes, executive leadership development, and governance training tailored to the specific needs of directors in both the public and private sectors.

In response, the NDIC MD/CE, Mr. Bello Hassan, expressed appreciation to the CIoD leadership in promoting professionalism and corporate accountability. He emphasized the NDIC’s commitment to depositor protection and financial system stability, stressing that corporate governance is central to the Corporation’s operational mandate and critical in strengthening the integrity and resilience of banks as well as instilling public confidence in the financial system.

Mr. Hassan further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.

by Online Poster — May 17, 2025 in Insurance and Pension 0

NAICOM Hosts 4th Meeting Of Joint Committee On Insurance For Public Buildings

The National Insurance Commission (NAICOM) convened the 4th Meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction on Wednesday, May 14, 2024, at Bon Hotel Garki II, Abuja. The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

by Online Poster — May 14, 2025 in Insurance and Pension 0

PenCom Highlights Strategy To Double Pension Contributors by 2027

,,,,,,,,Aims At 20M

Amaka Obiefuna

The National Pension Commission (PenCom) has mapped out strategies to double Pension Contributors from the already attained 10.65 million to 20 million by the end of year 2027.

The Director General of PenCom, Ms. Omolola Oloworaran, announcing this on Saturday at the Pension Industry Leaders’ Retreat in Lagos said the commission plans to meet the target through the expansion of Personal Pension Plan (PPP) formerly known as MIcro Pension Plan (MPP), engagements with stakeholders, and enforcement of pension compliance certificates, especially by state governments amongst other initiatives.

Noting that pension growth is essential for economic growth and development, she said the industry expects a 50 per cent growth in this regard and disclosed that as at February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.

According to Oloworaran the retreat has provided opportunities for the industry to adopt new strategies, while also stating that the resolutions reached will be fully implemented before the end of first quarter 2026.

by Online Poster — May 12, 2025 in Insurance and Pension 0

NGX Chairman Alhaji Umaru Kwairanga To Head Supernews Conference On June 19

The Chairman, the Nigerian Exchange (NGX) Group is the Chairman of the SUPERNEWS Nigeria Annual Conference scheduled to hold on June 19th 2025 at Oriental Hotel, 3 Lekki Road, Victoria Island, Lagos at 10am.

The conference with theme, Power Of AI: Enhancing Efficiency And Customer Satisfaction For Better Financial Services Experience will have the Managing Director of Cowry Asset Management Limited, Mr Johnson Chukwu as its keynote speaker.

The Commissioner for Insurance, the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin and the Director-General, National Pension Commission (PenCom), Mrs Omolola Oloworaran will be Special guests of honour at the event.

Alhaji Umaru Kwairanga is an experienced investment professional with almost two decades of experience at the highest levels of the Capital Market, Banking and the Real Sector.

He possesses first and post graduate degrees in business administration, corporate governance and finance respectively.

He has also attended courses and training programs in fields relating to finance, investment and money market in reputable institutions including the Harvard Business School, New York Institute of Finance and the Wharton Business School.

Alhaji Kwairanga has professional certifications of the Chartered Institute of Stockbrokers (CIS) and the Certified Pension Institute of Nigeria and he is a member of the Abuja Commodities & Securities Exchange.

Alhaji Kwairanga has been Managing Director of a top notch stock broking firms for over a decade and a director in several blue chip organizations.

He is currently the Chairman of Ashaka Cement PLC, a prominent cement manufacturer in the North East of Nigeria and a quoted company on The Nigerian Exchange.

Alhaji Umaru Kwairanga as the Chairman of Ashaka Cement PLC, greatly improved the performance of the company and ensured that Gombe State Government and other local governments in Nigeria generated significant revenue from Ashaka Cement PLC through prompt payment of taxes and other statutory obligations.

The company has also been diligent in fulfilling its corporate social responsibility and maintaining excellent relations with its various stakeholders.

Alhaji Kwairanga is also the Group Managing Director/Chief Executive Officer of Finmal Finance Services Ltd, Director, Jaiz Bank PLC, Director, Central Securities Clearing System PLC, Chairman, Penman PFA Ltd and President, Certified Pension Institute of Nigeria.

He is a member of the Presidential Advisory Council on Industrial Relation, a Fellow of the Chartered Institute of Stockbrokers and a Fellow of the Certified Pension Institute of Nigeria.

According to the convener, SUPERNEWS Nigeria Publisher, Ngozi Onyeakusi, the choice of Alhaji (Dr) Kwairanga as the Chairman of the conference is as result of his vast knowledge and wealth of experience in the financial services sector.

The conference will equally feature a panel session which will include renowned experts like the Founder/CEO, ZER Consultating Africa, Mrs Adeolu Adewumi-Zer, the Fmr. Managing Director, Hilal Takaful Insurance Limited, Mrs Thaibat Adeniran, the National President, Bank Customers Association of Nigeria (BCAN) Dr Uju Ogubunka and the Head Financial Institutions Ratings, Augusto & Co, Mr Ayokunle Olubunmi.

The epoch making event will be bringing together other regulators, key stakeholders in the financial services, ICT sector, informal sector and small business owners.

Commenting on the theme of the conference, Onyeakusi said Artificial Intelligence (AI) adoption has the capacity to transform the Nigerian financial services sector.

AI technology, according to experts, has gained so much popularity in businesses that analysts put global business value earned through artificial intelligence at $3.9 trillion in 2022, from $1.2 trillion in 2018.

The technology is believed to be capable of facilitating financial inclusion, thus bridging the gap between the masses and financial services, helping to bring these services closer to the people seamlessly.

AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience.

This confab is a learning opportunity designed to enhance awareness, deepen understanding of participants on the imperative and use of AI in rendering banking, capital market, pension and insurance services, better, cheaper, faster and conveniently.

by Winifred Bosa — May 11, 2025 in Insurance and Pension 0

PenCom Highlights Strategy To Double Pension Contributors By 2027

… Aims At 20M Against 10m

Amaka Obiefuna

The National Pension Commission (PenCom) has mapped out strategies to double Pension Contributors from the already attained 10.65 million to 20 million by the end of year 2027.

by Winifred Bosa — May 11, 2025 in Insurance and Pension 0

AIO Strengthens Ties With Nigerian Insurers, Pledges Better Return For Members

Faces of CEOs of AIO member companies in Nigeria, flagged by the NIA Governing Council Members and Management during a visit of the Secretary General of the AIO, Mr. Jean Baptiste and Communication and Public Relations Officer of the AIO, Mr Charles Moki, to the Nigerian insurers market in Lagos.

The African Insurers Organisation (AIO) has moved to strengthen collaboration with the Nigerian insurance market while pledging more value in return for insurance companies of its member countries.

The Secretary General of the AIO, Mr. Jean Baptiste, said this during an official visit to the Nigerian Insurance Market in company of the AIO’s Communication and Public Relations Officer, Mr Charles Moki, hosted by the Nigerian Insurers Association (NIA) in Lagos.

The visit of the AIO officials to Nigeria began with a meeting with the NIA Chairman, Mr Kunle Ahmed, flagged by the management of the NIA, led by the Director-General, Mrs Bola Odukale, on Monday, May 5, 2025, followed by a meeting with the Chief Executive Officers (CEOs) of AIO member companies in Nigeria.

The visit extended to other arms of the industry on Tuesday and ended with a dinner organised by the NIA on Wednesday for the AIO officials, Past Chairman of the AIO, Mr Tope Smart, board member of the AIO, Mr Eddie Efekoha, and principal officers of various arms of the insurance industry.

Mr. Baptiste commended the growth and potential of the Nigerian insurance market, noting that the AIO has been led by Nigerian business leaders in the last 13 years.

“This is significant because it reflects strong support for the system and the organization. Nigeria contributes the highest number of delegates to AIO events yearly; hence, we are here to open conversation with our Nigerian members and ready to consider your remarks and suggestions to serve you better.

“I am impressed by the Nigerian insurance market’s resilience and potential for growth. The industry has shown remarkable progress, and I believe that with the right support and guidance, it can become a driving force in Africa’s economy, “he said.

The Secretary General highlighted the organization’s achievements, including convincing the AfCTA Secretariat that AIO is the rightful voice of the African insurance industry.

According to him, the AIO is working on a feasibility study to harmonize regulatory frameworks across Africa, in collaboration with the United Nations Development

Programme (UNDP) and funding from the Africa Reinsurance Corporation.

This, he said, would enable companies licensed in one country to operate in another without needing a new license and, as such, promote true integration.

The Secretary General also mentioned the Pan-African Payment and Settlement System (PAPSS) developed by Afreximbank, which recognizes insurers as key stakeholders.

He invited the industry’s stakeholders to attend the AIO’s upcoming general assembly at the end of the month, which will focus on the debt burden in Africa and its impact on the insurance industry.

“The theme of our upcoming general assembly is particularly relevant to the Nigerian insurance market. “The debt burden in Africa is a pressing issue, and insurers must have a seat at the table where Africa’s future is being discussed, “he said.

Commenting on behalf of the Nigeria member companies, the NIA Chairman, Mr. Ahmed appreciated the AIO officials for the visit, noting that the move to increase the benefits of its members would promote the organization and grow its membership base.

Mr. Ahmed assured the AIO of the unrelenting support and collaboration of Nigerian insurers, while urging the AIO to support the Nigerian insurance market in its efforts to design a Mortality table, develop its Actuarial capacity and leverage on the opportunities in AfCTA.

by Online Poster — May 8, 2025 in Insurance and Pension 0

AXA Mansard Investments Renews Commitment At Webinar Series To Empower Women

In celebration of Women’s Month, AXA Mansard Investments Limited, a leading asset management firm has expressed its commitment to continue empower women financially in the country.

The company said this at its third edition of its flagship webinar series, ‘Achieve Much More, held virtually.

This special Women’s Day edition, themed “Women’s Wealth: How to Start from Where You Are”, was designed to equip Nigerian women with practical knowledge and tools for achieving financial security regardless of their life stage or income level.

The virtual session featured seasoned financial advisor and Chief Executive Officer of MoneyStart, Mrs. Ibi Ibru, as the guest speaker. A respected content creator and influencer in the personal finance space, shared actionable strategies for saving, diversifying income, and getting started with investing—even with minimal capital.

Throughout the session, participants learned how to plan and adjust their finances across different life phases – singlehood, relationships, marriage, and parenting. The session demystified a range of investment vehicles, from traditional savings to beginner-friendly options in the Nigerian financial landscape, helping women identify how to take control of their journeys towards financial freedom.

Speaking about the initiative, Mrs. Adebola Surakat, Chief Marketing Officer of AXA Mansard Investments, emphasized the company’s dedication to fostering a financially literate population. She stated that “At AXA Mansard Investments, we strongly believe that financial education is not a luxury, it’s a necessity. Empowering women with financial knowledge not only transforms individual lives, but strengthens families, communities, and the broader economy. This webinar reflects our ongoing commitment to ensuring all Nigerians—regardless of gender, income, or background, have access to the tools they need to make informed financial decisions.”

The ‘Achieve Much More’ webinar series is part of AXA Mansard Investments’ broader efforts to provide accessible financial education through interactive sessions, expert-led discussions, and simplified investment tools tailored to everyday Nigerians.

‘As 2025 progresses, AXA Mansard Investments remains dedicated to its mission of advancing financial literacy and supporting Nigerians on their journey to financial independence. By placing even greater emphasis on educating the public about smart money habits, we aim to empower more Nigerians to take charge of their financial future.’ Concluded Mrs. Surakat.

by Winifred Bosa — May 3, 2025 in Insurance and Pension 0

Sanlam Celebrates Sales Champions At Annual Awards

Leading life insurer, Sanlam Life Insurance Nigeria Limited, celebrated her outstanding field force at a colourful gala held recently at the ancient city of Benin. The event, christened The Retail Awards Competition (TRAC) and MD/CEO Ember Awards, has held annually for twelve unbroken years, a firm demonstration of the company’s unstinting commitment to rewarding excellence amongst the sales champions.

At the event, Stanley Obuh from the Benin Area was named the overall best Financial Advisor for the second year in a row while Benin/Edo Area also won the Best Area for the second time, back-to-back. Temitope Ajiboye was named the overall best Annuity Manager.

Speaking at the Awards, Tunde Mimiko, MD/CEO, Sanlam Life Insurance Nigeria Limited, commended the outstanding work of its retail force. He charged them to do more while promising the company will do much more to aid their sales drive at every point in time. “Many are called, few are chosen; you, the few, have been outstanding and your efforts are being rewarded today. Thank you for all you do, not just for our dear company, but also for driving financial inclusion and deepening insurance penetration in Nigeria.” he concluded.

Sanlam Nigeria’s The Retail Awards Competition (TRAC) and Annuity Awards has been held annually for more than a decade. The Awards reward outstanding sales champions within the Sanlam Nigeria

ecosystem.

by Online Poster — May 2, 2025 in Insurance and Pension 0

emPLE Unveils BETA Life: A Three-In-One Endowment Plan For Smarter Savings And Protection

emPLE Life Assurance Limited has announced the launch of BETA Life, an endowment policy designed to empower Nigerians to grow their wealth, secure their future, and protect what matters most.

In a market where financial uncertainty and underinsurance remain widespread, BETA Life offers a refreshing alternative. The product offers a unique combination of protection and savings in one simple, flexible plan helping Nigerians meet their financial goals while staying protected through life’s uncertainties.
With three cash benefits spread over the policy term, BETA Life helps customers plan for real goals be it education, rent, homeownership, or business without having to wait till the end of the tenure to benefit from their plan.
Speaking on the launch, Rantimi Ogunleye, MD/CEO of emPLE Life Assurance Limited, said:

“BETA Life is more than a product; it’s a solution built around the realities of our customers. It’s for the parent who wants to secure their child’s future, the entrepreneur planning ahead, or the individual who wants to save smartly without losing the safety net of protection. We’ve brought together savings and life insurance into one plan, because we believe financial empowerment shouldn’t mean choosing one over the other.”

With flexible policy durations and multiple payout points, BETA Life is designed to adapt to a customer’s journey while providing peace of mind. In the unfortunate event of death or permanent disability, the plan ensures that loved ones or the policyholder are financially supported, proving that life insurance can be just as much about living well as it is about preparing for life’s uncertainties.
This launch is a continuation of emPLE’s mission to make life insurance more inclusive, relevant, and empowering, giving more Nigerians the tools to build financial resilience with confidence.
For more information, visit www.emple.group/betalife

About emPLE

emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa. At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity. We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.
For more information about emPLE, visit: www.emple.group

by Online Poster — May 1, 2025 in Insurance and Pension 0

Insurance Meets Tech (IMT) Lauds Nigerian Insurers Association (NIA) For Strategic Fintech Collaboration

Insurance Meets Tech (IMT), West Africa’s foremost conference and collaborative platform dedicated to fostering the intersection of insurance and technology, today issued a strong commendation to the Nigerian Insurers Association (NIA) for its announced initiative to collaborate with financial technology (fintech) firms to significantly enhance the speed and transparency of insurance claims payment.

The NIA Chairman, Mr. Kunle Ahmed, recently disclosed plans to invite fintech companies to pitch innovative solutions to revolutionise the claims process. This forward-thinking initiative is a cornerstone of the NIA’s efforts to rebuild public trust and accelerate insurance penetration across Nigeria. Mr. Ahmed highlighted the critical need for improved ease and timeliness in claim settlements, describing it as essential for sector sustainability and public confidence, even after the industry paid out N536.5 billion in claims in 2023.

Insurance Meets Tech has served as a vital multi-sector discourse platform for the past four years, successfully converging leaders and experts from the insurance, insurtech, cybersecurity, tech, fintech, and financial sectors. Our inaugural edition 2022 brought together over 300 C-Suite executives to call for partnerships and technology adoption to expedite Nigeria’s insurance penetration.

IMT 2023 served as a crucial nexus connecting early-stage insurtech startups with funding partners and mentors, empowering them with tools and resources for growth. The third edition in 2024, themed “Insurance and Tech: Beyond Collaborations,” continued to drive conversations and actions, focusing on innovation and creativity to engage tech-savvy young Nigerians, including Millennials and Gen Zs, through initiatives like the Collaborative Showcase and an immersive experience redefining insurance as a lifestyle protection tool.

As a platform established to drive synergetic collaborations and impact positive narratives within these ecosystems, IMT Conferences views the NIA’s move to adopt fintech solutions for claims payment as a direct and powerful alignment with the platform’s core objectives of driving future innovation and deepening insurance penetration within the Nigerian insurance sector.

Commenting on the announcement, Odion Aleobua, CEO of Modion Communications and Convener of Insurance Meets Tech, stated, “The NIA’s commitment to leveraging fintech to fast-track claims payment is precisely the kind of decisive action the industry needs. Claims are the ultimate moment of truth for policyholders. Injecting convenience, speed, technology and transparency into this process is not just an operational upgrade; it’s a fundamental step towards rebuilding trust and making insurance more relevant and accessible to the average Nigerian. This initiative validates the critical conversations and strategic partnerships that IMT has been championing, moving ‘Beyond Collaborations’ to tangible technological integration that benefits insurers and the insured. We are thrilled to see the NIA taking this bold leap.”

As the planning for the 4th edition of the Insurance Meets Tech conference for 2025 takes shape, IMT is specifically looking at delving deeper into understanding the insurance sector through the lens of technology to explore predictive market techniques and further unlock growth opportunities.

IMT is enthusiastic about the potential for collaboration with the NIA on this and future initiatives. IMT remain dedicated to providing the premier platform for dialogue, knowledge exchange, and partnership formation that supports such transformative initiatives within the West African insurance sector, ultimately driving insurance penetration through technology and innovation.

About Insurance Meets Tech (IMT)
Insurance Meets Tech (IMT) is West Africa’s foremost conference and multi-sector discourse platform dedicated to the intersection of insurance and technology. IMT converges leaders and experts from the insurance, insurtech, cybersecurity, tech, fintech, and financial sectors to foster strategic partnerships, drive technological innovations, and deepen insurance penetration in Nigeria and Africa.

by Online Poster — April 28, 2025 in Insurance and Pension 0