By Sola Alabadan

The Chief Executive of National Insurance Commission (NAICOM) Olorundare Thomas has canvassed for collaboration among insurance operators to implement the International Financial Reporting Standards (IFRS) and Anti-money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing.
Thomas, who is also the President of Organisation of African Insurance Supervisory Authorities (OAISA), spoke during the General Assembly Meeting of the organisation on Thursday in Abuja.
The Commissioner for Insurance, Nigeria, said “These are areas where collaboration and strategic initiatives are paramount in safeguarding our industry’s integrity and protecting the interests of policyholders and stakeholders alike, shaping the trajectory of insurance governance across Africa”.
He stated that”We have a robust agenda for this assembly that reflects our commitment to addressing critical issues facing the insurance sector, one of which we will be implementation of international Financial Reporting Standards, an essential step towards enhancing transparency,accountability and financial stability within our
institutions.
“Additionally, we will focus on crucial matters such as Anti-money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing.”
He emphasised that “it is through these collaborative efforts, innovative solutions,and strategic partnerships that we will navigate the challenges and seize the opportunities that lie ahead”.
While pointing out that the Nigerian insurance industry’s efforts in the development of the market is an all-inclusive one, he listed the efforts made to include; creation of avenues, deepening of insurance penetration; increasing access to insurance products via digital platforms, and increasing visibility of insurance.
Consequently,he added that the Commission, in its effort to open up the market across the gee-political zones where insurance penetration is perceived to be very low, has implemented various market developmental initiatives to lift the insurance sector.
These initiatives, he added, include:
Transitioned to IFRS 17 effective January 2023, Implementation of Risk Based Supervision, Risk Based Capital and Innovation Project – FSD Africa Project, Bancassurance to help drive more distribution channels for insurance, Issuance of Guidelines – Corporate Governance and Market Conduct,
Encourage investment in digital capabilities and automation – e.g. launching of NAICOM Portal,launch of the Bimalab Project in February 2021, Introduction of regulatory reforms and policies e.g issuance of web aggregators’ and sandbox guidelines, Enforcement of the compulsory insurance products in Nigeria via partnership with MDAs and States Governments, Joint NAICOM and Nigerian Content Development Monitoring Board guidelines on submission of insurance programmes by operators, project promoters, alliance partners and Nigerian indigenous companies in the Nigerian Oil And Gas industry, amongst others.
OAISA aims to not only to foster a fair, secure, and stable insurance market, but to also play a pivotal role in bolstering regional financial stability.

Leadway Pensure, a licensed pension fund administrator in Nigeria, recorded a 25% annual fund growth in 2023, thereby exceeding its financial targets set for the year. 
  
Speaking on Leadway Pensure’s season of revenue and investment growth, the company’s Chief Executive Officer, Mr. Lanre Idris, stated that this outstanding achievement further solidifies the company’s position as a value-driven, growth-oriented organisation with a unique drive thereby positioning PFA as a trusted and capable financial management partner in the pension industry. 
  
“In a landscape defined by economic uncertainties, Leadway Pensure has not only weathered the storm but has soared beyond expectations, achieving an exceptional 25% growth in fund under management, surpassing our ambitious targets for 2023. The drivers to achieving this remarkable financial milestone includes the team’s assertive revenue drive, deploying astute strategic investment steps, embracing digital innovations and adopting a customer-centric approach as the cornerstone of our operations. By prioritising the evolving needs of our clients and leveraging cutting-edge technologies, we have not only adapted to the challenges of the times but have thrived amidst them. 
  
“This achievement underscores the dedication and resilience of our team, whose collective efforts have propelled us to new heights. As we celebrate this milestone, we remain steadfast in our mission to provide unparalleled service and value to our esteemed clients. With our sights set on the future, we are poised to continue our growth trajectory, setting new benchmarks of excellence in the industry.” 
 
This remarkable achievement comes on the heels of treble awards for the brand as West Africa’s Pension & Lifestyle Company of the Year, Best Customer Care awards, and its Chief Executive Officer, Lanre Idris, named Best Pension and Finance CEO of the Year, all in 2023. 
 
 
As an integral part of the Leadway Group, Leadway Pensure PFA has consistently provided exceptional pension administration and fund management services to individuals, corporate organisations, federal and state institutions.
  

The National Insurance Commission (NAICOM) has announced the passing of Mrs. Oyinade Folashade Thomas, the wife of the Commissioner for Insurance/Chief Executive, who passed away on April 12, after a brief illness.

The statement reads in part “Mrs. Thomas was a pillar of strength, support, and a source of inspiration to her family, friends, and colleagues. Her kind-hearted nature, compassion, and generosity touched the lives of countless individuals, making her an exceptional woman who will be dearly missed by all who had the privilege of knowing her.

“Throughout her life, Mrs. Thomas demonstrated exceptional dedication and commitment to the insurance industry as she stood side by side with her husband, the Commissioner for Insurance/Chief Executive, in his mission to ensure the development and growth of the insurance sector in Nigeria.
“She recognised the vital role of insurance in providing financial security to individuals, businesses and communities.

“The loss of Mrs Thomas will be felt by all who were fortunate enough to know her.
“The National Insurance Commission extends its deepest condolences to the Commissioner for Insurance/Chief Executive and his entire family during this difficult time. In this period of mourning, our hearts and prayers go out to them, offering comfort and support on behalf of the entire insurance community”.

The Commission also expressed gratitude to the insurance industry stakeholders, friends, and well-wishers for their outpouring of sympathy and prayers, saying “We appreciate your understanding and support as the Commissioner for Insurance/Chief Executive mourns the loss of his beloved wife”.

NAICOM added that the funeral arrangements will be communicated in due course.