Parthian Pensions Limited said it would be focusing on the micro pension market to gain fresh Retirement Savings Account (RSA) holders into its customer base.

The newly approved Pension Fund Administrator (PFA) also advocated increase in financial literacy to enhance and deepen adoption of pension scheme in the country.

Speaking at the 10th National Conference of Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, the Head of Operations, Parthian Pensions Limited, Mr. Adetunbi Ashaye called on stakeholders in Nigeria’s pension sector to educate Nigerians on the importance of subscribing to the Contributory Pension Scheme (CPS).

While highlighting some of the developments in the industry that demonstrate its potential for growth, he said, people that are clamouring to exit the scheme have forgotten that it was because of the past bad experiences that the new scheme came on board.

“This is because the previous pension system was unfunded. Now that it is funded through the contributions of the employees and the employers, it is highly regulated.

“What really needs to happen is the need to drive financial literacy because people in Nigeria see pension as insignificant, something that is not important,” he advised.

“The impact of the scheme to the economy is ensuring that people have good retirement; people have good life after they have stopped working. In other words, what we need to do in the industry as operators is to ensure financial literacy. We need to let people know what is going on and why they should continually support the contributory pension scheme,” he added.

While pointing out that most Nigerians see insurance and pensions as unnecessary, he noted that, “their concern is that, if they cannot provide for their immediate needs, which is food, shelter and clothing, why should they save? And it still boils down to a Micro Pension Plan.

“What should be happening in the industry now is to simplify, digitise micro pension plans, and ensure diversification in different ways so that we can reach out to everybody.”

With pension assets projected to reach N29 trillion at the end of the year, he said, “the pension industry performance in the first quarter, 2025 shows N79 billion was paid for Programme Withdrawal and N54 billion for Annuity.

“There is also the certification of asset classifications, and what we need is transparency, which is what PenCom is doing, people are looking and seeing how the funds are growing.”

Meanwhile, he said, his PFA will leverage on the opportunities provided by micro pension plan to enrich its customer base and bring more people who are not currently covered under the regular scheme into the pension safety net.

“Though, we are one of the late entrants into the industry, that doesn’t mean that we don’t have what it takes to excel.

“So, we are technology driven as we leverage technology for effective service delivery to our contributors. This is effective and it’s going to drive people and companies towards us.

“In another instance, we are going to flood micro pension space which still remains untapped. About 70 to 80 million people are in that space.

“So, we are not just coming into the business, to cannibalise RSA holders, we are coming to bring on board new RSAs and chart a new course,” he assured.

Saying its prospective contributors should expect simplicity, and less complexity in onboarding, he added that, “they can onboard from the comfort of their homes. We care about you (our customers) and we will always check on you. There is human face to every service we render. We will drive towards financial literacy. We are the pensions managers of choice, trust and we will get that actualised.”

By Sola Alabadan

The National Insurance Commission (NAICOM) has called for the backing of the National Assembly to ensure that Nigerians comply with the provisions of the Nigerian Insurance Industry Reform Act 2025.

The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin made this call during the stakeholders retreat convened by the House of Representatives Committee on Insurance and Actuarial Matters, in collaboration with the NAICOM in Maiduguri, Borno State.

He said “Without your backing, compliance will remain weak, and the promise of this law may not be realised. Let us seize this moment to build a future where insurance is not just a policy document, but a promise of security, resilience, and shared prosperity. Let us align our efforts—legislative, regulatory, and operational—to ensure that NIIRA 2025 delivers on its transformative potential.”

The insurance sector stands ready to partner with your government in deepening risk protection for public assets and supporting agricultural resilience.

Insurance-Agriculture Cooperation: A Strategic Imperative
Agriculture remains the backbone of Nigeria’s rural economy and a vital pillar of food security. Yet, it is also one of the most vulnerable sectors—exposed to climate shocks, pest outbreaks, and market volatility. Insurance offers a powerful tool to de-risk agriculture and empower our farmers.
Recent impact statistics show:
Over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026.
In Q2 2025, 250,000 farmers were insured across eight states under federal initiatives.
Statistics has it that in North Central Nigeria, insured rice farmers recorded 11% higher productivity than their uninsured peers—averaging 20 bags/hectare compared to 18 bags/hectare.
Successful programs include:
Kaduna ginger farmers received payouts under the NAGS-AP scheme after suffering over 90% crop loss.
Livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States are reducing farmer-herder conflicts.
Under NIIRA 2025, NAICOM aims to:
Expand index-based and parametric insurance for crops and livestock
Promote bundled insurance products with inputs and credits
Create a platform of collaboration for operators to partner with tech firms and agribusinesses to scale digital insurance delivery
Work with state governments to embed insurance into agricultural extension services
The theme of this retreat, “Navigating the New Era of Insurance Regulation: Understanding NIIRA 2025”, reflects our collective commitment to building a modern, inclusive, and resilient insurance ecosystem. NIIRA 2025 consolidates decades of fragmented legislation into a coherent framework that empowers regulators, protects consumers, and fosters innovation.

NIIRA 2025 is not just about regulation; it is about reimagining the role of insurance in our economy. The new legislation sets out to:
Modernise our frameworks in line with international standards.
Safeguards consumers via stronger disclosure, claim handling, and a Consumer Protection Fund.
Promote ethical conduct, transparency, and sound market practices through stronger governance and oversight.
Strengthened compulsory insurance to protect lives and property.
Broaden financial inclusion with microinsurance and Takaful.
Strengthened the financial health of insurance companies.
Push digitalisation for greater access, transparency, and trust.

In summary, this Act is a chance to shift insurance from being a niche service to being a pillar of Nigeria’s economic stability.

Breaking Down the Key Areas
1. Compulsory Insurance Enforcement

The gaps in compliance with the compulsory classes, such as Motor Third Party, Builders’ Liability, Group Life, Health, represents inadequate protection of citizenry and loss of revenue. NIIRA 2025 significantly strengthens the enforcement framework for Nigeria’s compulsory insurance categories. The Act introduces robust enforcement provisions, including clearer penalties for non-compliance and mechanisms for verification.
A key addition is the mandatory insurance coverage for government assets and employees, ensuring better protection of public resources and aiming to increase premium volume while setting a compliance framework. Legislative support is nevertheless essential in ensuring compliance by States and Agencies.

2. Agriculture and Climate Risk

Nigeria loses billions annually to floods, drought, and other climate shocks. Yet only a few of our farmers have insurance. With your support in budget appropriations and subsidies, we can de-risk agriculture sector, protect livelihoods, and strengthen food security. Disasters and accidents shouldn’t always drain public funds. With insurance, government can redirect resources to pressing priorities, hence insurance reduces fiscal burden.

3. Infrastructure and Public Assets

Every year, billions are spent on roads, housing, schools, and hospitals. Without insurance, one disaster can erase years of investment. With enforcement, government’s emergency expenditures can drop by up to 40%, freeing resources for other priorities like education and health. Insurance is a source of long-term capital. With stronger premiums, insurers can fund infrastructure bonds, housing, and industry.

4. Financial Soundness of Insurers

The Act introduces stricter capital and solvency rules which is geared towards strengthening insurers, mobilising funds/investments in infrastructure and industrial growth, and increasing insurance penetration in Nigeria.

5. Digitalisation and Consumer Protection

Trust has been a challenge in our market. Delayed claims discourage participation. By mandating digital processes, the Act introduces transparency and efficiency. Digital distribution is a framework for mobile and digital solutions to eliminate geographical barriers and reduce transaction costs. But to succeed, there is need for collaboration and alignments with laws on data protection and cybersecurity, and many others.

The Act also establishes a comprehensive consumer protection framework, prominently featuring Policyholder Protection Fund. This fund acts as a vital safety net, ensuring that valid claims are honoured even if an insurer faces insolvency, thereby protecting policyholders from financial loss.

6. We are also optimistic that the new legislation will bring millions of Nigerians into the financial safety net through its financial Inclusion provisions.
Microinsurance offers a Simplified, affordable products for low-income individuals with flexible payments and reduced documentation to increase accessibility.
Takaful is a Shariah-compliant alternatives based on mutual protection, expanding access for religiously sensitive populations.

Why Legislative Support Matters

Honourable legislators, the law has been passed, but now the real work has only just started. For this Reform Act to succeed, we request that your committee respectfully:
1. Exercise oversight to ensure MDAs comply with compulsory insurance.
2. Provide budgetary support.
3. Drive awareness and advocacy in your constituencies.
4. Facilitate harmonization of state policies with federal frameworks.

Leadway Group is celebrating 55 years of operations in West Africa, having started as an insurance company in 1970 before becoming a diversified group championing financial access, inclusion, and wellbeing for individuals and businesses across the region.
Today, Leadway’s integrated offerings span life and general insurance, health coverage, pensions, asset and wealth management, estate planning, hospitality and credit solutions, empowering millions to build resilient financial futures.
“Leadway’s journey is, in many ways, the story of Nigeria itself—one of resilience, diversity, and progress,” said Tunde Hassan-Odukale, Group Managing Director of Leadway Holdings. “We began with the mission of providing succour and financial freedom to individuals and businesses through risk management.
Over the years, that mission has expanded into building a holistic ecosystem that now encompasses insurance, pensions, health, investments, trusteeship and hospitality. This milestone is both a testament to the trust we have earned and the excellence we continue to uphold.” Leadway has built its reputation as Nigeria’s most consistent claims-paying insurer, disbursing nearly ₦500 billion in claims between 2016 and 2024, including ₦117 billion in 2024 alone.
Through its HMO subsidiary, the group continues to deliver award-winning healthcare services to millions of Nigerians through a network of more than 2,500 hospital providers nationwide while continuously increasing robust financial portfolios and securing the future of many Nigerians through its Pensions and Asset Management subsidiaries.
Beyond Nigeria, Leadway has expanded its regional footprint into Côte d’Ivoire, strengthening its leadership in Francophone West Africa through Leadway Assurance, Ankara Services and Leadway IARD. The Group’s legacy also extends to impactful social initiatives.
Leadway Media Dash provides young entrepreneurs and SMEs with visibility by showcasing their businesses on Leadway-owned platforms. Its long-standing support for the Lagos International Trade Fair underlines its commitment to commerce and enterprise in the sub-region. Leadway also invests in Nigeria’s creative economy, sponsoring the Lagos Leather Fair, supporting the Nigerian Pavilion at the London Design Biennale, and championing emerging talent through the +234 Art Fair and Creative Bloc Carnival. Recognising the power of youth, Leadway engages with the next generation through LeadForward, a financial literacy and wellness programme for NYSC members, and Campus Connect, a university initiative promoting learning, entrepreneurship, and wellbeing. It also champions women’s empowerment through Hersurred, a platform launched in 2024 that offers mentorship, skills workshops, and networking opportunities, including an annual International Women’s Day event.
As Leadway marks its 55th anniversary, it reflects on a journey marked by impact, resilience, and trust while restating its goal to create creative and inclusive financial, health, and wellness ecosystems for its clients. “We are committed to creating the next chapter of Africa’s financial services wellbeing powerhouse, offering digital-first solutions that are unparalleled, people-focused, and competitive on a global scale, with our past guiding us and shaping the future ahead,” Tunde Hassan-Odukale reaffirmed.