By Sola Alabadan

Mr. Kunle Ahmed, the man who will be invested as the 26th Chairman of the Nigerian Insurers Association (NIA) soon, said that the association would be prioritising customer satisfaction, among other things, during his tenure.
Ahmed, who was introduced to journalists on Wednesday in Lagos, affirmed that the challenges facing the nation at the moment, present the insurance industry with unique opportunities for growth and innovation.
To turn these challenges into opportunities for the growth of the insurance industry and the prosperity of the nation, he disclosed that the NIA would focus strategically on the following areas: customer-centricity, digital transformation, advocacy and collaboration, as well as education and awareness.
He informed that the NIA would strive to enhance customer satisfaction by driving programmes, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in the industry’s operations.
In realisation that the sector has historically been slow to adopt digital solutions, he stated that the association plans “to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience.”
He further stressed that “We will focus on improving our claims processes, ensuring we fulfill promises and exceed expectations. The recent growth in claims paid, N536.5 billion in 2023, demonstrates our dedication to our clients.”
Besides, he informed that the NIA would be engaging with government agencies to advocate for policies that support the insurance sector, adding that “We will work diligently to ensure that insurance is integrated into national development plans.”
In view of the fact that raising awareness about the importance of insurance is vital not just for the industry growth, but also for economic development, Ahmed said “We will expand our outreach initiatives, including educational programmes in schools and partnerships with your esteemed media organisation and institutions to disseminate information about insurance products and their benefits”.
Ahmed is an Associate of the Chartered Insurance Institute, London (CII) and
also an Associate of the Chartered Insurance Institute of Nigeria (CIIN).
He is equally an alumnus of both IMD Switzerland and the Lagos Business School.
The new NIA boss currently serves on the board of companies and pools across HMO, Oil & Gas, Academic, Computers, Industry Associations, and the Chamber of
Commerce.
He is a Board Member of AXA Mansard Health Limited, EMOCOM
Computer Services Limited, a member of the Academic Board of the West
African Insurance Institute (WAII) Gambia, Vice Chairman of Prudential
Committee, Nigeria Insurers Committee, Board Member, Africa Oil & Gas Pool,
Vice President, French Nigerian Chamber of Commerce & Industry (FNCCI),
National Bureau Chairman, ECOWAS Brown Card and Governing Council
member of the Chartered Insurance Institute of Nigeria.
He joined the Governing Council of the NIA in 2018 and served the Council in various capacities, including as Honorary Treasurer, Chairman of the Finance & Investment Committee, Deputy Chairman and Chairman of the Association’s Technical Committee.

Penop Holds Insightful Session on Maximizing the Potential of RSA Fund VI: Exploring Sharia-Compliant Investments

The Pension Fund Operators Association of Nigeria (Penop), in conjunction with the National Pension Commission (PenCom) recently convened a webinar titled “Maximising the Potential of RSA Fund VI: Exploring Sharia-Compliant Investments”.
The event gathered industry stakeholders to address the growing interest in non-interest financial products, particularly those under RSA Fund VI, a dedicated Sharia-compliant fund within the Contributory Pension Scheme.
In his opening remarks, Oguche Agudah, CEO of Penop, emphasised the importance of expanding the investment options available under RSA Fund VI.
He called for deeper industry collaboration to address existing challenges and seize opportunities for growth in Sharia-compliant and ethical investments. The Chairman of the Pension Industry Non-Interest Advisory Committee (PINAC), Dr. Adam Muhammad Abubakar outlined the current challenges PFAs face in accessing Sharia-compliant instruments. He stressed the need for more investment outlets and enhanced awareness about the growth potential of non-interest financial products.
Bil-yaminu Yakubu, Who represented the Head of Investment supervision of Pencom- Mr. Dahiru, Abdulqadir, highlighted the efforts the Commission had made to advancing the ethical investment space, stating, “We understand the challenges PFAs are facing in terms of regulatory clarity. Pencom is committed to providing clear rules that will foster confidence in investing in non-interest instruments, ensuring compliance while driving innovation.”
The session also highlighted how Sharia-compliant investments, particularly Sukuk bonds, have played a crucial role in raising infrastructure funds. Attendees argued that expanding the issuance size of such instruments is seen as key to attracting more PFA participation and driving the growth of RSA Fund VI. Participants also discussed the importance of clear guidelines from Pencom and SEC to support the growth of non-interest financial instruments.
Abimbola Yusuf, Treasurer of Alternative Bank, spoke about their transition into a standalone non-interest bank and highlighted upcoming products for Fund VI, stating, “We are committed to delivering tailored financial services that comply with Islamic finance principles. Our goal is to offer pension fund administrators innovative products that meet both liquidity needs and ethical standards.
Akeem Oyewale, CEO of Marble Capital, echoed similar sentiments, adding, “The market for Sharia-compliant investments is growing, and we are developing a robust pipeline of instruments to support PFAs in diversifying their portfolios. Collaboration with issuers is key to ensuring that the size of Sharia-compliant issuances grows, creating more investment opportunities.”
As the demand for non-interest financial products continues to grow, Penop remains committed to ensuring that Sharia-compliant and ethical investments can thrive within Nigeria’s pension framework. The association continues to work closely with regulators and industry players to unlock the full potential of RSA Fund VI.
The session was sponsored by Alternative Bank and Marble Capital:

The newly elected compliance executives of the pension industry have assumed their roles at a critical time, as the sector faces increasing scrutiny and demand for improved operational standards.
Oguche Agudah, CEO of the Pension Fund Operators Association of Nigeria (PenOp), congratulated the new executives while emphasising the vital responsibilities they will now undertake.
Under the leadership of the new PenCom Director General, these roles are expected to play a pivotal part in addressing the industry’s pressing challenges, including fraud, inefficient processes, and ensuring better outcomes for pensioners.
The newly elected executives —Edidiong Akan, Temitope Anjorin, and Tunde Folayan, officially took their oaths of office, pledging to execute their duties with diligence, professionalism, and a focus on the best interests of the industry.
During the ceremony, they reaffirmed their commitment to maintaining the highest ethical standards and fostering harmonious relationships among pension operators.
Their new positions are not only critical for day-to-day regulatory compliance, but also vital in steering the industry toward a future where operators adhere to best practices, reduce inefficiencies, and combat fraud. The executives also acknowledged the importance of ethical governance, emphasising that integrity remains the cornerstone of their mandate.
In their remarks, the new compliance executives expressed deep gratitude for the trust placed in them by their peers and reiterated their dedication to advancing the goals of the association. They also stressed the importance of collective action in addressing the industry’s challenges.
Plans to formalise the Compliance Forum were announced, with a vision of establishing it as a robust and influential voice within the pension industry.
This forum is expected to serve as a platform for industry-wide collaboration, fostering dialogue among stakeholders to address regulatory gaps and promote best practices.
The compliance executives made it clear that their focus extends beyond maintaining existing standards as they aim to innovate and lead reforms that will enhance the industry’s overall performance.
As they take office, expectations are high that their leadership will contribute to a more transparent, efficient, and fraud-resistant pension industry that serves the best interests of both operators and pensioners.