The leadership of the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) met yesterday to discuss a strategic partnership aimed at leveraging geospatial data and satellite technology to expand insurance access, strengthen enforcement, and enhance risk management across Nigeria’s insurance ecosystem.
The collaboration, agreed during the between both institutions, seeks to deploy space-based intelligence and data-driven solutions to support national economic resilience, financial inclusion, and sustainable development.
Speaking during the visit, Dr. Matthew Olumide Adepoju, Director General of NASRDA, explained that the partnership would harness NASRDA’s geospatial and satellite capabilities to generate accurate, evidence‑based datasets. According to him, these datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub‑national levels. He further highlighted the importance of insurance in safeguarding high‑value national assets, citing a previous insured satellite replacement as a practical demonstration of insurance effectiveness in managing sovereign risk.
On his part, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasized that the initiative aligns strongly with NAICOM’s strategic transformation agenda and its commitment to swift, results‑oriented reforms. He noted the opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as to support the development of a robust national catastrophic risk insurance framework.
NAICOM reaffirmed its core regulatory pillars—policyholder protection, regulatory capacity enhancement, legal and regulatory modernization, financial soundness through recapitalization, and innovation and sustainability—underscoring that the partnership directly advances its innovation and access objectives.
Under the partnership framework, both agencies will collaborate on the development of a national catastrophic insurance framework, high‑resolution property mapping and the creation of a national property database, enhanced enforcement of compulsory insurance for public buildings, and the advancement of insurance penetration through innovation and sustainability initiatives.

The Federal Government has intensified efforts to improve participation in the ongoing mandatory verification and enrolment exercise for civil servants with accrued pension rights, following low turnout despite the importance of the exercise. 
The National Pension Commission (PenCom) is conducting a one-time nationwide Online Verification and Enrolment Exercise for all active employees of treasury-funded Ministries, Departments and Agencies (MDAs) who were employed before June 30, 2004. 
The exercise, which commenced on February 2 and will end on July 31, is aimed at capturing accurate and complete data on eligible workers. This will support the timely payment of their accrued pension rights under the Contributory Pension Scheme (CPS).  
The initiative is part of the Federal Government’s efforts to settle pension obligations carried over from the old Defined Benefit Scheme (DBS), which existed before the introduction of the CPS in 2004. 
Under Section 15(1) of the Pension Reform Act 2014, employees who moved to the CPS are entitled to accrued pension rights, representing benefits earned under the DBS.
To fund these obligations, the law provides for the establishment of the Retirement Benefits Bond Redemption Fund, domiciled with the Central Bank of Nigeria (CBN). 
In a circular issued on April 27, 2026, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, directed all treasury-funded MDAs to support the exercise.
The circular emphasised that verification is essential for determining the Federal Government’s outstanding pension liabilities and making adequate budget provisions for their settlement.
Prior to the automation by PenCom a few years ago, the process relied on manual processes that were often affected by incomplete records and delays. The current exercise is fully digital and a significant technological improvement from the initial Online Enrolment platform.
PenCom has now deployed the new Contributions and Bond Redemption Application (COBRA), a secure platform designed to support real-time data capture, validation and processing. 
The platform includes multiple layers of verification, such as biometric capture and cross-checking of employment records. This helps to improve data accuracy and reduce errors that could delay pension payments at retirement. 
To ensure smooth implementation and avoid system congestion, the exercise has been structured in phases. The first phase, which ran from February 2 to March 31, covered employees expected to retire between January 2027 and December 2029. 
The ongoing second phase, from April 1 to July 31, is for employees who will retire from January 2030 onwards. 
PenCom noted that the phased approach will improve coordination, enhance monitoring and ensure that all eligible employees are captured within the timeline. 
Despite these arrangements, participation has remained below expectations.
This led to a directive from the Head of Service mandating full compliance by all treasury-funded MDAs. 
MDAs are required to upload details of eligible employees on the COBRA platform, after which affected employees are to visit their respective Pension Fund Administrators (PFAs) with the necessary documents to complete the process. 
Pension Desk Officers (PDOs), trained by PenCom, are responsible for coordinating the exercise within their organisations and guiding staff through the process. 
PenCom has assured employees that participating in the exercise will enable the computation of the employees accrued pension rights and advise the Federal Government of same for adequate provision to be made. This would further ensure seamless access to benefits immediately after a worker retires.   
With the deadline approaching, the Federal Government has urged Permanent Secretaries and heads of MDAs to widely publicise the directive and ensure full participation. 
Failure to take part in the exercise may complicate the processing of accrued pension rights at retirement and could lead to delays in accessing benefits. 
As the July 31 deadline draws closer, attention is now on how effectively MDAs mobilise their workforce to close the enrolment gap and support this important step toward securing retirement benefits for public servants. 

The Commissioner for Insurance, Mr. Olusegun Omosehin, received a delegation from the United Nations Development Programme (UNDP) on a courtesy visit to the National Insurance Commission (NAICOM), aimed at deepening collaboration and setting strategic priorities to expand insurance access, enhance market stability, and scale climate and disaster risk solutions across Nigeria.

Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, expressed appreciation for the Commission’s leadership and reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector. He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment.

The UNDP delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.

In his response, the Commissioner for Insurance welcomed the UNDP team and expressed gratitude for their sustained support to the Nigerian insurance industry. He outlined five strategic pillars underpinning NAICOM’s reform agenda and reiterated the Commission’s commitment to a transparent recapitalization process, fostering innovation, and creating an enabling environment to significantly enhance insurance penetration in Nigeria.

The Commissioner noted that the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.

He further explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions. To support operators, NAICOM has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.

The Commissioner also affirmed NAICOM’s commitment to institutionalizing Environmental, Social, and Governance (ESG) principles and sustainable insurance practices through the development of an in house NAICOM ESG Framework, building on prior diagnostic work and toolkits developed in collaboration with partners such as FSD Africa and UNDP.

Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.
The meeting further explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).