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Insurance Operators Move To Exploit Benefits Of AfCFTA

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By Sola Alabadan

As part of efforts to effectively exploit the benefits of African Continental Free Trade Area (AfCFTA),the Commissioner For Insurance, Sunday Thomas, inaugurated the Nigerian insurance industry committee on AfCFTA today.
This is in furtherance of the insurance operators’ resolve to ensure that they do not only respond appropriately to developments in the larger society, but to also ensure that the insurance operators are united in their responses to these developments.
AfCFTA was signed by 44 members of the African Union in 2018, to create a single market, deepening the economic integration of the continent,
establish a liberalised market through multiple rounds of negotiations,
aid the movement of capital and people, facilitating investment, among others.
Members of the committee are: Mrs. Ekeoma Esther Ezeibe (Chairman), Tunde Hassan-Odukale, Mrs. Funmi Ọmọ, and Mrs. Yetunde Ilori are representing the Nigerian Insurers Association (NIA), Mr. Shola Ajibade (representative of Professional Reinsurers Association of Nigeria (PRAN), while Mr. Sina Elusakin, Mr. Eric Omozejele, Mrs. Bimbo Onakomaiya are representing
Nigerian Council of Registered Insurance Brokers (NCRIB).
Other members are: Bola Temowo, Pst. Ikechukwu Udobi, chief Lebi Omoboyowa are representing Institute of Loss Adjusters of Nigeria (ILAN) and Mr. Usman Jankara, Mr. Taiwo Adeoye, Mr. Ahmed Metteden are representing NAICOM, while Mr. Lanre Ojuola, representing NIA, is the Secretary.
The NAICOM boss said the terms of reference of the Committee include: To cordinate and articulate the Nigerian insurance industry’s response to the AfCFTA Agreement and its implementation.
They are also required to develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA, as well as develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.
The committee is saddled with the responsibility to engage or liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations on implementation of the AfCFTA Agreement and any such body.
Lead bilateral negotiations with any interested State Party regarding the Nigerian insurance sector.
Besides, they are expected to regularly consult with relevant stakeholders to ensure that positions or views canvassed are reflective of the interest of the Nigerian insurance industry.
Members of the committee are further mandated to attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA, while equally submitting regular updates/reports regarding developments on AfCFTA and activities of the Committee to NAICOM.

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Business

SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

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By Sola Alabadan

SanlamAllianz, formed from the merger of Allianz and Sanlam, will begin 12-city nationwide roadshow on June 23, following the brand’s recent official introduction to the Nigerian market.
The campaign, which will take place in Lagos, Ibadan, Akure, Warri, Port Harcourt, Uyo, Onitsha, Enugu, Owerri, Kano, Jos, and Abuja, is part of the company’s strategic effort to deepen customer engagement, and raise awareness about the brand and insurance.
It is also intended to demonstrate the company’s commitment to making wealth creation and financial protection capabilities more accessible to individuals and businesses in the country.
Speaking on this initiative, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, said: “This nationwide campaign signals the scale of our ambition and the depth of our commitment to the Nigerian market. At the heart of insurance is trust, and trust begins with presence. Reaching customers where they are is fundamental to how we are building SanlamAllianz.
“This roadshow is a strategic move to bridge the gap between perception and reality, allowing us to engage directly with our customers and Nigerians in general, challenge long-held misconceptions, and position insurance as a practical tool for thriving in financial confidence, building resilience and long-term financial security.”
As part of the roadshow, SanlamAllianz will hold customer engagement forums in each of the 12 cities. The in-person sessions allow customers to interact directly with the company’s leadership and frontline teams. The forums aim to reconnect with customers under the unified brand and reaffirm its long-term commitment to the local market.
“Insurance only becomes relevant when it is understood, trusted, and connected to the realities people face,” said Yomi Onifade, MD/CEO of SanlamAllianz General Insurance.
“These forums are our way of reintroducing SanlamAllianz not just as a merged entity, but as a unified brand committed to showing up for Nigerians. We are creating a platform for real conversations — to listen, address concerns, and deepen understanding. This is how SanlamAllianz intends to lead, by listening actively, showing up with solutions, and shaping a future where insurance is truly embedded in the fabric of everyday Nigerian life,” he added.
By adopting a city-by-city physical rollout, SanlamAllianz Nigeria is positioning itself as one of the few players actively investing in deeper grassroots engagement toward deepening insurance penetration in Nigeria.

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NAICOM, OHCSF Move To Ensure Workers Benefit From Group Life Assurance

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By Sola Alabadan

In order to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) recently organised a capacity-building workshop on the compulsory insurance policy in Abuja.

Section 9(3) of the Pension Reform Act 2014 mandates employers to maintain a Group Life Assurance policy for their employees, with a benefit of at least three times the employee’s annual total emolument.

The workshop brought together stakeholders from government ministries, departments, and agencies to enhance understanding and implementation of the policy.

In her opening remarks, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, represented by Mrs. Oyekunle Patience, emphasised the importance of insurance in safeguarding public servants’ welfare and ensuring financial security for their families. She commended President Bola Tinubu for renewing the annuity policy and applauded NAICOM for initiating the training.

The Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Finance and Administration, expressed appreciation for the collaboration and assured participants of NAICOM’s commitment to transparency and accountability in policy implementation.

The workshop aimed to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, a critical component of the Federal Government’s welfare package.
The event marked a significant step in strengthening life insurance policy implementation across the federal civil service, reinforcing the government’s dedication to employee well-being.

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PenCom, Head of Service Plan N30bn Gratuity For Workers Annually

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The National Pension Commission (PenCom) and the Office of the Head of the Civil Service of the Federation (OHCSF) are collaborating to introduce a Gratuity Framework for civil servants in treasury-funded Ministries, Departments and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
This development followed a high-level meeting held recently in Abuja, when the Director General of PenCom, Ms. Omolola Oloworaran, paid a courtesy visit to the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Esther Walson-Jack.
Speaking about boosting retirement benefits, Ms. Oloworaran informed the Head of Service that PenCom is working on modalities for the establishment of a Gratuity Scheme, in line with Section 4(4)(a) of the Pension Reform Act 2014 for retiring employees of Federal Government treasury-funded MDAs.
The PenCom boss said this has been estimated to cost the federal government only about N30 billion per annum as determined by PenCom and confirmed by the 2024 Stakeholders Committee on outstanding pension liabilities, if retiring federal employees are paid 100% of their last gross annual remuneration.
She said the amount represented a modest but impactful intervention to improve the welfare of those who have served the nation with dedication.
Furthermore, the DG of PenCom highlighted the persistent issue of delayed pension payments due to delay in payment of Accrued Rights. She noted that previous collaboration between PenCom and the Office of the Head of Service yielded significant progress, including securing a Federal Executive Council (FEC) approval for a N758 billion bond to clear outstanding pension liabilities under the CPS.
Ms. Oloworaran unveiled a one-time, comprehensive online enrolment exercise to establish the accrued pension rights liability of all serving federal employees of treasury-funded MDAs who were in service prior to June 2004. She said this online verification and enrolment exercise, which will commence from August 2025, will enable PenCom present to the Federal Government the amount so determined with a view to possibly raise a Bond to settle the entire liability once and for all.
The DG added that the determined accrued pension rights for every eligible civil servant will be credited into their individual Retirement Savings Accounts (RSAs).
On the benefits of the enrolment, the PenCom DG said retirees will start earning returns on these funds, and the system becomes shielded from political transitions, as Pension Fund Administrators (PFAs) will take full control.
In addition, Ms. Oloworaran told the Head of Service that PenCom is developing a digital application to streamline the enrolment process. PenCom plans to deploy the online application by August 2025. She sought OHCSF’s support to issue a circular directing all MDAs to participate in the enrolment and submit the necessary documentation.
Speaking on the challenge of uncredited pension contributions among MDAs not enrolled in the Integrated Payroll and Personnel Information System (IPPIS). Ms. Oloworaran said that contributions are often made without accompanying schedules
To address this, the DG said PenCom has introduced a new Pension Contribution Remittance System that requires all employers to henceforth, utilise selected Payment Solution Support Providers (PSSPs) for the remittance of their employees’ contributions. This ensures accurate and prompt remittance of pension contributions into respective RSAs of employees
The DG requested the Head of Service’s assistance in issuing directives to IPPIS Office in the Office of the Accountant General of the Federation (OAGF) and MDAs not on IPPIS, such as tertiary institutions, self-funding agencies, and others to henceforth, utilise selected PSSPs for remittance of monthly contributions, effective June 2025,
In response, the HCSF, Mrs. Walson-Jack, expressed her full support for all the initiatives and commended PenCom for its proactive approach to improving pension administration. She pledged to issue the necessary circulars to MDAs and to collaborate closely with PenCom in developing the modalities and securing the approvals for the Gratuity Scheme.
Mrs. Walson-Jack said civil servants have been calling for gratuity and expressed her full backing for the proposed Gratuity Scheme.
To cement the partnership, PenCom and OHCSF agreed to establish a Standing Committee to work on the outlined reforms and address any emerging issues in the future.

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