The Management of the National Insurance Commission (NAICOM), led by the Commissioner for Insurance, Mr. Olusegun Omosehin, met today in Abuja with the Inspector General of Police (IGP), Olatunji Disu, to discuss strategies for deepening collaboration on the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and its accompanying reforms.

The meeting centered on joint efforts to strengthen compliance across the insurance sector and ensure robust protection for policyholders nationwide. Both parties agreed that effective partnership is critical to building public trust, curbing illegal insurance practices, and enhancing service delivery within the industry.

Speaking at the session, the Commissioner for Insurance emphasized that NIIRA 2025 was enacted to modernize Nigeria’s insurance landscape, promote transparency, and safeguard the interests of millions of Nigerians who rely on insurance for financial security. He stressed that NAICOM cannot achieve full compliance and market discipline without the active support of law enforcement agencies.

In his response, the Inspector General of Police reaffirmed the commitment of the Nigeria Police Force to partner with NAICOM in tackling fraudulent activities, unauthorized insurance operations, and other violations of insurance laws. He assured that the Police will provide the necessary operational and legal backing to ensure offenders are brought to justice and policyholders’ rights are fully protected.

This strategic collaboration marks a significant step toward restoring public confidence in Nigeria’s insurance industry and ensuring safer, more transparent financial protection for citizens.

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. 

Heirs Insurance Group and United Capital Plc, recently hosted the Yoga and Money Meet Up, an exclusive wellness and financial empowerment event for ambitious women.
The event, which held in Lagos, offered a curated experience combining guided yoga and stress management sessions with expert-led conversations on insurance, investment and asset protection. The event reinforced Heirs Insurance Group’s and United Capital’s commitment to making financial wellness relevant and accessible to Nigerian women.
Speaking on the initiative, Ifesinachi Okoli-Okpagu, Chief Marketing Officer at Heirs Insurance Group, underscored the strong link between insurance and wellness. “Self-care is not just about indulgence; it is about making deliberate choices that safeguard one’s physical, mental, and financial well-being – and insurance is fundamental to that. For many women juggling careers, businesses, and family, this event addresses a significant pain-point: how we protect our assets while still juggling life”.
She introduced HerMotor insurance plan, designed for ambitious women who need more than just insurance. The unique product offers comprehensive motor coverage against accidents, fire, theft, and other unforeseen incidents that cause loss to the policyholder’s car. An added benefit is the 24/7 emergency roadside assistance for female car owners during car breakdowns arising from accidents or mechanical faults. The first-of-its-kind solution in the industry is delivered in partnership with AA Rescue, and includes a robust reward programme, where customers can access discounts from spas, wellness programmes, and more.
Dr. Odiri Oginni, Managing Director, United Capital Asset Management, added that the collaboration reflects a shared commitment to women’s empowerment. “Empowerment is at the core of what we do, and co-creating on an initiative that directly addresses the financial realities facing Nigerian women further emphasises this. We recognise that financial independence and personal wellness are deeply interconnected, and by creating opportunities that bring both together, we are reinforcing our commitment to empowering women to confidently pursue and achieve their dreams. This vision informed the creation of our Wealth for Women Fund, which provides women with a secure and accessible avenue to invest smartly and build long-term financial security.”
The Yoga and Money Meet Up reflects a joint vision to empower Nigerian women through financial education and protection.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.
United Capital Plc is a leading Pan-African financial and investment services group providing bespoke, value-added solutions to governments, corporations, and individuals across Africa. With operations in Nigeria, Ghana, and Côte d’Ivoire, and a growing pan-African footprint, the Group leverages technology, specialist expertise, and retail-led platforms such as InvestNow to deliver cutting-edge financial solutions. United Capital has been recognised by the Financial Times as one of Africa’s fastest-growing companies for three consecutive years.