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NAICOM Issues Licence To CHI Life Assurance

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Mr. Eddie Efekoha, Chairman, CHI Life (left), Mr. Olusegun Omosehin, Commissioner for Insurance, Mrs. Ose Oluyanwo, Managing Director, CHI Life and Dr. Usman Jankara, Dep. Commissioner for Insurance Technical, during the presentation of licence to CHI Life Assurance in Abuja today. .

By Sola Alabadan

The Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, presented operational licence to CHI Life Assurance Limited today in Abuja, as part of efforts to strengthen the insurance industry in Nigeria.

He welcomed the CHI Life Assurance Limited executives, urging them to make a positive impact in the industry. He assured them of NAICOM’s commitment to creating an enabling environment for operators to thrive.

Omosehin also emphasised the importance of compliance with regulatory requirements and advised the new management to always seek clarification from NAICOM. He charged the Board of Directors to fulfill their roles, as they will be held accountable by the Commission.

Deputy Commissioner Technical, Dr. Usman Jankara also congratulated the CHI Life Assurance executives and highlighted key areas of focus, including:

– Compliance : Adhering to regulatory rules and regulations
– Capital Requirements: Meeting capital requirements to avoid regulatory sanctions
– Effective Risk Management Mechanism: Efficiently managing risks
– Anti-Money Laundry Guideline: Complying with anti-money laundering guidelines
– Market Conduct: Ensuring fair treatment of consumers and simple claim settlement processes
– Inspection: Preparing for regular inspections by NAICOM

In her response, the Managing Director of CHI Life Assurance, expressed gratitude for the license and pledged to collaborate with NAICOM, ensuring full compliance with regulatory laws and guidelines.

This development is expected to enhance the insurance industry in Nigeria, and NAICOM’s efforts to promote a stable and competitive market are commendable.

The highlight of the event was presentation of the operation license to the Managing Director of the Company by the CFI.

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Ghana’s Delegation In Nigeria To Marine Cargo Sector

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Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

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Stakeholders Assess Progress, Challenges In Implementing Building Insurance Regulations

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The National Insurance Commission (NAICOM) convened the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction recently in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

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emPLE Partners LASPARK For Tree Planting Initiative

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emPLE has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK) in Lagos.
As part of the launch, emPLE planted 65 trees across strategic locations in Lagos. The carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.
Speaking at the event, Oyinlade Olalekan, Managing Director of emPLE General Insurance Limited, remarked,
“At emPLE, we’re deeply committed to empowering lives—not just through our financial offerings but by actively contributing to a more sustainable world. The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos.”
He added,
“We see Green emPLE as a platform for driving real impact, one initiative at a time. This partnership with LASPARK is only the beginning. We look forward to rolling out more activities that reinforce our mission and encourage others to join us in protecting the planet.”
Mrs. Adetoun Popoola, General Manager of LASPARK, also commended the initiative, saying:
“Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission. Collaborations like this help us get more done and inspire residents and businesses alike to take sustainability seriously. We are excited about what Green emPLE represents and we look forward to more impactful partnerships.”
To acknowledge emPLE’s contribution, LASPARK presented the company with a Tree Planting Certificate, recognising its role in environmental preservation and its ongoing support for climate resilience and green urban development.
Green emPLE is emPLE’s long-term commitment to promoting sustainable practices that support a healthier planet and empower future generations. The initiative reflects the company’s belief that true empowerment goes beyond financial products it includes taking responsibility for the environment and driving long-term positive change.

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