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.

Sovereign Trust Insurance Plc has completed the structuring phase of its planned N5 billion Rights Issue capital raise marking a key milestone ahead of its recapitalisation plan, in line with the Nigerian Insurance Industry Recapitalisation Act, NIIRA.

The underwriting firm disclosed this at the signing ceremony of all related parties to the Rights Issue at its Corporate Head Office in Victoria Island, Lagos.
The signing ceremony signals the effective conclusion of all internal processes and professional engagements required for the Rights Issue.

With the structuring phase now concluded, the shareholders of Sovereign Trust Insurance Plc will have the opportunity to pick up their rights totaling 2,510,848,144 units, (two billion, five hundred and ten million, eight hundred and forty-eight thousand, one hundred and forty-four units) ordinary shares of 50 kobo each at N2.00 per share on the basis of 3 new ordinary shares.

In the same vein, the management has enjoined all shareholders of the company to take advantage of this unique opportunity by maximally taking up their rights in the Rights Issue with a view to increasing their stake in the company and as well grow their wealth in the very near future as the company is poised to moving on to the next phase of its growth stage as NIIRA signals a new direction for the insurance industry in the country.

Dr. Lucas Durojaiye, Managing Director/Chief Executive Officer of Sovereign Trust, said the management of the company has set a growth agenda which is aimed at positioning the underwriting firm as one of the top five in the insurance industry in Nigeria. The Managing Director’s appeal to Shareholders of the company was unequivocal. “In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully exercise their rights by subscribing fully to the Rights Issue and ultimately grow their investments in the company”.

He said, Sovereign Trust Insurance is working assiduously towards being one of the most preferred Insurance companies in the country for people to do business with, invest in as well as be the choice Employer of Labour in the years ahead.

Heirs Insurance Brokers Limited (HIB) has been awarded the NDPC Audit Compliance Trust Mark for 2025 by the Nigeria Data Protection Commission (NDPC), following the successful completion of its Data Protection Audit, in line with the Nigeria Data Protection Act (NDPA).
The NDPC Trust Mark is an independent certification granted to organisations that meet the highest standards of data protection and privacy compliance as established by the Commission. This recognition affirms that Heirs Insurance Brokers’ data protection practices have been rigorously assessed and fully align with regulatory requirements.
This milestone reinforces HIB’s commitment to safeguarding client information through secure systems, responsible data handling, and continuous compliance with evolving regulatory standards.
Commenting on the achievement, Tony Aniemeke, Managing Director/CEO, Heirs Insurance Brokers, said: “Trust is at the core of our business. Receiving the NDPC Audit Compliance Trust Mark 2025 is a strong validation of the systems and processes we have put in place to protect our clients’ data. As we continue to simplify insurance for our customers, we remain equally committed to ensuring their information is handled with the highest level of security and accountability.”
As businesses increasingly rely on digital platforms, data protection has become a critical pillar of customer trust. By earning this certification, Heirs Insurance Brokers strengthens its position as a responsible and forward-thinking brokerage, committed to protecting not just assets, but also the information entrusted to it.
Heirs Insurance Brokers (HIB) is a leading insurance broker in Nigeria, licensed by the National Insurance Commission (NAICOM) and registered as a limited liability company (RC 877382). Through an extensive network of insurance partners, Heirs Insurance Brokers delivers tailored solutions that help clients quantify risks, protect assets, and preserve wealth.
As the brokerage arm of Heirs Insurance Group (a subsidiary of Heirs Holdings, a global investment leader in 24 countries), we combine deep local expertise with innovative strategies. With a commitment to simplicity, reliability, and client-centric service, Heirs Insurance Brokers serves both corporate and individual customers across Nigeria.