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NAICOM Urges Nigerians To Embrace Micro Insurance

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By Sola Alabadan

The Commissioner for Insurance, Mr Sunday Thomas, said that the licensing of micro insurance is aimed at ensuring that Nigerians at the grassroots level are not left out of the budding Nigerian financial enterprise.
The assurance was given at the inaugural conference of Oriental News Nigeria with theme “Engaging with critical groups to develop effective financial inclusion initiative” held on Thursday in Lagos.
Represented at the conference by Rasaaq Salami, Deputy Director/Head Corporate Communications & market Development, NAICOM, Thomas said that micro insurance provides the leeway to protecting your property, safeguarding your belongings from damages or loss and ensuring you do not suffer loss when the unexpected damage or loss occurs.
It also safeguards traders or businesses of artisans and petty traders whenever their wares are destroyed, damaged or stolen.
“Micro insurance is a way of safeguarding your property or business from any unforeseen event,and when it happens, whatever loss you insured against will be reimbursed you” he stated.
The Securities and Exchange Commission (SEC), on its part, reiterated its commitments to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the Federal Government.
The SEC assured that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.
Director General of SEC, Lamido Yuguda assured that with the help of the fast growing Fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.
Represented at the conference by SA’ Adatu A Faruk, Head Financial Inclusion Division, Market Development Department SEC, the SEC DG said that the commission has created new standards and rules for registration and operations of FINTECH firms in the market to ensure compliance with global standard and adequate protection of investments.
The SEC DG reassured that the licensed Fintech companies will further speedy financial inclusion policy of the federal government, as well as ensuring adequate protection for their financial/ investment transactions.

In a similar vein, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Dambatta, reiterated that the best approach towards benefitting from globalised digital economy is to be financially inclusive.
Dambatta, who was represented by Mrs Freda Ruth Bruce-Bennet, Deputy Director , Digital Economic Department, NCC stated that the NCC in it pursuit to ensure that more Nigerians are included financially, is committed to training and retraining of youths IT experts, Hackathons, and establishing Hubs across the country to ensure steady and speedy expansion of financial inclusion policy to benefit every strata of the society.
The EVC, said that without effective skills committed to driving the process, digitalisation of the through the financial services ecosystem would have been retarded.
Executive Director, Centre for Citizens with Disability (CCD) David O. Anyaele, however, called on the federal government as well as the Central Bank of Nigeria (CBN) to expand the nation’s financial inclusion policy to include provisioning for the disabled people in the society.
He bemoaned the sustained lack of considerations for the disabled in the Nigerian financial system through different kinds of neglect and rights denials.
Anyaele stated that audit of bank branches across the country showed the total absence or lack of access and convenience facilities for the disabled.
He admonished prevailing attitudes of the financial systems against the disabled, describing it as major institutional barrier to financial inclusion
The conference Chairman, Dr Uju Ogubunka, CEO Bank Customers Association of Nigeria, in his address stated that the financial inclusion policy of the federal government which commenced in 2012 is geared towards ensuring that no Nigerian is short changed in its financial intermediations policies and economic development plans.
Ogubunka said that the government then out of the 84 percent financially excluded population, targeted to achieve 20 percent financial inclusion by year 2020.
“The adult population has now increased above 84 percent and the un banked population has also increased remarkably. If the people are outside the financial system, the economy will not develop” Ogubunka stated.
He explained that financial inclusion commences with opening bank account, which factors in the account holder towards benefiting from all forms of government’s financial support as the account drives all other transactions of the account holder.
Also, to have insurance policy, investment accounts in the capital market, pension account and all forms of life and business enabling transactions driven only by the nation’s financial system, you need to be financially included, he stressed.
The guest speaker, Mallam Garba Kurfi, Managing Director APT Securities and Funds Limited buttressed that financial inclusion policy of the government helps to ensures that funds that could have been deployed for entrepreneurial initiatives don’t end up in cupboards at homes.

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Business

NIA Strives To Simplify Claims Payment

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By Sola Alabadan

The Nigerian Insurers Association (NIA) is working to simplify the claims payment process and enhance customer service, with a focus on prompt payment of claims and ease of onboarding insurance customers

NIA Chairman, Mr. Kunle Ahmed, stated this in Lagos during the maiden Insurance Week, with a call to action for Nigerians to embrace insurance.

The week-long event with the theme, “Insurance For All: Securing Nigeria’s Future,” was organised by the Chartered Insurance Institute of Nigeria (CIIN) under the leadership of the Institute’s President, Mrs. Yetunde Ilori, to create awareness about the various services and products offered by insurance companies.

The NIA boss said that the insurance week is for the insuring public and intending clients, hence insurers have come up with new products for their customers.

He said: “this week, all insurance practitioners are focused on activities that will further create awareness for the insurance industry, including prompt claims payment, insurance products, ease of onboarding insurance customers and general awareness.

The NIA Chairman also urged Nigerians to consider purchasing insurance products to secure their future.

He added that all arms of the industry is fully partcipating in the Insurance Week programme to increase insurance penetration and provide Nigerians with the protection they needed.

The NIA Chairman, cited the industry’s payment of N622 billion claims to customers in 2024 as an testament of its effectiveness and reliability.

Ahmed advised those with issues with insurance companies to reach out to the NIA or the CIIN for assistance.

He assured the public that the National Insurance Commission (NAICOM) is committed to protecting the rights and interests of clients.

“With a vibrant regulatory framework in place, the industry is working to ensure that insurance companies operate efficiently and effectively,”the NIA Chairman said.

Other dignitaries at the event included : Mr. Olusegun Omosehin, Commissioner For Insurance, Mr Eddie Efekoha, Chairman, Organising Planning Committee of the maiden Insurance Week, Prince Babatunde Oguntade, President, NCRIB, Mr Tope Smart, Chairman, NEM Insurance,among others.

The Insurance Week which began on Saturday, June 28, 2025 with the Insurance Awareness Walk, would continue on Tuesday with the Insurance Awareness Campaigns at Secondary Schools and MSMEs.

An Insurance Outreach would take place on Wednesday at major markets and stores, while an Hackathon competition would hold at CIFM, Asese on Thursday, where young minds, students, and professionals will come together to develop bespoke insurance products that meet the needs of customers.

On Friday would be the grand finale of the programme to recognise and award practitioners in the industry who have contributed significantly to promoting insurance in Nigeria.

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CIIN Takes Insurance Education To Markets, Malls In Lagos

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The Chartered Insurance Institute of Nigeria (CIIN) recently organised Community Outreach and Roadshow in Lagos, as part of its broader mission to deepen insurance awareness and improve financial literacy among everyday Nigerians.

Held across key commercial hubs in Lagos, the roadshow made impactful stops at Sabo, Bariga, Oyingbo Market, Shoprite Ikeja, and SPAR Tejuosho, where the public was engaged on the relevance of insurance in everyday life.
Through vibrant street activations, interactive sessions, and one-on-one engagements, the initiative focused on demystifying insurance and breaking down its benefits in relatable terms.

At each location, insurance practitioners were on hand to share insights, answer questions, and distribute informative materials that addressed common misconceptions about insurance and highlighted the ease of access to insurance products tailored for individuals, traders, and small businesses.

The community outreach was part of the programmes lined up for the Insurance Week with the theme, “Insurance For All: Securing Nigeria’s Future”.
The one week long event was organised by the CIIN under the leadership of the Institute’s President, Mrs. Yetunde Ilori, to create awareness about the various services and products offered by insurance companies.

Speaking on the initiative, the Head of Brands and Event, Rex Insurance, Emmanuel Ndoh noted: “Insurance is not a luxury; it’s a necessity. We are proud to be part of this collaborative effort with CIIN to take insurance education directly to the people—where they live, shop, and work. Our goal is to build trust and show that with Rex Insurance, you’re not alone.”

This outreach effort is part of the programmes of the Insurance Week organised by the nation’s insurance industry to make insurance simpler, more accessible, inclusive and become a household name in the country.

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Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

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The Universal Insurance Plc, National Health Insurance Authority (NHIA), Pension Transitional Arrangement Directorate (PTAD), as well as Rite Foods Limited, will be sponsoring the 2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) on July 8 in Lagos.
NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.
Companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members during the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.
Stories generated from the event will be in the media for over one month.
The Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N8 billion in assets, selling eight major lines of insurance, including auto, property and commercial.
Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.
According to Universal Insurance Plc, “Our vision is to be a dominant, specialised non life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”
The National Health Insurance Authority (NHIA) was established under the National Health Insurance Act which was signed into law on 19 May 2022, replacing the National Health Insurance Scheme Act of 1999.
As of today, data shows that about 20 million Nigerians are covered by the scheme.
NHIA offers several benefits, including financial protection against high medical costs, access to quality healthcare services, and a comprehensive benefits package that covers a wide range of medical needs.
Meanwhile, the Pension Transitional Arrangement Directorate (PTAD) was established in 2013 and drawing its mandate from the Pension Reform Act of 2014, PTAD was tasked with consolidating and managing pensions under the Defined Benefit Scheme (DBS) for pensioners who retired on or before June 30, 2007 and did not transit to the Contributory Pension scheme.
PTAD has marked a significant milestone of revolutionising Nigeria’s public sector pension administrative system.
When the Directorate was created, it inherited a host of challenges that had long plagued the legacy pension offices. These offices, comprising the Police, Customs, Immigration, Prisons, and the Civil Service, as well as the Boards of Trustees of Treasury funded Parastatals, Universities and Research Institutions and Agencies, were historically managed in a fragmented, inefficient, and underfunded manner. By 2004, this mismanagement had culminated in pension liabilities exceeding N2 trillion.
At the helm of affairs of the Directorate is the Executive Secretary, Tolulope Abiodun Odunaiya, a dynamic and results-oriented professional with a proven track record of managing complex workflows and consistently driving measurable outcomes. She was appointed to the position in November 2024, by President Bola Ahmed Tinubu.
Rite Foods Limited is the producer of Bigi Drinks, Fearless Energy Drinks, Sosa Fruit Drinks, and Rite and Bigi Sausage Rolls.
The company ably led by managing director/CEO, Mr. Seleem Adegunwa, believes in the power of innovation and its potential to change the recycling business.
As Nigeria’s top food and beverage manufacturer, it said: “we are committed to helping recyclers to adopt cutting-edge techniques to recycling plastic trash, particularly in coastal areas, among other Corporate Social Responsibility (CSR) initiatives.”

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