By Sola Alabadan

The Chairman of FBS Reinsurance Limited, Mr. Bala Zakariyau has advised journalists to continue upholding the ethics of journalism profession, bearing in mind that journalism can make or mar a man.

Zakariyau, who spoke when representatives of the Nigerian Association Of Insurance and Pension Editors (NAIPE) presented the 2025 Appreciation Awards to him in Lagos recently, said he was doing what he felt should be done all the while, without knowing that a body of journalists was observant of his activities.

He expressed his passion for the growth and development of insurance industry, especially, assuring that he is ever ready to support every stakeholder, including journalists, critical to the future of the sector.

While appreciating insurance journalists who have been reporting the sector for decades during good and bad times, he said: “the advice I would give you is to continue doing journalism in the most ethical way. The point I would like to emphasise is to continue to do the things that you are doing in the most ethical way. Journalism can make or mar a man, but be the one who uses journalism to make a man because history don’t forget people of such virtue.

“And the pretentional race is now becoming even more serious because of the digital environment we operate in through social media and once you say something bad about somebody, it goes viral. To me, if I am a journalist and I sent somebody through that stress, I may not be able to sleep. So, honestly I thank you very much on behalf of my colleagues on the board of FBS Re. ”

Earlier, the chairman of the 2025 NAIPE Annual Conference, Mr. Roland Okoro commended Zakariyau for changing the face of the industry and some innovations he brought on board during his time as the president of the Chartered Insurance Institute of Nigeria (CIIN). He also appreciated his professionalism and managerial acumen as the managing director/CEO of the defunct Niger Insurance Plc, as well as other positions he occupied in the industry.

Similarly, the chairperson of NAIPE, Mrs. Nkechi Naeche-Esezobor said, he was found worthy as one of the six personalities who deserve to be commended for their selfless service to the nation’s insurance industry, as the association celebrate 10 years of the annual conference, adding that, ‘the consensus was that you deserve this award looking at your pedigree and impacts you have had and continue to have in the insurance landscape.’

According to her, “the Association counts you worthy of its highly esteemed award, following your track records as the former President of the Chartered Insurance Institute of Nigeria(CIIN) and leadership role across the industry including as MD/ Chairman of renowned Insurance Companies, including FBS Re, where you are currently the Chairman.”

Zakariyau has over 40 years of experience in the insurance sector in Nigeria and has served on the Boards of more than 20 national and multinational institutions. He is a Fellow of the Chartered Insurance Institute of Nigeria, Fellow of Nigeria Institute of Management, Fellow of the Institute of Marketing and Fellow of the Institute
of Directors.

He is the current President of Lagos
Business School (AMP4) and a member of the Governing Council of the Alumni Association (LBSAA). He was a Past President of the Chartered Insurance Institute of Nigeria. He holds an Associateship of the Chartered Insurance Institute of the UK and a Masters degree in Business Administration.

He has held various Senior and Management positions in the insurance sector before joining Niger Insurance Plc as a General Manager (Technical) in 1993. Due to the recognition of his professionalism and hard work, he quickly rose to the Executive Director Position that same year.

In 1997, he was appointed Managing Director of the company. After nine years of successfully heading the company’s affairs, he was appointed as Chairman of the company’s Board in 2006. He retired in December 2015 after 22 years of meritorious service to Niger Insurance.

Leadway Pensure PFA, a Pension Fund Administrator in Nigeria, proudly celebrates its 20th anniversary.
Over the last 20 years, the PFA has served thousands of customers across Nigeria and beyond, standing as a clear testament to its commitment to providing financial stability at various stages of workers’ career journeys.
Speaking on this remarkable achievement, Olusakin Labeodan, MD/CEO, Leadway Pensure PFA, stated: “As we celebrate 20 years of Leadway Pensure PFA, this milestone is more than a celebration of longevity, it is a tribute to trust, service and innovation. From the very beginning, our mission has been very clear, to deliver a pension system without barriers. Over two decades, we have transformed this vision into reality by simplifying pension access, embracing cutting-edge technology, and ensuring our services are always within reach. With a presence nationwide, a robust mobile platform and the AI-powered assistant LISA, we have placed pension services within the reach of eligible Nigerians.
We have supported countless customers in achieving life goals, from retirement to home ownership, by ensuring access, clarity and care at every step. This is a testament to the strong relationships and legacy we have built with every customer. Trust is at the heart of our service, propelling us to uphold world-class standards and earning us global certifications such as ISO/IEC 27001:2022 for information security, a mark of our unwavering commitment to safeguarding our customers’ funds,” he added.
Looking ahead, the company is committed to promoting youth-focused financial literacy, growing personal pension plans and strengthening customer engagement across every stage of the pension journey. “The next years and beyond will be shaped by the same dedication that brought us this far, a future-forward mindset, a culture of excellence, and an unyielding promise to stand by our customers every step of the way,” Olusakin concluded.
As it commemorates 20 years of service, Leadway Pensure reaffirms its commitment to simplifying retirement planning, delivering consistent value, and driving financial inclusion across Nigeria. With a clear vision for the future, the firm remains dedicated to being the trusted partner in providing financial wellness for generations to come.

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have directed insurance companies and their vendors to fully comply with Nigeria’s pension and insurance laws.
The new directive, contained in a joint circular signed by Abdulrahaman Muhammad Saleem, Director of Surveillance Department at PenCom, and Dr. Talmiz Usman, Director of Legal, Enforcement and Market Development at NAICOM, seeks to strengthen compliance with the Pension Reform Act (PRA) 2014 and the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The circular focus on compliance with the Contributory Pension Scheme (CPS) and the requirement for all employers to maintain Group Life Assurance (GLA) coverage for their employees.
Under Section 2 of the PRA 2014, every employer in the public and private sectors must participate in the CPS, remit pension deductions not later than seven working days after salary payment, and provide life insurance cover for employees.
However, despite continuous engagements, audits, and sanctions by PenCom, a significant number of employers, including some within the financial services industry, have remained in breach of these legal obligations.
PenCom revealed that it has appointed Recovery Agents to audit defaulting employers, impose administrative sanctions, and pursue judicial recovery of outstanding pension contributions and penalties.
Yet, the persistence of non-compliance has continued to threaten the sustainability and credibility of the CPS, prompting this joint enforcement strategy with NAICOM.
By this new circular, all Licensed Insurance Companies must possess valid Pension Clearance Certificates (PCCs) from PenCom and Group Life Assurance Certificates compliant with NIIRA 2025 before engaging in any operational or investment activity.
Every vendor, service provider, and counterparty that seeks to do business with insurance companies must also hold valid PCCs and GLA Certificates, as a pre-condition for any contractual agreement.
The directive further extends to investment transactions, including commercial papers, bond issuances, and bank placements. All counterparties involved must execute a Compliance Attestation, affirming that their own vendors and service providers also maintain valid PCCs and GLA Certificates.
This cascading requirement effectively embeds pension and insurance compliance throughout the investment value chain, ensuring that no entity within the insurance ecosystem operates outside the law.
Insurance firms are also required to integrate these compliance requirements into their internal policies, vendor selection, due diligence, and investment risk assessment frameworks.
Similarly, parent companies, subsidiaries, holding firms, and institutional shareholders of insurance entities must demonstrate full compliance before any business dealings are approved.
Recognising the operational adjustments that the new measures demand, PenCom and NAICOM have granted a six-month transition window from the date of the circular to enable full implementation.
During this period, insurance companies are expected to align their internal processes, communicate compliance expectations to vendors, and update their governance frameworks accordingly.