The National Insurance Commission (NAICOM) has reaffirmed its commitment to strengthening the enforcement of the NIIRA 2025 framework and protecting Nigerian insurance consumers from unauthorised and predatory practices.

This position was emphasised when the leadership of the Association of Registered Insurance Agents of Nigeria (ARIAN), led by its President, Mr. Olatubosun Mayowa, paid a courtesy visit to the Commissioner for Insurance, Mr. Olusegun Omosehin, at the Commission’s headquarters on Friday in Abuja.

NAICOM underscored its resolve to uphold regulatory standards and sanitise the insurance market through firm and coordinated enforcement actions. The Commission reiterated that safeguarding consumers and preserving market integrity remain central to its mandate.

In his remarks, the ARIAN President expressed the Association’s commitment to supporting NAICOM’s regulatory and enforcement initiatives. He noted that ARIAN’s grassroots presence across the country positions it to provide credible market intelligence, enhance consumer protection, and support the identification and removal of unscrupulous operators.

As part of the outcomes of the engagement, NAICOM expressed commitment to implement immediate and coordinated enforcement measures to address persistent market abuses, including unlawful rate-cutting, misrepresentation, and the mis-selling of insurance products by unlicensed entities. The CFI emphasized that such practices undermine consumer confidence and the stability of the insurance sector.

The CFI further highlighted the importance of strengthening distribution channels through proper licensing and compliance. In this regard, both parties reaffirmed their commitment to capacity building for insurance agents and enhanced digital onboarding processes. The President of ARIAN also pledged to intensify its training programmes to increase the number of duly licensed agents and assist members experiencing challenges with NAICOM’s digital platforms.

To enhance public awareness, Mr. Omosehin said the Commission will lead joint media and consumer education initiatives aimed at enabling Nigerians to identify genuine motor insurance policies, verify licensed insurers, and report suspected fraud or mis-selling through official channels. Both organizations agreed to sustain regular operational engagement and periodic reviews to ensure effective implementation of agreed actions.

The CFI reiterated the Commission’s broader policy direction of promoting healthy and transparent distribution networks as a means of encouraging legitimate participation in the market and deepening insurance penetration nationwide.

The Commissioner for Insurance stressed that the Commission will act decisively against any form of infraction, noting that unlicensed entities must not purport to underwrite regulated insurance products. He affirmed that NAICOM will deploy the full weight of its regulatory and legal authority to protect consumers and uphold the integrity of the insurance industry.

He further urged the public to remain vigilant by verifying that insurers are duly licensed by NAICOM, carefully reviewing policy documents and agent credentials, and promptly reporting suspicious activities including unauthorized sellers, forged documents, or unusually low premiums through NAICOM’s official complaint channels.

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.