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PenCom Urges Insurance, Pension Stakeholders To Strive For Economic Growth

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Stakeholders in the nation’s insurance and pension sectors have been urged to take actionable steps that will ensure sustainable development and long-term success towards the achievement of the Federal Government’s one trillion dollar economy by the year 2030.

The call was made by the Acting Director-General, the National Pension Commission (PenCom), Omolola Oloworaran, in her goodwill message at the 2024 national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) with the theme “Towards A $1 Trillion Economy: Roles of Insurance And Pension Sectors,” in Lagos recently.

The acting DG who was represented at the occasion by Akinsola Adeseun, Zonal Head, South-West Zonal Office, emphasized the need for stakeholders in the two sectors to come together and work hard to ensure the success of the government’s ambition, even as he commended NAIPE for the conference.

She also highlighted the critical roles insurance and pension sectors play in the growth of every economy.

“The insurance and pension sectors are indeed veritable cornerstones in building a strong and resilient economy. Together, they provide financial security and stability for individuals, businesses, and the nation at large.

“Our collective goal of advancing towards a $1 trillion economy is not a mere aspiration but a shared responsibility. This conference serves as a vital platform to exchange insights, ideas, and strategies that will propel us toward achieving this ambitious target.

“Let me commend the organizers of this conference for bringing together, pension and insurance industries experts, policymakers, and key stakeholders to engage in meaningful discussions that will foster innovation and collaboration. It is through such gatherings that we can identify opportunities, address challenges, and create synergies that will enhance the contributions of our sectors to economic growth.

“As we delve into discussions, let us be encouraged to not only envision a prosperous future but to also take actionable steps that will ensure sustainable development and long-term success. Together, let us strive to create an environment where the insurance and pension sectors can thrive, ultimately benefiting every Nigerian,” she said.

She reassured all stakeholders that PenCom remains committed to continuously improving service delivery across the Pension Industry.

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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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