The Nigerian Insurers Association (NIA) in partnership with the United Nations Development Programme (UNDP) and Milliman, organised a free Actuarial Capacity Building Training in Lagos recently, under the Global Actuarial Initiative in Nigeria (GAIN) for human resources practitioners, senior managers involved in actuarial recruitment and executive leadership of its member companies.
The training was organised within the framework of the UNDP’s Insurance and Risk Finance Facility (IRFF) to engage key stakeholders on strategies for strengthening actuarial capacity within the insurance industry.
In his address, the Chairman of NIA, Mr. Kunle Ahmed, represented by the Director-General of NIA, Mrs. Bola Odukale, appreciated the efforts of UNDP and Milliman for organising the workshop for Insurance operators in Nigeria.
Ahmed assured that the NIA is committed to building the capacity of local actuaries and would continue to drive it with partners for the growth of the industry.
The Chairman admitted that it is expensive to train Actuaries but urged insurance companies to commit to supporting the development of Actuaries in terms of cost and training.
He urged the participants to contribute meaningfully to the dialogue, adding that it was an opportunity to build a robust pipeline of actuarial professionals in Nigeria.
In his remark, Mr. Ikenna Orji, Programmes Specialist, UNDP, appreciated the NIA for making it seamless to connect with the insurers, noting that the project is dedicated to insurance awareness.
“I thank the NIA, especially because we can not access the insurance practitioners as a group without the support of the NIA.
“The low insurance penetration in Nigeria poses a developmental challenge, hence the UNDP intervention to dedicate this programme for insurance awareness by partnering the NIA and Milliman to develop the actuarial aspect of insurance expertise in Nigeria,” Orji said.
Mr Adrian Allott, Facilitator, Milliman GAIN, said Milliman is working with countries across the world to strengthen their actuarial capacity.
Allott said Milliman is on a mission to help Nigeria insurers develop their actuarial team to strengthen their prudential management and improve their understanding of risk and balance sheet.
No fewer than 35 NIA member companies’ representatives attended the workshop.

The Group Chief Executive Officer (GCEO) of Consolidated Hallmark Holdings (CHH) Plc, Mr. Eddie Efekoha, has been honoured with a prestigious award by the Nigerian Association of Insurance and Pension Editors (NAIPE) in recognition of his outstanding contributions to the insurance industry.

The award plaque was presented to him by the representatives of NAIPE in Lagos recently.
Efekoha was commended for his tireless efforts in promoting peace and harmonious relationships among various groups in the industry, including the media.

In his remarks, Efekoha expressed gratitude to NAIPE for the recognition, stating that it was a testament to the hard work and dedication of his team at Consolidated Hallmark Holdings.
He emphasised the importance of occassional compromise and sacrifice in creating a sane industry, and reiterated his commitment to supporting the growth and development of insurance sector.

The Chairperson of NAIPE, Mrs. Nkechi Naeche-Esezobor, praised Efekoha’s achievement, saying that, his support and partnership with the media had been invaluable. “His contributions have encouraged us to continue supporting the industry while maintaining ethical reporting,” she said.

Efekoha’s award is a testament to his impressive track record in the industry. As the former President of the Chartered Insurance Institute of Nigeria (CIIN) and former Chairman of the Nigerian Insurers Association (NIA), he has played a significant role in shaping the industry’s landscape.

Under his leadership, Consolidated Hallmark Holdings has grown from scratch to become a holding structure with about four subsidiaries. His leadership roles in bringing insurance journalists under one platform (NAIPE) during the earlier crisis where some aggrieved members pulled out and created a new group, as well as piloting the company to success have not gone unnoticed.

The Chairman of the 2025 NAIPE Annual Conference, Mr. Roland Okoro, highlighted Efekoha’s achievements, saying that he had demonstrated exceptional leadership and a commitment to the growth of the industry.

The award is a well-deserved recognition of Efekoha’s contributions to the insurance industry, and it is expected to inspire him to continue making a positive impact in the sector.

By Sola Alabadan

After having restructured and rebranded the Micro Pension Plan into the Personal Pension Plan, the National Pension Commission has simplified onboarding, expanded digital enrolment, and crucially introduced Accredited Pension Agents.

PenCom’s Director General, Ms Omolola Oloworaran, who disclosed this at the 2025 Media Conference in Lagos, clarified that the Accredited Pension Agents are not merely distribution channels, but an employment strategy as thousands of young Nigerians are expected to be trained, certified, and deployed as pension professionals, earning livelihoods, while expanding pension coverage.

The Commission is also excited by the Presidential approval and disbursement of N758 billion to settle outstanding pension liabilities, saying “This unprecedented intervention sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees.”

Similarly, PenCom equally cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating as far back as 2007.

The PenCom boss added that “zero waiting time for the payment of accrued pension rights was restored with effect from July 2025. Today, retirees receive their benefits when due, not months or years later.”

“To further enhance benefit adequacy, we introduced Pension Boost 1.0, which has already added N2.68 billion to monthly pension payments for CPS retirees.

“On the technology front, we achieved full automation of critical pension processes, including the Pension Clearance Certificate system, benefit processing, and contribution remittance platforms.

“Operational efficiency has improved, leakages have reduced, and transparency has increased. We will continue to upgrade our systems and application as technology evolves.

“We also inaugurated the Board of Trustees of the PenCare Initiative, a landmark industry-wide intervention to provide free and accessible healthcare for low income retirees. Retirement should be a season of peace, not a period defined by anxiety over medical bills.

Speaking on the fact that pension operators were asked to raise their capital requirements, she maintained that this was not punitive but purposeful, stressing that stronger capital means stronger institutions, better risk management, deeper expertise, and a greater capacity to attract and retain skilled professionals.”

“We also strengthened governance regulations to eliminate shadow directorships. Let me state this clearly. Pensions cannot be managed from the shadows. Transparency, accountability, and fit-and-proper leadership are non-negotiable. A system entrusted with Nigerians’ life savings must be governed by integrity and competence,” she further stated.

With regards to the compliance circular issued by PenCom in the second quarter of this year, linking Pension Clearance Certificates to participation across the pension industry value chain, she said that the impact was immediate and unmistakable, pointing out that “From January to November 2025, total pension recoveries reached N4.04 billion, compared to N1.44 billion for the whole of 2024. This represents an increase of over 180 percent. Most notably, N2.06 billion was recovered in the third quarter of 2025 alone, almost 150% of total recoveries recorded in the entire year 2024.

“A similar shift is evident in compliance behaviour. Prior to the third quarter, Pension Clearance Certificates were issued at a modest quarterly average of about N150 billion. Following the circular, the third quarter recorded issuances of about N233 billion, far exceeding the average of preceding quarters. This clearly demonstrates that when compliance is tied to real economic consequences, behaviour changes.”