The Nigerian insurance industry must look beyond recapitalisation and prioritise the development of technical, operational and human capacity to achieve sustainable growth, the Director-General of the Nigeria Insurers Association, Mrs Bola Odukale, has said.
Odukale made the call in a keynote address at the 2026 Annual Retreat of the Risk, Audit and Compliance Technical Committee in Abeokuta, Ogun State.
The retreat was themed, “From Capital to Capability: Driving Resilience, Innovation & Trust Through Governance, Risk & Compliance.”
She was represented at the event by the Director of Operations, NIA, Mr Lanre Ojuola, according to a statement issued on Thursday.
Odukale noted that while adequate capital provides insurers with a financial buffer to absorb shocks, it alone cannot effectively manage complex risks, prevent regulatory breaches, strengthen institutions or build policyholders’ trust.
She said governance, risk management and compliance functions should be repositioned from mere cost centres into strategic drivers of competitive advantage.
Odukale urged insurers to adopt technology-driven assurance mechanisms, including automated monitoring, data analytics and artificial intelligence-powered compliance tools, while deepening technical expertise in specialised areas such as commercial, marine, cyber and energy insurance.
At the event, RACC also launched its industry-focused magazine.
Also speaking, the Managing Partner of Risk Universe Consulting, Saheed Bashiru, said artificial intelligence was already transforming the global insurance industry, although its adoption remained uneven.
In a presentation titled “Artificial Intelligence Adoption & Optimisation,” Bashiru said Nigeria’s regulatory framework had laid the groundwork for responsible AI adoption, with risk, audit and compliance functions expected to serve as enablers rather than barriers.
He outlined an AI adoption roadmap based on five stages: “Assess, Pilot, Scale, Govern & Optimise.” He also recommended continuous monitoring through live dashboards that track model performance, drift, bias indicators and incidents.
Bashiru called for regular, risk-based internal audits of AI systems, as well as quarterly operational reports to boards and annual strategic and audit reviews.
He urged insurers to sustain investments in AI literacy, develop hybrid AI-risk career paths and promote responsible AI values across their organisations.
He urged insurers to make continuous investments in AI literacy, hybrid AI-risk career paths and responsible AI practices. He advised Chief Financial Officers to factor AI returns on investment and the cost of inaction into capital and budget planning, while Chief Audit Executives should develop AI use-case inventories and conduct baseline audits.
The Chairman of RACC, Olugbenga Akinlalu, said insurers must strengthen institutional capabilities, governance structures and risk management systems to maximise the benefits of recapitalisation.
Akinlalu, who is the Group Head of Internal Audit at Continental Reinsurance Holdings, said stronger balance sheets must be matched with better talent, smarter technology, robust governance and effective risk management.
