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Tag: NAICOM

Insurance

NAICOM hails Senate over insurance regulatory commission bill passage

The National Insurance Commission has commended the Senate for the successful passage of the National Insurance Regulatory Commission Bill. In a statement released on Wednesday, NAICOM said the legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. The Commission stated: “This landmark legislation is a major milestone in strengthening the […]

featured Insurance

NAICOM boss charges NIA to rebuild public trust in insurance

Commissioner for Insurance, National Insurance Commission, Mr. Olusegun Ayo Omosehin, has charged the Nigerian Insurers Association, to lead the rebuilding of public trust in insurance as the industry enters a new phase of transformation. He gave the charge at the Investiture Ceremony of Mrs. Ebelechukwu Nwachukwu as the 27th Chairman of the NIA in Lagos […]

Insurance

NAICOM bars re-licensing of firms with outstanding claims

As the insurance recapitalisation deadline of July 31st 2026 draws near, the National Insurance Commission has stated that it will not re-license any company with outstanding claims. Vanguard reported that in a letter to all Managing Director/CEOs of insurance companies, issued on Monday, titled: “Regulatory Directive – Settlement of Discharged Claims as A Precondition for […]

Business

NAICOM warns public against fake recruitment advert circulating online

The National Insurance Commission has cautioned the public against a fake recruitment advertisement being circulated online by unscrupulous individuals claiming to act on behalf of the commission. The insurance regulator said the advertisement is entirely false, misleading, and was not issued by the commission. It stressed that it has not authorised any recruitment exercise through […]

Pension funds climb by 22% to N18tn - NAICOM
Business

NAICOM tasks insurers on shift to customer-centric insurance model

The National Insurance Commission has called on insurers to transition from a product-centric approach to a customer-centric model. Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, made this call at the opening ceremony of the Insurance Week 2026, according to Vanguard. He explained that the customer-centric model entails actively involving clients in the product development process, […]

NAICOM warns insurers over 2026 recapitalisation deadline
Business

NAICOM workers stage protest over staff welfare concerns

Members of the Association of Senior Civil Servants of Nigeria at the National Insurance Commission staged a peaceful picket to protest what they described as unfair labour practices and the neglect of staff welfare by management. Addressing the demonstration on Monday, Ibrahim Mustapha, chairman of the ASCSN NAICOM unit, accused the commission’s leadership of failing […]

NAICOM warns insurers over 2026 recapitalisation deadline
Business

No extension for insurance recapitalisation exercise – NAICOM

The National Insurance Commission has ruled out any extension of the ongoing insurance recapitalisation exercise, with the Commissioner for Insurance, Olusegun Omosehin, stressing that “the 31 July deadline is sacrosanct.” Speaking at a high-level media briefing in Lagos, Omosehin expressed concern over the slow pace of compliance by several firms, describing the industry’s response as […]

NAICOM warns insurers over 2026 recapitalisation deadline
Business

NAICOM, NCGC partner to expand finance access for MSMEs, manufacturers

The National Insurance Commission has teamed up with the National Credit Guarantee Company to explore ways of increasing access to finance for micro, small, and medium enterprises, local manufacturers, and consumer credit clients. The partnership was agreed upon during a courtesy visit by NCGC’s management to NAICOM on Friday, According to The PUNCH. During the […]

Business

NAICOM approves Ademoye Shobo as Lasaco Assurance MD/CEO

The National Insurance Commission has approved Ademoye Shobo as the new Managing Director and Chief Executive Officer of Lasaco Assurance Plc. The announcement was made in a statement on Tuesday, signed by the company’s Secretary, Gertrude Olutekunbi. Shobo’s tenure officially began on February 6, 2026. The statement noted that the board expressed confidence in Shobo’s […]

Agribusiness

FG partners NAICOM to reform agricultural insurance framework

The Federal Government is preparing to overhaul the agricultural insurance framework through a strategic partnership between the National Insurance Commission and the Federal Ministry of Agriculture and Food Security. The collaboration seeks to strengthen protection for farmers and support national food security goals. A statement issued by NAICOM on Saturday detailed the initiative. It followed […]

Finance

NAICOM rules out extension of insurance recapitalisation deadline

The National Insurance Commission has reiterated that it will not extend the ongoing recapitalisation deadline in the insurance industry, stressing that the timeline is clearly stipulated by law and cannot be altered. The commission’s Deputy Commissioner for Insurance (Technical), Dr Usman Jankara, made this known while representing the Commissioner for Insurance and Chief Executive Officer […]

Business

18 Insurers join NAICOM as recapitalisation effort gains momentum

The National Insurance Commission has reported a positive initial response to its recapitalization drive, with 18 insurance companies formally indicating their readiness to proceed with capital verification. The CEO Olusegun Omosehin, speaking at the EY Insurance Summit 2025, described the industry’s engagement in the process as encouraging. “Let me say that the industry’s response has […]

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