FBS Re targets African expansion as NAICOM urges stronger reinsurance capacity
L-R: Director, FBS Reinsurance Limited, Mr. Wole Oshin; Chairman, Bala Zakariyau; Head of Lagos Control Office, National Insurance Commission (NAICOM), Dr. Julius Odidi; Director, FBS Re, Mr. Fola Daniel; Managing Director/CEO, FBS Re, Mr. Ganiyu Musa; and Executive Director, Business Development and Technical Operations, FBS Re, Mr. Shola Ajibade, at insurance industry leaders forum organised by FBS Re in Lagos on Tuesday
Nike Popoola
FBS Reinsurance Limited has reaffirmed its ambition to become a leading reinsurance institution in Africa and the global market, with plans for regional expansion and a capital-raising programme to strengthen its growth.
The company’s Managing Director/Chief Executive Officer, Mr. Ganiyu Musa, disclosed this at an insurance industry leaders’ forum organised by FBS Re in Lagos on Tuesday.
The forum, themed Connecting Leaders, attracted top industry executives and more than 40 chief executive officers from the insurance industry.
Musa said FBS Re was established by experienced insurance professionals concerned about the state of the reinsurance market and the challenges facing the industry in Nigeria and across Africa.
He described the company as a professionally owned and managed institution committed to strengthening local reinsurance capacity, retaining more insurable risks within Africa and supporting the Nigerian insurance market.
“FBS Re remains proudly Nigerian, and we are committed to demonstrating that indeed a Nigerian reinsurance institution can build the expertise, the capacity, and partnerships required to compete successfully across Africa,” he said.
Musa disclosed that the company was pursuing regional expansion in line with the National Insurance Commission’s (NAICOM) call for Nigerian insurers to explore other markets
He noted that expansion would depend on regulatory requirements, market conditions, risk appetite and the company’s financial capacity.
He also revealed that the board was considering plans to invite existing stakeholders and prospective investors to participate in a capital-raising programme through a private placement, followed by an initial public offering.
The initiative, he said, would give stakeholders an opportunity to participate in the company’s growth and help build a stronger domestic reinsurance institution.
In a keynote address delivered on his behalf by the Head of NAICOM’s Lagos Control Office, Dr. Julius Odidi, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, urged insurers to translate recapitalisation gains into stronger underwriting capacity, prompt claims settlement and improved public confidence.
Omosehin said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 provided a foundation for strengthening the industry, adding that its success should be measured by improved operational efficiency and policyholder protection.
He urged reinsurers to invest in technology, technical expertise, data-driven underwriting and strategic partnerships to strengthen domestic capacity.
FBS Re Chairman, Mr. Bala Zakariyau, commended the board for providing strategic direction and good governance, expressing confidence in the company’s ambition.
He particularly praised Mr. Fola Daniel, a director of FBS Re, who initiated, promoted and established the company and served as its pioneer managing director and chief executive officer.
Zakariyau said Daniel oversaw the company’s early development, during which it recorded strong financial performance, before transitioning to a non-executive board role.
He also highlighted the importance of experienced leadership in sustaining growth and strengthening the company’s competitiveness.
Daniel expressed gratitude to insurance companies that supported FBS Re during its early operations.
He recalled that the company obtained its operating licence on November 20, 2020, leaving only five weeks to prepare for operations in January 2021.
According to him, several insurers allocated shares of their 2021 reinsurance programmes to FBS Re despite its limited operating history.
He described their support as instrumental to the company’s development.
