Brokers contribute huge portion of insurance premiums- Experts

L-R: Managing Partner, Gbenga Badejo & Co, Mr. Gbenga Badejo; Assistant General Manager (Finance/Compliance), Hogg Robinson Nig Limited, Mr. Kingsley Okoeguale; Guest Speaker and representative of Chairman, Federal Inland Revenue Service, Nigeria, Mr. Mathew Gbojubola; President, LASPOTECH Insurance Graduates Club (LIGs), Mr. Abiodun Durodola; Vice President, the Nigerian Council of Registered Insurance Brokers, Mrs. Funke Adenusi, mni; Chief Finace Officer, Linkage Assurance Plc, Dr. Emmanuel Otitolaiye and Chief Finance Officer, Scib Nigeria & Company Limited, Mr. Wale Okuyedi at the Inaugural Lecture organised by LIGs Club held in Lagos
The Coordinating Director of Federal Inland Revenue Service, Nigeria, Mr. Olusanya Gbonjubola has revealed that insurance premiums paid through insurance Brokers was about 90 per cent of the total insurance premium collected in year 2024.
The revelation was made at the inaugural lecture organized by LASPOTECH Insurance Graduates (LIGs) Club, which was tagged “Insurance Taxation in Nigeria, Issues and Solutions”held in Lagos.
Mr. Gbonjubola, who represented the Chairman, Federal Inland Revenue Service, Nigeria, Mr. Zacc Adebiyi, noted that of the over N21 trillion taxes collected by the Revenue Service in 2024, insurance Companies contributed less than N20 billion.
“The importance of the insurance brokerage sector in the economy and the tax system cannot be ignored. The N Nigerian Council of Registered Insurance Brokers is a foremost player in the insurance industry, with over 500 members”, he said.
Speaking earlier, the President of LIGs Club, Mr. AbiodunDurodola said that Insurance taxation in Nigeria was a critical component of the industry, and it has far-reaching implications for insurance companies, policyholders, and the economy as a whole.
However, he noted that the current taxation regime in Nigeria poses significant challenges for insurance operators, from multiple taxation to inadequate tax incentives.