Incoming NIA Chairman to prioritise insurance penetration, trust, collaboration
L-R: Director General Nigerian Insurers Association (NIA), Mrs. Bola Odukale; Managing Director/CEO AIICO Insurance Plc, Mr. Babatunde Fajemirokun; Incoming Chairman Nigerian Insurers Association Mrs. Ebelechukwu Nwachukwu; Managing Director Coronation Insurance Plc, Mr. Olamide Olajolo; and Director Operation, NIA, Mr. Lanre Ojuola
Nike Popoola
Incoming Chairman of the Nigerian Insurers Association (Nigerian Insurers Association), Mrs. Ebelechukwu Nwachukwu, has pledged to deepen industry collaboration, improve public understanding of insurance, and strengthen regulatory compliance as she prepares to assume office on July 3, 2026.
Speaking at a pre-investiture press conference, Nwachukwu who is also Managing Director of REX Insurance Company Ltd, described her upcoming tenure as a defining moment for the insurance sector, particularly as the industry adjusts to the newly enacted Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu.
She noted that the reform law introduces far-reaching changes, including risk-based capital frameworks and higher minimum capital requirements, with full compliance expected by July 2026. According to her, the legislation presents both a challenge and an opportunity to rebuild trust, enhance governance, and reposition insurance as a stronger pillar of Nigeria’s financial system.
Nwachukwu, who will become the 27th Chairman of the association, said her leadership will focus on three core priorities: expanding insurance penetration through strategic partnerships, simplifying public understanding of insurance, and strengthening the NIA’s advisory role to government and regulatory bodies.
She emphasized the importance of collaboration with banks, fintechs, and other financial institutions to broaden access to insurance products, noting that her tenure would pursue deeper synergy across the financial services ecosystem. The presence of the Managing Director/CEO of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, as Chairman of her investiture ceremony, she said, reflects the growing convergence between banking and insurance sectors.
“Insurance must move from a niche product to a mass-market essential,” she stated, adding that simplifying policy language and improving claims communication would help rebuild public trust.
She also pledged that the association would continue to support government policy direction while assisting members in meeting new compliance obligations under the reform law.
Nwachukwu called on the media to help reshape public perception of insurance by highlighting its role in protecting families and businesses.
The investiture ceremony is scheduled to hold on July 3, 2026, marking a leadership transition at a pivotal time for Nigeria’s insurance industry.
