NAICOM urges operators to be innovative with retirement products at Inspenonline summit
L-r: Head Lagos Control Office, NAICOM/representative of Commissioner for Insurance, Julius Odidi; keynote speaker/founder, Mutual Specialists, Adetola Adegbayi; President, Nigerian Council of Registered Insurance Brokers (NCRIB), Pince Babatunde Oguntade; Managing Consultant, Motodols Consults, Folashade Onanuga; Publisher, Inspenonline/Promoter, Retirement Summit, Chuks Udo Okonta, and Executive Secretary/CEO, NCRIB, Tope Adaramola, during the Inspenonline Retirement Summit 2025, in Lagos, on Wednesday
Nike Popoola
The National Insurance Commission (NAICOM), has urged operators to collaborate, innovate, and advocate for policies and practices that will ensure every Nigerian retiree has not just the means to survive, but the resources to thrive.
The Commissioner for Insurance, Mr Segun Omosehin, spoke at Inspenonline Retirement Summit, a platform that continues to bring important conversations around financial security, pension systems, and the welfare of retirees to the fore.
The event with the theme, ‘Attaining good retirement amid economic headwinds’, was widely attended by stakeholders in the financial sector, workers and retirees among others in Lagos on Wednesday. He commended Inspenonline for convening the important dialogue.
Omosehin, who was represented by the Deputy Director and Head, NAICOM Lagos Control Office, Dr. Julius Odidi, said, “From the insurance sector’s perspective, retirement planning must be rooted in long-term financial protection and risk management.
“Products such as annuities, life insurance, and retirement savings plans are not just financial instruments, they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and aligned with the evolving needs of our aging population.”
According to him, the theme of the summit was timely and thought-provoking as it reflected deeply on the growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic patterns.
The reality today, he noted, is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.
These economic headwinds are not merely statistics; they represent the lived experiences of millions of our citizens, as regulators, insurers, pension administrators, and policymakers must rise to this challenge with innovation, empathy, and resilience, he said.
The commissioner said, “At the National Insurance Commission, we remain committed to deepening insurance penetration, strengthening consumer confidence, and fostering partnerships across the financial services system.
“We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, especially in addressing longevity risks and post-retirement income security.”
