NIA advocates strong governance as pillar of successful recapitalization at RACC retreat
Nike Popoola
The Director-General of the Nigerian Insurers Association (NIA), Mrs. Bola Odukale, has urged the insurance industry to prioritize robust governance structures as it navigates the ongoing recapitalization exercise.
Speaking at the annual retreat of the Risk, Audit, and Compliance Committee (RACC), held on Thursday at the Park Inn by Radisson, Abeokuta, Ogun State, the DG described recapitalization as a crucial opportunity to strengthen institutional resilience, rebuild trust, and deliver long-term value to stakeholders.
Delivering the keynote address titled, “Insurance Industry Recapitalization: Strengthening Governance Activities for Maximum Benefits”, the DG emphasized that capital adequacy alone is not sufficient.
“The true test lies in how well we govern through strong boards, sound risk management, effective internal controls, and transparent audit systems,” she said.
She reaffirmed NIA’s commitment to promoting capacity building, encouraging the adoption of digital tools, and supporting regulatory engagement that balances compliance with industry growth.
The DG called on professionals in audit, risk, and compliance to use the retreat as a platform for impactful action, stating, “You are the sentinels of organizational discipline and trust. This is our opportunity to build a stronger, more credible industry.”
A highlight of the retreat was the launch of the second edition of RACC’s industry-focused magazine, which explores critical topics such as artificial intelligence, internal controls, financial reporting, and sustainability, key issues shaping the future of insurance.
The retreat was well attended by industry leaders, including Stephen Alangbo, Managing Director/CEO of Cornerstone Insurance Plc, and Chukwuemeka Akwiwu, Group Executive Director (Technical), Continental Reinsurance Plc.
Also speaking at the event, Mrs. Oluwatoyin Charles, Director of Supervision at the National Insurance Commission (NAICOM) and Chair of the 2025 Recapitalization Committee, noted that NAICOM is positioning the industry to contribute more meaningfully to national economic development.
“Recapitalization is just one aspect of the NIIRA Act. With sufficient capital, we can ensure financial stability and attract foreign investment. Strong corporate governance is essential to achieving these goals,” she said.
Charles further noted that the NIIRA Act includes new provisions on corporate governance.
“Amendments and reviews are currently underway. Regarding mergers and acquisitions, we are developing clear implementation guidelines under the NIIRA Act 2025. A roadmap with timelines will be introduced to guide companies on necessary submissions and strategic planning,” she explained.
Chairman of RACC, Olugbenga Akinlalu, emphasized the relevance of the theme of the retreat, noting that it comes at a pivotal moment as the industry transitions through recapitalization.
