NIA-RACC Re-elects Akinlalu as Chairman, reviews 2025 milestones
From left: Mrs. Chris Anyasi, Nigerian Insurers Association Representative, Mrs. Modupe Akinwande, Deputy Chairman , Olugbenga Akinlalu, Chairman, Mrs Modupeade Adepoju, Chairperson, ERM Subcommittee, Julius Elusakin, Honorary Secretary and Mrs. Bose Agbogun, Controller NIA, all executive of RACC-NIA at the event.
Abdullateef Fowewe
The Risk, Audit and Compliance Committee (RACC) of the Nigerian Insurers Association (NIA) has held its 2026 Annual General Meeting on Thursday at the NEM Insurance Conference Hall in Lagos, reviewing 2025 achievements amid regulatory shifts and electing new executives.
Outgoing Chairman Olugbenga Akinlalu, re-elected with 99% of votes, hailed the year’s progress.
“All glory to Almighty God for the successes recorded in our activities for the year 2025,” he said, noting key wins like six-monthly technical sessions on topics including NIIRA recapitalisation and IFRS S1/S2 sustainability standards, a record-turnout retreat in Abeokuta, and inputs to NAICOM guidelines.
Challenges included regulatory complexity from the Nigerian Insurance Industry Reform Act (NIIRA) and funding gaps.
The electronic vote, one per company and overseen by Sanni Oladimeji, saw Modupe Akinwande win Vice Chairman with 76% votes, Julius Elusakin retain Honorary Secretary with 74% votes, and Bernice Onyebuchi secure the assistant secretary position with 85% votes.
NIA Director General, Bola Odukale, who was represented at the event congratulated the team.
“The Committee also made professional contributions to regulatory drafts, providing valuable technical input,” she said, urging prep for 2027’s Mutual Evaluation Exercise.
Akinlalu, Group Head of Internal Audit at Continental Reinsurance, brings two decades of experience in audit and risk, with credentials such as FCA and FIIN.
He previously rose through the RACC ranks from Assistant Secretary to Chairman.
