NIA-RACC Retreat: Experts call for AI-driven governance, capacity building beyond recapitalisation
L-R: Controller II (Technical), Nigerian Insurers Association (NIA) Mrs. Bose Agbogun; Managing DIRECTOR, AIICO Insurance Plc, Babatunde Fajemirokun; Managing Director, Consolidated Hallmark Insurance Limited, Mary Adeyanju; Director Operations, NIA, Mr. Lanre Ojuola; Chairman of RACC, Olugbenga Akinlalu; Executive of RACC; and President, Chartered Insurance Institute of Nigeria, Mr Jide Orimolade, at at the 2026 Annual Retreat in Abeokuta, Ogun State on Thursday
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The Nigerian insurance industry must move beyond recapitalisation and focus on building technical, operational and human capacity to achieve sustainable growth, the Director-General, Nigeria Insurers Association (NIA), Mrs Bola Odukale, has said.
Odukale stated this in a keynote address at the 2026 Annual Retreat of the Risk, Audit and Compliance Technical Committee, themed, “From Capital to Capacity: Driving Resilience, Innovation & Trust Through Governance, Risk & Compliance,” in Abeokuta, Ogun State. She was represented by the Director, Operations, NIA, Mr Lanre Ojuola.
According to her, while capital provides the financial buffer to absorb shocks, it cannot on its own manage complex risks, prevent regulatory infractions, strengthen institutions or earn policyholders’ trust.
She said governance, risk management and compliance (GRC) functions should be repositioned from cost centres to strategic drivers of competitive advantage.
Odukale urged insurers to embrace technology-driven assurance through automated monitoring, data analytics and artificial intelligence (AI)-assisted compliance tools, while strengthening technical expertise in specialised risks such as commercial, marine, cyber and energy insurance.
During the event, RACC also launched its industry-focused magazine.
Also speaking, the Managing Partner, Risk Universe Consulting, Saheed Bashiru, said AI was already reshaping the global insurance industry, although adoption remained uneven.
In a presentation titled, “Artificial Intelligence Adoption & Optimisation,” Bashiru said Nigeria’s regulatory framework had provided a foundation for responsible AI adoption, with risk, audit and compliance functions serving as enablers rather than blockers.
He outlined an AI adoption roadmap of “Assess, Pilot, Scale, Govern & Optimise,” recommending continuous monitoring through live dashboards tracking model performance, drift, bias indicators and incidents.
Bashiru also called for regular, risk-based internal audits of AI systems and quarterly operational reports to boards, alongside annual strategic and audit reviews.
He urged insurers to invest continuously in AI literacy, hybrid AI-risk career paths and responsible AI values.
He advised Chief Financial Officers to incorporate AI return on investment and cost of inaction into capital and budget planning, while Chief Audit Executives should establish AI use-case inventories and baseline audits.
The Chairman of RACC, Olugbenga Akinlalu, said insurers must strengthen institutional capabilities, governance structures and risk management systems to maximise the benefits of recapitalisation.
Akinlalu, who is Group Head of Internal Audit, Continental Reinsurance Holdings, said stronger balance sheets must be matched by better talent, smarter technology, robust governance and effective risk management.
He urged risk, audit and compliance professionals to move beyond traditional assurance roles and become strategic contributors to business growth, stressing that the future of the industry would require strong institutions, competent professionals, ethical conduct and sound governance.
