Stephen Alangbo champions early insurance adoption at BusinessToday Conference
From left: Iremide Olatunji, founder, Data Analytics Elites Global Community; Olamide Olajolo, Managing Director/CEO, Coronation Insurance Plc; Ebelechukwu Nwachukwu, Managing Director/CEO, REX Insurance Ltd; Dr. Olufemi Oyetunji, Chairman of occasion/Chairman, Sanlam Life Insurance Nigeria Ltd; Nkechi Naeche-Esezobor, Managing Editor, BusinessToday Communication Ltd; Dr. Akeem Oyewale, keynote Speaker and 2nd Vice President, Chartered Institute of Stockbrokers; Oyelere Oluwaseun Isaac, Country Director, African Association of Young Insurance Professionals (Nigeria Chapter), and Stephen Alangbo, Managing Director/CEO, Cornerstone Insurance Plc, during the 9th BusinessToday annual conference/ exhibition, held yesterday in Lagos
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The 2025 BusinessToday Annual Conference/Exhibition took centre stage at the prestigious Oriental Hotel, Victoria Island, Lagos, bringing together key industry leaders, policymakers, and financial experts to explore ways to expand insurance and pension adoption in Nigeria. The event themed “Banking on The Future: Youths, Pension & Insurance Penetration,”provided a thought-provoking platform to drive awareness and innovation in financial security solutions, particularly among the younger generation.
Stephen Alangbo, Managing Director/CEO of Cornerstone Insurance, featured as a distinguished panelist, where he provided critical insights into the role of insurance and pension in securing financial stability across different life stages.
The conference was chaired by Dr. Olufemi Oyetunji, Chairman, Sanlam Life Insurance Nigeria Limited, with a keynote address delivered by Dr. Akeem Oyewale, MD/CEO of Marble Capital Limited & 2nd Vice President of the Chartered Institute of Stockbrokers.
During the panel discussion, Alangbo emphasized that financial planning should begin early in life, as many young people underestimate the importance of insurance. “There’s a common misconception that insurance is something you consider much later in life. However, the reality is that financial security starts with the right decisions made early. Even at 18, life insurance can serve as a protective shield for the investments your parents have made in you,” he noted.
He stressed the pressing need for more actuaries in Nigeria to enhance risk assessment and ensure the long-term sustainability of the insurance sector. “A thriving insurance industry relies on skilled actuaries to model and manage risk effectively. We must cultivate more professionals in this space,” he urged.
He further advised working-age individuals (21-60 years) to make financial security a priority, rather than succumbing to fleeting material desires. “The lure of luxury—expensive phones, designer brands—can be overwhelming, but true wealth lies in securing your future. Insurance and pension planning should not be an afterthought but a deliberate choice to ensure long-term financial well-being,” he said.
Alangbo also lauded the government’s mandatory pension scheme, stating that greater compliance could generate massive infrastructure funding while preventing old-age poverty. “A well-structured pension system does more than secure individuals—it also fuels national development,” he concluded.
Speaking on the conference theme, Convener, Mrs. Nkechi Naeche-Esezobor, highlighted the transformative role of technology in deepening insurance and pension penetration. “Nigerian youths are increasingly embracing technology, leveraging tech hubs, startups, and digital skills training to become innovators in the digital economy. These developments provide a unique opportunity for the insurance and pension sectors to extend their reach and drive socioeconomic progress,” she stated.
She further pointed out that Nigeria boasts one of the world’s largest youth populations, with 1.6 billion young people making up 70% of the country’s total population. According to her, this demographic shift presents an immense opportunity for industry growth, provided insurers and pension providers adopt digital channels to make their products more accessible. “To reshape perceptions around pension and insurance, we must tap into mobile platforms and digital solutions that seamlessly integrate with the lifestyles of young Nigerians,” she said.
The 2025 BusinessToday Annual Conference underscored the necessity of proactive financial planning, with key industry leaders advocating for innovative solutions to bridge the gap in insurance and pension adoption, ensuring a more financially secure future for all Nigerians.
