Uzoka-Anite, Omosehin charge insurance directors on NIIRA implementation

Nike Popoola

The Minister of State for Finance, Dr. Doris Uzoka-Anite, and the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, have called on insurance directors to demonstrate strong leadership and commitment in driving the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Speaking at the 2025 Insurance Directors’ Conference held at the Marriott Hotel, Ikeja, Lagos, with the theme “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth,” the duo emphasized that the reform represents a new dawn for Nigeria’s insurance industry.

Uzoka-Anite described NIIRA 2025 as a transformative framework designed to strengthen governance, deepen market growth, and rebuild public trust in the sector. She commended NAICOM and the College of Insurance and Financial Management (CIFM) for sustaining the annual forum as a platform for strategic engagement and capacity building.

According to her, the NIIRA framework aligns with President Bola Tinubu’s economic transformation agenda and seeks to position insurance as a catalyst for inclusive growth, stability, and sustainable development. “The reforms being implemented by NAICOM are positioning Nigeria not just to catch up, but to lead — to become a model for regulatory innovation and sustainable market growth across Africa,” she said.

Uzoka-Anite urged directors to embed compliance, transparency, and innovation in their operations, while extending insurance services to underserved segments such as farmers, artisans, and micro-entrepreneurs. She reiterated the Federal Government’s support for NAICOM’s reform agenda through fiscal incentives, capital market linkages, and inter-agency collaboration.

In his address, Omosehin reaffirmed NAICOM’s determination to ensure the full implementation of NIIRA 2025, describing it as a “pivotal moment” for repositioning the industry. He said the Commission’s strategic focus under the reform rests on three pillars — Reform, Rebuild, and Recapitalize — aimed at modernizing regulation, restoring public trust, and strengthening financial capacity.

He disclosed that all insurance and reinsurance companies have submitted their recapitalization plans ahead of the July 31, 2026, deadline, adding that NAICOM will begin communicating the outcomes of the reviews soon.

The two-day conference, jointly organized by NAICOM and CIFM, brought together regulators, directors, and key industry stakeholders to chart a path for compliance, innovation, and sustainable growth under the NIIRA 2025 framework.