Naicom, FCT Minister talk on compulsory insurance, Fitness Walk

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L-R: Chairman NAICOM Board, Chief Emmanuel Jideofor Nwosu and Hon Minister, FCT, Mallam Mohammed Musa Bello, during the courtesy visit in Abuja yesterday.


By Favour Nnabugwu


The Board and Management of National Insurance Commission (NAICOM ) met with Minister of the Federal Capital Territory (FCT) Mallam Mohammed Musa Bello to discuss the enforcement of compulsory insurances in the FCT and the insurance awareness fitness walk coming up next month.

NAICOM Board Chairman, Chief Emmanuel Jideofor Nwosu, while speaking at the event, appealed for the FCT Minister’s support just as he highlighted what the FCT stands to benefit from the partnership and expressed hope that “with the support of the Hon. Minister and indeed the Ministry, Abuja will lead NAICOM’s renewed awareness campaigns, sensitization and enforcement of compliance.

Chief Nwosu noted that in all Mega Cities across the world, aside from infrastructural development, there are social programmes and policies that are enforced for the benefits of the citizens and residents, adding that one of such policies in Nigeria is the compulsory insurances.

He said the development of the insurance sector in Nigeria hinges on the increased economic activities, improved level of awareness and the acceptability of insurance as a safety net for citizens, businesses and indeed public institutions.

On the benefits and advantages of insurance, he said “As we develop the sector, NAICOM’s partnership with the FCT and indeed the Hon. Minister will be critical in the following ways:

“The growth in economic activities, infrastructural development and increased population of Abuja means NAICOM will continue to partner with key players under the Ministry of FCT to provide cover for their businesses and persons.

“Abuja is the home of most Federal Government institutions and buildings and NAICOM will ensure their adequate protection.

“NAICOM will continue to encourage more and more players within the insurance sector to open up offices and centers in Abuja thereby facilitating skill transfer and development. This will further boost financial inclusion, faster digitalization and competitiveness of the FCT.”

He said it is worthy of note that in December 2020, NAICOM organized a Free 2-days Sensitization workshop for small businesses in Abuja and was a huge success with over 1000 businesses in attendance and 250 businesses receiving free insurance premium for one year.

In his remarks, the FCT minister, Mallam Musa Bello, stated that he was delighted to receive NAICOM officials and assured the Commission of his full support towards enforcement of compulsory insurances in the FCT as he has very close relationship with the industry.

The Honourable Minister requested NAICOM to provide him with details of agencies under his ministry complying with the requirements of compulsory insurances.

It was also agreed that a joint enforcement committee would be setup comprising relevant departments of the ministry, NAICOM and other relevant security agencies.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olorundare SundayThomas, in his response, said NAICOM is elated with the support and assurances from the Honourable Minister and promised to provide the information requested as quickly as possible

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