Olusegun Omosehin now NIA Chairman


L –  former chairman Mr. Tope Smart, immediate past chairman Mr Ganiyu Musa, newly elected chairman Mr. Olusegun Omosehin, Director General/CEO Mrs Yetunde Ilori and past chairman Mr. Oye Hassan- Odukale immediately after the election of Mr. Olusegun Omosehin as 25th chairman of Nigerian Insurers Association during its 51st Annual General Meeting in Lagos.


Mr Olusegun Omosehin, managing director and CEO of Old Mutual Nigeria Life Assurance, has assumed office as the 25th chairman of the Nigerian Insurers Association.

He was elected along with other executives at the association’s 51st annual general meeting (AGM) in Lagos

In his acceptance speech, Mr Omosehin said, “Please remember that the change we seek must start with us as an industry. We must strengthen our capacity to self-regulate and be bold and courageous in enforcing our market conduct.

“This will enable us as an industry to take our rightful place among the pillars of economic growth and development in Nigeria. We must understand the importance of protecting our collective dreams and aspirations and positioning ourselves appropriately to earn the trust of our nation.”

Mr Omosehin pledged to work with the insurance industry regulator, the National Insurance Commission, to arrive at solutions that work for a developing country like Nigeria. He also said he would collaborate with other arms of the insurance industry such as the Nigeria Council of Registered Insurance Brokers; the Institute of Loss Adjusters of Nigeria; the Chartered Insurance Institute of Nigeria; Association of Registered Insurance Agents of Nigeria, and others, to achieve a prosperous insurance industry

NCRIB, NIA strengthens ties for industry growth insurance


L- : Director General, Nigerian Insurers Association, (NIA), Mrs. Yetunde Ilori; President, Nigerian Council of Registered Insurance Brokers, (NCRIB), Mr. Rotimi Edu,mni; Outgoing Chairman, NIA, Mr. Ganiu Musa; Incoming Chairman, NIA, Mr. Segun Omoshin; Executive Secretary/CEO, NCRIB, Mr. Tope Adaramola and Hon. Treasurer, NCRIB, Mr. Ayo Akande during a courtesy visit of NCRIB delegation to NIA

L – President, Nigerian Council of Registered Insurance Brokers, Mr. Rotimi Edu, mni presenting the miniature of NCRIB 60th Anniversary Mascot to the outgoing Chairman, Nigerian Insurers Association, Mr. Ganiu Musa during a courtesy visit of NCRIB delegations to NIA, with them is the Executive Secretary/CEO, NCRIB, Mr. Tope Adaramola


By Favour Nnabugwu



The Nigerian Insurers Association, NIA and the Nigerian Council of Registered Insurance Brokers, NCRIB have tighten the bond between them to grow the insurance industry by accelerating its contribution to Nigeria Gross Domestic Product

This intention was expressed at the meeting of heads of the NCRIB led by its President, Mr. Rotimi Edu, mni when the Council’s delegation visited the NIA in Lagos in his speech, Mr. Rotimi Edu noted that the industry’s crave for cohesion and professionalism for effective services rendition to the public could only be achieved if Insurance Brokers who are members of the NCRIB accelerate their collaboration with Underwriters under the aegis of the NIA “Revitalisation of the various Joint and Technical Committees of the industry is being put at the front burner to facilitate effective sharing of information between our two unique professional divides in the industry”, Edu noted

The NCRIB President averred that the insurance industry operators should always see themselves as cooperators rather than competitors in order to project an acceptable front before the insuring public.

Earlier, the outgoing Chairman of the Nigerian Insurers Association, Mr. Ganiu Musa pledged the readiness of the NIA to cooperate with Insurance Brokers body to reenergize the Joint Technical Committee, noting that no effort should be spared in exchanging information with a view to making the industry vibrant and contribute to the national economy.

Universal Insurance Premium Income stands at N4.1bn In H1 2022

By Favour Nnabugwu




Universal Insurance Plc, Nigeria’s foremost insurance company, achieved a leap with a l premium income of N 4.1 billion during the first half of 2022 ended 30th June 2022.

The figure, according to the company, is far above what was achieved in the whole of year 2021.

The company’s premium income at the end of 2021 stood at N3.4 billion; while a total sum of N459 million was paid as claims.

The Company’s report for second half of 2022 showed a profit after tax of N796 million and a total claims paid of N348 million.

The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, made these disclosures in his speech on the occasion of the formal inauguration of the newly elected executives of the National Association of Insurance and Pension Correspondents (NAIPCO) which took place in Lagos today, and was sponsored by Universal Insurance Plc.

Dr. Ujaotuonu who was ably represented at the occasion by the Company’s Secretary and Head of Corporate Communications Department, Chinedu Onyilimba, said the performance was made possible as a result of aggressive moves in driving its business development especially by providing special tailor-made products in their retail operations.

“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion which led to opening of new branches, enlargement of our marketing units which also led to the engagement of new staff made this possible,” the MD/CEO stated.

He said the company is poised to drive, achieve and surpass its N6.5 billion target set for 2022 despite harsh economic environment.

Dr. Ujaotuonu said the company, as part of its strategy, will continue in its business expansion to meet its target of making its products and services available to its prospective customers across the nation, noting that the firm is expanding its investment and leveraging technology to drive its retail operations.

“We are also expanding our investment in and deploying technology especially in our retain operations, this will help us make our numerous tailor-made products accessible to the populace,” he said.

Dr. Ujaotuonu pledged his company’s commitment to continue to collaborate with NAIPCO to advance the course of insurance and pension industry in Nigeria.

The inauguration was jointly sponsored by Universal Insurance Plc, Anchor Insurance Limited, and Sovereign Trust Insurance Plc.

STI vows to continously create exceptional value for customers, stakeholders

By Favour Nnabugwu



Sovereign Trust Insurance Plc has vowed to continuously create exceptional value for shareholders.

Managing Director/Chief Executive Officer of the Company, Mr. Olaotan Soyinka made this know at the inauguration of the new executive members of the National Association of Insurance and Pension Correspondents, NAIPCO, in Lagos, sponsored by Sovereign Trust Insurance Plc.

Soyinka noted that Sovereign Trust, is committed to innovative products and services that will improve the life of customers even as it has created an enhanced Third Party Motor insurance policy for the insuring public.

Soyinka who was represented by Deputy General Manager, Sales & Corporate Communications, Mr. Segun Bankole said: “Our mission is to enhance the everyday life of our customers through innovative insurance and financial services while creating exceptional value for our shareholders.

“As an organisation, we have been driven by our vision and mission and that attest to the fact that some of the profitable oil and gas businesses in the country, we can beat our chest that we are one of the proud underwriters in that regard.”

On the enhanced Third Party Motor insurance, Soyinka said: In terms of innovation, we have the product called the Enhanced Third Party Motor Insurance. We taught of the usual third party whereby when a claim occurs; it is only the third party that gets the benefit of having his or her vehicle repaired.

But with our enhanced third party, which is just N7,500 per annum, you have the third party being insured in case of any damage to the tune of N1 million and the insured himself or herself has that limit of liability up to the tune of N500 thousand.”

According to Soyinka, the reason for the enhanced third party motor cover is to protect their customers.

“What was the reason behind the enhanced third party motor cover? You will agree with me that economic wise, the country is not smiling. So we lost people who would rather not continue with their insurance due to the economic situation of the country.

So we deemed it fit that instead of losing a particular client, we should still be able to keep them in our dragnet. So customers will still have the feel that they have insurance. Although it is not comprehensive but at least the customer is still covered.”

Soyinka stressed that Sovereign Trust will continue to support NAIPCO, adding “You will recall that one of our journalists recently had an accident. Incidentally, he has a third party policy with us, but the person that bashed his car has a third party with another company.

We have been trying to see how we can help him get his claims sorted out as fast as possible. Extending that hand of fellowship is so critical to the success of our organisation. We do not in any way underestimate what you represent in the Nigerian society as journalists. So we are solidly behind you and will continue to support you as an association.”

Meanwhile, the following officers were inaugurated to pilot the affairs of the Association for the next two years: Nkechi Naeche-Esezobor, Publisher/Editor-in-Chief, Business Today (Chairman); Ngozi Onyeakusi, Publisher/Editor-in-Chief, Super News Online (Vice Chairman); Rosemary Iwunze, Insurance/Pension Editor, Vanguard Newspaper (General Secretary).

Others are Edet Udoh, Publisher/Editor-in-Chief, the Revealer Online (Assistant General Secretary); Adejoke Adeyemi, Insurance and Pension Editor, News Agency of Nigeria (NAN) (Treasurer); Matthew Otoijagha, Publisher/Editor-in-Chief, Business Wrap Online (Financial Secretary); and Amaka Obiefuna, Publisher/Editor-in-Chief, News Corner Online (Public Relations Officer).

NASS urges FG to maximise CFTZ potentials to boost economy


Prof. Adesoji Adesugba MD NEPZA leading members of House Committee on Commerce on tour of Calabar Free Trade Zone.


By Favour Nnabugwu



The House Committee on Commerce says the ongoing process to concession the Calabar Free Trade Zone (CFTZ) is a positive approach in unleashing the full potentials of the zone to significantly boost the country’s economy.

Deputy Chairman of the committee,  Hon. Richard Gbande said this on Wednesday when he led some members of the committee on an inspection tour of the zone in Calabar.

Recall that the management of the country’s only two public zones located in Calabar and Kano are on the verge of being handed over to private investors.

The lawmaker, representing Katsina-Ala/Ukum Federal Constituency of Benue State, explained that the public must understand what led the Federal Government to adopt the free trade zone scheme, adding that it was basically aimed to spike industrialization and economic growth.

He, however, said that the scheme required a long period of sustained funding to yield any significant benefit to the country.

Gbande further said that the Nigeria Export Processing Zones Authority (NEPZA) had so far performed well within its limited resources, adding that the impact of the scheme had reflected positively on the country’s Gross Domestic Product (GDP).

“We are in the Calabar Free Trade Zone to see the progress the business ecosystem is making and I can say that NEPZA has done well so far for keeping the country’s pioneer free zone intact and working.

“The committee has noticed some of the challenges which include outside infrastructure and the dredging of the Calabar Port.

“ In spite of these challenges, the enterprises, most of which are foreign companies are still functioning and helping to provide employment for the locals as well as serving the markets.’’ he said

Gbande explained that the zone would be brought to the required optimal level of competitiveness when handed over to private investors.

Prof. Adesoji Adesugba had used the occasion to express delight on President Muhammadu Buhari commitment and support in truly revamping the scheme to meet international standards.

The NEPZA boss explained that the Federal Government was committed to ensuring stable electricity supplies in the Calabar and Kano free trade zones, adding that the recent blackout in the Calabar zone had been addressed.

He further said that the government’s approval of funds for the development of infrastructure at the two public zones and two other new ones was an indicator of the president’s commitment to reposition the scheme.

According to him, the Authority has continued the execution of the power and other projects in Kano, Calabar, the Textile & Garment Park as well as the Medical Special Economic Zone in Lagos.

“Already, works are ongoing in these areas as infrastructure development remains the bait that can attract investors to the zones.’’ Adesugba.

Faces @ the inuaguration NAIPCO executives in Lagos


L- Sovereign trust Insurance PLC, Segun Bankole; Chairperson of NAIPCO, Mrs. Nkechi Naeche-Esezobor; Director, Communication, National Insurance Commission (NAICOM), Rasaaq ‘Salami; Company’s Secretary and Head of Corporate Communications Department, Universal Insurance PLC, Chinedu Onyilimba at the inuaguration of newly elected executives of NAIPCO in Lagos today



The National Association of Insurance and Pension Correspondents, NAIPCO, inagurated the new executives of the association in Lagos today

Micro Pensioners withdraw N22.4 bn from 118 MPC

By Favour Nnabugwu
Not less than N22.4biiion has been by Micro Pensioners as contingency withdrawal From 118 Micro Pension Companies, MPC as at July 2022, according  to the Director-General of the National Pension Commission, PenCom, Mrs Aishat Dahir-Umar
Dahir-Umar during a one-day workshop the Commission organised for Pension Correspondents Association, PENCAN in Abuja
Conversion from informal to formal sector hit N4.9bn from 430 Retirement Savings Accounts, RSA, while the total contributions under the Micro Pension Plan(MPP) has risen to N296.96 million  with 81.6m registered as at July 31, 2022,  about three years after its launch.
Represented by the Head, Micro Pension, Mr Dauda Ahmed in her paper, Micro Pension Plan: Bringing Financial Security
at Old Age to the Doorsteps of the Informal Sector.
PenCom DG said the commission’s commitment to creating awareness and holding social dialogue on the workings of the Contributory Pension Scheme(CPS).
“The MPP was conceptualised to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.
“The MPP was implemented to curb old-age poverty by assisting the workers, as mentioned above, to contribute while working and build long-term savings to fall back on when they become old,” she stressed.
Faces @ PenCom workshop for Pension Correspondents in Abuja


L- Head, Investment, Mr Ibrahim Kangiwa, Head, Micro Pension, Mr Dauda Ahmed; Head, Corporate Communication, Mr. AbdulquadirM. Dahiru and Head, Benefit & Insurance, Mr Obiora Ibezeago during the  workshop at RockView Royal, Abuja


National Pension Commission, PenCom, organised a day workshop for Pension Correspondents Association of Nigeria, PENCAN in Abuja today

Journalists at the workshop