Commissioner for Insurance Pledges Support for Factoring in Nigeria

By LOVETH AZODO, Lagos

The Commissioner for Insurance (CFI) and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has pledged to support a delegation from the Nigerian Factoring Working Group to realize the objectives of factoring in Nigeria.

The meeting was held the commissioner’s office in Abuja on Wednesday, August 28, 2024. The delegation which comprised of representatives from NEXIM Bank, the Central Bank of Nigeria (CBN), the German Agency for International Cooperation (GIZ), and Afreximbank, was led by Mr. Hope Yogo.

In his opening remarks, Mr. Yogo emphasized that the primary purpose of their visit was to seek collaboration and partnership with NAICOM and the insurance sector, given the critical role of insurance in the factoring process.

He highlighted the importance of engaging all stakeholders across the value chain to promote the growth and sustainability of factoring in the country.

Also, Mr. Yogo congratulated the new management of NAICOM on their appointment and expressed confidence in their ability to fulfill their mandate. He explained that the Nigerian Factoring Working Group, which is poised to evolve into an association soon, was established to create a supportive legal and regulatory framework for factoring in Nigeria.

In response, the CFI assured the delegation of the Commission’s full support for the development of factoring in Nigeria, reaffirming NAICOM’s commitment to fostering a conducive environment for its growth.