L-R: Mr. Ekerete Ola Gam-Ikon – Dep. Commissioner for Insurance Finance & Admin, Adetola Adegbayi, Mr. Shola Tinubu, Mr. Olusegun Ayo Omosehin- CFI, Dr. Yeside Oyetayo and Mr. Ajibola Bankole – Director Inspectorate
By LOVETH AZODO, Lagos
The National Insurance Commission (NAICOM) has launched the implementation phase of its ambitious National Insurance Industry Reform Agenda (NIIRA) 2025, marking a major step toward reshaping Nigeria’s insurance landscape through innovation, inclusion, and stronger enforcement.
At a high-level strategy meeting in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, inaugurated three specialised working groups to drive the structured execution of NIIRA’s key objectives across the industry.
The NIIRA 2025, signed into law earlier this year, provides a comprehensive roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement. It seeks to align Nigeria’s insurance practices with global standards, boost consumer confidence, and strengthen the role of insurance in national economic resilience.
Speaking during the inauguration, Omosehin described the launch as the beginning of a coordinated journey toward building a stronger, more transparent, and technology-driven insurance industry.
He said the NIIRA framework represents more than a regulatory document, but a blueprint for creating an industry that protects lives, businesses, and investments across Nigeria. The Commissioner emphasised that the new working groups would serve as engines of reform, ensuring that NIIRA’s policy goals are translated into measurable outcomes that deliver value to operators and policyholders alike.
The Compulsory Insurance Working Group, chaired by Mr. Shola Tinubu, will focus on strengthening enforcement and public awareness of mandatory insurance classes such as Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance. It is expected to collaborate with federal and state enforcement agencies to ensure compliance and promote public understanding of the benefits of compulsory insurance.
Leading the Digitization Working Group, Mrs. Adetola Adegbayi will oversee efforts to modernize the insurance regulatory ecosystem through technology-driven processes. The group will streamline licensing and claims operations, enhance transparency, and expand access to insurance products through digital and mobile platforms. The aim is to create a more agile, automated, and customer-centric insurance environment that leverages innovation to rebuild public trust.
For the Financial Inclusion Working Group, chaired by Dr. Yeside Oyetayo, the focus will be on deepening insurance penetration among low-income and underserved populations. The group will work closely with the Central Bank of Nigeria (CBN), fintech firms, and development partners to expand microinsurance and takaful offerings, ensuring that more Nigerians can access affordable risk protection.
Mr. Omosehin commended the commitment of stakeholders and called for stronger collaboration between regulators, operators, and consumers.
He noted that the success of NIIRA 2025 depends on collective ownership and active participation from all players in the insurance ecosystem. “This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development,” he said.
Senior management officials of NAICOM also reiterated the Commission’s resolve to maintain open communication channels, publish regular progress updates, and hold operators accountable to measurable benchmarks. They noted that NAICOM would continue to monitor implementation milestones to ensure that reforms are sustained and effective.
The NIIRA 2025 Implementation Strategy represents a unified and forward-looking approach to reforming the insurance sector, anchored on transparency, innovation, and inclusion. By creating clear structures for execution and empowering the working groups to deliver actionable outcomes, NAICOM has reaffirmed its leadership and commitment to strengthening the insurance industry’s contribution to Nigeria’s economic growth.
As the Commission pushes ahead with this implementation phase, the insurance industry stands on the brink of transformation one that promises to make insurance more digital, more inclusive, and more relevant to the everyday realities of Nigerians.
