The pension sector in 2025 witnessed major regulatory revolution  tagged  Revolution 2.0 and series of reforms targeted at expanding pension coverage and securing seamless retirement future for Nigerian workers, writes Ebere Nwoji

For the pension sector, the year 2025 was  a year of revolution  and  retirement security for Nigerian workers  who contributes to the Contributory Pension Scheme (CPS). This is as a result of series  of reforms put in place by the regulator, the National Pension Commission (PenCom).

A revolutionary year because during the year, PenCom’s management took the bold step of  working towards fulfilling the mandate of  rebuilding trust, expanding  coverage, strengthening  governance, and moving the CPS firmly into its next phase, as directed by the federal government.

Indeed, the commission during the year laid a solid foundation towards fulfilling this mandate  through various reforms it initiated with assurance to Nigerians that it would definitely accomplish the mandate in the  new year.

Trust Issue in Pension

Before 2025,  the problem of trust has been a major issue in the pension sector culminating in  many employees and employers not complying with contributing  into the scheme and workers in different sectors of the economy agitating for exit from the scheme.

The  pioneer Director General of PenCom, Muhammad Ahmad, had at a retreat for members of house committee on insurance and pension told stake holders in pension that one of the greatest challenges which operators have been grappling with in the CPS  was how to build public trust and confidence to cause members of the public willingly key into the scheme with hope that their money entrusted in the hands of pension fund managers are safe and secured.  

He said the people saving their hard earned money with pension fund administrators needed to have some level of trust and confidence in  the people they are committing their fund to manage.

He said once the sector conquers lack of trust among pnd savers, the industry  would witness explosion in the number of workers and employers complying with the CPS.

 He said this explains why the Micro Pension Scheme launched since 2019 has not met its target because the individual target saver is still in doubt of the entire system.

PenCom and FG Target

But speaking on the activities of PenCom during the year , the current  Director General of PenCom, Ms Omolola Oloworaran, said: “I was confirmed as Director General of the National Pension Commission with a clear mandate: to rebuild trust, expand coverage, strengthen governance, and move the CPS firmly into its next phase. I am proud to say that this past year has been defined by bold decisions, structural reforms, and measurable impact”.

She highlighted some of the reforms embarked upon by the commission during the year as:formal launch of  Pension Revolution 2.0,  which she described as the most comprehensive reform agenda in the Nigerian pension industry since 2004. 

According to her, this was not cosmetic reform. It was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future-proof the pension system and position it as a pillar of national stability  and long-term development.

Of these reforms and revolutionary actions instituted by the commission during the year, one of the most historic milestones of the year was the presidential  approval and disbursement of N758 billion to settle outstanding  pension liabilities. Oloworaran said this was an unprecedented intervention  that has sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees.

Over the years, the media and other stake holders in pension sector have  been probing to know the quantum of Accrued Rights owed to contributing workers by the Federal Government.

This is because huge outstanding Accrued Rights owed to workers was standing as impediment to  retiring workers  collecting their retirement benefits as and when do. This is because the law establishing  the CPS said the Accrued Right must be paid into the workers’ Retirement Savings Accounts (RSA) before payment of his benefits by his Pension Fund Administrator(PFA) would be made.

But government over the years remained passive towards  clearing  of  the Accrued Rights  of its workers thereby causing delay in payment of workers’ benefit under CPS and  truncating the progress of CPS . To the extent that workers will retire and wait for as long as two years before receiving their  retirement benefits whereas their  contributed funds are much available with their  PFAs.

But in 2025, the federal government released a whooping N758 billion to clear all outstanding pension liabilities including the Accrued Rights. Government also cleared long-standing pension increase backlogs for federal  government treasury-funded retirees, some dating as far back as  2007. 

Gladdened by this, the PenCom DG stated, “What many believed would never be paid has now been paid. In addition, zero waiting time for the payment of accrued pension rights was restored with effect from July 2025. Today, retirees receive their benefits when due, not months or years later.”

Other achievements

Other achievements recorded by the industry during the year under review  according to Oloworaran  included: introduction of Pension Boost 1.0, which  added N2.68 billion to monthly pension payments for CPS retirees. Full automation of critical pension processes, including the Pension Clearance Certificate system, benefit processing, and contribution remittance platforms.

Improvement on operational efficiency through reduction of leakages and transparency.

 inauguration of the Board of Trustees of the PenCare Initiative, a landmark industry-wide intervention to provide free and accessible healthcare for low income retirees.

Establishment of the Pension Industry Leadership Council, a strategic platform that brings together industry leaders to drive innovation, reinforce accountability, and build collective ownership of reforms.

Also a new pension manager came into the system  with the name Parthian Pensions, which said its target is the retail market not necessarily the corporate institutions.

Another  major reform witnessed  by the industry during the year was restructuring and rebranding of the Micro Pension Plan into the Personal Pension Plan. 

Oloworaran said  it was  about meeting Nigerians where they are  including artisans, traders, gig workers, creatives, and informal sector workers.

The industry during the year also  witnessed capital increase  in tiered form.

According to PenCom , PFAs with assets under management below N500000 billion are to raise their minimum capital from N5 billion to N20 billion while those with assets under management above N5 billion are to raise their capital from N5 billion to N20 billion plus 1 percent of the excess assets under management. All PFAs have up to December 31 , 2026 to meet the new capital  requirement. Also new entrants into the business need N20 billion to commence. This, according to PenCom DG, is to build stronger  institutions, better risk management, deeper expertise, and a greater capacity to attract and retain skilled professionals.

Linking of Pension Clearance Certificates to participation across the pension industry value chain was another development witnessed by the sector during the year as well as activation of activities of recovery agents against the negative behaviour of deviant employers was achieved during the year and this led to the recovery of   N4.04 billion, from non complying employers.

 between the months of January to November 2025 compared to N1.44 billion  recovered in the whole of 2024. This represents an increase of over 180 percent. Most notably, N2.06 billion was recovered in the third quarter of 2025 alone, almost 150 percent of total recoveries recorded in the entire year 2024.

The pension sector also recorded  continuous increase in number of contributors  into the scheme.

According to PenCom, total RSA registration as at August 2025 was approximately 10.9 million up from 10.8 million as of June 2025. Likewise pension assets as of November 2025 grew to N27.052 trillion .

On the part of  PFAs, the operators during the year  under the aegis of Pension Fund Operators Association of Nigeria (PenOp), launched a  report titled, “Pension Funds and Infrastructures in Nigeria,” to educate the public on investment of pension funds  on infrastructural development.

PenOp in the report noted that though Nigeria has a huge infrastructure deficit, to the extent that World Bank estimates indicated that Nigeria required annual investments of about $100 billion  in infrastructure every year for the next 10 years,  the use of pension funds as alternative means of  infrastructural financing has not been given consideration.

PenOp said as a result, pension funds investments into infrastructure has continued to be largely untapped market and below one per cent of the sector’s Assets Under Management despite steady growth in pension assets.

“The use of pension funds for financing infrastructure remains untapped as a source of financing even when the investment guideline permits them to invest up to 10 percent of the fund into infrastructure,” the report stated.

The PFAs during the year embarked on digital transformation and customer experience .The administrators recorded significant growth in assets under management . For instance, in 2025, operators surpassed their target of growing their assets under management from N18.36 trillion in December 2024 to N20 trillion as they were able to grow their assets to N27.052 trillion as at November 2025.

Being gingered by PenCom through its licensed agents PFAs during the year 2025 began a kind of aggressive enrollment drives for informal sector workers into personal pension plan eg traders, artisans, farmers, gig economy workers . They leveraged USSD codes, mobile apps, and agent networks to simplify registration and contribution. 

Implementating Pension Enhancement Program

For existing retirees on Programmed Withdrawal, PFAs  implemented actuarial calculations to increase their monthly payouts due to the superior long-term returns generated on their savings. This tangible increase in retirees’ income is a direct achievement of prudent fund management.

Access to Housing via RSA

The year under review witnessed  a significant rise in the number of RSA holders applying for and receiving mortgage financing to become homeowners. PFAs worked  closely with the Federal Mortgage Bank of Nigeria (FMBN) and primary mortgage institutions to streamline the process, making homeownership a tangible benefit for active contributors.

Challenges Amidst Achievements

Amidst these achievements there are challenges such as  Inflationary Pressure: The real return on pension investments (nominal return minus inflation) remains a key focus. The  continuous volatility in Naira affected the valuation of foreign asset holdings.

Annuity suffered low  Penetration as most  retirees still opt for programmed withdrawals over annuities.

Other challenges as enumerated by PenCom are  coverage expansion has remained  limited, with many states and employers yet to fully comply.  A peep into the response of various states shows that many states are still far from keying into the  CPS scheme. While some state governments are yet to enact their pension law in line with Pension Reform Act, some have enacted but have not fully started operation.

Another major challenge faced by  the pension sector during the year was  how to get the sector operators especially managers of PFA roll their sleeves to work and play the role of chief marketers of the sector.

Over the years and up till now,  managers of the various PFAs are still relying on PenCom to spoon-  feed them when it comes to generating business and marketing their products.

This explains why they could not push the Micro pension scheme from 2019 it was launched up to 2025 when it was renamed personal pension plan.

They are all relying on the compulsory CPS which the law compels workers and their employers to key into .

As PenCom restructures and reintroduces  the Micro Pension plan in the new year, the onerous is on the PFAs to rise up and put on their thinking caps and evolve ways of capturing the individuals who are targets of the personal pension plan.

Ebere Nwoji

Shareholders of SUNU Assurances Nigeria Plc,  have approved a comprehensive recapitalisation programme that will enable the company raise up to N9 billion to meet the new Minimum Capital Requirement (MCR) for non-life insurers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The approval was granted at the company’s Extraordinary General Meeting (EGM) held on recently Lagos, which recorded an impressive physical turnout of shareholders.

Speaking at the meeting, Chairman of the Board, Mr. Kyari Abba Bukar, said the recapitalisation was necessitated by the NIIRA 2025 regime, which raised the MCR for non-life insurers from N3 billion to N15 billion, with a compliance deadline of July 30, 2026.

“As at September30, 2025, the company requires N9 billion to close the gap, which makes it imperative that we take decisive action to strengthen our capital base,” he said.

Bukar added that the recapitalisation would enhance SUNU’s balance sheet, deepen underwriting capacity, attract fresh investment and reinforce market presence. He also disclosed that the company plans to address its free-float deficiency on the Nigerian Exchange (NGX) as part of the capital-raising exercise.
Managing Director/CEO, Mr. Samuel Ogbodu, revealed that the SUNU Group, which currently holds 83percent  equity, intends to reduce its stake to 70% to enable more Nigerian investors participate in the company.

“This EGM was crucial for transparency and shareholder involvement. We now have full authority to proceed with the capital raise,” Ogbodu said.

Ebere Nwoji

Consolidated Hallmark Holding plc, said it has started reaping the gains of its transformation to a holding company structure two years ago as the group at the end of business year 2024 witnessed a remarkable leap of 404 percent in its profit before tax from N4.7 billion in 2023 to N23.2 billion in 2024. 

The group also witnessed 117 per cent growth in its assets from N26.2 billion in 2023 to N56.9 billion in 2024. Also, total profit attributable to shareholders for the 2024 financial year similarly moved to N22.58 billion from N3.8 billion in 2023.

Commenting on the positive performance, Consolidated Hallmark Holding’s Chief Executive Officer, Mr Eddie Efekoha, said the diversification the group embarked upon through strategic investment in the shareholding of stocks in other sectors yielded the desired results .

Efekoha who spoke at the second Annual General Meeting of the Consolidated Hallmark Holdings said: “2024, our first year of operations as a Holdco recorded significant strides and progress on multiple fronts.”

Ebere Nwoji

It has emerged that the Insurance Industry Reform Act (NIIRA), which was recently signedinto law by President Bola Tinubu, specified new minimum capital base for insurance and reinsurance underwriting firms.

The law, it was learnt, gave operators 12 months from the date of commencement of the bill to raise the minimum capital or risk cancellation of their registration as licensed operators.

The new Act required insurance firms underwriting general business to raise their minimum capital from the current N3 billion to 25 billion.

Life underwriters were required to raise their capital from the current N2 billion to N15 billion while reinsurance firms were asked to raise their capital from N10 billion to N45 billion.

According to the new Act, the operators have just 12 months effect from the date of signing of the Act to comply.

Also, the sector’s regulator, the National Insurance Commission (NAICOM), has been authorised by the new Act to publish the names of insurance and reinsurance firms that were able to meet the capital requirement after 30 days of expiration of the deadline.

Part 5 of the Act concerning operators’ minimum capital said, “An insurer registered before the commencement of this bill shall comply with the foregoing requirement within 12 months of the commencement of this bill.

“The Commission shall cancel the registration of any insurer or reinsurer that fails to satisfy the provisions of subsection (2) of this section as it relates to the category of operation of such insurer or reinsurer; andnot later than 30 days after expiration of the period specified in subsection (4) of this section, publish a list of all insurers that have complied with the provisions of this section.”

It added, “Where the Commission considers it appropriate, having regard to the nature, size and complexity of the insurance business carried on or proposed to be carried on by an insurer, and to the insurer’s risk profile, the commission may issue a directive requiring the insurer to increase its minimum capital to an amount higher than the minimum specified in this section or the regulations made pursuant to this section; or increasing the minimum capital requirements applicable to an insurer to a higher sum than that specified in this section or the regulations made pursuant to this section.”

It further said that at the commencement of the bill insurer should deposit the equivalent of 50 per cent of the minimum capital requirement referred to in section 15 of this bill with the Central Bank of Nigeria (CBN).

It said, “Minimum capital to be deposited with the CBN.insurer intending to commence insurance business in Nigeria after theregistration as an insurer, 80 per cent of the statutory deposit shall be returned with interest not later than 60 days after registration”.

In the case of existing companies, the new law said an equivalent of 10 per cent of the minimum capital stipulated in section 15 should be deposited with the CBN.

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Rex Insurance has announced the launch of its new digital platforms designed to revolutionise the way motor insurance is accessed and purchased. 

The company said the strategic initiative marked  a significant step towards enhancing customer experience and expanding market reach.

It further said the newly launched digital platforms, comprising an E-portal and website allows customers to purchase all Rex Insurance motor insurance policies with ease and transparency. 

It said the platforms have been optimised for speed, simplicity, and security, enabling real-time policy issuance, digital payments, and instant policy document delivery. 

The Managing Director & Chief Executive, Rex Insurance Limited. Mrs. Ebelechukwu Nwachukwu, while speaking on the development reaffirmed the company’s focus on customer satisfaction and regulatory adherence. She said to further fulfill the company’s mission of protecting individuals and their assets, Rex Insurance was  simplifying the process for vehicle owners to obtain the mandatory policy, ensuring they met all legal obligations. 

Also speaking on the initiative, Chief Digital Information Officer, Rex Insurance  Mr. Adeyinka Aderombi, said the future of insurance sales was  digital—where customers expected seamless, intuitive, and instant purchasing experiences. 

Adeyinka further added that  by integrating real-time underwriting and instant policy issuance, REX was turning what used to take days into a matter of clicks and every digital transaction in its platform was built with robust safeguards, ensuring customer data was  protected at every step. “At Rex Insurance, we have combined cutting-edge technology with unwavering commitment to privacy and compliance.The rise of digital insurance sales is not just a trend—it’s a transformation and our goal is to make buying insurance as effortless as possible – simple, secure, and stress-free,” he said.

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In a bid to ensure the wellbeing of Nigerian pensioners, the Pension Transitional Arrangement Directorate (PTAD) said it has concluded plans with the National Health Insurance Authority to enroll pensioners for the National Health Insurance Scheme in 2026.

The Executive Secretary/CEO, PTAD, Mrs. Tolulope Odunaiya disclosed this in Lagos while addressing Insurance and Pension editors .

The PTAD boss who was  represented at the occasion by the Head, Corporate Communication, Mr. Olugbenga Ajayi highlighted the rationale behind the plan.

He said the plan to enrol pensioners for the National Health Insurance Scheme underscores the Directorate’s commitment to the welfare and wellbeing of the pensioners.

According to him, “For us in PTAD, we are always working to ensure the wellbeing of our pensioners, ensuring they are comfortable, and are well taken care of.We have started negotiating health insurance for our pensioners because we know that the age they are is when they need healthcare more than even we that are working. Retirement is when people need government support more than the person who is collecting money every month. “We are working to ensure that by 2026, if not all, at least 90 per cent of PTAD pensioners would be enrolled in the National Health Insurance Scheme by the National Health Insurance Authority (NHIA).”

Ebere Nwoji 

The Chartered Insurance Institute of Nigeria(CIIN), is leaving no stone unturned in its efforts to promote insurance awareness and education among youths as it is currently partnering with IT institution, Sapphital Academy, to train one million youths on insurance profession.

The CIIN, is collaborating with the industry regulator, the National Insurance Commission (NAICOM) and Federal Ministry of Youth Development in the training  exercise.

To this effect, they have announced the launch of the innovative e-learning platform, designed by Sapphital Academy, exclusively for Nigerian youths to learn about insurance.

The CIIN in collaboration with Sapphital Academy launched this cutting-edge 40 modules platform of different insurance topics with various tutors from the industry to train not less than one million youths on insurance.

The institute said the initiative supported the Renewed Hope Agenda of President Bola Ahmed Tinubu to grow the country’s economy via insurance.

CIIN President/Chairman of Council, Mrs. Yetunde Ilori, FIIN, while bringing this innovative action into the limelight, commended the Institute’s Secretariat for providing expertise from the industry to train generations to come.

She said that the training platform was a historic one and would remain for decades as an insurance learning platform.

“We are thrilled to introduce this exciting new platform, which represents a significant milestone in our ongoing efforts to implement the EPIC Agenda which aims at supporting the professional development and networking needs of the masses”. The Registrar/CEO of the Institute, Abimbola Tiamiyu, appreciated the Commissioner for Insurance, Olusegun Ayo Omosehin, FIIN for taking up the challenge from the federal government  and believing in CIIN to uphold professionalism.

Ebere Nwoji

The Managing Director/CEO Universal Insurance Plc, Dr. Jeff Duru has said that the company had concluded plans to launch its enhanced third-party motor insurance cover for its customers and the general public.

Duru stated this at a recent insurance forum in Lagos while addressing Insurance and Pensioners newsmen.

While speaking on the future plans of the company, Duru said, “Our upcoming products include our third party enhanced motor cover. We have an enhanced third-party motor cover that is coming which will drive our third-party initiative to carve a niche in the motor insurance segment of the market.

“We also have our mini comprehensive insurance package that will be digitised, which will enable everybody to key into motor insurance because some people still see the comprehensive motor insurance package as very expensive. So, our mini comprehensive insurance package when it comes on board will enable you to buy insurance service and pay at your convenience. The package will enable you to pay to the extent that is affordable for you in terms of premium,” Duru stated.

The Universal Insurance Boss noted that the company had a rate assured policy that is about to be brought on board.

According to him the rate assured policy will enable property owners and tenants to have benefit of recovering their loss rate. 

“Assuming there is a fire damage, flood or extra loss that resulted in the loss of your residence or your building, we will be able to oblige you to have alternative accommodation. This will give you the peace of mind and security to continue your life,” he stated.

Ebere Nwoji

The British and Nigerian Insurance sectors recently established a new era of collaboration in business through the recent visit of the British Insurance Brokers Association (BIBA) to key insurance industry stakeholders in Nigeria.

During the visit, the BIBA CEO, Mr Graeme Trudgill met with key industry stakeholders, including the Nigerian Council of Registered Insurance Brokers (NCRIB), Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), and Insurance industry doyen and Chairman Scib Nigeria & Co Ltd, Olola Olabode Ogunlana.

The meeting with the Olola Olabode Ogunlana was particularly significant, given his recent recognition as a global insurance leader. 

In the month of May this year, Ogunlana was honoured with the International Lifetime Achievement Award at the BIBA conference in Manchester, a testament to his unparalleled contributions to the insurance industry over the past 73 years. This was the first time BIBA gave such an award. The prestigious award underscored Ogunlana’s dedication, expertise, and commitment to the insurance industry.

Ebere Nwoji

The Commissioner for Insurance (CFI), Mr.  Ayo Olusegun Omosehin, and the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, have both commended  the annual Insurance Meets Tech (IMT) Conference for its transformative role in accelerating digital adoption and innovation in Nigeria’s insurance sector.

The insurance leaders made the commendation during the Opening Ceremony of the maiden edition of the CIIN Insurance Awareness Week, held in Lagos. The event, which has the theme,“Insurance for All: Securing Nigeria’s Future,” brought together key insurance stakeholders, policymakers, technology professionals, and experts to discuss the future of insurance in Nigeria.

Ilori commended the consistent and rich discussions, as well as the relevance of the collaborative showcases, through which the annual engagement event has highlighted the importance of a technology-first approach in reforming the Nigerian insurance industry. In his remarks, Omosehin commended the work of IMT in reshaping the industry through innovation and the Convener’s commitment over the years.

He said digital innovation was no longer optional adding that rather it was essential to the growth and relevance of insurance in today’s Nigeria, adding that platforms like Insurance Meets Tech were not just forums for discussion but engines of disruption that were modernising how we engage with the insuring public. 

“I want to commend the Convener for this disruptive idea, calling all to embrace technology and build the trust necessary to deepen insurance penetration across all strata of society,” he said

The founding convener of the conference, Odion Aleobua, thanked the insurance thought leaders for the kind words, saying, “We are deeply honoured by the endorsement of Nigeria’s insurance leadership—Commissioner for Insurance, Mr. Olusegun Omosehin and CIIN President, Mrs Yetunde Ilori.”

Ebere Nwoji

Actuarial Scientist and Chairman Chief Executive officer of Anchor Actuarial Services, Dr Pius Apere, has said that recent proposal by the Director General National Pension Commission(PenCom), Ms Omolola Oloworaran, to introduce gratuity benefits for public servants under the  Contributory Pension Scheme (CPS) must be backed by law.

This, according to him, means that the initiative would require an amendment to the PRA 2014, particularly Section 7(1) (a) of the Act to avoid duplication of payment of lump sum benefits. 

Apere  disclosed this in a recent statement titled rationale behind retirement  benefits for CPS under PRA 2014.

He recalled that during a meeting held in June 2025, between the  PenCom DG and Head of the Civil Service of the Federation (HCSF), the PenCom boss had muted the idea of paying workers gratuity under the CPS.

He said this cannot just be done without recourse to the law establishing CPS.

“Any decision to reinstate gratuity scheme into the CPS must be backed by law, which will require an amendment to the PRA 2014, particularly Section 7(1) (a) of the Act to avoid duplication of payment of lump sum benefits. In the same vein, state governments are likely to introduce similar gratuity schemes for the state public servants. The only possible constraint will be the Federal and state governments’ ability to fund their gratuity liabilities including the cost of actuarial valuation whether as standalone scheme or embedded in CPS,” he said. 

According to him, the latter scenario will result in a Hybrid “Middle-way” scheme in operation – a scheme which offers both defined benefit (GS) and defined contribution (CPS) sections.

He however noted that the review of the retirement benefits for CPS under PRA 2014 was a welcome development and commendable initiative to improve the retirees’ welfare.

Apere noted that those who framed the CPS law , the PRA 2004 (as amended), did not consider the importance of pension increases when designing the two pension products in the CPS, namely Programmed Withdrawal (PW) and Retiree Life Annuity (RLA), to provide retirement benefits for the Retirement Savings Account (RSA) holders at retirement. He said in alternative, the framers made provision for Guaranteed Minimum Pension (GMP) in section 84(1) of PRA 2014 to protect the RSA holders against some of the risks of low investment returns and the erosion of pensioners’ incomes by inflation. 

Ebere Nwoji

The Pension Fund Operators Association of Nigeria (PenOp) recently held a Knowledge Sharing Session (KSS) focused on cancer awareness for young professionals.

PenOp said the exercise was part of its continuous efforts to promote knowledge sharing and overall well-being within the industry, 

It further said the two-hour session was aimed at sensitising participants to the risks associated with cervical and prostate cancers, and the importance of early detection.  Participants were encouraged to adopt preventive health practices and undergo regular health screenings.

The session was facilitated by Dr. Oluwatimilehin, a medical expert, who provided practical insights into the causes, prevention, and early detection of cancer. He began by explaining the basic differences between malignant and benign tumours, stressing the importance of regular check-ups and prioritising personal health, particularly among working professionals. Focusing on cervical cancer, Oluwatimilehin noted that it was  the second most common cancer in women globally and is primarily caused by high-risk HPV infections. He encouraged preventive measures such as HPV vaccination for children aged 8–14, regular  Pap smears, safe sex practices, healthy  lifestyle habits among others.

Ebere Nwoji

Insurance Underwriting giant, SanlamAllianz Nigeria has announced the launch of its inaugural Essay and Storytelling Competition for young Nigerians aged 10–16 years.

The competition according to the company goes beyond traditional writing contests, it leverages gamification and storytelling as tools for engagement, encouraging young minds to imagine bold futures while reinforcing values such as discipline, confidence and purpose. 

Speaking on the competition, Head, Strategy, Marketing and Customer Relations of SanlamAllianz, Chris Ekwonwa, the underwriting firm was partnering with Africa Comicade in organising the competition.

“The competition invites entries in the form of creative essays or short stories, giving children across the country the chance to showcase their imagination, voice, and originality. 

“Winners stand a chance to receive cash prizes of up to N200,000, branded gift packs, and national recognition. At SanlamAllianz, we believe confidence starts early, with how young people are encouraged to dream, tell their stories, and believe in their voice,” Ekwonwa, stated.

 According to him, the competition isn’t just about essays. It’s about empowerment. It’s about using writing and storytelling as a gamified entry point into bigger life conversations, about purpose, financial literacy, and imagination,” 

Ebere Nwoji

The Commissioner for Insurance, Mr  Olusegun Ayo Omosehin, has extended his heartfelt condolences and that of the entire insurance industry to the family of  the late  former President Muhammadu Buhari.

In his condolence message, Omosehin said, “It is with profound sadness that we received the news of the passing of His Excellency, Muhammadu Buhari, GCFR, former President of the Federal Republic of Nigeria. On behalf of the National Insurance Commission (NAICOM) and the entire insurance industry, I extend our deepest condolences to the family, friends, and the good people of Nigeria”.

He recalled that during Buhari’s tenure, he demonstrated unwavering commitment to the growth and development of the insurance industry, adding that his leadership had a lasting impact on the nation’s economic landscape.

“May his legacy continue to inspire us as we strive to build a more resilient and prosperous Nigeria. May his soul rest in peace; amen,” Omosehin prayed.

The insurance industry will for ever remember the late  former president for his recognition of the operators’  contributions to the Nigerian government during the COVID-19 outbreak during which the insurance industry  supported his government with insurance cover for frontline health workers.

Buhari had during a nationwide broadcast on April 27 2020  commended the sector operators’ gesture in offering life insurance cover to front line health workers.

Ebere Nwoji 

As the renewed drive to enhance insurance penetration in Nigeria begin to yield results, operators have applauded the sector’s performance in 20224 as they generated annual premium income of N1.562 trillion, an increase of 56 percent when compared with N1.03 trillion generated in 2023.

Penultimate week, the sector operators had predicted that the total premium income of the present year 2025 would hit N2 trillion.

The Chairman, Nigeria Insurers Association (NIA), Mr Kundera Ahmed, who stated this at the 54th Annual General Meeting (AGM) of the association held in Lagos said the sector achieved this despite the unique set of challenges and opportunities , inflationary pressure, foreign exchange fluctuation and evolving regulatory frameworks which tested the industry’s agility during the year.

He said through strategic innovations and collaboration, operators have remained steadfast in driving sustainable growth and market expansion.

According to Ahmed, out of the N1.562 trillion billion premium, Non-life business accounted for N1.1 trillion while life businesses generated N470.

“The sector’s assets during the year expanded significantly  from N2.67 trillion  in 2023 to N3.9 trillion signifying 46.1 percent growth.Market capitalisation also grew substantially from N850 billion in 2023 to N1.2 trillion showing 41 percent growth.Net claims paid by the industry amounted to N622 billion with the non-life segment  accounting for N437 billion and life segment for N185 billion,” he informed.

According to him, within  the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non- life products demonstrating strong quarter- on – quarter  increases.

He said the life insurance segment also saw substantial growth with group life insurance emerging as the largest premium generator.

He said despite this growth, insurance penetration remained low, with efforts to improve penetration tied  to addressing the enforcement of compulsory insurance policies, improvement in claims payment process and the consolidation of the insurance enabling laws.

On the activities of the NIA members during the year under review, Ahmed said they were geared towards the achievement of the goals of the association and  four strategic imperatives of his tenure as NIA Chairman.

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Prudential Zenith Life Insurance has said that is partnering  with  the Lagos Waste Management Authority (LAWMA) and the Lagos State Waterways Authority (LASWA),  for an impactful environmental clean-up campaign along the Ozumba Mbadiwe waterfront. The company said this is art of activities  to mark its  celebration of the  World Environment Day 2025.

It further said it was using the partnership and the accompanying environmental activities to reinforce its commitment to a cleaner, greener Lagos.

The underwriting firm said this is in line with this year’s global theme for environmental day celebration which is,  “Beat Plastic Pollution,” The initiative brought together over 50 volunteers, including staff from Prudential Zenith Life, LAWMA, and LASWA who gathered at the Five Cowrie Creek for a coastal clean-up and public awareness drive.

 Managing Director/CEO of Prudential Zenith Life Insurance,  Funmilayo Omo,   emphasised, “Sustainability is fundamental to how we deliver value. At Prudential Zenith Life, protecting lives means more than offering insurance; it means safeguarding the planet we all share. We are proud to stand alongside LAWMA and LASWA to demonstrate the power of partnerships in driving positive environmental change.”

She said the  initiative was  part of Prudential Zenith Life’s broader goal to build resilient communities in the areas where it operates, creating a more sustainable, inclusive, and responsible future.

Speaking, Head Marine Department,  LAWMA,   Lanre Shashore,   underscored the need for collective action in addressing environmental challenges. “Today, we didn’t just clean–we educated and inspired.” he said.

Also, LASWA General Manager Mr. Damilola Emmanuel also said, “Our waterways are vital to Lagos’ identity and economy. This collaboration is a meaningful step toward preserving them for future generations.”

Ebere Nwoji

Leadway Assurance Company Limited, has said that it posted N173.2 billion premium for the year ended December 31, 2024.

This represents a 51 per cent increase from N114.4 billion in 2023. 

The company said the exceptional growth not only solidifies it’s market leadership but also significantly supports the federal government’s initiatives aimed at growing the Nigerian economy by contributing substantially to the nation’s financial services sector and fostering economic stability.

In a move that aligns with the regulatory intention of deepening insurance penetration across Nigeria, the company also reaffirmed its unwavering commitment to policyholder protection by settling N117 billion in total claims. This payout , it stated, maintains Leadway’s eight-year streak as the industry’s highest claims-paying insurer, demonstrating the tangible benefits of insurance and building public trust, which is crucial for expanding the reach of insurance services.

According to Leadway Managing Director, GboyegaLesi, said the revenue growth was primarily driven by strong performance across key lines of business in the company’s insurance portfolio.

Claims expenses rose from N70.4 billion in 2023 to N117 billion in 2024, with the non-life segment accounting for N49.5 billion, followed by N44.9 billion in annuity payouts and N23.2 billion in life business claims.

“Our 2024 results reflect our resilience and readiness to adapt in an evolving market. This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners,” Gbeyoga said.

He further emphasised the company’s forward-looking agenda, stating: “We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership.

 “Our 2024 financial performance demonstrates the agility, foresight, and robustness of our business model. It reflects the dedication of our people and the enduring trust of our customers.”

“I am confident that Leadway is strategically positioned to navigate industry shifts and deliver long-term value to all stakeholders. Our ambition remains to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation.”

Ebere Nwoji

Lasaco Assurance Plc, has said it would continue to invest in technologies and systems that delivers tangible value to clients and drive industry innovation.

The Managing Director of Lasaco Assurance, Mr Abiodun Razzaq, who stated this at the 2025 customer forum organised by the company for its northern region customers in Abuja, said the forum’s interactive session offered an invaluable platform for open and constructive dialogue. 

He said the forum brought together a distinguished assembly of customers, including policyholders, brokers, corporate clients, and industry partners, to engage in a robust dialogue aimed at enhancing service delivery and aligning offerings with the evolving expectations of the Northern market.

In his opening remarks, Regional Manager (Northern Region), LasacoAssurance, Mr. Kunle Hamza underscored the company’s unwavering dedication to stakeholder engagement as a foundational pillar of its growth strategy. He emphasised that customer insights remain integral to shaping policies, refining service processes, and reinforcing the company’s brand promise.

He provided a compelling overview of Lasaco assurance’s recent performance and strategic priorities. He highlighted the company’s consistent premium income growth, bold digital transformation agenda, and ongoing operational restructuring designed to ensure responsiveness and resilience in a dynamic insurance landscape. 

Addressing the customers, Mr. Adedayo Adetokun, Head of Strategy, affirmed that Lasaco assurance was actively developing multiple digital platforms to cater forvarious customer segments—part of a broader digital innovation roadmap that positions the company for future growth. He noted that human capital development was also being prioritised with targeted investments in talent acquisition and training to enhance operational capacity.

In his closing remarks, Mr. Muyiwa Anwoju, General Manager, Sales, expressed the management’s deep appreciation for the feedback received. He assured participants that all contributions would be meticulously reviewed, categorised, and integrated into the company’s improvement plans. According to Anwoju, this forum marks the beginning of a renewed customer engagement framework, one that would be expanded across other regions in due course.

Ebere Nwoji

Leadway Assurance Company Limited, has said that it posted N173.2 billion premium for the year ended December 31, 2024.

This represents a 51 percent increase from N114.4 billion in 2023. 

The company said the exceptional growth not only solidifies it’s market leadership but also significantly supports the federal government’s initiatives aimed at growing the Nigerian economy by contributing substantially to the nation’s financial services sector and fostering economic stability.

In a move that aligns with the regulatory intention of deepening insurance penetration across Nigeria, the company also reaffirmed its unwavering commitment to policyholder protection by settling N117 billion in total claims. This payout , it stated, maintains Leadway’s eight-year streak as the industry’s highest claims-paying insurer, demonstrating the tangible benefits of insurance and building public trust, which is crucial for expanding the reach of insurance services.

According to Leadway Managing Director, Gboyega Lesi, said the revenue growth was primarily driven by strong performance across key lines of business in the company’s insurance portfolio.

Claims expenses rose from N70.4 billion in 2023 to N117 billion in 2024, with the non-life segment accounting for N49.5 billion, followed by N44.9 billion in annuity payouts and N23.2 billion in life business claims.

“Our 2024 results reflect our resilience and readiness to adapt in an evolving market. This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners,” Gbeyoga said.

He further emphasised the company’s forward-looking agenda, stating: “We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership.

 “Our 2024 financial performance demonstrates the agility, foresight, and robustness of our business model. It reflects the dedication of our people and the enduring trust of our customers.” “I am confident that Leadway is strategically positioned to navigate industry shifts and deliver long-term value to all stakeholders. Our ambition remains to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation.”

Ebere Nwoji

One of Africa’s biggest non-banking financial services powerhouse,  Sanlam and Allianz,  one of the world’s well recognised global insurer, have announced a significant milestone in their Pan-African expansion strategy with the successful merger of their operations in Nigeria. 

The merger, now branded as SanlamAllianz Nigeria, was officially announced in Lagos. SanlamAllianz Nigeria is part of a broader initiative by both parent companies to create Africa’s leading non-banking financial services group in different markets. By leveraging Sanlam’s extensive continental footprint and achievements and Allianz’s global reputation and technical expertise, this new entity aims to offer enhanced customer experiences, innovative insurance solutions, and improved financial inclusion in Nigeria.

Speaking at a press briefing on the event day, MD/CEO SanlamAllianz Life Insurance Nigeria,  Tunde Mimiko, said the event marked a transformative chapter for Sanlam and Allianz but, even more importantly, the Nigerian insurance industry. 

According to him, Our joint venture, SanlamAllianz, is the fusion of complementary strengths, global expertise, rich underwriting heritage, and local insights designed to expand access to world-class insurance solutions for millions of Nigerians.”At a time when Africa’s economic evolution demands more than traditional products.

MD/CEO, SanlamAllianz General Insurance Nigeria,  Yomi Onifade, said the emergence of SanlamAllianz Nigeria is timely and significant, especially as Nigeria has boldly announced its ambitions to achieve a $1 trillion economy. 

He said such an ambitious goal required the backing of a financially solid underwriter and exceptional risk management expertise.”We understand that building confidence in the market involves more than just offering insurance products; it requires strict adherence to governance, transparency, responsiveness, and excellence in service delivery.” He said at  SanlamAllianz, the managers  recognise the unique challenges that businesses and industries face and were  well-positioned to provide tailored solutions that inspired trust and deliver real value.

As various sectors  of the economy navigate through the first half of this year, Insurance sector operators said securing presidential assent to the Insurance Reform Bill is their highest expectation writes Ebere Nwoji 

The Insurance sector at the beginning of the business year 2025  was one of the sectors that  commenced the year with high hopes, enthusiasm and new dreams.

The sector’s hope was  anchored on the  belief that with  the passage of the Insurance Industry  Reform bill, late December 2024,  by the senate,  going by the speed at  which the present administration treats economic matters on its table, the bill would this time secure presidential assent. They  also believe that once the bill gets assent from the presidency, the insurance sector is good to go in its efforts to secure its  pivotal position  in the finance services sector of the economy.

Stakeholder, who spoke with ������Ƶ on the sector’s performance in the first six months of this expressed divergent views.

For instance,the Chairman Nigeria Insurers Association (NIA) Mr Kunle Ahmed said : “The insurance industry in the last five months witnessed some growth. Using the first quarter unaudited result of quoted companies as a barometer to measure the growth, some companies recorded more than 40 percent growth in revenue.

“The growth recorded will be better appreciated when viewed from the fact that the influence of currency devaluation has reduced considerably compared to last year, due to the relative stability of the naira this year. The changing market dynamics, increasing creativity of underwriters coupled with the drive for the enforcement of compulsory insurances, especially the third-party motor insurance are some of the factors responsible for the growth.”

Speaking further, he said despite the growth recorded, “we have noticed an increase in the request for short term cover by customers, driven by inability to pay one year premium from policy inception, in some instances some policies are yet to be renewed.  Insurance companies, like all other companies are still grappling with general increase in operational cost and increasing shortage of some required skills. I believe companies will overcome these challenges and the industry will potentially deliver over N2 trillion in 2025,” the NIA Chairman stated.The NIA is the umbrella body of all the insurance underwriting companies in Nigeria.

Sector’s Achievements

One  of the major achievements of the sector within this period  was the Passage of the Insurance Reform Bill by the Federal House of Representative. This means that what the industry is expecting at present is the presidential assent which will give the insurance sector a new  Act to replace the existing  and outdated 2003 Act under which the industry is operating currently.

The new Act will repeal several outdated laws, including the Insurance Act, Cap 117; the Marine Insurance Act, Cap M3; the Motor Vehicle (Third Party) Insurance Act, Cap M22; the National Insurance Corporation of Nigeria Act; and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, all of which were part of the Laws of the Federation of Nigeria, 2004.

The senate passed the Reform Bill in December 2024 while the House of Representative passed it in March 2025. 

It is now three months after the bill was passed by the two chambers and the industry is earnestly waiting for presidential assent.

 Going by their comments and actions,  insurers are very much optimistic that this administration would deliver on this long overdue issue of providing the insurance sector with fresh Act that meets the test of time in place of the 2003 Act which is now outdated with most of the contents   overtaken by events.

The insurers’  optimism is anchored on the fact that the present administration has been magnanimous enough to have the bill already passed by both upper and lower chambers of the house in this first tenure meaning that the president has enough time to assent to it before he leaves office.This is contrary to what happened in the Buhari ‘s administration. 

Indeed, the passage of the bill by the law makers was described by the insurance sector regulator the National Insurance Commission (NAICOM) as a mile stone achievement.

In his comment after the passage of the bill by the House of Representatives in March, the Commissioner for Insurance Mr Ayo Omosehin, said   “NAICOM welcomes Passage of the Insurance Reform Bill by the House of Representatives

“This is a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria.The Commission is enthusiastic about the prospects of the bill receiving assent from Mr. President, which will pave the way for the implementation of its provisions,” Omosehin stated.

Third Party Motor Insurance

Another milestone achievement recorded by the insurance sector within these first six months of this year is  the ongoing  enforcement of the the Third Party Motor Insurance by the police nationwide.

This took effect from February 1 2025.

The development was in compliance with section 68 of the insurance Act 2003.

The Inspector General of Police IGP Kayode Adeogun Egbetokun had announced that effect from February 1,2025 all motor vehicles plying Nigerian roads must have genuine Third Party Motor Insurance to protect other road users.

The development came exactly two years after NAICOM  increased premium rate on the policy by 200 percent.

At present, both NAICOM, police and Federal Road Safety Commission (FRSC) are collaborating to ensure an effective enforcement.The development so much impressed the insurers who have over the years been agitating for it.

In his analysis  of the success so far achieved in the Third Party Motor Insurance enforcement, NIA Chairmanduring a press briefing on the activities of the insurance sector in the first quarter of the year said: “The stricter enforcement of Third-Party Motor Insurance by the Nigeria Police Force, which commenced on February 1, 2025, is generating significant effects on both the insurance industry and policyholders in Nigeria.”

The most immediate and significant impact is the substantial increase in the purchase of third-party motor insurance policies. This surge in demand directly translates to higher premium income and overall revenue growth for insurance companies. Available reports indicated a significant increase in the uptake, and this trend is expected to be amplified by continued enforcement in 2025 and beyond,” he stated.

He however said the increase in uptake implies increase in the volume of claims and overall potential liabilities of insurance companies. 

He added that this  would necessitate that insurance companies enhance their claims processing efficiency and customer service capabilities to handle the increased workload and ensure policyholder satisfaction.

He was also optimistic that timely and efficient payment of claim obligations would  gradually lead to increased public trust in the insurance sector. “Interestingly, the increased awareness and enforcement can create opportunities for insurers to develop more attractive and user-friendly third-party insurance products and leverage technology (Insurtech) to improve service delivery,” he said.

Financial Performance

In the area of financials of the sector, increase  in the operating capital of insurance firms was major target of the industry during the year. Presently, insurance firms’ minimum capital requirements stand at N2 billion for life underwriters, N3 billion for general business, N5 billion for composite firms and  N10billion for reinsurers. But in the new bill, the regulator is seeking to increase the minimum capital to N10 billion for life underwriters, N15 billion,  for general business underwriters,  N25 billion for composite firms  and N35 billion for reinsurers. Both insurance managers and their regulator believe that if the insurance bill receives presidential ascent, the sector would  be robust enough to underwrite some of the big ticket accounts that are often flown abroad due to low capacity of indigenous firms.

Ahmed said: “The proposed significant increase in the minimum capital requirements for insurance companies will enhance the financial capacity of insurers to underwrite larger risks, improve their solvency, and increase public confidence in their ability to meet obligations. It also aims to improve the industry’s retention capacity and reduce reliance on foreign reinsurance.   

“The bill emphasises a shift towards risk-based supervision, which is a more sophisticated and effective approach to regulation. This will allow  NAICOM to better monitor and manage risks within the industry, ensuring stability and protecting policyholders.Indeed, both the operators and regulator  have come to agree that if there is anything the insurance sector needs most in the current  business year, it is the recapitalisation exercise if the sector must continue to exist.”

A breakdown of their financial performance showed that NEM Insurance  

assets increased to N152.09 billion compared to N121.93 billion as at 31 December 2024. Total liabilities stood at N73.83 billion, up from N56.49 billion in the previous period. Equity increased to N78.26 billion from N65.44 billion.

Insurance revenue for the quarter reached N46.06 billion, significantly higher than the N29.03 billion reported in the same quarter of the prior year. Profit after tax for the period was N12.82 billion, a substantial increase from N10.54 billion in the prior year quarter. The company said the strong performance was driven by increased revenue and effective cost management.AIICO Insurance Plc reported total assets of N439.7 billion, a six percent increase compared to N416.4 billion of 31 December 2024. Total liabilities stood at N367.1 billion, a five  percent increase from N348.7 billion. Shareholders’ equity increased to N72.6 billion, a  seven percent rise from N67.7

Regulatory Achievements

On the regulatory side  first half of the year period has witnessed a lot of regulatory changes, innovations, collaborations and initiatives.

For instance, within the period, NAICOM  new regulation for leased aircrafts  to boost aviation and insurance sectors, the commission within the period signed MOU with National Electricity Management services Agency (NEMSA), the commission also signed collaboration agreement to ensure compliance with the Third Party Motor insurance, it also collaborated with the police to launch a joint committee on compulsory insurance enforcement among others.

Overall, the insurance sector in this on going first half of this year has recorded notable achievements as elucidated by the operators however the sector is not immune from the  vagary effects of factors that have kept business environment in Nigeria very unfriendly year in year out.

Ebere Nwoji

Heirs Insurance Group, has opened applications for the fourth edition of its annual Heirs Insurance Essay Championship, targeted at Junior Secondary School students nationwide. 

This year’s edition features N10.5 million prizes for the winning students, teachers, and schools, reinforcing the group’s commitment to driving insurance awareness at an early stage.

Speaking on the competition, the Chief  Marketing officer Heirs Insurance, Ifesinachi Okpagu, said the  winning student would receive a N5 million scholarship along with a N1 million education grant for his  school.

She also said the  first and second runners-up would receive N2 million and N1 million scholarships, respectively. 

She said in addition, insurance-focused themes and quizzes have been embedded into the application process for students, ensuring early engagement with the concept of insurance.

According to Okpagu,   to participate, students must submit original essays of not more than 500 words on the topic: “The Role of Insurance in Keeping Families Safe and Secure” via the website.

According to her submissions are open from May 27 to July 8, 2025, adding that all  entries would be evaluated by renowned academics, with a quality assurance process conducted by Deloitte & Touche to ensure transparency and fairness.

In a significant expansion of the initiative, Okpagu, said the 2025 edition introduces the Teachers’ Insurance Awareness Prize – a new category designed to recognise and reward teachers who actively promote insurance education within schools and communities.

Ebere Nwoji

AXA Mansard, Insurance Nigeria, and the Lagos State Domestic and Sexual Violence Agency (DSVA), have announced a partnership to raise awareness and increase education about the menace of domestic violence , especially against the girl child in the country.

 The partnership, coming on the backdrop of the 2025 AXA Week for Good, will feature a range of activities from both entities. The Lagos DSVA will be providing technical and expert support in leading employee training, public awareness and guiding the various school activations which will be carried out by employee volunteers of AXA Mansard.

 Speaking after the partnership meeting at the office of the DSVA, Head of Marketing AXA Mansard Insurance, Olusesan Ogunyooye, said that they were impressed by the works and proactiveness of the DSVA and saw the year’s  edition of the company’s annual volunteering and CSR initiative as a way to support and contribute to what the DSVA is doing.

 “For us at AXA Mansard, our posture is that the future shouldn’t be at risk. And if we have to protect the future, then we must protect the children. So, building on our works against sexual and gender-based violence, we thought it fit to work with the DSVA during this edition of our annual global CSR week, AXA Week for Good”.

 “We note the remarkable works that DSVA is doing in combating domestic and sexual violence in Lagos and see this partnership as an opportunity to let them know  that their work is appreciated, but more importantly is working with them around this shared interest to rid our society of violence”.

 Commenting on the partnership, the Executive Secretary, DSVA, Mrs. Titilola Vivour-Adeniyi, expressed her pleasure at the collaboration, describing it as a step towards the right direction in tackling domestic and sexual violence against girls in Lagos State. She noted that partnerships with the private sector, such as this, were  critical in amplifying the zero tolerance stance of the Lagos State Government against all forms of Sexual and Gender Based Violence. She added that DSVA remains committed to providing expert guidance and resources to ensure that the initiatives under the AXA Week for Good created a meaningful impact and contribute to the broader goal of fostering a safer and more inclusive society for all.

Ebere Nwoji

Still in  earnest  search for ways of deepening insurance penetration and spreading  awareness, the immediate past Executive Secretary African Insurance Organisation(AIO), Ms Prisca Soares, has called for establishment of innovative platforms that will drive insurance to the awareness of all Nigerians.

Soares who stated this at a press briefing to announce the opening of nominations portal for this year’s edition of the annual Almond Insurance industry Awards  highlighted the importance of the Annual Almond Insurance  Award and its contributions to the industry adding that there was need for more of such initiatives.

Soares observed that there was significant gap between awareness and actual insurance penetration especially when measured against the country’s vast population.

She said with the nominations portal opened the Almond Insurance Industry Awards was one of the platforms created to drive insurance education and awareness in Nigeria.

 She expressed a strong belief in the power of the awards to shine a positive light on the industry, given the feedback and participation from previous editions.

She said to  ensure that the Almond Insurance Industry Awards meet international standards of similar awards in other jurisdictions,  some categories of the awards were dropped and new ones introduced to engender inclusivity across the entire spectrum, emphasising that the 2025 edition would continue to reinforce these standards.

She said that after the nominations were received on the awards website, the panel of judges would  review, shortlist, and oversee a transparent voting process that would  lead to the announcement of winners.

Earlier in her welcome address, Chief Executive Officer of Almond Productions Limited,  Ms. Faith Ughwode, said that Almond Insurance Industry Awards celebrated the “Can Do Spirit” of the men and women across the Nigerian insurance industry who continually break barriers to promote insurance, despite prevailing economic and social challenges.

“While insurance penetration remained  relatively low, practitioners continue to make impressive gains. According to the Nigerian Insurance Industry Report by NAICOM, the industry recorded a Gross Premium Income of over N1.2 trillion as at the end of 2024, a major milestone reflecting resilience and strategic innovation within the sector.

“The 2025 awards is in line with the industry’s  renewed focus of raising insurance awareness through focus on enforcement of the compulsory insurances and the regulators’ collaborative efforts with other relevant agencies of government to increase insurance uptake nationwide.” 

Ebere Nwoji

EmPLE, one of Nigeria’s leading insurance providers has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK).

As part of the launch, saw emPLE   planting 65 trees across strategic locations in Lagos. 

According to the company, the carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.

Speaking at the event, Managing Director emPLE General Insurance Limited, Oyinlade Olalekan, said at emPLE, the employees were deeply committed to empowering lives—not just through its financial offerings but by actively contributing to a more sustainable world. 

“The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos,” he added.

Also speaking, General Manager LASPARK, Mrs. Adetoun Popoola, commended the initiative, saying: “Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission.

She said collaborations like this help the firm to get more done and inspire residents and businesses alike to take sustainability seriously. 

“We are excited about what Green emPLE represents and we look forward to more impactful partnerships,” she stated.