Leadway Assurance, Nigeria’s leading insurance services provider and a subsidiary of Leadway Group, a foremost non-banking financial services and wellbeing conglomerate, has thrown its weight behind efforts to advance Nigeria’s insurance industry through its sponsorship and support of the launch of the Insurance Sector Strengthening Programme (ISSP), a five-year initiative.

The programme, held in Abuja, was designed to address key challenges limiting insurance growth in Nigeria, including low public awareness, weak consumer confidence, inadequate distribution, capacity constraints, and limited insurance adoption among women, young people, and Micro, Small and Medium Enterprises (MSMEs). The ISSP seeks to increase Nigeria’s insurance penetration from the current 0.5 per cent of Gross Domestic Product (GDP) to 1.5 per cent by 2028, with a broader target of 10 per cent by 2031.

Speaking at the launch in Abuja, the Commissioner for Insurance and Chief Executive of NAICOM, Mr Olusegun Ayo Omosehin, said the programme would provide a coordinated framework to translate industry reforms into measurable improvements in insurance coverage and consumer confidence.

According to him, “The ISSP initiative will focus on six key areas: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value-chain development. Efforts to expand insurance coverage must be supported by strong underwriting standards, good corporate governance, effective claims administration, transparency and adequate policyholder protection. Regulation must serve as both a shield for policyholders and a compass for responsible market development.”

Supporting the initiative, the Head, Commercial Division, Leadway Assurance, Mr. Olawale Alao, described the ISSP as a timely intervention capable of tackling both the structural and perception-related challenges confronting the industry. Alao said the programme offered stakeholders a structured platform to identify market gaps and develop practical solutions to improve public understanding and participation.

He said its success would largely depend on changing the perception of insurance from an optional financial product to an essential part of everyday life and financial planning.’

“Over the next five years, we believe this initiative can deepen awareness, particularly among young Nigerians, build stronger trust in the sector and encourage more people to see insurance as an essential tool for protection and financial resilience,” he said.

Alao said increasing the number of policyholders alone would not be sufficient, stressing that Nigerians must also understand the value of insurance and be able to incorporate it into their everyday financial decisions. He added that stronger awareness and confidence in insurance would be particularly important among younger Nigerians, who represent a major part of the country’s future consumer and investment base.

Also speaking on this initiative, Team Lead of the ISSP Design Team and Managing Director of EMDI Capacity Development Ltd., Bukola Ifemade, called for urgent and coordinated action to unlock the trillion-naira potential of Nigeria’s insurance sector.

“This flag-off marks the beginning of this mobilisation. Success will require strong partnerships and a sustained commitment to innovation and inclusion,” he said.

The ISSP executive summary estimates that only about five per cent of Nigeria’s population currently has insurance coverage, while 78 per cent lack basic insurance knowledge. Women account for 32 per cent of policyholders, people aged 18 to 35 make up less than 20 per cent of the industry’s customer base, and insurance penetration among MSMEs is estimated at eight per cent. To address these gaps, the programme will target five million members of the general population, two million women entrepreneurs and decision-makers, 1.5 million young Nigerians and 250,000 MSMEs across Nigeria.

For Leadway, supporting the ISSP aligns with its commitment to building a formidable insurance industry by enhancing awareness, building consumer confidence, and making financial protection more accessible to individuals, families, and businesses.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering diversified solutions across insurance, pensions, health, and asset management.

Founded in 1970, the company has built a legacy of trust and innovation, serving millions of individuals and businesses across Nigeria and West Africa.

REJOINDER TO A FALSE AND MISLEADING PUBLICATION ON THE RECENTLY CONCLUDED RECAPITALISATION EXERCISE 

The attention of the National Insurance Commission (NAICOM) has been drawn to a publication titled “100 Billion Fraudulent Insurance Recapitalisation: EFCC Detains NAICOM Director and Commissioner, Both on Bail”, published on 9 September 2026 being sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are currently under liquidation.

The Commission categorically states that the publication is false, misleading, malicious, and a deliberate misrepresentation of facts designed to misinform the public, undermine regulatory processes, and cast aspersions on the integrity of the Commission and its officials. 

Background to the Recapitalisation Exercise

The recently concluded recapitalisation exercise in the insurance sector was conducted strictly in accordance with the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, pursuant to clearly articulated Guidelines issued by the Commission to ensure a transparent, orderly, and legally compliant implementation process.

The exercise was undertaken as part of the Commission’s statutory responsibility to strengthen the financial capacity, solvency, and resilience of insurance institutions for the protection of policyholders and the overall stability of the insurance sector.

It is important to state that the court order being referenced and publicized by the promoters does not in any way restrain the Commission from carrying out its statutory mandate and regulatory responsibilities under the law. NAICOM remains fully empowered and obligated to discharge its functions in accordance with extant legislation and regulatory requirements. 

False Allegations Against the Commission and Its Officials

Contrary to the claims contained in the publication alleging detention, fraudulent recapitalisation activities, and misappropriation of funds by officials of the Commission, neither the Commissioner for Insurance nor any Director of NAICOM has been indicted, charged, or found culpable in respect of any fraudulent activity whatsoever.

The allegations presented in the publication are entirely unsubstantiated, speculative, and misleading. They do not accurately reflect the true circumstances of the matter and appear calculated to create a false narrative capable of eroding public confidence in the Commission and the Nigerian insurance industry. 

Clarification on EFCC’s Request for Information

For the avoidance of doubt, the Economic and Financial Crimes Commission (EFCC) recently requested information and explanations from the Commission regarding certain allegations that had been circulated by same promoters in sections of the media.

Consistent with its longstanding commitment to transparency, accountability, and cooperation with law enforcement and other government institutions, NAICOM promptly responded to the EFCC’s request and provided all relevant information and clarifications sought.

It is important to emphasize that responding to a request for information from a law enforcement agency is a routine administrative process and should not be misconstrued as evidence of wrongdoing, indictment, detention, or culpability. At no time did the Commission receive any finding of wrongdoing in relation to the matters on which clarification was sought. 

NAICOM’s Commitment to Good Governance

NAICOM remains a law-abiding institution that operates strictly within the framework of its statutory mandate and is committed to the highest standards of corporate governance, transparency, regulatory integrity, and accountability.

 The Commission has consistently discharged its responsibilities in the interest of policyholders, insurance operators, investors, and the wider Nigerian economy while ensuring compliance with applicable laws, regulations, and due process.

The Commission cannot stand by and allow malicious attempts to present unverified allegations as established facts, thereby creating false impressions among stakeholders and members of the public. 

Call for Responsible Journalism

NAICOM believes that responsible journalism demands accuracy, fairness, balance, and verification of facts before publication, particularly where reports concern public institutions and issues capable of affecting confidence in critical sectors of the economy.

Accordingly, the Commission calls on the publishers of the story and all those responsible for its dissemination to immediately retract and correct the misleading publication and urge for presentation of the factual position in the interest of fairness, professional ethics, and responsible public discourse.

Advisory to Stakeholders and the General Public

Stakeholders, industry operators, investors, and members of the public are advised to disregard the publication and rely only on official communications issued by NAICOM and other competent authorities concerning matters relating to the Commission and the regulation of the insurance industry.

NAICOM remains fully committed to cooperating with all lawful enquiries by relevant government agencies and will continue to discharge its regulatory responsibilities with professionalism, integrity, transparency, and in the best interest of the Nigerian insurance industry. 

Signed:

Management

REMARKS BY THE COMMISSIONER FOR INSURANCE/CEO, NATIONAL INSURANCE COMMISSION (NAICOM), MR. OLUSEGUN OMOSEHIN AT THE SIGNING OF THE MEMORANDUM OF UNDERSTANDING BETWEEN NAICOM AND THE NIGERIA CIVIL AVIATION AUTHORITY (NCAA).

It is a distinct honour to join you for the formal signing of this Memorandum of Understanding between the National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA).

This occasion represents not only the strengthening of institutional co-operation, but also a clear affirmation of our shared regulatory commitment to the safety, integrity, and resilience of Nigeria’s aviation ecosystem.

Today’s event is therefore a significant milestone in deepening collaboration between two critical regulators whose mandates, while distinct, are mutually reinforcing. Through this partnership, we are advancing a more co-ordinated framework for compliance, risk protection, information sharing, and stakeholder confidence—one that better serves passengers, operators, insurers, financiers, lessors, international partners, and the Nigerian public at large.

The aviation industry occupies a strategic position in our economy, providing critical services that support commerce, tourism, investment, and national development. Given the nature of aviation operations, effective insurance protection is not merely a regulatory requirement; it is an essential risk management tool that safeguards lives, property, businesses, and the broader economy.

It is therefore imperative that regulators work together to ensure that the insurance arrangements supporting the aviation sector remain adequate, valid, and responsive to emerging risks. 

For NAICOM, this partnership aligns squarely with our statutory responsibility of ensuring a sound, stable, and reliable insurance industry. Through this collaboration, NAICOM will continue to provide regulatory oversight and technical expertise in insurance matters, including the verification of aviation insurance arrangements, the provision of information on licensed insurers authorized to underwrite aviation risks, and support for initiatives that protect Nigerians and promote industry compliance. 

The Memorandum also establishes a Joint Technical Committee which will serve as the engine room for the implementation of our shared objectives. The Committee is expected to facilitate information sharing, conduct periodic reviews of insurance requirements, address operational challenges, coordinate stakeholder engagements, and promote capacity building for both institutions and industry participants. 

I wish to assure the NCAA management of NAICOM’s full commitment to the success of this Committee. We will provide the necessary technical support and expertise to ensure effective delivery of its mandate. We regard the Committee as a strategic platform for strengthening regulatory cooperation, enhancing the integrity of aviation insurance arrangements, and promoting stakeholder confidence in the sector. 

We are particularly encouraged by the provisions that promote the exchange of information, joint stakeholder engagement, training initiatives, and the periodic assessment of insurance cover maintained by operators within the aviation ecosystem. These measures will contribute significantly to improved regulatory effectiveness and enhanced confidence among stakeholders. 

Let me also emphasize that beyond the provisions of this MoU, the success of this collaboration will depend on sustained engagement, mutual trust, and a shared commitment to regulatory excellence. Both institutions have important and complementary mandates, and by working together, we can achieve outcomes that will advance the interests of Nigerians and aviation stakeholders alike. 

As we append our signatures to this Memorandum, we are laying the foundation for a stronger framework of cooperation that will ultimately benefit the aviation sector, the insurance industry, and the Nigerian economy as a whole. 

Beyond regulatory compliance, this partnership is fundamentally about protecting policyholders, safeguarding air travellers and other third parties, creating economic value, and strengthening investor confidence in Nigeria’s aviation ecosystem. Insurance provides critical financial protection to passengers, airlines, financiers, lessors, service providers, and members of the public by ensuring that legitimate liabilities, accidents, and losses are promptly and fairly addressed when they arise. In this regard, compulsory aviation liability insurance serves as an important safeguard for air travellers and other users of aviation services, providing assurance that compensation will be available where legally due.

A robust insurance framework therefore promotes public confidence in air transportation, supports business continuity, facilitates investment, enhances access to financing, and contributes to the stability required for sustainable economic growth.

As Nigeria pursues the attainment of a one trillion-dollar economy ($1 trillion economy by 2030) under the Renewed Hope Agenda, effective risk management and strong insurance protection must remain key enablers of investment, enterprise, consumer protection, and long-term national development. 

On behalf of the Board, Management and Staff of the National Insurance Commission, I express our appreciation to the leadership of the Nigerian Civil Aviation Authority for their partnership, cooperation, and commitment throughout the process leading to this signing. We look forward to a productive and enduring relationship. 

In closing, let me reaffirm that aviation safety and the protection of air passengers are shared responsibilities that require sustained collaboration among regulators, operators, insurers, and all stakeholders.

This Memorandum of Understanding therefore represents more than an institutional arrangement; it is a clear commitment to strengthening compliance, enhancing confidence in aviation insurance, and ensuring that Nigeria’s aviation sector continues to align with applicable international conventions and global best practices.

Through effective co-operation between NAICOM and NCAA, we can better safeguard passengers, protect third parties, support the stability of aviation operations, and contribute to a safer, more resilient, and more trusted air transport system.

Thank you for your attention, and I wish us all a successful implementation of this important initiative. 

From left: Mr. Victor Inedu, Special Assistant to the Chairman, Senate Committee on Banking, Insurance and other financial institutions: Mrs. Funmike Soji-Nuga, rep of Canadian High Commission; Mr. Olusegun Ayo Omosehin, CFI: Dr. Kola Adesina, GMD, Sahara Energy Group; Mrs. Bukola Ifemade (ISSP Coordinator); Mrs. Ekeoma Ezeibe, President of NCRIB and Mr. Ekerete Ola Gam-Ikon, DCFA at NAICOM.

The National Insurance Commission (NAICOM), in partnership with the Insurance Sector Strengthening Programme (ISSP) has officially launched the Insurance Sector Strengthening Programme (ISSP), an initiative designed to advance insurance penetration, financial inclusion, innovation, and stakeholder collaboration within Nigeria’s insurance ecosystem.

For more than 30 years, Mutual Benefits Assurance Plc has built its reputation on a simple promise: being there for Nigerians when protection matters most.

From safeguarding families and businesses to protecting assets and supporting long-term financial goals, the company has earned the trust of millions of Nigerians and established itself as a recognised player in Nigeria’s insurance industry.

That legacy of trust now provides the foundation for Mutual Benefits’ next chapter.

Following the successful completion of its recapitalisation, Mutual Benefits is positioning for sustainable growth while strengthening its role as a trusted protection partner to Nigerians.

Commenting on the development, Managing Director/CEO, Femi Asenuga said: “For over three decades, Nigerians have entrusted Mutual Benefits with what matters most to them. This includes their families, businesses, assets and financial futures. That trust is both our greatest privilege and our greatest responsibility. Our recapitalisation strengthens the foundation from which we can serve our customers better, innovate more meaningfully and build sustainably for the future.”

For Mutual Benefits, the significance of recapitalisation goes beyond meeting a regulatory requirement. It provides a stronger platform to deepen investment in products, technology, customer experience and service capabilities, while responding to the evolving financial protection needs of Nigerians.

The company’s portfolio spans Non-Life and Life Assurance solutions covering key areas including Motor, Home, Marine, Fire & Special Perils, Travel and Group Life Insurance, among others, as well as a suite of solutions supporting children’s education, retirement, savings and investment.

As customers increasingly expect greater convenience and accessibility, Mutual Benefits is also accelerating its digital transformation, strengthening its online platforms and customer journeys to make insurance easier to access and interact with.

The company is equally placing renewed emphasis on customer experience, with a focus on improving engagement and service delivery across the customer journey.

Asenuga added: “Our ambition is not simply to grow bigger, but to become better for our customers. Every investment we make in technology, people, products and service must ultimately translate into greater convenience, stronger value and greater confidence for the people and businesses we serve.”

As Nigerians navigate changing economic realities and increasing financial responsibilities, Mutual Benefits believes insurance has an increasingly important role to play in helping individuals and businesses build resilience and protect what they have worked hard to create.

The company’s post-recapitalisation strategy, therefore, focuses on sustainable growth, innovation, operational effectiveness and deeper customer engagement, while expanding access to relevant protection and financial solutions.

With three decades of experience behind it and a stronger foundation for the future, Mutual Benefits remains committed to earning and reinforcing the trust of its customers, helping them protect what matters, prepare for uncertainty and pursue their financial aspirations with greater confidence.

“We are proud of the journey Mutual Benefits has taken over the past 30 years, but we are even more focused on what lies ahead. Our stronger foundation gives us the opportunity to serve more Nigerians, create greater value and deepen the trust that has sustained our business. We are committed to being a protection partner our customers can depend on today, tomorrow and for generations to come,” Asenuga concluded.