Heirs Insurance Group Poised for Leadership in Nigeria’s Post-Recapitalisation Insurance Era

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04/08/2026

Heirs General and Heirs Life meet NAICOM’s recapitalisation requirements

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has met the National Insurance Commission’s (NAICOM) recapitalisation requirements, with both Heirs General Insurance and Heirs Life Assurance included on the Commission’s list of insurance companies that have satisfied the revised minimum capital requirements.

This development follows the conclusion of National Insurance Commission’s (NAICOM) landmark recapitalisation programme, which will reshape Nigeria’s insurance landscape and create a stronger industry capable of supporting larger investments, infrastructure projects and accelerated economic growth.

As Nigeria pursues its ambition of building a US$1 trillion economy, the recapitalisation reforms come at a time of growing international interest in Africa’s financial services sector. The reforms are expected to significantly strengthen investor confidence in Africa’s largest economy by creating insurers with greater financial resilience, stronger governance and the underwriting capacity required to support large-scale investments across diverse industries.

For Heirs Insurance Group, the recapitalisation positions the Group for larger local and international engagements. It substantially expands the Group’s ability to retain larger risks, participate in more complex transactions, pursue strategic partnerships with multinational organisations and support both local and international investors seeking risk protection in one of Africa’s fastest-growing markets.

Speaking on behalf of Heirs Insurance Group, Niyi Onifade, MD/CEO, Heirs Life Assurance, said: “This is a significant transformation point for us at Heirs Insurance Group and Nigeria’s insurance industry as a whole. The recapitalisation reforms open up the industry for more competition and creates opportunities to support the scale of investments Nigeria requires. We are ready to take advantage of the numerous opportunities this brings and commit to deepening financial inclusion, strengthening strategic partnerships and redefining insurance through technology and customer-centric innovation, as we have always done”.

Heirs Insurance Group enters this new phase with significant competitive advantages already in place. Over the past five years, the Group has established itself as one of Africa’s fastest-growing insurance businesses, combining rapid growth with technology-led innovation, simplified customer experiences and one of the industry’s strongest digital ecosystems.

Earlier this year, Heirs Life Assurance and Heirs General Insurance were recognised among the Financial Times’ Fastest Growing Companies in Africa, while the Group has also emerged as Nigeria’s leading digital insurance brand through sustained investment in digital distribution, customer engagement and technology-enabled service delivery.

The Group’s innovation includes the launch of Prince AI, Nigeria’s first multilingual generative AI insurance assistant, enabling customers to purchase policies, access information and receive support across multiple local and international languages, and its digital Experience Centres, part of a broader strategy to remove friction from insurance and expand access to millions of underserved customers.

The strengthened capital base now amplifies these capabilities and emphasises the Group’s stance on driving innovation to enhance insurance accessibility in Nigeria.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

FACTS, NOT FEAR: A POINT-BY-POINT RESPONSE TO ATIKU ABUBAKAR ON NIGERIA’S REFORM JOURNEY

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Business Journal

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04/08/2026

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Politics thrives on disagreement. Democracy demands it. But disagreements must be rooted in facts, not frozen snapshots of history. When yesterday’s data are presented as today’s reality, the public deserves context.

Former Vice President Atiku Abubakar, in his typical pastime, has accused the administration of President Bola Ahmed Tinubu of fiscal recklessness, citing excess borrowing in the 2024 budget, questioning the removal of fuel subsidy, criticising tax reforms, concocting an oil windfall of N7.98 trillion, and suggesting that Nigeria is drifting economically.

His concerns, though misplaced, deserve a response—not because criticisms should be silenced – but because Nigerians should have a fuller picture of where the country is today. Here are the real issues Atiku and his courtiers should apprise themselves of:

A Debate Anchored in 2024 Cannot Explain Nigeria in 2026

Perhaps the first observation is chronological. It is curious that in the middle of 2026, the opposition’s principal economic argument remains anchored to developments in the 2024 fiscal year. Economies are dynamic. Reforms are processes, not events. Judging a reform programme solely by its earliest and most painful phase is like judging chemotherapy by the nausea it induces while ignoring the remission it seeks to achieve.

The Nigerian economy that underwent painful adjustment in 2024 has evolved considerably. Following the exchange-rate reset, Nigeria’s dollar-denominated GDP fell to about $253 billion, reflecting the immediate effect of currency realignment. Since then, figures from statistics bodies and multilateral agencies like the IMF indicate that it has recovered significantly to approximately $377 billion, representing an increase of roughly 49 per cent from that post-adjustment trough.

Likewise, Naira GDP has expanded from about ₦314 trillion in 2024 to around ₦530 trillion, a 69% increase reflecting both higher economic activity and price changes. These figures should continue to be assessed alongside real GDP growth, inflation, and household welfare. They do illustrate that the economy did not remain frozen at its most difficult moment.

The reforms were never advertised as painless. They were presented as necessary structural adjustments intended to correct long-standing distortions, including distortions created in the Obasanjo-Atiku years, 1999-2007.

Borrowing Must Be Judged Alongside Economic Capacity

On the matter of Nigeria’s debts, it is important to ask a broader question: What is Nigeria’s capacity to sustain her debt? For debt, in itself, is not the defining measure of fiscal health. What matters are the size of the economy; our revenue-generating capacity; debt servicing costs; the purposes for which funds are borrowed; and whether borrowed resources finance productive investments or recurrent consumption. Nigeria’s debts have been acquired for productive, long-term infrastructural and investment purposes – according to the law.

Nigeria’s debt-to-GDP ratio remains relatively modest (at barely 40%) compared with many peer economies and advanced countries (South Africa (85%), Egypt (80%), Ghana (60%), Kenya (75%), USA (130%), UK (110%), China (300% – unofficially), even though debt-service pressures have historically been significant. Still, the Tinubu Administration has seen a reduction in the debt service-to-revenue ratio, from a high of nearly 100% in December 2022 to less than 60% today. This is a remarkable achievement that shows that Nigeria’s revenue efficiency has improved, while debt management remains conservative and astute. All the same, the more meaningful question is whether borrowing finances investments that expand productive capacity and future revenues, rather than merely postponing difficult choices.

Where Did the Subsidy Savings Go?

For decades, economists across ideological divides criticised Nigeria’s fuel subsidy as fiscally costly and poorly targeted. Even before the current administration, several international institutions had argued that the subsidy consumed resources that could otherwise support development.

Nigerians suffered over the years as a vast proportion of our resources were deployed to pay fuel-subsidy merchants. An idea that was mooted in the early 1970s, when Nigeria saw her first oil boom in the aftermath of the Yom Kippur War, had become toxic and a drainpipe on the economy.

It must be said that the government in which Alhaji Atiku was Vice President waded through that toxic phenomenon, and never did the needful. The current administration deserves commendation for being able to get rid of something that has become a lodestone around the neck of our collective patrimony.

The visible consequence of subsidy removal has been the sharp improvement in revenues accruing to states and local governments through the Federation Account. Higher statutory allocations have expanded fiscal space at the subnational level, enabling many states to increase spending on roads, schools, hospitals, salaries, pensions, and social programmes. Independent assessments, including those from the World Bank, have noted improvements in public revenues and subnational capital spending, which is another word for infrastructural development, following major fiscal reforms.

This means that President Tinubu has tactically placed more responsibility for socioeconomic development on states and local governments, while providing requisite funding. This is true federalism and a bold statement on the much-vaunted subject of economic restructuring – another important issue gallantly avoided by the government in which Alhaji Atiku served and wielded great influence.

The Tax Reforms: Progressive, Not Punitive

Another of Atiku’s uninformed criticisms suggests that the Tinubu administration chose to tax Nigerians more. This is blatantly false, and the statement is an attempt to deceive and dissemble.

The objective of the tax reforms is not merely to increase collections but to create a broader, more equitable tax system.

The reforms are intended to reduce the burden on many low-income earners (people earning N1 million per annum and below) and small businesses (with turnover of N100 million and below) while strengthening compliance among higher-income individuals and profitable enterprises – many of whom had avoided or evaded taxes under the cover of informality for decades.

The underlying principle is that those with greater capacity should bear a larger share of the tax burden, while micro-enterprises and vulnerable households receive greater protection. Nigerians understand that to have a fine, working nation, we all must contribute to her prosperity. And we are on course.

Health: From Infrastructure to Access

Over the past three years, the Federal Government, working with states, has expanded efforts to rehabilitate and upgrade primary healthcare facilities, strengthen tertiary hospitals, improve access to essential medicines, and broaden maternal and child health interventions.

The administration has also publicised initiatives aimed at reducing the financial barriers to maternal care, including programmes that support access to caesarean sections for eligible indigent mothers through public facilities.

Over 100 facilities across Nigeria provide free caesarean operations for indigent mothers. Thousands of women across the country, from Sokoto to Port Harcourt, have benefited. Three world-class cancer centres are operational in Kubwa, Enugu and Katsina, while cancer centres in 13 states have been expanded.

As at April 2026, over 3,000 Primary Healthcare Centres have been revitalised, upgraded, and refurbished, while over 78,000 frontline workers have been retrained in 3 years. This is verifiable information, and no mean feat.

Education: Investing in Human Capital

Federal and state governments have undertaken school rehabilitation, investments in technical and vocational education, digital learning initiatives, and expanded access to tertiary education finance in the last 3 years.

Specifically, over 11,000 projects have been embarked upon by the Universal Basic Education Commission, with collaboration from the federal and state governments. This can be regarded as one of the boldest moves in the history of Nigeria to reposition education at primary and secondary levels.

Among the flagship initiatives is the Nigerian Education Loan Fund (NELFUND), which has enabled hundreds of thousands of students to access loans for tuition and upkeep, reducing financial barriers to higher education.

Over 1.64 million students have benefited across the country, with NELFUND disbursing over N303 billion through 300 higher institutions. Again, another unprecedented initiative touching lives positively. All over social media, Nigerians can see how relieved and jubilant Nigerian students have become. Add to this the fact that President Tinubu has seen to an end to strikes by university lecturers, such that a four-year programme does not go beyond four years, a great relief to students and parents.

Infrastructure: Building for Tomorrow

Nigeria’s infrastructure agenda continues across transport, energy, and public works, with ongoing projects in federal highways and bridges, rail modernisation, inland dry ports and logistics, power transmission and distribution, airport redevelopment, gas infrastructure, housing, and digital connectivity. Many state governments have simultaneously accelerated road construction, urban renewal, healthcare, and education projects, aided by stronger fiscal inflows. The cumulative effect is an increase in public investment aimed at reducing logistics costs and supporting private-sector growth, the triggers for the 49% leap in GDP since 2024 (in Dollar terms), and a 69% leap in Naira terms. There is a lot more to come.

Nigeria is Certainly Not Over-Borrowed

The unvarnished truth is that Nigeria’s revenue-to-GDP ratio is still ranked among the lowest globally, limiting the government’s ability to fund public services without borrowing.

Recent reforms have started to improve revenue mobilisation, broaden the tax base, reduce leakages, and strengthen public financial management. Certainly, improvements in revenue collection are helping reduce fiscal vulnerabilities.

But this is a process that has commenced. Viewed from this angle, it is evident that President Tinubu has taken the Nigerian economy down a path of unprecedented reinvention and rejuvenation.

The debt debate should, therefore, examine not only how much Nigeria borrows but also whether the country’s capacity to generate and manage revenue continues to improve. At a mere 40% debt-to-GDP ratio and less than 60% debt service-to-revenue ratio (improving), the argument of overborrowing is alarmist and does not stick.

Oil Windfall? Atiku and his Handlers Reveal Analytical Deficiency

There is no such windfall of N7.98 trillion. Any incremental revenue from higher oil prices is reflected in the monthly FAAC figures.

While the average price for the half-year 2026 for Brent is around $90 compared to the $64.85 benchmark, the average daily production fell short at about 1.6m bpd compared to the forecast of 1.84m bpd. The production shortfall partly offset the price premium.

In addition, some crude volume had been pledged for loans used to pay for the wasteful subsidy in the past, which the President was bold enough to remove, stopping the bleeding but not immediately translating into available revenue.

The convenient mistake many analysts make is to multiply the oil price by the daily crude production volume to determine revenue to the government. Such analyses ignore the cost of production, the share of crude belonging to the oil-producing companies and the impact of crude sale contracts such as forward contracts designed to hedge against price volatility.

Atiku will do well to show the workings for his N7.98 trillion oil windfall.

Conclusion: For Nigeria, Forward Ever!

History rarely remembers governments for the popularity of their decisions in the moment. It remembers whether those decisions ultimately strengthened or weakened the nation.

President Tinubu’s administration has chosen to dismantle several long-standing policy distortions that previous governments acknowledged but often deferred.

The reforms have carried undeniable costs, and legitimate questions remain about implementation, inflation, and social protection. Yet describing the entire programme as “financial recklessness” overlooks the broader context of structural change, fiscal rebalancing, and efforts to improve macroeconomic stability.

A mature national conversation should move beyond slogans. It should assess reforms against measurable outcomes rather than isolated episodes. We welcome elevated discourses that examine the philosophical underpinnings of President Tinubu’s approach to the economy, not pedestrianism. Nigerians need elevated standards of living, which requires immediate sacrifices.

But indeed, the worst is over, as the effects of the necessary economic chemotherapy were more severe in 2023 and 2024. All economic watchers are aware that in November 2025, inflation rates in Nigeria fell to 14.4%. Because of the disruption caused by the Middle East War, the rate shot up to 15.91%. But it has begun another descent as economic analysts project that inflation will trend towards 12% by the end of the year.

As part of measures to bring relief to Nigerians severely impacted by the economic reforms, the Federal Government recently launched the ward-centric NG-CARES, HOPE and SOLID programmes worth more than $3 billion to strengthen primary healthcare, basic education, and support for vulnerable communities. This is in addition to the Humanitarian Ministry’s cash transfers to 15 million vulnerable households, helping to lift them out of extreme poverty.

Nigeria’s economy is not yet where it aspires to be. But neither is it where it stood at the height of its structural distortions or in the bygone years of fiscal waste and slackness.

The fundamental reforms will continue to expand opportunity, strengthen institutions, and deliver tangible improvements in the lives of Nigerians. That is the focus of President Tinubu. All else is an attempt by political carpetbaggers to gain attention.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

NLNG, CORA Celebrate 11 Poets on 2026 Longlist

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Business Journal

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04/08/2026

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NLNG in partnership with The Committee for Relevant Art (CORA) hosted the first eleven poets longlisted for the 2026 edition of The Nigeria Prize for Literature at the annual CORA Book Party in Lagos.

The Book Party, which followed the announcement of the 2026 longlist, provided a public platform for the selected poets to present their works, read selected pieces, and engage with readers, critics, journalists, publishers, students, and other members of the literary community. It featured readings, conversations, and discussions around the works selected for the year’s poetry cycle among other cultural and literary festivities.

The longlisted works were selected by the panel of judges appointed for the 2026 edition of the Prize from 223 entries received, following the call for entries announced in February and the close of submissions for the poetry cycle. The longlist marks a key stage in the adjudication process, ahead of the shortlist and the possible announcement of the winner later in the year.

Speaking at the event, NLNG’s General Manager, External Relations and Sustainable Development, Sophia Horsfall, said the Book Party emphasised the importance of sustaining platforms that move literature beyond the page and into public consciousness.

She noted that The Nigeria Prize for Literature was established to recognise exceptional writing, and to strengthen Nigeria’s culture of reading, critical engagement and creative expression. This year’s focus on poetry, she added, celebrates a genre capable of distilling complex truths into powerful language, connecting the personal with the universal and giving voice to experiences that might otherwise remain unheard.

“The 2026 Poetry cycle attracted 223 entries, each offering a distinct rhythm, perspective and artistic expression. Together, these submissions attest to the vitality of Nigerian poetry and to the confidence Nigerian writers continue to place in the NLNG-sponsored Nigeria Prize for Literature,” she said.

Also speaking, CORA Secretary-General, Mr. Toyin Akinosho, said the Book Party was designed to create exactly this kind of public literary encounter, where books are not merely announced, but read, discussed, challenged, and appreciated. He stated that the Book Party remains an intervention in Nigeria’s literary space because it gives visibility to authors and encourages direct engagement between writers and readers.

Also speaking, the Secretary-General of the Committee for Relevant Art (CORA), Mr Toyin Akinosho, described the Book Party as a distinctive platform that brings authors into direct conversation with the reading public ahead of the final announcement of the winner of The Nigeria Prize for Literature.

Akinosho acknowledged NLNG’s sustained investment in the country’s literary and reading culture.

“We are here because a profitable Nigerian gas company decided that a way to spend some share of its profit is to enable the Nigerian reading space. I’d like to thank NLNG for continuing to support this yearly afternoon of book conversation and the celebration of this country’s finest authors.”

Concluding his remarks, Akinosho emphasised the distinctive place of the CORA–NPL Book Party in the literary prize process. He said: “I don’t know of any literary prize process in which the final award is prefaced by a celebratory event of this nature, at which the authors face a community of readers in a room and talk about why and how they wrote what they are offering.”

Now in its 22nd year, The Nigeria Prize for Literature, sponsored by NLNG, rotates annually among four genres: Prose Fiction, Poetry, Drama, and Children’s Literature.

The 2026 edition is dedicated to Poetry, with the winner expected to be announced in October. The CORA Book Party forms part of the activities leading to the final announcement, providing a public platform for engagement with the longlisted works and their authors.

Stanbic IBTC Marks 30 Years of Custody Services with NGX Closing Gong Ceremony

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Business Journal

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04/08/2026

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Stanbic IBTC recently celebrated 30 years of providing custody services in Nigeria with a Closing Gong ceremony at The Nigerian Exchange Limited (NGX).

The milestone reflects the institution’s longstanding contribution to investor confidence and the continued development of Nigeria’s capital market.

In his opening remarks, Jude Chiemeka, Chief Executive Officer, NGX, welcomed Stanbic IBTC to The Exchange and commended its three decades of custody services. He highlighted NGX’s continued investment in technology, which he said has enabled over 2.6 million active retail investors to trade on the platform.

“Technology continues to be at the heart of our strategy,” Chiemeka said; noting that a vibrant and secure marketplace remains essential to investor participation. He also recognised Stanbic IBTC’s role in strengthening investor confidence and enhancing market safety.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, thanked NGX for its continued partnership. “We are thrilled to be here today, commemorating not just our journey, but also the remarkable progress made by the NGX,” he said.

He noted that the collaboration between the two institutions has continued to drive innovation, product development and thought leadership across the industry. “We are dedicated to raising standards within the industry as part of Standard Bank Group. Our focus remains driving the growth and development of Nigeria’s capital market. Indeed, Nigeria is our home and we drive her growth” he added.

Babatunde Majiyagbe, Chief Executive, Stanbic IBTC Nominees, reflected on the evolution of the business from the era of physical share certificates stored in fireproof vaults to today’s fully dematerialised market, where securities are held electronically.

“We started with holding custody of physical certificates, investing in vaults with fire and dust protection, so those certificates could be presented when needed,” Majiyagbe recalled; noting that while the market has evolved significantly, the commitment to service excellence has remained unchanged.

“What has endeared a lot of investors to the market is that they are dealing with a reputable organisation like ours. We are high on good governance, and high on technology, making the process of investment in Nigeria easier,” he said.

Majiyagbe added that Stanbic IBTC Nominees’ role goes beyond just attracting foreign portfolio investment (FPI) and capital.

“For us, it’s not just about FPI; but also, about the value we have delivered over 30 years. Stanbic IBTC Nominees continue to be the eyes and ears of foreign and domestic investors in our market.”

Majiyagbe added that the firm has also supported the development of market rules and safeguards, noting: “We have, over the years, advocated for growth, change, transformation and stability in our capability to provide services to domestic and foreign portfolio investors continuously.”

Bunmi Dayo-Olagunju, Deputy Chief Executive, Stanbic IBTC Bank and Chairman Stanbic IBTC Nominees, said the next phase of growth will build on the institution’s legacy of trust.

“For 30 years, we’ve delivered growth, security, and client confidence. That’s why investors have stayed with us and why new business keeps coming. Our target for this new phase of growth is simple: build on that trust and ride the acceleration in Nigeria’s economic activity. With custody, settlement, capital raise, and advisory integrated on one platform, we’re not just a custodian. We’re an infrastructure. We look forward to building on that trust for generations to come, serving both local and international clients. Hopefully, we’ll have another 100 years of maintaining that trust with local and international markets,” Dayo-Olagunju said.

The ceremony reinforced Stanbic IBTC’s role in Nigeria’s financial services sector and its continued commitment to innovation, trust, and sustainable capital market growth.

CIIN President: Digital Revolution Presents Opportunities for Insurers on Innovation for Inclusive Solutions

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Business Journal

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04/08/2026

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L-R: Mr. Emmanuel Ovaga, MD/CEO, PufferPay Ltd; Sola Longe-Okenimkpe, COO, Nuvu Africa; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Jide Orimolade, President/Chairman of Council, CIIN; Dr. Chinyere Almona, DG/CEO, LCCI; Dr. Umaru Kwairanga, Group Chairman, NGX; Mrs. Idu Okeahialam, GMD/CEO, Royal Exchange Plc; Mr. Babatunde Ajiboye, Assistant Director, CBN; Dr. Muda Yusuf, CEO, CPPE; Dr. David Isiavwe, President, ISSAN and Mr. Wale Oshodi, NCRIB at the Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos last Friday.

Being text of the speech by Mr. Akinjide Orimolade, President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) at the 3^rd Business Journal Fintech & Financial Inclusion Roundtable 2026 in Lagos.

It is my distinct honour and privilege to address this distinguished gathering of policymakers, regulators, captains of industry, innovators, technology experts, financial institutions, development partners, members of the media and all stakeholders assembled for the 3rd Business Journal FinTech’26 and Financial Inclusion Roundtable.

Permit me to commend the organisers for sustaining this important platform that continues to stimulate conversations around one of the most transformative forces shaping our economy—financial technology. The theme of this year’s Roundtable, “FinTech: Driving the Future of Digital Financial Ecosystem in Nigeria,” is timely and reflects the realities of an increasingly digital world where innovation is redefining the way financial services are created, delivered and consumed.

We are privileged to live in an era where technology is dismantling traditional barriers to financial access. Today, a farmer in a remote village, a market trader, a small business owner, a young entrepreneur or a student can access financial services with just a mobile device. This remarkable transformation demonstrates that technology is no longer merely an enabler; it has become the foundation upon which the future of finance is being built.

For the insurance industry, this digital revolution presents enormous opportunities. As insurers, we have traditionally been viewed as providers of financial protection. However, in today’s rapidly evolving environment, we must go beyond conventional business models to embrace innovation that delivers faster, smarter and more inclusive insurance solutions.

Financial inclusion cannot be achieved without insurance inclusion. A financially included society is one where individuals and businesses not only have access to savings, payments and credit, but are equally protected against unforeseen risks that threaten their livelihoods and economic stability. Insurance therefore remains an indispensable pillar of any resilient financial ecosystem.

Across Nigeria, we are witnessing encouraging developments in digital insurance. Mobile applications, embedded insurance, artificial intelligence, big data analytics, blockchain technology and digital payment solutions are transforming underwriting, claims processing and customer engagement. These innovations are making insurance simpler, more transparent and increasingly accessible to millions of Nigerians who have historically remained underserved.

Nevertheless, while technology continues to create unprecedented opportunities, it also presents new challenges. Cybersecurity threats, data privacy concerns, digital fraud, regulatory compliance, consumer protection and the growing skills gap require deliberate attention from every stakeholder. Innovation must therefore be accompanied by robust governance, ethical leadership and effective regulation that inspire public confidence.

As a professional body committed to the advancement of insurance education and practice, Chartered Insurance Institute of Nigeria recognises that our greatest asset remains our people. Technology may automate processes, but professionalism, competence, integrity and ethical judgment cannot be replaced. Our responsibility is therefore to equip insurance professionals with the digital knowledge, analytical skills and innovative mindset required to thrive in an increasingly technology-driven marketplace.

At CIIN, we remain committed to supporting the industry’s digital transformation through continuous professional education, strategic partnerships, curriculum development, research and capacity building. We believe that collaboration among regulators, insurers, fintech companies, financial institutions, technology providers, academia and policymakers is essential if Nigeria is to realise the full benefits of a digitally inclusive financial ecosystem.

I must also acknowledge the critical roles being played by our regulators and industry leaders in creating an enabling environment that encourages innovation while maintaining financial stability and consumer confidence. Sustainable progress can only be achieved when regulation evolves alongside innovation.

Ladies and Gentlemen, the future belongs to institutions that are willing to innovate, collaborate and adapt. The question before us is no longer whether digital transformation will happen—it is already happening. The real question is whether we are adequately prepared to lead this transformation or merely respond to it.

As professionals, we must embrace lifelong learning. As institutions, we must invest in innovation. As regulators, we must foster policies that encourage responsible technological advancement. As industry leaders, we must place the customer at the centre of every innovation we develop.

The conversations we hold today must not end within these conference walls. They should translate into practical actions, stronger partnerships, improved policies and measurable outcomes that expand financial inclusion, deepen insurance penetration and accelerate Nigeria’s economic development.

I have every confidence that the quality of speakers, panellists and participants gathered here will generate valuable insights capable of shaping the future of Nigeria’s digital financial ecosystem.

On behalf of the Governing Council, Management, Staff and Members of Chartered Insurance Institute of Nigeria, I congratulate the organisers of the 3rd Business Journal FinTech’26 and Financial Inclusion Roundtable for convening this important dialogue.

I wish all participants productive deliberations and look forward to the innovative ideas and practical recommendations that will emerge from this gathering.

Together, let us continue to build a financial ecosystem that is innovative, inclusive, secure and resilient—one that leaves no Nigerian behind.

Thank you for your kind attention and may God bless the Federal Republic of Nigeria.

Mr. Akinjide Orimolade, _FIIN
President/Chairman of Council
Chartered Insurance Institute of Nigeria (CIIN)

NGX, CIIN, PufferPay Back Digital Innovation to Transform Nigeria’s Financial Ecosystem

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Business Journal

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04/08/2026

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L-R: Mr. Emmanuel Ovaga, MD/CEO, PufferPay Ltd; Sola Longe-Okenimkpe, COO, Nuvu Africa; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Jide Orimolade, President/Chairman of Council, CIIN; Dr. Chinyere Almona, DG/CEO, LCCI; Dr. Umaru Kwairanga, Group Chairman, NGX; Mrs. Idu Okeahialam, GMD/CEO, Royal Exchange Plc; Mr. Babatunde Ajiboye, Assistant Director, CBN; Dr. Muda Yusuf, CEO, CPPE; Dr. David Isiavwe, President, ISSAN and Mr. Wale Oshodi, NCRIB at the Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos last Friday.

Stakeholders in the Nigeria’s financial services industry have called for stronger collaboration among regulators, financial institutions, fintech companies, insurers and policymakers to accelerate financial inclusion and build a resilient digital financial ecosystem capable of driving sustainable economic growth.

The call was made at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026, held in Lagos under the theme, “Fintech: Driving the Future of Digital Financial Ecosystem in Nigeria.”

Speakers at the event agreed that while financial technology has transformed access to financial services across the country, greater investments in innovation, cybersecurity, digital infrastructure and consumer protection are required to sustain the momentum.

President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Akinjide Orimolade, said technology has become the foundation upon which the future of finance is being built, stressing that insurance must occupy a central place in Nigeria’s financial inclusion agenda.

According to Orimolade, financial inclusion cannot be complete without insurance inclusion, noting that access to savings, payments and credit alone is insufficient if individuals and businesses remain exposed to risks capable of disrupting their livelihoods.

He observed that innovations such as artificial intelligence, embedded insurance, blockchain technology, big data analytics and digital payment solutions are transforming underwriting, claims management and customer engagement, making insurance products more accessible to millions of underserved Nigerians.

The CIIN President, however, warned that the rapid adoption of digital technologies has also heightened concerns over cybersecurity, data privacy, digital fraud and regulatory compliance.

He urged stakeholders to ensure that technological innovation is supported by sound governance, ethical leadership and effective regulation capable of strengthening public confidence in digital financial services.

He reaffirmed CIIN’s commitment to supporting the insurance industry’s digital transformation through professional education, curriculum development, research, capacity building and strategic partnerships.

He added that continuous investment in digital skills and professional competence would enable insurance practitioners remain relevant in an increasingly technology-driven marketplace.

Delivering the keynote address, Managing Director and Chief Executive Officer of PufferPay Limited, Mr. Emmanuel Ovaga, described fintech as one of the most significant drivers of economic transformation in Nigeria, saying the country’s digital financial ecosystem has evolved beyond technological innovation to creating real opportunities for millions of individuals and businesses.

Ovaga noted that digital banking, instant payments, online lending platforms and mobile financial services have significantly expanded access to finance, enabling entrepreneurs, farmers, students and small businesses to participate more actively in the economy.

Despite these achievements, he said millions of Nigerians remain financially excluded due to inadequate infrastructure, limited digital literacy and restricted access to affordable credit.

According to him, the next phase of Nigeria’s fintech evolution must be driven by collaboration rather than competition. He urged governments, regulators, banks, fintech firms, telecommunications companies and development partners to work together in expanding broadband infrastructure, strengthening cybersecurity, promoting digital literacy and creating enabling regulations that encourage responsible innovation while protecting consumers.

Ovaga maintained that emerging technologies including Artificial Intelligence, blockchain, Open Banking, embedded finance, cloud computing and data analytics present enormous opportunities for Nigeria to become Africa’s leading digital finance hub. He stressed, however, that innovation can only thrive where consumer trust is protected through robust security systems, responsible data management and transparent regulatory frameworks.

Earlier in his opening remarks, Chairman of the occasion and Group Chairman of Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, said Nigeria’s fintech ecosystem has become one of Africa’s most vibrant, transforming banking, insurance, investments and capital market operations through technology.

Reflecting on the evolution of the financial sector, Kwairanga recalled the era of manual banking operations dominated by paper records and lengthy account opening processes, contrasting it with today’s digital environment where customers can open accounts, obtain loans, transfer funds, purchase insurance policies and invest in capital market products using mobile devices within minutes.

He also disclosed that insurance companies which approached the capital market as part of the recently concluded industry recapitalisation exercise recorded remarkable investor confidence, with their public offers reportedly oversubscribed. According to him, the development demonstrates growing confidence in Nigeria’s financial markets and reinforces the importance of mobilising domestic capital to support economic growth.

The stakeholders agreed that sustaining Nigeria’s leadership in Africa’s fintech ecosystem would require stronger collaboration, customer-focused innovation, ethical leadership and policies that ensure no Nigerian is left behind in the country’s digital financial transformation.

Mutual Benefits Clear NAICOM Recapitalisation Milestone, Reinforce Leadership in Nigeria’s Insurance Industry

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Business Journal

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04/08/2026

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Mutual Benefits Assurance Plc and Mutual Benefits Life Assurance Limited have achieved another significant regulatory milestone following their inclusion among the 43 insurance and reinsurance companies that successfully met the National Insurance Commission (NAICOM)’s prescribed Minimum Capital Requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The announcement, made by NAICOM following the twelve-month insurance sector recapitalisation deadline of July 31, 2026, marks a defining moment in the transformation of Nigeria’s insurance industry. It signals the emergence of a stronger, more resilient, adequately capitalised, professionally governed and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilise long-term investment capital and contribute meaningfully to the stability of Nigeria’s financial system.

The successful compliance of Mutual Benefits Assurance Plc and Mutual Benefits Life Assurance Ltd reflects the Group’s strong financial fundamentals, prudent corporate governance, sound risk management practices and unwavering commitment to delivering lasting value to policyholders, shareholders and other stakeholders.

Commenting on the achievement, the Group Managing Director of Mutual Benefits Assurance Plc, Mr. Olufemi Asenuga, described the announcement as a defining moment for the company and the Nigerian insurance industry.

“Successfully meeting NAICOM’s recapitalisation requirements is a clear demonstration of our financial resilience, strategic foresight and commitment to sustainable growth. This milestone strengthens our capacity to underwrite larger and more complex risks, accelerate innovation and deepen customer confidence. As the insurance industry enters this new era, Mutual Benefits Assurance Plc is exceptionally well positioned to deliver greater value to our customers, shareholders and the Nigerian economy.”

While commending NAICOM for its visionary leadership and unwavering commitment to strengthening Nigeria’s insurance industry through the successful recapitalisation exercise, Asenuga expressed profound appreciation to the Board of Directors, shareholders, customers, brokers, employees and all other stakeholders of Mutual Benefits for their steadfast trust, loyalty and support. He noted that this landmark achievement would not have been possible without their collective belief and commitment to the Mutual Benefits vision.

He reaffirmed the Group’s commitment to delivering innovative insurance solutions, superior customer service, digital transformation, sound corporate governance and sustainable value creation, while continuing to contribute meaningfully to the growth and development of Nigeria’s insurance industry.

Also speaking on the milestone, the Managing Director of Mutual Benefits Life Assurance Ltd, Mr. Biyi Ashiru-Mobolaji, noted that the successful recapitalisation further reinforces the company’s ability to provide long-term financial security to millions of Nigerians.

“This achievement goes beyond meeting a regulatory requirement. It is a reaffirmation of our enduring promise to policyholders. Our strengthened capital base enhances our ability to honour our commitments, develop innovative life insurance and wealth creation solutions and support individuals and families as they plan confidently for the future. We remain committed to protecting lives, preserving legacies and creating lasting financial security for generations.”

With both companies successfully meeting the new capital requirements, the Mutual Benefits Group is well positioned to contribute to the next phase of growth in Nigeria’s insurance industry, while supporting national aspirations for greater financial inclusion and economic development.

The Group remains focused on expanding insurance access, investing in technology-driven customer experiences, strengthening operational excellence and delivering sustainable value to all stakeholders.

Mutual Benefits Assurance Plc is one of Nigeria’s foremost insurance companies, providing innovative General insurance solutions that protect individuals, families, businesses and institutions. With a legacy of excellence spanning three decades, the company continues to deliver financial security through innovation, professionalism and exceptional customer service.

On its part, Mutual Benefits Life Assurance Ltd is a leading provider of life insurance, savings, investment and retirement solutions dedicated to helping individuals and families achieve long-term financial security through customer-centric and innovative insurance offerings.

The recapitalisation exercise by NAICOM was undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on July 31, 2025, by President Bola Ahmed Tinubu as part of the Federal Government’s financial sector transformation agenda aimed at building a US$1 trillion economy by 2030.

NGX Chair: Delta State Must Harness Innovative Ideas, Excellent Implementation to Jump-Start Progress, Development

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Business Journal

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04/08/2026

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Being the goodwill message by Dr. Umaru Kwairanga, Chairman, NGX at the Delta State Economic and Investment Summit at Asaba, Delta State.

I am delighted to participate in the Delta State Economic and Investment Summit with the theme: Harnessing our Strengths and Unlocking our Potentials for Accelerated Economic Development.

I am very aware of Delta State’s many natural endowments. You are a leading crude oil producer. The State extends from the middle of Nigeria to the Atlantic coastline with soil suitable for many types of agriculture and waters rich for aquaculture.

Your human resources are similarly rich and diverse with many of your sons and daughters leading the way in banking, manufacturing, media, sports and governance to mention a few.

You are truly blessed but natural resources on their own are not enough for socio-economic development as we have seen in various countries. They need to be harnessed and used properly through innovative ideas and excellent implementation in order to jump-start progress and development.

This is why summits such as this are important as they provide a forum for great minds such as I see gathered here to proffer the ideas and come up with the plans that will shift Delta State to higher levels of development.

I am also happy to note that the administration of His Excellency, Governor Sheriff Oborevwori is taking a collaborative approach to the development of the state exemplified by your partnerships with the Nigeria Investment Promotion Council, the Central Bank, the private sector and your invitation of the Nigerian Exchange to this Summit.

The Nigerian Exchange NGX is the country’s premier platform for raising long term capital, the type that Delta State needs for infrastructure and industries that will create jobs and value for you and your states. The over one hundred and fifty companies in various sectors of the economy that are listed on our platform who are also looking for viable opportunities and markets and we would be willing to connect the state with many of these companies.

I therefore look forward to three days of vibrant deliberations and networking. I congratulate his Excellency and his team and the organising committee led by Dr. Austin Avuru for successfully organising this Summit and look forward to three days of vibrant deliberations and networking.

Thank you all very much.

Alhaji (Dr) Umaru Kwairanga

Chairman, NGX Group

NGX, CIIN, PufferPay Back Digital Innovation to Transform Nigeria’s Financial Ecosystem

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Business Journal

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04/08/2026

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L-R: Mr. Emmanuel Ovaga, MD/CEO, PufferPay Ltd; Sola Longe-Okenimkpe, COO, Nuvu Africa; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Jide Orimolade, President/Chairman of Council, CIIN; Dr. Chinyere Almona, DG/CEO, LCCI; Dr. Umaru Kwairanga, Group Chairman, NGX; Mrs. Idu Okeahialam, GMD/CEO, Royal Exchange Plc; Mr. Babatunde Ajiboye, Assistant Director, CBN; Dr. Muda Yusuf, CEO, CPPE; Dr. David Isiavwe, President, ISSAN and Mr. Wale Oshodi, NCRIB at the Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos Last Friday.