The National Insurance Commission has declared the insurance sector the new frontier for Nigeria’s industrial and economic expansion, asserting that recent reforms have transitioned the industry from a state of fragility to a cornerstone of national resilience.
Speaking in Lagos on Tuesday during the second-anniversary celebration of Daily Economy and the launch of a book tittled, “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons”, the Commissioner for Insurance/CEO of NAICOM, Olusegun Omosehin, stated that the industry is now positioned to drive long-term capital formation.
Represented by Salami Abdulkabir, the Commissioner highlighted the Nigerian Insurance Industry Reform Act 2025 as a pivotal legislative milestone.
“NIIRA 2025 represents a bold and forward-looking transformation. It is not just a reform; it is a comprehensive redefinition of how the industry operates, competes, and delivers value. It positions the insurance sector as a more significant contributor to economic growth and national development,” Omosehin stated.
The event, chaired by the Chairman of Prestige Insurance Brokers Ltd, Prince Feyisayo Soyewo, drew a high-powered gathering of financial regulators and industry heads.
In her welcome address, the author and publisher of Daily Economy, Nike Popoola, noted that the industry’s evolution over the last two decades is a testament to the power of structured reform.
“In 2005, it was a sector often characterised by weak public confidence and a fragile capital base. Fast forward to today, and we see a far more structured, innovative, and forward-looking industry. This book captures that journey, the defining moments that positioned insurance as a relevant sector within Nigeria’s economy,” Popoola remarked.
A former staff member of The PUNCH, Popoola added, “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons documents the major reforms, recapitalisation efforts, regulatory restructuring, and consolidation efforts that reshaped the industry. Beyond policies, the book recognises that history is shaped by people. It profiles icons whose vision and leadership have been central to the sector’s transformation.”
Reviewing the 224-page publication, the CEO of the Nigerian Council of Registered Insurance Brokers, Tope Adaramola, emphasised that the work corrects a long-standing “lack of institutional memory” within the financial sector.
“The industry has had a great lack of proper documentation regarding its historical epochs. This book fills that lacuna. It offers a real longitudinal view of the trajectory, combining data-driven analysis with the human stories of icons who shaped the industry,” Adaramola asserted.
Adaramola further noted that the selection of icons in the book, ranging from the doyen of insurance, Olola Agoro, to octogenarian Mama Odupe Dallas, serves as an inspiration for younger professionals looking to build lifelong careers in the sector.
The Managing Director and Editor-in-Chief of PUNCH Nigeria Limited, Joseph Adeyeye, represented by the General Manager, Production, Mr Olayinka Popoola, paid tribute to the author’s transition from a quintessential journalist to an industry authority.
“Nike was an outstanding reporter: hard-working, disciplined, and deeply committed to excellence. It is no surprise that the same depth she brought to journalism at PUNCH has produced this important book. She has risen to become one of the very few authorities who have codified their experience for the advancement of the sector,” Adeyeye noted.
Adding to the goodwill messages, the Group Managing Director of African Reinsurance Corporation, Mr Corneille Karekezi; the President of the Chartered Insurance Institute of Nigeria, Mrs Yetunde Ilori; the Chairman of the Nigerian Insurers Association, Mr Kunle Ahmed; and the President of NCRIB, Mrs Ekeoma Ezeibe, all echoed a unified commitment to the industry’s progress.
They collectively stressed that the success of the new NIIRA 2025 framework depends on the synergy between regulators, operators, and the media to deepen insurance penetration beyond urban centres and into the informal economy.
The enactment of the Nigerian Insurance Industry Reform Act 2025 marks the first major legislative overhaul of the sector in over two decades, effectively retiring the antiquated Insurance Act of 2003. This shift is a critical response to an era where the industry was hampered by “legacy laws” that failed to account for modern realities, such as the rise of digital distribution and insurtech.
By replacing these outdated frameworks, NIIRA 2025 introduces risk-based capital requirements, aligning the sector with global standards and ensuring that operators possess the financial depth necessary to support a modern, complex economy.
