The Nigerian insurance industry is poised for a new era with the recent appointment of a qualified board for the National Insurance Commission (NAICOM) by President Bola Tinubu. This diverse and experienced group, led by chairperson Ms. Halima Kyari, brings a wealth of knowledge and expertise to the table. Their primary focus will be on ensuring a safe, secure, and dependable insurance sector that prioritizes policyholder protection and public trust.
The new NAICOM board’s appointment signifies a commitment to a more robust and trustworthy insurance sector in Nigeria. With a focus on policyholder protection, stability, and public confidence, this leadership team is well-positioned to guide the industry towards a brighter future.
WHO’S WHO ON THE NEW NAICOM BOARD?
The newly appointed board is led by Ms. Halima Kyari as Chairperson. Mr. Olusegun Ayo Omosehin assumes the role of Commissioner for Insurance, with Mr. Olawoye Gam-Ikon and Dr. Usman Ankara Jimada serving as Deputy Commissioners for Technical Operations and Finance & Administration respectively. Rounding out the board are distinguished members Dr. Miriam Kene Kachikwu, Mr. Adeniyi Olusegun Fabikun, and Mr. Umar Khalifa Mohammed.
The President’s expectations for the new board are clear: upholding the highest ethical standards while guiding NAICOM in its mission to create a robust and trustworthy insurance environment.
NAICOM: Championing Insurance Stability in Nigeria
Established in 1997, NAICOM plays a critical role in the Nigerian insurance industry.
Their core functions include:
1. Effective administration of insurance businesses
2. Supervision and regulation of the insurance sector
3. Ensuring the safety, soundness, and stability of the industry
4. Protecting policyholders, beneficiaries, and third parties involved in insurance contracts
WHY THIS MATTERS FOR YOU
1. A strong insurance sector benefits everyone. Here’s how: Increased Confidence: A well-regulated industry fosters trust, encouraging more Nigerians to participate in insurance plans.
2. Enhanced Protection: Effective oversight safeguards policyholders’ rights and ensures they receive the benefits they deserve.
3. Stability and Growth: A sound insurance market contributes to Nigeria’s overall financial well-being.
THE FUTURE OF NIGERIAN INSURANCE
The appointment of a qualified NAICOM Board reflects the government’s commitment to a thriving insurance sector. With a focus on stability, consumer protection, and ethical conduct, Nigerians can expect a more secure and dependable insurance landscape in the years to come.
