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Nigerian Insurers Pool N726.2bn Premium in 2022

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Nigerian Insurers Association (NIA) yesterday said that the volume of premium recorded by its member companies in 2022 grew to about N726.2 billion.

Mr Olusegun Omosehin, NIA’s Chairman, said this while delivering an address at the 52nd Annual General Meeting (AGM) of the association in Lagos.

Omosehin said that the figure recorded is estimated to be an increase of 33.9 per cent over the premium income of N569.1 billion recorded in 2021.

He said, despite the economic downtown in the country, the insurance industry continues to take its place in the economic space as the economic driver, restorer of businesses and a dependable safeguard of national assets.

“As a subset of the national financial system, the insurance industry also had a fair dose of the general economic and socio-political problems bedeviling the country in the past one year.

“Perennial power outages, herders and farmers conflicts, kidnapping, banditry poor infrastructural facilities, increasing poverty galloping inflation, flooding and other natural catastrophes.

“Also, geometric rise in exchange rate of the business resulting in high cost of operations.

“Notwithstanding these challenges, insurance companies continue to discharge their obligations as financial intermediators and restorer of businesses in line with their mandate,” he said.

According to him, the association is working closely with the National Insurance Commission (NAICOM) and other stakeholders within the financial services and technology segments to promote the business of insurance.

Omosehin said the collaboration was geared toward increasing the sector’s contribution to the national Gross Domestic Products (GDP), which will lead to increase insurance penetration and density.

He expressed regret that the Consolidated Insurance Bill 2020 was not signed into law during the 9th Assembly, despite the spirited effort made by the association to ensure that it was.

Omosehin appreciated NIA Governing Council members and past chairmen who worked tirelessly to ensure that the bill was signed.

He noted that the governing council would review the process that had brought the bill that far and take the next steps in the coming months after due consultation with all relevant stakeholders.

Omosehin commended the significant progress made by the Energy and Allied Insurance Pool of Nigeria (EAIPN), conceived by the NIA, to build local capacity and reduce premium flight in oil and gas underwriting.

He charged the general business insurance companies to increase their patronage to the pool to improve the capacity of the local market to underwrite oil and gas risk through the pool.

In her address, Mrs Yetunde Ilori, Director-General, NIA, said that in the course of the year under review, the association collaborated on a joint project with the Lagos State Vehicle Inspection Service (VIS).

Ilori said the collaboration is on enforcement and validation of genuine compulsory motor third party insurance.

She said this was made mandatory by extant laws through the Automatic Number Plate Recognition (ANPR) device of VIS and the Nigerian Insurance Industry Database (NIID), verification platform of NIA.

The director-general appreciated the Commissioner for Insurance, Mr Sunday Thomas, Heads of companies in the industry, various associations and stakeholders for their support toward NIA.

Mr Austin Ebose, Managing Director, Anchor Insurance Company Ltd., and Mrs Ebelechukwu Nwachukwu, Managing Director, Royal Exchange Assurance Nigeria Ltd., were inaugurated as governing council members of association.

The NIA’s governing council said that their swearing-in followed an election and ratification by its members.

Stakeholders at the AGM included: representatives from NAICOM, Chartered Insurance Institute of Nigeria (CIIN), Nigerian Council of Registered Insurance Brokers (NCRIB), Institute of Loss Adjusters of Nigeria, Association of Registered Insurance Agents of Nigeria (ARIAN), among others.

 


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NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

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The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.

“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.

Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.

“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.

He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.

“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.

During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.

Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.

“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.

The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.

In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.

Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.

The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.

 


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NRS Takes Over Mineral Royalties Collection Under New Tax Laws

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Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS Takes Over Mineral Royalties Collection Under New Tax Laws

NRS

The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.

Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.

NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.

Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.

The move aims to streamline revenue collection while fostering mining growth.


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Microsoft Revamps Copilot in Workplace AI Push

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Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.

The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.

Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.

Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.

“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.

Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.

A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.

The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.

Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.

The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.

 


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