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Brokers Fret over Proposed Insurance Law on Capital

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The stronghold of insurance brokers over the underwriting arm appears threatened, going by the content of the proposed law on insurance practice, which seeks to question the independence status which they have had over time.  On the remote side, insurers have made spirited attempts to bring them under control without success. One area that has raised dusts between the two arms is the issue of ‘no premium, no cover’
Industry watchers believe that the greatest threat coming the way of brokers is the proposal of the Prof. Joe  Irukwu – led committee on the review of insurance laws in Nigeria.
The recommendation which has reportedly been submitted to the federal government, is seeking to raise the minimum capital base of insurance brokers at N400million as against the current N10million. According to Mr. .Edward Okusor, chief executive officer of Afromart brokers “this development, if allowed to succeed, would impact negatively on the professional standard of the brokerage arm. He added that the N10million capital requirement has not been easy for the brokers, therefore raising it at this astronomical level would definitely compound the operational environment” He explained that brokers control over 70 percent of the insurance volume of business. Any thing that affects it negatively would certainly cause sweeping effects in the entire industry. For managing director of Best Deal insurance brokers, Mr. Adewunmi Adewole, rather than formulating laws that would threaten the brokerage arm, government should think of enhancing by empowering it just the way it did to the pension industry with the establishment of the National Pension Commission (PENCOM)
It was gathered that in addition to the recommendation to increase the capital base, the laws that grant sovereignty to the brokers would also be reviewed. Commenting on the issue, Prof.Irukwu disclosed that the present insurance laws which has separate framework for some operators may be consolidated into single framework legislation. The implication of this is that a central body may emerge which would break the monopoly of the National Council of Registered Insurance Brokers (NCRIB), as presently constituted.
Already, the proposal has been causing unease within the camp of insurance brokers. Reacting to the proposal, President of the council, Mr. Teslim Sanusi said insurance brokerage does not require the kind of regulations being proposed. He said the arm is similar to other professions like law and advertising among others and they do not require any minimum capital requirement to operate.
The NCRIB boss threatened that the council would oppose any law aimed at destabilizing the oneness of purpose of brokers. He added that such move would be counter productive. Sanusi stressed that the proposed law as it stands now, also seeks to make membership of the council voluntary as against the provisions of the Insurance Act 2003 which makes it compulsory.
Irukwu had earlier explained that the proposed law made provisions for the entrenchment of corporate governance in the profession as well as provisions for dealing with insurance fraud, especially in the area of ‘whistle- blowing.
It would be recalled that insurers in the past have complained over the dominance of brokers in the determination of insurance business which has often led to the crippling of underwriting profit. According to t Mr. G.U.S. Wiggle managing director of Linkage Assurance, at a BGL forum, brokers have ensured a situation which has made premium payment by corporate customers hardly received on time. The result, he said is that the net operating cash flow for insurance companies are low, averaging between 0.5 percent and 19.7 percent. He added that there have been situations when underwriting risks mature while premiums are yet to be received.
Industry watchers believe that the proposed law may confer on THE National Insurance Commission (NAICOM), the expected status as a regulator of insurance, carrying similar powers as that of the Central Bank of Nigeria (CBN).

 


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Catholic Bishops Urge FG to Give Tax Laws Human Face

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Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

Catholic Bishops Urge FG to Give Tax Laws Human Face

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.

The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.

Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.

They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.

In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.

“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.

“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”

The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.

The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.

“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.


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Taraba Adopts Electronic Case Management System

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Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


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Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

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Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

  • Do not click on links or respond to unsolicited emails.
  • Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
  • Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

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