National Insurance Commission (NAICOM) has declared that it has no plans to extend the 31 July 2026, deadline for the ongoing insurance industry recapitalisation exercise, asserting that the date is firmly rooted in the new Insurance Act.

Speaking at the investiture of Mr Akinjide Oluwarotimi-Orimolade as the 53rd president of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, Olusegun Omosehin, commissioner for Insurance, emphasised that the exercise remained central to building a resilient market.

With less than two weeks left before the window closes, the regulator commended operators making steady progress but stressed that the timeline must be treated with absolute urgency.

Omosehin said, “A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust.

“The industry’s future will be determined by the quality of leadership, depth of competence, and discipline in serving the public interest.”

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The ongoing exercise follows the historic signing of the Nigeria Insurance Industry Reform Act by President Bola Tinubu, which effectively repealed the outdated 2003 Insurance Act. Under the new framework, the sector is transitioning from a static baseline model to a dynamic risk-based capital structure. This regulatory shift aims to fortify operators against systemic economic shocks and better position the industry to contribute significantly to the Federal Government’s target of a $1tn economy.

Consequently, the exercise requires a massive capital lift across the board, pushing life underwriters from N2bn to N10bn, non-life operators from N3bn to N15bn, and reinsurers from N10bn to N35bn.

The push comes amid strong legislative alignment, with the National Assembly pledging its full backing to ensure these reforms translate into deeper market penetration.

Also speaking at the event, Ahmadu Jaha, chairman of the House of Representatives Committee on Insurance and Actuarial Matters,  reaffirmed the parliament’s dedication to providing the necessary legal frameworks to drive sector growth.

Jaha said, “As Chairman of the House Committee on Insurance and Actuarial Matters, I wish to reaffirm the unwavering commitment of the House of Representatives to supporting legislative initiatives that will strengthen the insurance industry, improve regulatory effectiveness, enhance consumer protection and promote wider insurance penetration across Nigeria.

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“The National Assembly recognises the critical role of the insurance industry in mobilising long-term capital, financing infrastructure development, protecting businesses and households against unforeseen risks, promoting financial stability and driving sustainable economic growth.”

Responding to the charge, the newly inaugurated Orimolade, president, CIIN, stated that his administration would aggressively protect the public interest by advancing the core mandates of the institute.

Orimolade promised “to build on the programmes of my predecessors while evolving new ideas that can further increase insurance education, awareness and acceptance across the country.”

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Federal Competition and Consumer Protection Commission (FCCPC) has resumed implementation of the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

This follows the judgment delivered yesterday by Justice A.L. Allagoa of the Federal High Court, Lagos, in Suit No. FHC/L/CS/760/2026 instituted by the Wireless Application Service Providers Association of Nigeria Ltd/Gte (WASPAN).

In the ruling, the Court dismissed the Plaintiff’s Originating Summons in its entirety, declined all the reliefs sought, and upheld the validity of the DEON Regulations, holding that they were made pursuant to the FCCPC’s statutory and constitutional powers and are therefore intra vires the Commission.

The Court also upheld the validity of the specific provisions of the Regulations challenged in the suit and consequently discharged the interim ex parte order that had restrained implementation and enforcement of the Regulations.

Accordingly, the legal impediment that had necessitated the Commission’s temporary suspension of implementation and enforcement of the DEON Regulations has been removed, and the Regulations are once again fully operational and enforceable.

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WASPAN had challenged the Commission’s authority to issue and implement the DEON Regulations. Upon being served with the Court’s interim order in April 2026, the FCCPC immediately suspended implementation and enforcement of the Regulations in full compliance with the Court’s directive, consistent with its commitment to the rule of law and respect for judicial authority.

Meanwhile, the FCCPC has welcomed the judgement.

Reacting, Ondaje ljagwu, director of Corporate Affairs, FCCPC, said: “The Commission has always maintained that the rule of law is fundamental to effective regulation and good governance. When the Court issued its interim order, we immediately suspended implementation of the Regulations in full compliance with the Court’s directive. Now that the Court has affirmed the validity of the DEON Regulations and delivered judgment in favour of the Commission, we will continue to discharge our statutory responsibilities faithfully, professionally and in accordance with the law.

“The DEON Regulations are designed to promote responsible lending, improve regulatory accountability, curb unfair and exploitative practices, and strengthen consumer protection in Nigeria’s digital lending market. Our objective has always been to ensure that innovation and financial inclusion flourish within a transparent, fair and accountable regulatory framework that inspires confidence among consumers, investors and responsible operators alike.

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Nigeria Deposit Insurance Corporation (NDIC) has urged youths to shun investment scams and  embrace the habit of saving.

NDIC said that for a nation to be prosperous, its citizens must learn to build legitimate wealth through savings and then advance to investment.

Mr Adegbenga Fagbuyi, assistant director, Communication and Corporate Affairs, NDIC, made the remarks while addressing students of Lagelu Grammar School, Ibadan, during the 2026 Financial Literacy Day.

Delivering his speech on “Smart Money,” Fagbuyi highlighted the importance of having basic knowledge of the financial system, making sound financial decisions, understanding the benefits of saving in banks, setting financial goals, maintaining financial discipline, and avoiding Ponzi schemes that promise high returns.

Fagbuyi said youths are among the major targets of the government’s financial inclusion drive, adding that the Financial Literacy Day formed part of activities marking Global Money Week, adopted by the Bankers’ Committee in Nigeria as a platform for mentoring youths on savings and investment.

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He said, “The government wants everybody to be participants in the financial sector. But how can you be a participant if you don’t know how to save? How can you be a participant if you cannot convert your savings into an investment? So, most importantly, youths are one of the major targets of the financial inclusion drive of the government.”

Fagbuyi described financial inclusion as bringing everybody into the financial safety net by encouraging participation in banking, insurance, pensions, and the capital market.

He stressed that the government does not want youths to become adults who lack knowledge of safe banking practices, insurance, and the capital market.

“Government does not want them to grow old, to become adults who do not know about savings, safe banking habits, insurance, and the capital market. That is why we go to schools to sensitise students to all these basic financial matters, particularly savings, so that our students can begin to learn to save, learn credible investment habits through which they can be making legitimate income.

“We also educate them about the deposit insurance system administered by NDIC. When you save in banks, the banks are supervised and regulated. And if eventually they fail, you will not lose your money. That is what NDIC does,” Fagbuyi said.

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He revealed that the sensitisation programme, which started about 10 years ago and is organised by the Bankers’ Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all the deposit money banks in Nigeria, has been held across states nationwide.

He said, “Minimum, every year, we go to 10 states. And we normally sensitise 200 students in each school. So this year, that means we are targeting 2,000 students.”

Fagbuyi, however, said the objective of the programme is not to cover all schools across the country but to set a standard for state governments and schools to replicate.

“But I must emphasise that the objective is not to cover all schools. It is to set a standard for state governments and for schools to replicate. You agree with me that we cannot be everywhere.

“But as a partner, as a key stakeholder in the financial inclusion drive of the federal government, we go to states to showcase what the government’s intention, so that states and schools can replicate. So it is on this note that we always urge states’ Ministries of Education, Science and Technology to replicate and expand these programmes across their respective states.”

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In his address, Olusegun Olayiwola, Oyo State Commissioner for Education, Science and Technology, represented by Alhaji Lukuman Kareem, permanent secretary, Education Inspectorate, Ibadan North, commended the NDIC for selecting a school in Ibadan for the financial literacy sensitisation programme.

He noted that such initiatives must go beyond the classroom to shape young minds, adding that children cannot achieve expected outcomes unless they are properly guided.

“That’s why we significantly appreciate the efforts of the Bankers’ Committee, NDIC, the Central Bank of Nigeria, and all other members for this,” he said.

The commissioner charged the students to take the lessons seriously, noting that opportunities lost may not be easily regained. He also advised the NDIC to expand the programme to include students from neighbouring schools in future editions to maximise its impact without additional transportation costs.

Additionally, Olayiwola urged teachers to cascade the training to other students, who should in turn enlighten their siblings at home.

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