The National Insurance Commission (NAICOM) is collaborating with Malaysia in capacity building and investment opportunities to grow its Takaful insurance

The Commissioner for Insurance and Chief Executive Officer, NAICOM, Mr. Olusegun Ayo Omosehin, disclosed this when he played a host to the High Commissioner of Malaysia Mr. Aiyub Omar who visited him in his office in Abuja.

During the visit, Omosehin explained the functions of the commission, emphazising its dual role in regulating the insurance industry’s business activities and driving growth and development in Nigeria.

To tap from the country’s wealth of experience the commissioner suggested Nigeria should study countries with similar characteristics, such as Malaysia, which has witnessed rapid growth in Takaful Insurance over the past three decades.

He sad this would enable the Commission to identify best practices, gain valuable insights, and adapt strategies that have proven success in similar markets.

According to him, by exploring international models and benchmarking against industry leaders, the commission aimed to creating a more conducive environment for insurance growth in Nigeria, ultimately benefiting policyholders and stakeholders alike.

The commissioner further stressed the importance of knowledge sharing to replicate successful models in Nigeria, particularly in achieving President Bola Tinubu’s vision of a $1 trillion economy.

This goal, he said, aimed to be accomplished within eight years, relies heavily on collaborations with foreign governments, including Malaysia, stressing that given Nigeria’s low insurance penetration, the potential for growth and investment is substantial.

Omosehin stated that notably, Nigeria has made progress in the Takaful insurance sector, expanding from a single company in 2013 to six companies currently under the National Insurance Commission’s regulation.

He emphasised the need for knowledge sharing and strategic partnerships, reiterating that by learning from Malaysia’s experiences and best practices, Nigeria can accelerate its economic growth and development, ultimately achieving the ambitious goal of a $1 trillion economy.

He informed the Malaysian High Commissioner about the newly passed insurance bill by the Senate, which now awaits concurrence from the House of Representatives.

This bill, he said, is expected to significantly boost capital in the insurance industry and create new investment opportunities.

He said that by enhancing the regulatory framework, the bill sought  to promote the growth and development of the insurance industry in Nigeria, ultimately contributing to the country’s economic growth.

The Malaysian High Commissioner, in response, said he was thrilled by the reception by the National Insurance Commission and expressed his enthusiasm for collaboration

Facts have emerged that the total debts of Sir Johnson Arumem-Ikhide, the owner of Arik Air, is still indebted to the Asset Management Corporation of Nigeria (AMCON) whopping N455, 171, 764, 772.80 as of December 31, 2024, in all his investments, the Asset Management Corporation of Nigeria (AMCON) has said.

AMCON also said that its intervention in the troubled Arik Air in February 2017, saved the carrier from liquidation, but vowed that it would ensure the recovery of the total debts owed to the corporation by various business organisations including those owned by Sir Johnson Arumem-Ikhide irrespective of the orchestrated blackmail.

Mr. Jude Nwauzor, the Head of Corporate Communications Department of AMCON, stated these on Friday in Lagos while presenting the facts to the aviation correspondents. AMCON, a debt recovery agency of the Federal Government of Nigeria had watched as several commentators, and writers spread skewed and misguided reports on different media platforms, which does not explain the sorry status of Arik Air before AMCON’s the Federal Government of Nigeria mandated AMCON to intervene in the airline.

Giving the breakdown of the total debts, Nwauzor informed that Arik as of December 2024, owed AMCON N227,637,469,394.34 billion; Rockson Engineering, N163,502,837, 397.75 billion, while Ojemai Farms owed the corporation another N14, 031, 457, 980.71 billion, totaling N455, 171, 764, 772.80. Nwauzor also said that Arumem-Ikhide in some of its agreements with AMCON, agreed to the debts owed to the government agency, and signed restructured agreements on payback, but failed to honour his agreements.

AMCON insisted that despite the campaign of calumny against it, it would ensure the debts were recovered and return the companies to profitability. AMCON insisted that it didn’t take over the running of Arik Air by fiat as claimed in some quarters, but the banks, including Union Bank and Bank PHB (now Keystone Bank), Zenith, Access, Standard Chattered, Afexim, which the airline owed billions of naira, sold the non-performing loans of Arik to AMCON.

He insisted that the takeover followed all the due processes and in accordance with the Act setting up AMCON, and the laws of the Federal Republic of Nigeria. According to Nwauzor, AMCON had been part of Arik Air since 2011 but was compelled to take over the company in 2017 through the appointment of a receiver manager after several interventions failed. He emphasised that the AMCON Amendment Act, 2021 empowers the corporation to, inter alia, take possession, manage, or sell all properties traced to debtors, whether such asset or property is used as security/collateral for obtaining the loan in particular.

He explained that the receiver manager also had the option of either managing or selling off the assets of a debtor company like Arik Air, but AMCON was mandated to ensure that the airline did not die by the Federal Government.

He said: “If you recall, at the time, there were not so many of these airlines that we have today like Air Peace, United Nigeria, Green Africa, Max Air, Value Jet, etc, so, the Federal Government at the time, mandated AMCON to save the over 1,500 jobs that would have been lost if the airline was liquidated and the best approach was to appoint a receiver manager to manage the airline. That was the mandate of the Federal Government of Nigeria.

“As you know, AMCON is owned by the Central Bank of Nigeria (CBN) and the Ministry of Finance and is guided by the AMCON Act drafted by the National Assembly, and signed into law by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. That was how AMCON came to be. What that means is that you cannot play outside the laws of the Federal Republic of Nigeria, and the AMCON Act, and that the Corporation since inception is guided by this. If push comes to shove, AMCON still has the option to liquidate the company and any other debtor organizations. But, we are still today managing Arik, which was insolvent in 2015 and 2016 before AMCON stepped in.”

He pointed out that AMCON since 2017 when it intervened in the airline, had been putting in money to sustain its operations, yet was unable to recover its investment in the airline. AMCON expressed that it was because the promoters of Arik Air could not pay back the debts it owed several financial institutions either in the country or beyond, stressing that this compelled the banks to sell the non-performing loans to AMCON.

He further debunked the claim that Arik Air had 30 operating aircraft at the time of AMCON intervention in 2017, maintaining that most of the aircraft claimed to be in the fleet of the airline were either abandoned, scrapped, or inactive at the time of intervention.

An investigation by our correspondent revealed that only eight of the 30 aircraft were operational at the time of AMCON intervention. He insisted that no matter the blackmail, AMCON would ensure the recovery of the debts irrespective of who was involved. Adding that by the time AMCON intervened in Arik Air in 2017, there was zero naira to run the airline, as both KPMG and PwC reports pronounced the airline insolvent pre-receivership.

“We did the forensic evaluation of Arik Air in 2015 and 2016; the report wrote off Arik as an insolvent company. The experts proposed that AMCON should liquidate the airline and move away. Even, the liquidation would not have recovered a fraction of the debts,” he said.

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