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NAICOM Issues Fresh Annuity Rules to Insurance Firms

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The National Insurance Commission has issued fresh regulations on annuity business with effect from February 1, 2025, in a bid to sanitise that segment of the market.

An annuity is a contract between you and an insurance company that requires the insurer to make payments to you, either immediately or in the future. You get a fixed amount of money for the rest of your life in return for a lump sum payment or a series of instalments.

In a statement over the weekend, NAICOM released circular outlining additional regulatory requirements for life insurance companies carrying on annuity business in Nigeria.

The circular, dated January 29, 2025, signed by Director (Innovation & Regulation) A.I. Adamu, issued to Managing Directors/CEOs of all life insurance companies, aims to enshrine best practices in the management of annuity portfolios by insurance institutions.

The new rules mandate that insurance companies are required to have at least one qualified actuary responsible for assets-liability matching analysis and implementation of its adoption by the investment team of the company.

A part of the guidelines read, “An insurer that does not have an in-house qualified actuary shall make arrangements for a qualified one from an external actuarial firm to take on the ALM responsibility on its behalf for an interim period of no more than two years, subject to the Commission’s approval for an extension for two or more years thereafter.

“The appointment of an in-house or external qualified actuary, who shall sign off all ALM reports as required by the provisions of paragraphs 3.4.3, 7.3.1, and 8.1.5(m) of the Prudential Guidelines, shall be subject to the prior approval of the commission.

ALM Reports: Companies are required to submit ALM reports to the commission quarterly, with requirements outlined in the circular such as required actions by insurers depending on the results from specific analysis applying guidance provided in the NAS Standards of Actuarial Practice.”

NAICOM said that insurance companies are required to comply with the new requirements, with the board of directors responsible for ensuring strict compliance.

Also, the regulator said that companies that are unable to cover the additional expenses imposed by the circular are required to transfer their annuity portfolio to another suitable insurance company within 180 days.

On the mandated ALM reports, the new guidelines read, “The ALM report shall be submitted to the Commission not later than 15 days after the end of every quarter in line with the reporting requirement stipulated in paragraph 3.4.3 of the Prudential Guidelines.

“Without prejudice to paragraph seven of this circular, where the annuity portfolio of an insurance company has more than 1,000 (one thousand) annuitants or the portfolio is valued at N5bn or more, the company shall submit to the commission the prescribed ALM report monthly, not later than the 15th of the succeeding month.”


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Stakeholders Applaud NiRA’s Leadership in Strengthening Nigeria’s Internet Infrastructure

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The Nigeria Internet Registration Association (NiRA) successfully convened its 18th Annual General Meeting (AGM), bringing together key stakeholders from across Nigeria’s internet, technology, and business ecosystem following the successful conclusion of its Annual General Meeting (AGM) held at Radisson Blu Hotel Ikeja.

The meeting, marked by robust participation from members, policymakers, industry leaders, and civil society representatives, centred on NiRA’s continued performance, strategic direction, and the imperative of deepening Nigeria’s digital identity through the .ng country code top-level domain (ccTLD).

Attendees at the AGM gave a resounding commendation to NiRA’s leadership and management team for their steadfast commitment to managing and sustaining the .ng domain registry. Members praised the Association for delivering operational excellence, maintaining registry stability, and driving meaningful growth in an increasingly competitive digital landscape.

NiRA was specifically recognised for its efforts in strengthening Nigeria’s digital ecosystem providing a secure, reliable, and trusted infrastructure that underpins online identities for businesses, institutions, and individuals across the country.

Members highlighted the Association’s resilience in the face of global and local headwinds, noting that its consistent performance has reinforced confidence in Nigeria’s internet governance framework.

Stakeholders reaffirmed the strategic importance of the .ng domain as more than a technical resource it is a sovereign national asset and a cornerstone of Nigeria’s digital identity. With Nigeria ranking among Africa’s largest internet markets, the .ng domain represents a critical enabler of economic growth, digital commerce, and institutional credibility.

The AGM underscored that every Nigerian business, public institution, and innovator operating online has both an opportunity and a responsibility to adopt the .ng domain as their primary digital address reinforcing national identity while contributing to the growth of a locally anchored internet ecosystem.

A significant outcome of the AGM was a unified call from stakeholders for stronger policy intervention to drive the adoption of .ng domains among Nigerian businesses. Participants emphasised that organic growth, while encouraging, must be complemented by deliberate institutional frameworks that make .ng the default choice for new and existing businesses.

Stakeholders specifically called for enhanced collaboration between NiRA and the Corporate Affairs Commission (CAC), urging the integration of .ng domain registration into the business incorporation and renewal process. Such alignment, members argued, would create a seamless pathway for businesses to establish their digital presence under a Nigerian domain from inception.

Additional recommendations included the development of government-backed policy frameworks that incentivise .ng adoption, the creation of regulatory guidelines that recognise .ng as a standard for digital credibility, and public sector leadership in adopting .ng domains to signal confidence in Nigeria’s digital infrastructure.

Executive Perspectives

Mr. Adesola Akinsanya; President, Nigeria Internet Registration Association (NiRA), said: “.ng is more than a domain it is Nigeria’s digital identity. Our focus remains on strengthening trust, driving adoption, and ensuring that Nigeria fully benefits from its internet ecosystem. Every organisation that registers under .ng is not just building a website; they are investing in the sovereignty and credibility of Nigeria’s presence in the global digital economy.”

Mrs. Oluwaseyi Onasanya; Chief Operating Officer (COO), NiRA, noted:  “We have continued to build a resilient and secure registry that supports businesses, innovators, and institutions across Nigeria. Our priority is to deepen adoption, expand our stakeholder base, and create greater value throughout the .ng ecosystem. The growth trajectory we are on reflects the hard work of our team and the trust our members continue to place in us.”

Mr. Biyi Oladipo; Member, Board of Trustees, NiRA, stated: “The Nigeria Internet Registration Association as a model multi-stakeholder institution that has sustained effective collaboration with government over the years. He noted that this approach reflects a strong and successful framework, positioning Nigeria more prominently on the global digital map.”

Mr. Muhammed Rudman; Past President, NiRA, said: “Adoption of .ng among new businesses must be driven through policy and institutional alignment. The frameworks already exist what is needed is coordinated political will and cross-agency collaboration to translate intent into action,”

Looking ahead, NiRA outlined an ambitious agenda focused on expanding public awareness of the value of .ng domains, deepening partnerships with government agencies, financial institutions, and the private sector, and accelerating digital economy participation among Nigerian businesses.

The Association reaffirmed its commitment to investing in infrastructure resilience, cybersecurity, and stakeholder education ensuring that the .ng registry remains a world-class, trusted foundation for Nigeria’s digital future. NiRA also signalled its intent to lead strategic conversations at regional and continental levels, positioning Nigeria as a model for internet governance in Africa.

As Nigeria accelerates its digital transformation agenda, NiRA stands as a steadfast pillar in the nation’s internet ecosystem. The Association’s unwavering commitment to excellence, governance, and stakeholder value positions it not only as the custodian of Nigeria’s domain registry, but as a strategic partner in building a prosperous, inclusive, and globally competitive digital economy.

NiRA remains resolute in its mission to drive .ng adoption, champion internet governance, and ensure that Nigeria’s digital infrastructure continues to serve as a launchpad for innovation, investment, and national development.


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FG Owes World Bank $2.08Bn in 2025  – Report

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Nigeria’s debt to World Bank’s International Development Association (IDA)  rose by $2.08 billion in one year to $19.89 billion as of December 31, 2025, according to an analysis of external debt stock data released by the Debt Management Office (DMO).

FG Owes World Bank $2.08Bn in 2025  – Report

The figure represents an 11.7 per cent increase from the $17.81bn owed to the global lender as of December 31, 2024.

So-called IDA is a member of the World Bank Group,  headquartered in Washington, D.C. offering concessional loans and grants to the world’s poorest developing countries.

According to the report,  Nigeria’s total debt to the IDA rose to roughly $18.2 billion to $18.7 billion by the end of 2025, making it the third-largest borrower globally from the IDA, behind Bangladesh and Pakistan.

DMO data showed that Nigeria’s IDA debt rose from $16.56 billion in 2024 to $18.51 billion n in 2025, an increase of $1.94 billion or 11.73 per cent.

International Bank for Reconstruction and Development (IBRD) exposure also increased from $1.24 billion to $1.38 billion, representing an increase of $141.84million or 11.41 per cent.

The increase means World Bank loans accounted for 38.36 per cent of Nigeria’s total external debt stock of $51.86 billion, as of the end of 2025.


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World Health Summit Regional Meeting Opens in Nairobi, Focuses on Stronger African Health Systems

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The 2026 World Health Summit Regional Meeting opened in Nairobi on Wednesday with a strong call for coordinated action to build more resilient health systems across Africa.

World Health Summit Regional Meeting Opens in Nairobi, Focuses on Stronger African Health Systems

The summit, hosted by Aga Khan University in partnership with the World Health Organization (WHO), Kenya’s Ministry of Health, and the Africa Centres for Disease Control and Prevention (Africa CDC), attracted over 2,000 health leaders, policymakers, researchers, and development partners from more than 50 countries.

The meeting is themed: “Reimagining Africa’s Health Systems: Innovation, Integration and Interdependence.”

Speaking at the opening ceremony, Kenya’s President, William Ruto, urged African governments, health institutions, donor agencies, and development partners to move away from fragmented interventions and adopt system-wide reforms anchored on local ownership, strategic investment, and accountability.

Ruto said Africa must reposition itself within the global health architecture by leveraging its strengths and becoming a source of scalable health solutions rather than being viewed solely through the lens of persistent challenges.

“This imbalance is neither sustainable nor tenable. It calls for a decisive shift from fragmented, piecemeal interventions to comprehensive, system-wide transformation backed by coherent strategy, domestic and international financing, and accountable institutions,” he said.

President of the World Health Summit, Prof. Axel Pries, described the Nairobi meeting as a reflection of Africa’s growing influence in shaping global health priorities.

He said the summit was designed to convene leaders across sectors and regions to translate policy discussions into practical actions that strengthen health systems globally.

Also speaking, Prof. Lukoye Atwoli, International President of the World Health Summit Regional Meeting and Dean of Medical College East Africa at Aga Khan University, said the summit marked a shift in Africa’s role in global health governance.

“For too long, Africa has been the subject of health conversations held elsewhere. Today, African institutions, researchers, and policymakers are co-authors of global health policy,” Atwoli said.

President and Vice Chancellor of Aga Khan University, Dr. Sulaiman Shahabuddin, said despite ongoing challenges such as climate change, chronic diseases, inadequate funding, digital inequality, and workforce gaps, Africa’s health sector is increasingly better positioned to integrate systems, deploy technology, and develop talent for quality healthcare delivery.

WHO Regional Director for Africa, Dr. Mohamed Yakub Janabi, said the summit offered an important opportunity to strengthen collaboration and advance universal health coverage through robust primary healthcare systems.

According to him, discussions at the summit are expected to generate a practical blueprint for building a more coherent and integrated health ecosystem across the continent.

Kenya’s Principal Secretary for Public Health and Professional Standards, Mary Muthoni, said global health security must remain a top priority for governments.

“Global health security is not a luxury; it is a prerequisite for national stability. We must move from reactive crisis management to proactive pandemic preparedness,” she said.

Director-General of Africa CDC, Dr. Jean Kaseya, stressed the need for Africa to finance and build resilient health systems at scale to strengthen health security and reduce dependence on external support.

He said the Nairobi meeting provides a strategic platform for mobilising investments, strengthening partnerships, and advancing African-led healthcare solutions.

The summit will feature over 80 sessions focused on health financing, workforce development, digital health innovation, climate and health, and strengthening universal health coverage.

The meeting continues over the coming days with further discussions expected on emerging health challenges and long-term healthcare resilience across Africa.


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