E-Financial
NAICOM Warns Insurers Against Dealing with Unlicensed Agents, Brokers
National Insurance Commission (NAICOM) has issued a stern warning to insurance operators against dealing with unlicensed agents and brokers if the sector must progress and earn the trust of the public.
Speaking Ebelechukwu Nwachukwu, the Insurers Committee of the industry, Chairman of Sub-Committee on Publicity, who is also Managing Director of Royal Exchange General Insurance, affirmed that NAICOM observed the practice (dealing with unprofessional agents and brokers) during the ongoing Risk- Based Supervision (RBS) in some insurance companies.
“The regulator spoke to us very strongly, to ensure that all the agents and brokers we deal with are licensed up-to-date or renewed, as against doing business with brokers with expired licences or unregistered agents,” she said.
The sub-committee chairman posited that NAICOM directed that boards of the various underwriting firms should approve and implement whistle-blowing policies in their respective companies.
Nwachukwu said the committee also agreed on the need for the insurance industry to increase awareness of annuities and continue to build trust to ensure that the product line grows significantly.
“With the amount of funds in the pension industry, we should expect a lot of that to be downloaded into the insurance industry through annuity. Moreover there was need for NAICOM to continue to engage the National Assembly to ensure the passage of the Consolidated Insurance Bill”
She noted that insurers had also begun the process of harmonizing the ECOWAS Brown Card to ensure that the same certificate is issued across all countries in the region using the brown card, noting that insurers took a presentation from KPMG, as part of its planning for the insurance industry’s 10-year Transformation Roadmap.
While emphasizing on the need for continuous improvement in RBS for the growth of the industry and the implementation of risk-based pricing, the Royal Exchange boss said that the committee’s transformation roadmap includes proposals for increased awareness, enhanced market conduct, insurer partnerships with telecommunications and non-insurance channels, digitalisation improvement and deepening of talents, adding that NAICOM has indicated that the kick-off date for RBC may not extend beyond 2024.
“Insurers were charged with digitalisation and improvement of the talents pool as well as making efforts to support national economic growth plan” she added.
Still on the outcome of the meeting, NAICOM expressed dissatisfaction over the backlog of unpaid claims by insurance companies as Nigerian Insurers Association (NIA) gets a two-week timeline to publish details of outstanding claims in the industry on their website to aid policyholders who wish to claim their settlements.
According to the commission, reports from the insurance companies show that some outstanding claims were not (as though) the companies are not ready to pay, but that policyholders have not come up with the required documents to conclude the processes.
The regulator moreover expressed optimism that going by progress reports of the insurance sector, it is on track of achieving long-awaited N1tr Gross Premium Income (GPI) target by close of the year, 2023.
Also speaking, Rasaaq Salami, the Head of Corporate Communications & Market Development, NAICOM, said the ultimatum to publish unpaid claims is aimed at making insurance subscribers claim their indemnity.
Salami said the two-week ultimatum given to NIA to execute the publication would be followed by a three-month monitoring period to assess improvements in the industry, adding that if progress is lacking after three months, regulatory action might be taken.
Meanwhile, the Commissioner for Insurance, Mr Sunday Thomas, while addressing the issue of claims at an earlier forum said: “Claims payment has always been one aspect the industry is battling to balance.
We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though the activities of a few among the operators are jeopardizing the efforts of the majority.
“We had, before now, agreed to start ranking companies on the number of claims received and settled every year and we intend to publish such ranking for the insurance consumers. It is always an issue that puts the entire industry on the edge. The commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector,”
United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.
Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
EFCC Says Corrupt Politicians are Using Crypto Wallets to Launder Money
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia
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