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NCRIB President Endorses Heirs Insurance and Heirs Life Assurance

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L-R Deputy President, NCRIB, Barrister. Rotimi Edu; Vice President, Mr. Tunde Oguntade; President, NCRIB, Dr. Mrs. Bola Onigbogi; Ag. Managing Director/CEO, Heirs Insurance Limited, Dr. Adaobi Nwakuche; Managing Director/CEO, Heirs Life Assurance, Niyi Onifade; and Chairman, Heirs Life Assurance, Dan Okeke at the NCRIB members’ evening in Lagos on Tuesday.
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Dr. Mrs. Bola Onigbogi, president of Nigerian Council of Registered Brokers (NCRIB) has endorsed Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA) describing both companies as progressive with their array of product offerings and promise of excellent service.

NCRIB President Endorses Heirs Insurance and Heirs Life Assurance

L-R Deputy President, NCRIB, Barrister. Rotimi Edu; Vice President, Mr. Tunde Oguntade; President, NCRIB, Dr. Mrs. Bola Onigbogi; Ag. Managing Director/CEO, Heirs Insurance Limited, Dr. Adaobi Nwakuche; Managing Director/CEO, Heirs Life Assurance, Niyi Onifade; and Chairman, Heirs Life Assurance, Dan Okeke at the NCRIB members’ evening in Lagos on Tuesday.

Onigbogi who spoke at the just concluded meeting of the NCRIB,  which was held on Tuesday, said that “I have no iota of doubt in my mind that Heirs Insurance and Heirs Life are companies to watch out for in the market. A critical examination of your workforce and your enthusiasm to host this members’ evening at a time like this is a pointer to a greater business exploit you are poised to accomplish”.

She said this while welcoming the hosts of the event, Dr. Adaobi Nwakuche, Ag. CEO, Heirs Insurance Limited and Niyi Onifade, CEO, Heirs Life Assurance as well as the over 300 insurance brokers present at the NCRIB secretariat in Lagos.

Onigbogi further described the companies as broker friendly, endorsing the companies as partners for brokers to collaborate with.

“I guarantee you for your endorsement by my professional colleagues”, she added.

Nwakuche, during her address, acknowledged NCRIB as an important stakeholder in the business of insurance, liaising between customers and insurance firms.

She emphasised the mission of Heirs Insurance while introducing the company to the brokers present:

“We are on a mission to democratise insurance and make it accessible to any and everyone. To achieve this, we paid careful attention to the needs of every customer across all the social circles, while building our products. We are pleased to say that we have simple and affordable insurance plans for everyone and we are confident that with the support from NCRIB, we will deliver on our promise of excellent service delivery to the public, she said.

Onifade introduced some of the affordable products specialist life insurance company, Heirs Life, is bringing to the market, including its savings and investment products, term life and group life plans for employees. He noted that collaboration with NCRIB will advance both companies’ ambition of providing customers with insurance service that is simple, quick, accessible, and reliable.

He stated: “Our mandate is to provide excellent service to customers which is priority for us, and we understand that to achieve it, we need to collaborate with bodies that believe in similar vision of always putting the customers first. The NCRIB represents this and with them as partners, we can jointly move the business of insurance forward”.

The event was well attended by brokers from across the country.

 

 


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E-Financial

NAICOM, World Bank Explore Opportunities for Collaboration

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The National Insurance Commission (NAICOM) and the World Bank have collaborated to explore opportunities for the latter’s growth and development.

During a courtesy visit, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, highlighted the National Insurance Commission’s dual role in regulating the insurance industry and driving growth and development in Nigeria.

Highlighting developments in the sector, the Commissioner emphasised the importance of the New Insurance Consolidated Bill, which has been passed by the Nigerian Senate and awaiting concurrence from the Federal House of Representatives.

He expressed optimism that the bill would receive presidential assent once passed by both chambers. He acknowledged the challenge of changing the public perception of insurance in Nigeria, citing past experiences of non-claim payment.

He introduced the Commission’s new mantra, “find a reason to settle claims,” which has led to increased compliance from industry players.

On penetration and enforcement, the Commissioner discussed the recent collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement, which began on February 1, 2025.

He also highlighted NAICOM’s efforts to educate the public on the benefits of third-party insurance through various media channels.

He also emphasised NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy.

In his part, the Deputy Commissioner, Technical, Dr Usman Jankara, added that NAICOM aimed to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.

He unveiled NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders. The Commission identified insufficient actuarial capacity in the Nigerian insurance sector as a major challenge.

Responding, the World Bank delegation leader, Mr. Mehnas S. Safavian, promised to consider NAICOM’s requests for assistance, including capacity building, automation, and capital market development.

The meeting marked a significant step towards fostering collaboration and growth in Nigeria’s insurance sector.


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Blockchain Technology Will Aid Market Regulation – SEC

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Dr. Emomotimi Agama, director-general, Securities and Exchange Commission
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Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC), has emphasized that the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.

Blockchain Technology Will Aid Market Regulation – SEC

Agama stated this during a session with a delegation from Algorand Foundation, at the Commission’s headquarters in Abuja.

Essentially, blockchain is a decentralized system that enhances trust and security by allowing multiple parties to independently verify and validate transactions without needing a central authority.

Agama said in Africa, where there are significant issues such as financial exclusion, lack of transparency, and inefficiencies in public and private sectors, blockchain presents an opportunity to build a future where the challenges can be addressed as blockchain is a digital ledger technology that securely records and verifies transactions across a network of computers.

Furthermore, the SEC DG said the commission is consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organization of Securities Commissions (IOSCO), adding that this ensures that the commission’s regulatory framework remains robust, adaptive, and aligns with global standards, enabling cross-border collaboration and fostering investor confidence.

He disclosed that the SEC has introduced several measures to ensure that these innovations are harnessed responsibly: Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program: The ARIP and RI Program were designed to on-board firms operating in the digital asset space and provide a controlled environment to test new models, products, and services.

These programs, he stated, foster innovation while ensuring that robust consumer safeguards are in place adding that the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programs is a testament to our commitment to enabling innovation.

According to him, in this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.

“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a block chain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.

“So wherever there is a toxin in the block chain we will find it and deal with it. We will extend it to the point where review of applications will be done on the block chain so whoever drops the ball will be seen. Each transaction is grouped into a block, and these blocks are linked together in a chronological chain. This structure ensures that once information is added to the blockchain, it cannot be altered or deleted, providing a transparent and tamper-proof record.

“We want to leave a legacy that each one of us will be proud of when we leave this Commission. But in getting that to happen, we must all be educated enough to drive that course,” Agama said.

The DG disclosed that the Commission being the apex regulator of the capital market cannot be left out in technological advancement hence the need to engage Algorand Foundation to explore the Commission’s needs and potential application and benefits of blockchain technology.

“It is very interesting that we are having this opportunity to do this for our organization, this is a knowledge-based institution and I am leading from the front. All our staff must begin to retool themselves because as regulators, we have to be on top of our game.

“As we begin our steps in moving the commission forward together, the foundation of everything that we do requires deep knowledge and understanding, without knowledge we cannot get it done. No matter what I say, without you all being part of that train we cannot get the work done. There is no way I can do everyone’s job; we all have to be equipped to regulate this market,” he added.

In his remarks, Mr. Eric Wragge, global head, Business Development, Algorand Foundation, said the team is in Nigeria to democratize technology and assist interested organizations and businesses take advantage of the numerous benefits of implementing blockchain technology in their operations.

“It is an honour to be here. We are here to tell you what block chain is all about and how it can help your work. We are here to democratize the technology, it’s free to use, anybody can use it. Our job is to go round the world, discover where the technology can be used and help people implement,” he stated

 

 

 


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E-Financial

Active Bank Accounts Hit 312m as @ 2024

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As of December 2024, the number of active bank accounts in Nigeria has reached 311.65 million, marking a significant increase from 202.6 million at the end of 2023.

Active Bank Accounts Hit 312m as @ 2024

This represents a growth of approximately 48.89 per cent over the year, with around 102.34 million new accounts activated during this period.

In addition to the rise in active accounts, there has also been an increase in dormant accounts, which reached about 19.7 million, and closed accounts, which totaled 25.49 million by December 2024.

The data reflects ongoing efforts towards enhancing financial inclusion within the country, driven by initiatives from the Central Bank of Nigeria and the Nigeria Inter-Bank Settlement System (NIBSS).


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