The Federal Government has charged directors of insurance companies in Nigeria to provide the leadership needed to transform the sector and build a strong, credible, and innovative insurance ecosystem.
Doris Uzoka-Anite, Minister of State, Ministry of Finance, gave the charge at the 2025 Insurance Directors’ Conference held in Lagos with the theme “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth.”
At the conference organised by the College of Insurance and Financial Management (CIFM), the minister emphasized the role of directors in strengthening corporate governance, improving professionalism, and deepening the culture of compliance.
Uzoka-Anite, who spoke extensively on the ongoing implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, described it as a landmark initiative that aligns the insurance sector with the Federal Government’s broader economic transformation strategy.
The Minister described NIIRA 2025 as “a reform framework and a national mission to rebuild trust, restore relevance, and redefine the place of insurance in our economy.”
Emphasising the sector’s economic importance, she said insurance is “the silent engine of a resilient economy,” adding that no sustainable economic transformation can occur without a strong, credible, and innovative insurance system.
“This is where NIIRA 2025 becomes a national imperative,” she said. “It provides a strategic roadmap that connects regulatory reform with digital innovation, market deepening, and consumer empowerment.”
Urging directors to rise to the challenge, Uzoka-Anite said:
“Distinguished Directors, the responsibility for driving this transformation rests heavily on your shoulders. As board members and captains of institutions, you are the custodians of governance and the stewards of strategy. Your decisions determine the sustainability and credibility of the insurance industry.
“This is not the time for complacency; it is a time for courage, foresight, and leadership. I urge you to embed the principles of NIIRA 2025 into your organisational culture, making compliance and transparency a shared value, not merely a regulatory obligation.
“We must continue to build a system where consumers have confidence in our services through prompt claims payment, transparent operations, and responsive service. Directors and regulators alike must ensure that integrity and professionalism remain non-negotiable values.”
Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), in his remarks, said this year’s theme, “Navigating the New Insurance Landscape,” reflects the industry’s collective responsibility not just to comply with regulation but to lead change—turning compliance into competitiveness and regulation into an opportunity for innovation.
Omosehin noted that under the current government, the insurance industry is expected to play a pivotal role in national development, serving as both a shock absorber and a growth catalyst.
“Insurance must move from the margins to the mainstream of economic planning,” he said. “By unlocking its potential, we can provide long-term capital, mitigate risk, and offer financial security to individuals and enterprises, thereby contributing significantly to our nation’s GDP.”
Calling on insurance directors, he added:
“As directors, your leadership is central to the successful implementation of these reforms and indeed of NIIRA 2025. You are the custodians of governance, ethics, and strategic foresight. Your role is not only to oversee financial performance but also to champion innovation, compliance, and resilience.
“It is also imperative to emphasise that boards must be proactive, inquisitive, and courageous. Good governance is not just a regulatory expectation—it is a moral duty. As leaders, you must hold yourselves to the highest standards of integrity and accountability.”
On how insurance will support the economy, Omosehin stated:
“Our ambition goes beyond regulation. We envision an insurance sector that contributes meaningfully to national development—from infrastructure financing to climate resilience.
“Through responsible investment and targeted products, insurers can help manage fiscal exposure, stabilize communities, and attract long-term capital. Insurance is not a peripheral service; it is a strategic pillar of national progress.”
