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Nigeria’s Insurance Industry Witnesses Remarkable Growth In 2022

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The Nigerian Insurers Association (NIA) recently announced a remarkable surge in premium volume, with the industry reaching a staggering N726.2 billion in 2022. This significant growth was disclosed during the association’s 52nd Annual General Meeting held in Lagos.

Mr Olusegun Omosehin, the Chairman of NIA, highlighted this achievement, emphasizing that it marked a substantial 33.9 percent increase compared to the previous year’s premium income of N569.1 billion.

Enhancing Economic Prosperity: The Role Of Nigeria’s Insurance Industry

Despite the economic challenges faced by the nation, Nigeria’s insurance industry has consistently proved itself as an essential economic driver and a safeguard for national assets. Recognizing the pivotal role played by the industry, NIA has been actively collaborating with the National Insurance Commission (NAICOM) and other stakeholders within the financial services and technology sectors. The primary objective of this collaboration is to promote and enhance the business of insurance, ultimately contributing to the growth of the nation’s Gross Domestic Product (GDP).

Stimulating Economic Growth Through Strategic Collaborations

NIA’s collaboration with NAICOM and other key players in the financial services and technology segments holds tremendous potential for the insurance industry. By joining forces, they aim to increase insurance penetration and density, resulting in a more robust and prosperous sector. This strategic partnership is a testament to the dedication of the industry in expanding its footprint and ensuring the well-being of both businesses and individuals in Nigeria.

Exploring New Avenues For Growth And Development

The insurance industry is continually seeking innovative approaches to foster growth and development. With the advancements in technology, the sector is embracing digital transformation to streamline operations and provide better services to policyholders. By harnessing the power of technology, insurers can enhance efficiency, improve customer experience, and expand their reach across the country.

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Nurturing Trust And Confidence In Insurance

Building trust and confidence among the Nigerian population is crucial for the long-term sustainability and growth of the insurance industry. The sector is keen on implementing robust consumer protection measures and enhancing transparency to instill faith in insurance products and services. Through effective communication and education, insurers strive to empower individuals with knowledge about the benefits and importance of insurance, ensuring a more financially secure future for all.

The Role Of Regulatory Bodies In Shaping The Insurance Landscape

Regulatory bodies such as NAICOM play a pivotal role in shaping the insurance landscape of Nigeria. By establishing comprehensive guidelines and ensuring adherence to industry standards, these regulatory bodies foster an environment of stability and reliability. Through proactive oversight, they protect policyholders’ interests and uphold the integrity of the insurance sector, ultimately contributing to its sustained growth.

Driving Economic Progress: Insurance’s Contribution To The National GDP

One of the primary objectives of the insurance industry’s collaboration with stakeholders is to increase its contribution to Nigeria’s Gross Domestic Product (GDP). By expanding the reach of insurance services, both in terms of the number of people covered and the variety of products available, the industry can become an even more significant driver of economic progress. A robust insurance sector not only provides financial security to individuals but also supports businesses in mitigating risks and promoting investment.

The Path Ahead: Embracing Opportunities And Overcoming Challenges

While the Nigerian insurance industry has achieved remarkable growth, there are still challenges to address and opportunities to embrace. Emphasizing digitalization, expanding insurance awareness campaigns, and enhancing product innovation are key areas that demand attention. By embracing these opportunities and devising solutions to overcome challenges, the industry can continue its upward trajectory, contributing to the nation’s economic prosperity.

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Nigeria’s insurance industry has witnessed tremendous growth, recording a significant surge in premium volume in 2022.

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Rev. Joseph Habap Elected Chairman Of Northern CAN

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February 26, 2025

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By Abubakar Yunusa

A The Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory (FCT) has elected new executives, with Rev. Joseph Habap emerging as Chairman.

The new leadership will oversee the association’s affairs for the next five years.

In his acceptance speech during the unopposed election in Abuja, Rev. Habap reaffirmed his commitment to integrity, unity, and transparency.

He emphasised that his administration would not be driven by greed but by service to the Christian community and Nigeria as a whole.

“We will not allow greed to take over our conscience. We will always be proud of you, and we will make you proud. I want my children to grow up and be proud of their father, son, and son-in-law with integrity,” he said.

He stressed that CAN is an organisation for Christians, believers, Nigerian unity, and progress. He assured members that his leadership would foster dialogue and cooperation with churches across different denominations.

Rev. Habap acknowledged the contributions of the outgoing leadership and called on them to support the new administration. He urged Christian leaders to respect leadership transitions and avoid conflicts during handovers.

“This was not a coup. It was simply a day for them to leave. If we start respecting leadership transitions, we will set a good example for others. Unlike the political class that seeks tenure elongation, we will serve our term and leave,” he stated.

He also underscored the role of the church in promoting truth, peace, and unity, assuring that CAN would engage constructively with the government without hostility.

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“We will speak truth to power, but we are not enemies of the government. We want every administration to succeed, and we will contribute to that success by offering honest counsel,” he added.

Bishop Stephen Adegbite, the Executive Secretary of the Nigeria Christian Pilgrim Commission (NCPC), congratulated the new CAN leadership and reiterated the importance of religious harmony.

He highlighted the government’s commitment to supporting both Christian and Muslim communities.

“Mr. President is not a religious bigot. What he promised Muslims, he has also done for Christians. We have ensured that chairmen from all states can participate in pilgrimages free of charge. Nigeria remains one indivisible entity, and we must stay together,” he said.

He further urged prayers for the country’s leadership, adding that his office would continue to promote interfaith relations in line with the president’s vision.

Some of the newly elected officials include:Chairman: Rev. Joseph John Habap,Vice Chairman: Rev. Dr. Jonah Samson TEKAN (ECWA, FCT),Secretary: Bishop Mohammed Naga (PFN/CPFN, Borno State),Assistant Secretary: Ven. Tajudeen Azeeze Afolabi (OAIC Bloc, Zamfara State),
Treasurer: Rev. Fr. Polycarp Lubo (CSN Bloc, Plateau State), and Director, National Issues: Pastor Dr. Simon A.S Dolly (CCN Bloc, Nasarawa State)

The new leadership has pledged to strengthen CAN’s presence in Abuja, ensuring that Northern CAN is more visible at the national level.

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FG mourns passing of Abubakar Lawal, Nigerian footballer in Uganda

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February 26, 2025

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The Ministry of Foreign Affairs expressed deep sorrow on Tuesday over the tragic death of Abubakar Lawal, a Nigerian professional footballer in Uganda.

The Minister of Foreign Affairs, Amb. Yusuf Tuggar, confirmed the sudden passing of Lawal in a statement in Abuja.

Tuggar, in the statement issued by Kimiebi Ebienfa, Acting Spokesperson for the Ministry, described Lawal’s death as a great loss to Nigeria.

“In this moment of grief, we extend our heartfelt condolences to his family, friends, teammates, and the entire Nigerian football community during this difficult time,” Tuggar said.

Lawal, a former Nigerian Under-20 international footballer, was playing for Vipers Football Club in Uganda and was also a final-year Business Administration student at Cavendish University at the time of his death.

“The ministry has been in contact with the Nigerian High Commission in Kampala, Uganda, which is collaborating with local authorities to determine the circumstances surrounding his untimely death.

“We are committed to ensuring a thorough and transparent investigation, including an autopsy to verify the cause of death.

“The ministry has also directed the High Commission in Kampala to provide all necessary consular support to the family and ensure that justice is served,” Tuggar stated.

Tuggar emphasised Nigeria’s strong bilateral relations with Uganda, expressing confidence that Ugandan authorities would handle the matter with utmost seriousness and sensitivity.

He urged Nigerians to remain calm while the investigation was ongoing and to refrain from speculation that could hinder the process.

“The ministry will continue to monitor the situation closely, while we remain resolute in protecting the welfare and rights of all Nigerian citizens abroad.

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“May the soul of Abubakar Lawal rest in perfect peace,” he prayed.

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One-third of Musk’s DOGE staff resign in protest

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February 26, 2025

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Roughly a third of staffers at Elon Musk’s Department of Government Efficiency have resigned in protest, saying that they will not push through demanded changes that put the country at risk.

“We swore to serve the American people and uphold our oath to the Constitution across presidential administrations,” 21 staffers of DOGE wrote in a letter, seen by AFP on Tuesday, to White House chief of staff Susan Wiles.

“However, it has become clear that we can no longer honor those commitments,” they added.

The workers initially worked for the United States Digital Service, which was transformed into DOGE after President Donald Trump took office on January 20th, with Musk effectively taking over the department.

Musk is the political force behind DOGE, with a small group of employees faithful to the multi-billionaire being dispatched across government and working toward gutting federal staffing and spending.

While Musk is not the formal administrator of DOGE, the SpaceX and Tesla CEO is nonetheless directing operations and will even attend Trump’s first cabinet meeting on Wednesday.

The world’s wealthiest person and a top Trump donor, Musk has no ministerial portfolio or formal decision-making authority but has status as a “special government employee” and “senior adviser to the president.”

He downplayed the significance of the departures, saying that the workers were “political holdovers” who worked remotely and refused to return to the office as ordered by Trump.

“They would have been fired had they not resigned,” he added on X, the platform he owns.

The signatories describe a chaotic transition process that began on January 21 with hastily conducted interviews by unidentified individuals wearing White House visitor badges.

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The interviewers questioned staff about political loyalty, attempted to create division among team members, and displayed “limited technical ability.”

Tensions escalated on February 14 when approximately one-third of USDS staff were abruptly terminated via anonymous email.

The dismissed employees had been working on modernizing critical government systems including Social Security, veterans’ services, tax filing, healthcare, and disaster relief platforms, the letter said.

“Their removal endangers millions of Americans who rely on these services every day. The sudden loss of their technology expertise makes critical systems and Americans’ data less safe,” the letter stated.

The employees explicitly refused to participate in what they described as efforts to “compromise core government systems, jeopardize Americans’ sensitive data, or dismantle critical public services.”

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