The Director-General of the Nigerian Insurers Association, Bola Odukale, in an address to the industry, has said that the evolving complexity of regulatory requirements is designed to align the Nigerian insurance sector with international best practices rather than serve as a burden.
The call to action, delivered during the Annual General Meeting of the Risk, Audit and Compliance Committee in Lagos, underscores the urgency for industry stakeholders to prepare for the upcoming 2027 Mutual Evaluation Exercise and the impending review of the National Risk Assessment.
As the Nigerian insurance sector navigates a changing regulatory landscape, supported by the recently enacted Nigeria Insurance Industry Reform Act 2025, the focus has shifted toward robust governance and transparency.
Reflecting on the importance of the committee’s work, the NIA leadership lauded the outgoing executive for significant achievements in bolstering governance.
Addressing the RACC members, the Director-General acknowledged the dual challenge of balancing financial constraints with the demanding schedules of the National Insurance Commission
“These are areas we will continue to improve upon as we seek to make the industry more attractive to investors and the insuring public,” the DG remarked, highlighting the long-term goal of fostering market confidence.
To ensure that all market participants are equipped for the rigorous reporting obligations ahead, the NIA has scheduled an online training session for Tuesday, 17 March 2026. This initiative is aimed at providing stakeholders with the tools necessary to meet the standards required for the 2027 evaluation.
The AGM also saw the re-election of Olugbenga Akinlalu, a veteran finance professional from Continental Reinsurance, as Chairman of the RACC. Commenting on the committee’s mandate, the re-elected leadership emphasised their commitment to maintaining high standards of internal control and compliance.
“We play a pivotal role in ensuring that regulations from both our primary regulator and other oversight bodies are adhered to at every level of operation,” Akinlalu noted, reiterating the committee’s dedication to operational integrity and consumer protection as the industry gears up for its next phase of growth.
By: Jide Ajia
