E-Financial
NAICOM Commends Coronation Insurance’s Bank-Assurance Novel Initiative For SMEs
The National Insurance Commission, NAICOM, has welcomed the Bank – Assurance model, initiated by Access Bank Plc and Coronation Insurance Plc, for Small and Medium Enterprises (SME’s) sector in Nigeria.
“The Bank Assurance scheme aligns with the campaign of the Commission, in terms of financial education and inclusiveness, and it will give the insuring public an opportunity to be able to get enlightened as to what insurance products they need to have at any point in time to protect their assets, said Mr. Sunday Thomas, Commissioner for Insurance (NAICOM).
In a keynote, during the company’s webinar themed ‘ Managing Business Risks at a Time of Uncertainty’ the Commissioner urged the insuring public, especially small business owners, to take up insurance products in the management of their businesses.
“It is good to have a good risk management framework as well as be able to manage our insurances and assets. Many are left with the option of cutting cost, however not all cost-cutting will measure success and some might even end up hurting our businesses”
“As business owners and as businesses spring up, we must ensure that we put the right processes in place in trying to manage our assets and ensure that we have more strategic thinking”.
“Risk is part of our business endeavours and the best thing is to evaluate and see what part of the risk you can transfer. The insurance industry has proven its relevance in the affairs of the economy”, he said.
He commended Coronation Insurance Plc collaboration with Access Bank Plc, saying that their partnership had come to alien with the commission’s campaign of financial education and inclusiveness.
Earlier in his presentation, the Group Managing Director of Continental Reinsurance, Dr. Femi Oyetunji, stated that risk is anything that brings uncertainty into the achievement of objective.
Represented by Mr. Taiwo Adeoyin, Technical Advisor to the Commissioner, he said, “At this time we are in now, what comes to the mind of everyone is how do I reduce cost, how do I reduce the amount of the expenses I incurred as a business, because there are high inflation and recession.
However, the rationality paradox theory tells us that sometimes, what we gain in terms of reducing costs could even be more in terms of what we lose.
” You could say that , Oh, this is not the time to take up insurance, this is not the time to insure some assets, but I tell you that at the end of the day, you might end up eating down into your portfolio and into your bottom line, to be able to find your feet in sustainability.
“At this point in time, it is good to reduce costs but in terms of insurance, we should ensure that all our assets are adequately insured. It’s also important to have a good management framework and be able to manage our insurance assets.”
Mr. Roosevelt Ogbona, Deputy Managing Director, Access Bank Plc, while noting that year 2020 has proven to be very uncertain and unfriendly year to everyone irrespective of the industry or economic level within the market, said that the bank decided to partner with Coronation Insurance, to evolve the Bank Assurance scheme for the purpose of ” fulfillment of our promise to our customers, that we want to be more than a bank to you.
We want our customers to experience the best of underwriting and claims experience. “I believe that this partnership makes that possible. Coronation is a natural partner for us. First, because of our history we have just shared, and more importantly, it meets all the criteria that we wanted in an insurance partner”.
First, the speed of response and the level of customers that Coronation Insurance brought to the table .Second, and more critically, its financial strength and capitalization of the company.
We believe that by coming together, “We would define and set new standard for quality service delivery within the insurance industry.
More importantly, we will alleviate the level of insurance services to the Micro, Small and Medium Enterprises, MSMEs., matching those that we saw within the banking sector, and to propel the industry to what it is to be – a bench mark for service within the Nigerian space,” he said.
Another speaker, Mr. Omotayo Gbede, Managing Partner, Crowns & Lyord, a chartered Accoutant firm, also told the SMEs operators, to use the Bank Assurance to boost their business success.
In a discourse, “How Inflation could impact on your business ‘, he noted:
“2020 is a year that the like may not come in a long time. It has brought us to the reality that we must always be on our feet. We didn’t plan for inflation and increase in foreign exchange and interest rates”.
“We didn’t plan for a lot of things and yet we are in it, and who are the most impacted? They are the SMEs, because of their lower financial capacity, and their reliance on keyman who may be the owner of the business.”
He added that we are in a New normal , and without effective risks management, it will be difficult for any company t
Mrs. Yinka Adekoya, the Managing Director of Coronation Insurance Plc, said, “We hope the webinar has been impactful, and will help you in planning for 2021, and the uncertainty we all face.
“We are extremely excited at this transformational Bank Assurance partnership with the Access Bank, and we hope it will establish us at the point of reference in the insurance industry in Nigeria, and Africa
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC) Nigeria, has said that West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability.
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies. He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained. “Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors. He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated. “We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted. “Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
NOVA Bank has announced its intention of a strategic shift in its operating license from a national to a regional authorisation, a move, which according to the Bank is aimed at optimising operational efficiency and deepening its impact within key markets.
The management of the Bank noted that the repositioning aligns with the Bank’s long-term vision to consolidate its strengths, streamline its services, and deploy capital more effectively within targeted regions, without compromising its commitment to innovation, customer satisfaction, and sustainable growth.
To this effect, NOVA has applied to the CBN to recategorize its operating license from a National to a Regional Commercial Banking license.
According to the Bank, NOVA maintains a strong financial position, underpinned by robust capital adequacy, liquidity ratios, and a consistent growth trajectory.
NOVA’s Acting Managing Director/Chief Executive Officer, Mrs. Chinwe Iloghalu, explained that following the Central Bank of Nigeria’s (CBN) revised recapitalisation directive in March 2024, NOVA reviewed its growth trajectory and capital utilisation strategy.
“Given the Bank’s current stage of growth, we have chosen the prudent route to optimise what we need, grow efficiently, and scale sustainably. This is a major strategic positioning that will ensure continued efficiency in the deployment of assets and resources,” she said
Mrs. Iloghalu further stated “Indeed, our shareholders have shown strong commitment to ensuring full capitalisation through rights issue by injection of additional 24 billion before end of 2025 to exceed the prescribed capital for regional Banks well ahead of the 2026 CBN deadline”.
In a further affirmation of its strength and stability, Global Credit Rating (GCR) recently reaffirmed NOVA Bank’s BBB rating with a Stable Outlook, citing the Bank’s healthy liquidity profile, improving earnings, and sound asset quality.
The Bank’s audited 2024 financials validate the effectiveness of its growth strategy, recording over 200% year-on-year growth in profit before tax (PBT), alongside improvements across all key financial indicators.
NOVA is set to launch three new branches in the coming weeks, including Owerri, Port Harcourt, and Abuja, to enhance physical access and customer service, while strengthening its digital banking infrastructure to ensure customers continue to enjoy secure, seamless, and convenient banking experiences, anywhere, anytime.
The Chairman of the Board, Mr. Phillips Oduoza, noted that NOVA remains committed to its vision and is thankful for the continued trust of its customers, shareholders, and regulators.
“Every decision we make is deliberate and strategic, guided by sound governance and market insight. Transitioning to a regional license is a recalibration, giving us room to grow optimally, build capacity, and position ourselves for a full national rollout in the next 36 months.” Said Oduoza
West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability, according to Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC) Nigeria.
Dr. Emomotimi Agama, DG, SEC
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies.
He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained.
“Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors.
He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated.
“We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted.
“Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
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