E-Financial
NAICOM Considers N1trn GPI Benchmark for Q1
The National Insurance Commission (NAICOM) may consider the first quarter of this year to meet the N1 trillion Gross Premium Income (GPI) benchmark in the industry.
The commission, in collaboration with industry stakeholders, had planned to accomplish the benchmark before the end of 2023, from N729.1 billion but failed owing to the inflation rate and some other economic headwinds.
The commission is hopeful it would attract expressed optimism that according to progress reports of the sector in 2023, it is on track to attain the long- expected N1trillion GPI target and likely kick-off date for risk-based capitalisation (RBC) this year.
These came to the fore when the Insurers Committee in Lagos at their last meeting in 2023. In the meeting, it was also disclosed that the commencement of risk-based capitalisation depends on the completion of risk-based supervision in the industry.
Speaking on the RBS, the chairman of the publicity sub-committee of the Insurers Committee, Ebelechukwu Nwachukwu, said the significance of continuous improvement in risk-based supervision for the growth of the insurance industry and the implementation of risk-based pricing.
Nwachukwu noted that the committee’s transformation roadmap includes proposals for increased awareness, enhanced market conduct, insurer partnerships with telecommunications and non-insurance channels, digitalisation improvements and the deepening of the talent pool within the insurance sector.
In the same vein, Rasaq Salami, the Head of Corporate Communications and Market Development, NAICOM, assured industry players that the finalization of Risk-Based Supervision (RBS) is progressing, emphasizing the exhaustive nature of the exercise.
He clarified that the commencement of risk-based capitalization depends on the completion of RBS.
Also speaking on the outstanding claims in the industry, Salami said NAICOM has mandated the Nigerian Insurers Association (NIA) to publish details on outstanding claims in prominent newspapers.
This initiative, he said, aims to facilitate policyholders in claiming their settlements. The NIA is given a two-week timeline to execute the publication, with a three-month monitoring period to assess improvements. If progress is lacking after three months, regulatory action may be taken.
According to the report from the underwriting companies, some of these outstanding claims are not as if the companies are not ready to pay, but the policyholders of them have not come up with the appropriate documentation to conclude the process.
“The other improvement and the addition today is that the NIA has been mandated to do this publication within the next two weeks for the next three months, we will monitor and watch, take statistics of what has been done, if after three months there are no improvements then we take it up as the regulator, that is when we can now ask the insurance companies to go out there and do their publication,” he said.
Salami reaffirmed NAICOM’s resolve to the passage of the consolidated insurance bill, assuring that the industry is aligned in this regard.
He commended improvements in claims payment and highlighted ongoing digitalisation, the creation of new products, and increased engagement between operators and customers as signs of positive changes and dynamic insurance landscape.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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