E-Financial
NAICOM Sets 7-point Strategic Vision to Transform Sector
In line with its transformation journey to position insurance business in Nigeria to stand competitively in the troubled global financial market, the Commissioner for Insurance, Mr Olorundare Sunday Thomas, has unveiled a 7 – point vision/ agenda for the next decade (2024 to 2033), even as it plans to launch Guidance Note for Insurances of Government Assets and Liabilities.
Built on seven strategic pillars, the Commissioner who made the presentation in Abuja, at the 2023 National Insurance Conference, called on his team at NAICOM, operators, industry watchers, insurance enthusiasts, the media and other stakeholders in the entire insurance value chain to join hands in the implementation of the agenda.
“Over the next decade (2024-2033), the Insurance industry will seek to continue its transformation journey along the following 7- strategic thrusts with the objective of achieving the corresponding goals: To transform the regulatory environment to sustain the industry growth; to transition to risk-based capital model; to promote insurance awareness and adoption; to broaden insurance product offerings and improve effectiveness of distribution channels.
“Others are to enhance digitalisation of the insurance industry; to deepen the industry’s talent pool and capabilities, and support Nigeria’s economic transformation and sustainability agenda.”
With the theme, “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction” NAICOM boss affirmed that the Commission would leave no stone unturned in ensuring that it created the needed platforms to boost awareness for the public about compulsory insurances.
“We shall create platforms to strengthen collaboration with relevant government and non-government agencies and other stakeholders to ensure that enforcement of all classes of compulsory insurances across the country are carried effectively.
“All efforts are geared toward achieving the objective of incentivizing the law enforcement agencies, State Governments, relevant professional bodies and all other stakeholders.”
He called for collaboration among all stakeholders to facilitate improvement in National Safety Standards, while reiterating the Commission’s resilience, focused and perseverance in implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy.
He reassured the Nigerian populace that notwithstanding challenges facing the industry viz: talent gap, low public awareness, insurance affordability, dearth of trust and confidence in insurers, cultural and religious bias, inadequate distribution channels, low enforcement of insurance, among others, he would continue to push for growth and sustain same.
“In terms of performance, the industry premium income between 2014 and 2022 grew at an average of 13.6 per cent; from a premium income of N282billion to N726.2billion. The total assets of the sector also grew at an average of 12 per cent for the same period; from an asset base of N827.5billion in 2014 to N2.33trillion in 2022,” he added.
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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