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NAICOM Unveils Guidelines to Regulate Sandbox Operations

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The National Insurance Commission (NAICOM), has released guidelines for the regulation of sandbox operations in the insurance industry.

Mr. Rasaaq Salami, Head, Corporate Communication and Market Development, NAICOM, said the move was part of the commission’s strategic objectives to drive innovation of products and services and ensure that operators are professional in the conduct of their businesses in line with best practices.

The regulation, which became effective on May 1, 2023, seeks to set standards for live trials or demonstrations of new innovative products in the industry.

The “Insurance Regulatory Sandbox Operational Guidelines”, also seek to provide insurance institutions, other firms and persons the opportunity to test business models, products and services that will enhance efficiency in meeting consumers’ needs; encourage innovation that will drive financial inclusion and positive competition as well as promote and deliver economic benefits, by lowering the cost of business operations.

To safeguard consumers, the framework required applicants to have a minimum professional indemnity of N500 million among other regulatory requirements.

Essentially, professional indemnity insurance protects the operator against claims for loss or damage made by clients or third parties as a result of the impact of service negligence or negligent advice offered – and claims can be made against a service provider even if offered for free.

According to NAICOM, the regulatory sandbox refers to a consciously established relaxed regulatory environment for the testing of innovative products, services, business models, and channels of distribution subject to regulatory discretions and set parameters that have the potential of improving insurance inclusiveness and service efficiency in the country.

The commission, however, specified the possible areas of innovation that will be allowed into the regulatory sandbox.

These include insurance solicitation or distribution; insurance products; underwriting, policy and claims servicing; and any other activity within the insurance value chain.

The document further set the eligibility criteria for the operation of the sandbox, stating that applicants must demonstrate the potential to advance inclusive insurance – the proposed product, service or solution is genuinely innovative with clear potential to advance the objectives of Inclusive Insurance by improving accessibility, efficiency, security and/or quality in the provision of insurance services to consumers in Nigeria.

Furthermore, the applicant shall be a registered business in Nigeria and must have a fit and proper management and leadership as well as demonstrate that it has conducted sufficient diligence to understand the potential risks and/or legal and regulatory requirements for deploying the proposed insurance product, service or solution.

The insurance industry regulator also stated that it will accept applications from four categories of applicants including insurers, insurance brokers, loss adjusters and any other applicant as the commission deems fit.

The commission added that financial and insurance technology companies that wish to deploy their services in the sandbox will have to apply in partnership with or through any of the above-mentioned categories of applicants, adding that such application shall be accompanied by a Service Level Agreement which will be subject to commission’s approval.

Salami added that all operators are to ensure compliance with the new guidelines for the benefit of all stakeholders.


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AOT Issues Bench Warrant against Sanusi, Aero Contractors MD

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Captain Ado Sanusi, managing director, Aero Contractors Company of Nigeria Limited,
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Advertising Offences Tribunal (AOT) has issued a bench warrant for the arrest of Captain Ado Sanusi, managing director, Aero Contractors Company of Nigeria Limited, for failing to appear before the tribunal in an ongoing case concerning alleged violations of Nigerian advertising laws.

Captain Ado Sanusi, managing director, Aero Contractors Company of Nigeria Limited,

The Advertising Regulatory Council of Nigeria (ARCON) filed a 22-count charge against Captain Sanusi and Aero Contractors, accusing them of exposing advertisements targeted at the Nigerian market without obtaining the necessary approval from the Advertising Standards Panel (ASP). This, according to ARCON, contravenes established Nigerian advertising regulations.

The case was initially scheduled for hearing on February 26, 2025. However, during the proceedings, Captain Sanusi was absent, prompting his legal representatives to assure the tribunal of his presence at the next hearing while also pleading for leniency. Despite these assurances, the defendant failed to appear on the adjourned date.

Given Captain Sanusi’s continued absence, the Advertising Offences Tribunal, in line with its mandate to enforce compliance with advertising regulations, issued a bench warrant for his arrest.

The tribunal has ordered that he be presented at its next sitting, scheduled for May 8, 2025.

 


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US Cancels Visas for All South Sudanese Passport Holders

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Marco Rubio, US Secretary of State, at the weekend announced that the United States would be cancelling all visas held by South Sudanese passport holders and halting the issuance of new visas.

US Cancels Visas for All South Sudanese Passport Holders

Donald Trup, US President

This decision comes after allegations that South Sudan has failed to accept the return of its nationals who have been deported from the United States.

Rubio stated that the US State Department “is taking actions to revoke all visas held by South Sudanese passport holders and prevent further issuance to prevent entry.”

The action is part of a broader diplomatic stance, as Rubio criticized the South Sudanese government in Juba for “taking advantage of the United States.”

He further emphasized that “every country must accept the return of its citizens in a timely manner when another country, including the United States, seeks to remove them.”

Rubio also added that Washington would be open to reassessing these measures if South Sudan demonstrates full cooperation with US immigration policies.

South Sudan, which became the world’s youngest nation after gaining independence from Sudan in 2011 through a referendum, has been marred by conflict since 2013.

The violence erupted when leader Salva Kiir Mayardit dismissed his deputy, Riek Machar, accusing him of attempting a coup.

Despite peace agreements inked in 2018 and 2022, the country continues to face instability and periodic violence.


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Meningitis Outbreak Kills 151 in Nigeria – NCDC

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Nigeria Centre for Disease Control and Prevention (NCDC) has confirmed that Nigeria is battling a meningitis outbreak that has led to 151 deaths and 1,826 suspected cases, with a case fatality rate (CFR) of 8.3 percent.

Meningitis Outbreak Kills 151 in Nigeria - NCDC

Meningitis is an inflammation of the membranes surrounding the brain and spinal cord (meninges), often caused by infections, and can be a medical emergency requiring immediate attention.

The outbreak, which has affected 23 states, is putting significant pressure on public health resources, particularly in northern Nigeria, where the majority of cases have been reported.

According to the Epidemiological Week 12 Report, which covers the period from March 17 to March 23, 2025, a total of 289 samples were collected from suspected cases, and 126 of these have been confirmed as positive, yielding a 44 percent positivity rate.

Among the confirmed cases, the most prevalent strain is Neisseria meningitidis serogroup C (NmC), which accounts for 27 percent of cases, followed by Neisseria meningitidis serogroup W (NmW) at 13.5 percent.

The outbreak predominantly affects children, with those in the 5-14 age group making up the highest proportion of both suspected and confirmed cases.

Additionally, the outbreak shows a significant gender disparity, with 60 percent of the total suspected cases reported in males.

The situation is most severe in 10 states, with Kebbi and Sokoto being the hardest-hit, accounting for 94 percent of suspected cases.

Gwandu LGA in Kebbi has reported the highest number of cases, with 313 suspected cases, followed by Tambuwal LGA in Sokoto with 155 cases.

In response to the growing crisis, the NCDC has stepped up surveillance, sample collection, and public awareness campaigns. Efforts to provide vaccinations and other interventions are being prioritized in high-risk states to curb the spread of the disease and prevent further fatalities.

Health authorities are urging Nigerians to seek immediate medical attention at the first signs of meningitis, including fever, headache, and neck stiffness, in order to reduce the risk of complications and death.

 

 


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