Ebere Nwoji
The Commissioner for Insurance coverage, Mr. Olusegun Ayo Omosehin, has suggested promoters of Takaful Insurance coverage to brace up with key challenges confronting growth of the market by harnessing the potentials of the enterprise line by elevated participation and consciousness creation.
Omosehin famous this whereas addressing members of the Takaful Advisory Council (TAC), who paid courtesy go to to his workplace in Abuja.
He reaffirmed the fee’s Dedication to Takaful Insurance coverage growth.
He counseled TAC for its dedication and contributions to the event of Takaful insurance coverage within the nation, describing the assembly as an interactive session geared toward figuring out areas for enlargement and enchancment inside the Takaful Insurance coverage sub-sector.
Omosehin famous that Nigeria’s inhabitants of over 200 million folks presents a big alternative for the expansion of Takaful insurance coverage, stressing that the market potential cuts throughout non secular boundaries. He emphasised that the important thing problem lies in harnessing this potential by elevated participation and consciousness. The commissioner additional praised the council for the efforts in strengthening the Takaful Insurance coverage enterprise.
He additional defined the structural background and core mandate of NAICOM, highlighting its duty to make sure business stability, defend policyholders, and promote sustainable progress. He famous that the continued reforms within the insurance coverage business was geared toward strengthening operators and safeguarding customers.
Omosehin additionally underscored the fee’s developmental function, describing it as vital to the expansion of the business. He recalled that on July 31, 2025, President Bola Ahmed Tinubu signed into regulation the Nigerian Insurance coverage Reform Act (NIIRA) 2025, which formally recognises Takaful Insurance coverage as a part of Nigeria’s insurance coverage enterprise framework, describing the event as a serious milestone for the business.
Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Abdulmajeed Alaro, congratulated NAICOM’s administration on the enactment of the NIIRA 2025, describing it as unprecedented.
He disclosed that the council had formally written to the fee to precise its appreciation upon receiving the information of the brand new regulation. He described the assembly as the primary of its variety, bringing collectively the TAC and NAICOM administration to trade concepts and views.
Abdulrazzaq known as on NAICOM, in its capability because the business regulator, to proceed supporting consciousness creation for Takaful Insurance coverage, which he recognized as a serious problem dealing with the sector.
He advocated for the organisation of retreats, workshops, and capacity-building programmes for stakeholders throughout the complete insurance coverage business, not restricted to Takaful operators.
