Economy
How Insurance Sector Can be Made More Attractive—Igbo
By Modupe Gbadeyanka
The chief executive of Stanbic IBTC Insurance Brokers Limited, Mr Anselem Igbo, has revealed what can be done to make the insurance sector more attractive in Nigeria.
Mr Igbo, speaking in a recent interview, admitted that the insurance landscape in the country has tremendously evolved and this growth can be attributed to certain policies introduced to the industry.
According to him, contributions from the government and governing bodies, which were positively welcomed by the masses, have turned out to be impressive over the years.
He noted that commendably, the rising rate of response of Nigerians to insurance and insurance policies is responsible for the increased level of awareness of insurance, especially in the corporate world, noting that many institutions now realise the need for insurance cover on their assets and personnel, as well as motor insurance and group life policies.
He said even in this pandemic and despite the lockdown, most insurance companies have performed creditably well by paying the genuine claims, once they are fully documented.
But he emphasised that “there is a continuous need to grow the market to attract the younger generation,” stressing that “with current digitalisation, the purchase of personal lines insurance will become seamless and more attractive to the younger, active and working population.”
When asked about digitalisation, Mr Igbo stated that it had positively impacted the insurance landscape, saying, “Insurance companies now have their motor insurance automated for third party motor insurance cover.”
“For comprehensive protection, there are still some processes before full confirmation of cover can be granted.
“It is certain that in the no-distant future, some class of motor insurance claims will be fully automated and claims paid seamlessly.
“Also, frontline insurance companies are putting in efforts towards digitalisation. They have launched one form of App or the other, to deepen digitalisation in the industry.
“Technology is expensive, no doubt, but if the sector can pool resources together and have shared services where necessary, the cost of digitalisation will reduce significantly,” he added.
Mr Igbo disclosed that the industry players can take charge to propel the industry by delivering efficient services and investing in technology to drive the business, without aimlessly waiting for the government to change the narrative.
“All that is needed from the government and the regulator will only be an enabling environment to amend the laws and give necessary approval for digitalisation. The COVID-19 experience has proven that innovation is greatly needed in the insurance industry,” the CEO affirmed.
The Stanbic IBTC Insurance Brokers chief also noted that the implementation of compulsory insurance by the National Insurance Commission (NAICOM) was a crucial driver for increased insurance acceptance in the country.
“First, the regulator is part of the federal government. Looking back at the last two decades, insurance has gained more acceptance as the efforts of NAICOM and other industry players have yielded some results.
“The industry is now able to attract professionals from all fields of life.
“Individuals of different professions like medical doctors, lawyers, engineers, accountants, among others, have become a part of the industry and they all contribute their different ideas on how to move the industry forward,” he said.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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