Economy

How Insurance Sector Can be Made More Attractive—Igbo

Published

5 years ago

01/08/2020

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.

Economy

NGX RegCo Revokes Trading Licence of Monument Securities

Published

8 hours ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.

Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.

The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.

“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.

Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.

However, with the latest development, the firm is no longer authorised to perform this function.

Economy

NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months

Published

9 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.

In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.

According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.

The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.

The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.

The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.

“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.

“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.

NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.

It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.

This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.

Economy

World Bank Upwardly Reviews Nigeria’s 2026 Growth Forecast to 4.4%

Published

9 hours ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.

In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.

As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.

It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.

In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.

As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.

“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.

“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.

World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.

“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”