General
NAICOM Seeks Improved Innovation, Deregulation to Drive Insurance Sector
By Adedapo Adesanya
The Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM), Mr Olusegun Omosehin has urged the insurance players to embrace innovation to meet up with the market trend and boost penetration in the country.
He gave this during his keynote address at the 21st edition of the Insurance Professionals Forum in Abeokuta, Ogun State, over the weekend.
He said the insurance sector must come up with products that meet the demand of the market as innovations have become the driving force in the financial services sector.
Mr Omosehin, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, said the commission was prioritising the issue of accessibility to insurance products across the country and was keen on increasing penetration
According to him, “The conduct of insurance practitioners in building and maintaining the trust of consumers is our primary responsibility, and that will galvanize growth and deepen penetration in the country.
“The rapid changes in the business environment and adoption of effective strategies to meet up with current realities are veracities that cannot be ignored. It is in light of this that the Commission crafted and developed its 4-year Strategic Plan (2024 – 2027) which took into cognisance the strategic imperatives from the industry transformation roadmap as well as the current macroeconomic realities in Nigeria as a whole.
“Cognizant of its role in the transformation agenda of the insurance sector, the Commission has set out 5 priority areas for immediate implementation which include; safeguarding policyholders and improving confidence in the Industry, strengthening our supervisory capabilities and organizational effectiveness, improving safety and soundness of the Nigerian insurance industry, fostering innovation and sustainability of the Nigerian insurance industry, and enhancing overall insurance accessibility and penetration in Nigeria.
“The policy thrusts of the commission’s new administration will thrive on the above priorities which will in turn shape the direction of regulation in the industry. One of the enshrined and fundamental responsibilities of the Commission as a regulator is the protection of policyholders, hence the Commission has placed significant premium on prompt settlement of all genuine claims.
“Whilst I do not intend to preempt the content of the papers to be presented by various speakers, I however strongly believe that the most appropriate strategy for awareness creation is a complete change of mindset on the administration and settlement of claims, prioritising our client’s needs, treating them fairly, with utmost transparency, and timeliness, too.
“Another key area of correlation between the industry roadmap and the commission’s Strategic Plan is the transformation of the regulatory environment. The Commission is undergoing structural and administrative reforms to ensure organisational and operational effectiveness. These reforms are expected to impact all aspects of our operation as a regulator.
“The Commission has created a new Directorate for innovation and regulation. It is our belief that we cannot achieve different results whilst doing the same things and that is why our current structure reflects the dynamism and realities of current regulatory requirements.”
He added that the commission strategy was based on a strong corporate governance culture in all entities, noting that the commission will always advocate the importance of strong Corporate Governance practices in the survival of business entities.
“The quality of the strategies and decisions made on behalf of those entities would determine how far they can go and how strategically positioned they will be in the sector’s contribution to national output,” he quipped.
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has clarified that the crude oil vessel, MV Skipper, intercepted by the United States Coast Guard, in collaboration with the US Navy for its alleged involvement in crude oil theft and other transnational crimes is not registered in Nigeria.
NIMASA said the Very Large Crude Carrier (VLCC) SKIPPER with IMO Number 9304667 is not a Nigerian-flagged vessel, and its purported owners, Thomarose Global Ventures Limited, are not registered with NIMASA as a shipping company.
An analysis of the vessel’s movement carried out NIMASA through its Command, Control, Communication, Computers and Intelligence (C4i) Centre showed that the facility was last sighted on Nigerian waters on July 1, 2024.
“After departing Nigerian waters, the vessel continued on its international voyage pattern and was tracked operating in the Arabian Sea (Asia) and later in the Caribbean region, where the US interdiction eventually took place.
“Records indicate that SKIPPER, which was formerly owned by Triton Navigation Corp, has undergone multiple name changes over time.
The Director General of NIMASA, Mr Dayo Mobereola, reaffirmed the agency’s commitment to collaborate with all relevant stakeholders, including US authorities, in the ongoing investigations, noting that in a statement that criminality will not be tolerated on Nigerian waters.
Last week, US forces seized an oil tanker carrying a Panama flag believed to be the VLCC Skipper, after satellite imagery showed the vessel secretly loading over 1.8 million barrels of sanctioned Merey crude at Venezuela’s José Terminal.
The vessel had been transmitting falsified AIS positions during the operation, a tactic increasingly used by “dark fleet” tankers tied to Venezuelan and Iranian trades. It was later revealed that the seized tanker Skipper, was carrying crude contracted by Cubametales, Cuba’s state-run oil trading firm.
The seizure of the sanctioned oil tanker has sharply escalated tensions between the US and Venezuela. The US government also said it is preparing to intercept more ships transporting Venezuelan oil.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, “to immediately enforce the judgment compelling and directing him and president Bola Tinubu to widely publish the names of those indicted in the alleged misappropriation of N6 trillion meant to implement the abandoned 13,777 projects and in the running of the Niger Delta Development Commission (NDDC) between 2000 and 2019.”
The judgment was delivered on Monday, November 10, 2025, by Justice Gladys Olotu following a Freedom of Information suit number: FHC/ABJ/CS/1360/2021 brought by SERAP.
The court also ordered Mr Fagbemi and the president “to publish and make available to the public the NDDC forensic audit report submitted to the federal government on September 2, 2021.”
In the letter dated December 13, 2025 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said: “The continuing failure and/or refusal to publicly acknowledge the judgment and immediately enforce it makes a mockery of the country’s legal and judicial processes and the rule of law.”
It warned that the ongoing failure and/or refusal to enforce the judgment is a fundamental breach of both the letter and spirit of the Nigerian Constitution and a direct assault on the rule of law.
“Obeying the judgment would reinforce the primacy of the Nigerian Constitution, and the country’s international obligations and show respect for the rule of law.
“The Attorney General is the Chief Law Officer of the Federation and as such has the responsibility to uphold the Nigerian Constitution, advise the government to ensure that its actions conform with judicial decisions, obey the rule of law and generally act in the public interest,” it disclosed.
The group noted that, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider pursuing contempt proceedings against you to compel you to uphold the Nigerian Constitution and the rule of law.”
“SERAP notes the recent public commitments by President Tinubu to ‘improve the welfare of the Niger Delta region and address the challenges facing the region.’ Immediately enforcing the NDDC judgment would ensure the fulfilment of these commitments,” it concluded.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
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