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 Aduragbemi Omiyale
A former member of the House of Representatives, Mr Onamusi Onadeko, has been sentenced to nine months’ imprisonment with an option of a fine of N50,000.
The former lawmaker, who represented Ogun East Federal Constituency in the National Assembly from 1999 to 2003, was sentenced by Justice Chizoba Oji of the Federal Capital Territory High Court in Abuja on Thursday, July 30, 2026.
He was found guilty on count 11 and convicted for making inconsistent statements but discharged and acquitted on counts 2, 3, 4, 6, 7, 8, 9 and 10.
Mr Onadeko’s journey to the court started in 2017, when he was charged by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for his alleged involvement in the award and execution of a N68.7 million contract.
The politician, according to a statement from the ICPC, was accused of using his private companies, Stanton Engineering Limited and Haines and Baines Limited, to execute several constituency projects while working as a Senior Legislative Aide to late Senator Buruji Kashamu, who represented Ogun East Senatorial District between 2015 and 2019.
The commission, had in the course of the eight years trial told the court that several contracts like buying of ambulance vehicles, supply of hospital equipment and drugs for Primary Health Centres, as well as construction of classrooms for some selected schools in six communities of Ogun East Senatorial District, were awarded to both Stanton Engineering Limited and Haines and Baines, where the convict doubles as a Managing Director and nominal Director, respectively, an action that violates Sections 12 and 19 of the Corrupt Practices and Other Related Offences Act, 2000.
ICPC also accused Mr Onadeko of making an inconsistent statement that contradicted the one previously made to the Commissioner for Oaths, where he stated that he is a Director of Haines and Baines Limited in an affidavit dated June 30, 20216, but subsequently wrote another statement while under investigation on May 5, 2017, that he is not a shareholder or Director of Haines and Baines Limited.
This action violates Section 25(1)(b) of the ICPC Act and, upon conviction, is liable to a fine not exceeding N100,000 or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.
However, Mr Onadeko, through his counsel, Mr Wahab Olatoyebi, argued in the course of the trial that his client was not a public officer as his appointment at that material time was on a short-term basis and non-pensionable, hence he, (Onadeko) did not fall within the category of those that could be tried under Sections 12 and 19 of the Corrupt Practices and Other Related Offences Act, 2000 which criminalize and punish abuse of office by public officers.
But this argument was rejected by Justice Oji, who stressed that based on the defendant’s letter of appointment as well as the decision of the Supreme Court in the case of Federal Government of Nigeria v. Farouk Lawan, legislative aides are public officers and therefore could be prosecuted under the relevant provisions of the Corrupt Practices and Other Related Offences Act, 2000.
By Adedapo Adesanya
The Governor of Oyo State, Mr Seyi Makinde, has inaugurated a Judicial Commission of Inquiry to investigate the abduction of students and teachers from Esinele and Yawota communities in Oriire Local Government Area of Oyo State.
The governor formally inaugurated the commission at the Executive Council Chamber of the Governor’s Office, Secretariat, Agodi, Ibadan.
Speaking at the event, Governor Makinde said that although the successful rescue of the victims brought relief to the state, it did not provide complete closure.
He explained that the decision to set up an independent commission was not intended to undermine the efforts of security agencies but to ensure that every question surrounding the incident is thoroughly addressed and lessons are learnt to prevent a recurrence.
He charged members of the commission to conduct a thorough, impartial, and evidence-based investigation, assuring them of the state government’s full support. He also called on individuals and relevant institutions to cooperate fully with the panel.
Speaking on behalf of the commission, its chairman, Professor Mojeed Owoade, pledged that members would carry out the assignment with integrity, professionalism, and fairness. He added that the panel would seek an extension if necessary to complete its work.
Governor Makinde gave the commission four weeks to submit its report.
Earlier this month, the pupils and teachers abducted in Oriire Local Government Area of Oyo State regained their freedom after 56 days in captivity.
According to the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, eight of the kidnappers had been arrested, but the Federal High Court in Abuja on July 23 sentenced three suspects in the abduction to life imprisonment.
According to the court, the sentencing of Mr Abdulrazak Umar, known under the alias Abu Khalifa/Abu Khalid; Mr Yunusa Musa, alias Yunusa Bin Musa; and Mr Shamsu Adamu Sani, alias Abu Itisar, will start from the date of their arrest.
Before their sentencing by Justice Salim Ibrahim, counsel for the defendants pleaded with the court to sentence them on liberal terms, adding that they were first-time offenders and had pleaded guilty.
By Modupe Gbadeyanka
Two Chinese, Mr Zhang Hong Lin and Mr Gao Pei Hai, have been convicted and sentenced by Justice Akintayo Aluko of the Federal High Court in Ikoyi, Lagos, for conspiracy and the illegal mining of solid minerals.
They were both found guilty on all five counts levelled against them by the Economic and Financial Crimes Commission (EFCC) and sentenced each to five years’ imprisonment on each count, with an option of a N50 million fine covering all five counts.
The court also ordered the forfeiture of the mineral resources recovered from them to the Federal Government of Nigeria.
The defendants were arraigned on a five-count charge bordering on conspiracy and the unlawful possession of mineral resources intended for export without lawful authority.
“That you, Zhang Hong Lin, Gao Pei Hai, and Gao Pei Yu (currently at large), sometime in 2025 in Lagos, within the jurisdiction of this court, conspired among yourselves, with the intent to defraud the Federal Government of Nigeria of revenue accruing therefrom, and without the permission of the appropriate authority, engaged in the exportation of mica products, copper-bearing, and lithium-bearing mineral resources out of Nigeria, thereby committing an offence contrary to Section 1(8)(a) of the Miscellaneous Offences Act, 1983, and punishable under Section 8 of the same Act,” one of the charges read.
The defendants pleaded guilty when the charges were read to them, with the prosecution counsel, H.U. Kofarnaisa, calling the investigating officer, Matthew Orogwu, who reviewed the facts of the case and tendered documentary evidence before the court.
After presenting the evidence, Kofarnaisa urged the court to convict and sentence the defendants in line with the charges.
