The Federal Government has called on directors in Nigeria’s insurance sector to make compliance, transparency, and ethical conduct core elements of their organisational culture in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Minister of State for Finance, Dr. Doris Uzoka-Anite, made the call at the 2025 Insurance Directors’ Conference held at the Marriott Hotel, Ikeja, Lagos. The two-day event, themed “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth,” was organised by the College of Insurance and Financial Management (CIFM) and attracted more than 200 directors from within and outside the insurance ecosystem.
In her address, Dr. Uzoka-Anite urged directors to see compliance not merely as a regulatory requirement but as a shared corporate value that fosters trust, resilience, and long-term growth.
“Strong capital positions, sound risk frameworks, and ethical governance are the bedrock of expansion, stability, and public confidence,” she said.
The minister also emphasised the urgent need for digital transformation, noting that technology should no longer be treated as a luxury but as “the lifeblood of efficiency, customer satisfaction, and competitiveness.”
She tasked industry leaders to strengthen enterprise risk management systems capable of responding to emerging threats such as cyberattacks, climate change, and geopolitical disruptions. Uzoka-Anite also urged insurers to promote inclusion by expanding products and services to underserved segments — including farmers, artisans, transport workers, and micro-enterprises.
Commending the industry’s commitment to professionalism and governance, she said:
“Through your collective actions, you are not just managing insurance institutions; you are rebuilding the foundation of trust upon which the industry stands.”
According to her, the implementation of NIIRA 2025 represents a major shift in aligning Nigeria’s insurance industry with the Federal Government’s broader economic transformation agenda.
“NIIRA 2025 is more than a regulatory framework. It embodies a commitment to build institutions that are robust, ethical, innovative, and responsive to the evolving needs of Nigerians,” she added.
Earlier at the conference, Dr. Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Limited, delivered the lead paper on strategic board governance for resilience, focusing on risk-based capital adequacy and NIIRA compliance.
Also speaking, Prof. Enase Okonedo, Vice Chancellor of Pan-Atlantic University, discussed the balance between regulatory compliance, market expansion, and innovation in achieving sustainable growth within the industry.
Dr. Uzoka-Anite concluded by situating the NIIRA reforms within a global context, stressing that the insurance landscape worldwide is being reshaped by climate change, demographic shifts, and digital disruption — factors Nigeria’s insurers must adapt to if they are to remain competitive.
