BY NGOZI ONYEAKUSI

The Takaful Advisory Council (TAC) on Thursday, December 18, 2025, paid a courtesy visit to the National Insurance Commission (NAICOM) to engage the Commission on issues relating to the growth and development of the Takaful insurance business in Nigeria.

Welcoming Members of the Council, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, commended TAC for its commitment and contributions to the development of Takaful insurance in the country. He described the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful insurance sub-sector.

Mr. Omosehin noted that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries. He emphasized that the key challenge lies in harnessing this potential through increased participation and awareness. The Commissioner further praised the Council for its efforts in strengthening the Takaful insurance business.

The Commissioner further explained the structural background and core mandate of NAICOM, highlighting its responsibility to ensure industry stability, protect policyholders, and promote sustainable growth. He noted that the ongoing reforms in the insurance industry is aimed at strengthening operators and safeguarding consumers.

Mr. Omosehin also underscored the Commission’s developmental role, describing it as critical to the growth of the industry. He recalled that on July 31, 2025, President Bola Ahmed Tinubu signed into law the Nigerian Insurance Reform Act (NIIRA) 2025, which formally recognizes Takaful insurance as part of Nigeria’s insurance business framework, describing the development as a major milestone for the industry.

Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Abdulmajeed Alaro -MNI, congratulated NAICOM’s Management on the enactment of the NIIRA 2025, describing it as unprecedented. He disclosed that the Council had formally written to the Commission to express its appreciation upon receiving the news of the new law. He described the meeting as the first of its kind, bringing together the TAC and NAICOM management to exchange ideas and perspectives.

Professor Abdulrazzaq called on NAICOM, in its capacity as the industry regulator, to continue supporting awareness creation for Takaful insurance, which he identified as a major challenge facing the sector. He advocated for the organization of retreats, workshops, and capacity-building programmes for stakeholders across the entire insurance industry, not limited to Takaful operators.

Concluding the meeting, Mr. Omosehin expressed his conviction that future growth in the insurance sector would be driven by financial inclusion-focused segments such as microinsurance, Takaful insurance, and web aggregators. He added that the engagement between NAICOM and TAC would be institutionalized as an annual meeting to further unlock the sector’s vast potential.