BY NGOZI ONYEAKUSI

L–R: Mrs. Ekeoma Ezeibe, FCIB, President of the Nigerian Council of Registered Insurance Brokers (NCRIB); Mr. Olusegun Ayo Omosehin, Commissioner for Insurance; Alhaji Mohammed Kari, Waziri of Bauchi and former Commissioner for Insurance; Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association (NIA); and Mr. Akinjide Orimolade, President of the Chartered Insurance Institute of Nigeria (CIIN).

The National Insurance Commission (NAICOM) has charged insurance brokers to strengthen corporate governance, uphold ethical market practices and leverage technology to expand insurance penetration as Nigeria seeks sustainable funding for infrastructure development.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, gave the charge at the 2026 National Insurance Brokers Conference and Exhibition held at the Shehu Musa Yar’Adua Centre, Abuja.

Speaking at the conference on Wednesday, October 21, 2026, with the theme, “Insurance: Infrastructure Financing & National Development Agenda,” Omosehin said the Nigerian Insurance Industry Reform Act (NIIRA) had created new opportunities for the industry while imposing higher standards of accountability on operators.

He stressed that insurance brokers must position themselves as strategic partners in the financing and management of risks associated with major infrastructure projects across the country.

According to him, Nigeria’s infrastructure deficit cannot be addressed without sustainable risk management mechanisms and greater participation of domestic capital.

Omosehin noted that brokers play a critical role in the insurance ecosystem through their advisory services, connection between policyholders and insurers, and support for consumer protection.

He said their expertise would become increasingly important as the country undertakes major projects in transportation, energy, real estate and industrial development, where complex risks require specialised insurance solutions.

The NAICOM chief explained that NIIRA was designed to modernise the industry’s legal and regulatory framework, strengthen insurance companies’ financial positions, improve market conduct and protect policyholders.

He warned that the Commission would strictly enforce provisions relating to professional standards, licensing and premium remittance, noting that unlicensed operations and ethical breaches could undermine public confidence in the industry.

Omosehin also urged brokers to embrace digital transformation and InsurTech solutions to expand their market reach, improve service delivery and simplify customers’ access to insurance products.
He said the legislation’s recognition of digital and electronic insurance channels offered brokerage firms opportunities to improve efficiency and reach underserved segments of the population.

On infrastructure financing, the commissioner called on brokers to work closely with project sponsors, contractors and financiers to develop appropriate insurance arrangements for major national assets.

He identified infrastructure bonds, pooled funds and tailored risk guarantees as potential mechanisms through which the insurance industry could contribute more meaningfully to national development.
Omosehin further called for strategic partnerships between insurance brokers and stakeholders in banking, energy, manufacturing and the public infrastructure sector to unlock opportunities for market expansion and long-term capital mobilisation.

He reaffirmed NAICOM’s commitment to creating an enabling regulatory environment that promotes product innovation, capital growth and increased insurance penetration.

The commissioner urged delegates to translate discussions at the conference into practical recommendations that would strengthen the brokerage profession and support the implementation of NIIRA 2025.
He also commended the leadership and members of the Nigerian Council of Registered Insurance Brokers (NCRIB) for convening the conference, expressing the Commission’s readiness to support efforts to improve professional competence and market discipline.

Omosehin formally declared the 2026 National Insurance Brokers Conference and Exhibition open, urging industry stakeholders to build an insurance sector that commands public trust, delivers value to policyholders and contributes more effectively to Nigeria’s economic aspirations.