Among the three working groups inaugurated under the National Insurance Industry Reform Agenda (NIIRA) 2025), the Committee on Compulsory Insurance, chaired by Mr. Shola Tinubu, Managing Director/CEO of SCIB Insurance Brokers Limited, stands out as the most demanding and strategically crucial to the reform’s success.
The Committee’s mandate is to strengthen the enforcement and adoption of all compulsory insurance schemes across Nigeria, including Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance. Its mission is to enhance nationwide compliance, deepen public understanding, and ensure stronger policyholder protection through partnerships with key enforcement and regulatory agencies.
The Committee is expected to develop a structured framework for enforcement and monitoring, alongside continuous public sensitization campaigns to promote awareness and drive compliance culture across Nigeria’s public and private sectors.
Shola Tinubu’s Leadership: A Seasoned Industry Voice
Mr. Shola Tinubu brings to the role over three decades of experience in insurance brokerage, risk management, and regulatory engagement. As Managing Director/CEO of SCIB Insurance Brokers Limited, one of Nigeria’s foremost brokerage firms, Tinubu is widely recognized for his strategic insight, policy advocacy, and commitment to industry development.
His leadership experience at SCIB, where he oversaw major corporate insurance portfolios and led innovative risk solutions across energy, financial, and public sectors, provides him with the technical depth and administrative acumen needed for a reform of this magnitude.
Industry observers believe his appointment is both strategic and symbolic, signaling NAICOM’s commitment to implementing NIIRA 2025 through experienced professionals with proven track records of integrity and results.
The Toughest Frontline in NIIRA Implementation
The National Insurance Commission (NAICOM) launched the NIIRA 2025 Implementation Strategy earlier this year to reshape the Nigerian insurance industry through regulatory innovation, financial inclusion, digital transformation, and compulsory insurance enforcement.
While all three working groups “Compulsory Insurance, Digitization, and Financial Inclusion” are vital, enforcement has historically been the most difficult challenge in the sector. Despite clear legal requirements, compliance levels with compulsory insurance laws remain low nationwide, with millions of vehicles and buildings uninsured.
It is this deep-seated compliance gap that Tinubu’s committee must bridge.
“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. The NIIRA 2025 is not just a regulatory document, it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria,” said Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, during the inauguration in Abuja.
Mr. Omosehin emphasized that the three committees will serve as engines of reform, turning regulatory ambitions into measurable outcomes that directly benefit Nigerians.
Enforcement Through Collaboration and Awareness
Under Mr. Tinubu’s leadership, the Committee on Compulsory Insurance is expected to work closely with enforcement agencies such as the Federal Road Safety Corps (FRSC), State Building Control Authorities, and professional associations to ensure that compulsory insurance laws are not only obeyed but properly understood.
The Committee’s strategy goes beyond regulation, it focuses on educating the public about the importance of insurance as a safeguard for lives, assets, and businesses. This dual focus on enforcement and enlightenment aims to transform insurance from a perceived obligation into a widely accepted necessity for financial stability.
The Bigger Picture: Building a Compliant and Confident Industry
For the NIIRA 2025 reform to succeed, compulsory insurance enforcement will be a defining benchmark. Mr. Tinubu’s committee carries the responsibility of ensuring that compliance frameworks are practical, sustainable, and transparent.
By leveraging his industry expertise and network of stakeholders, the Committee seeks to build public confidence in the insurance system, promote fairness in claims, and foster a stronger compliance culture that aligns with international best practices.
“This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development,” Mr. Omosehin noted, reinforcing NAICOM’s call for collaboration between regulators, operators, and consumers.
Turning Policy into Practice
As NIIRA 2025 moves into full implementation, all eyes are on the Committee on Compulsory Insurance, under Shola Tinubu’s direction, to deliver the most visible transformation. The Committee’s success could redefine Nigeria’s insurance landscape by closing long-standing compliance gaps and positioning insurance as a true instrument of economic protection.
For Mr. Tinubu, whose career has been built on integrity, technical competence, and innovation, this role represents both a challenge and an opportunity, to bridge the gap between regulation and reality and to champion an insurance culture that protects every Nigerian.
NAICOM’s Committee on Compulsory Insurance, chaired by Shola Tinubu, MD/CEO of SCIB Insurance Brokers Ltd, takes on the toughest NIIRA 2025 reform task, enforcing compliance, raising awareness, and transforming Nigeria’s insurance culture.
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