The insurance recapitalisation process in Nigeria has taken a strategic turn as the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) intensified their collaboration to strengthen financial reporting, audit practices, and regulatory compliance across the sector.
Held recently at the NEM Insurance Auditorium, the high-level engagement brought together finance executives, auditors, actuaries, and compliance professionals from leading insurance firms nationwide, emphasizing the industry’s shared commitment to transparency, accountability, and solvency resilience.
Enhancing Compliance Culture
Opening the session, Dr. Emmanuel Otitolaiye, Chairman of NIA’s Accounting Technical Committee, highlighted that the initiative is a proactive effort to address recurring reporting challenges, improve the quality of audited financial statements, and foster a culture of continuous learning.
“Financial statements are more than regulatory documents; they reflect credibility and operational integrity. Accurate reporting today ensures investor confidence and industry growth tomorrow,” Dr. Otitolaiye said.
Regulatory Oversight and Guidance
Mrs. Oluwatoyin Charles, Director of Supervision at NAICOM, underscored the Commission’s dedication to creating an enabling environment for a strong and stable insurance sector. With the ongoing adoption of IFRS 17 insurance contract standards and the NIIRA 2025 recapitalisation framework, she noted that high-quality reporting and compliance practices have never been more critical.
Similarly, Abimbola Odukale, Director General of NIA, expressed optimism that the strengthened NAICOM-NIA partnership would equip insurance operators with the technical tools and guidance needed to meet regulatory requirements efficiently while aligning with global best practices.
Technical Sessions Drive Practical Solutions
The engagement featured focused technical sessions led by Mr. Gabriel Oloba, Senior Financial Analyst at NAICOM, who provided practical guidance on common reporting errors, disclosure gaps, and reconciliation weaknesses, ensuring future submissions adhere to regulatory expectations.
Mr. Cyprian Amadi, Deputy Director of Supervision at NAICOM, also provided detailed insights into the recapitalisation verification process, emphasizing accurate reporting on capital adequacy, solvency, and operational compliance as critical for regulatory approval and public trust.
Sector Reflection and Outlook
Industry observers hailed the initiative as a defining moment in insurer-regulator collaboration, highlighting the sector’s renewed commitment to transparency, audit integrity, and financial resilience. By providing operators with clear guidance on reporting and compliance, NAICOM and NIA are positioning the Nigerian insurance sector for sustainable growth, global competitiveness, and increased investor confidence.
As the recapitalisation process gains momentum, this strengthened collaboration signals a new era where compliance, accountability, and professional standards underpin the growth of Nigeria’s insurance industry.
NAICOM and NIA strengthen collaboration on financial reporting, audit practices, and regulatory compliance as Nigeria’s insurance recapitalisation process gains momentum, promoting transparency and sector growth.
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