The immediate past commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Olorundare Sunday Thomas, believes the Nigerian Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu, if properly implemented, will take care of all stakeholders and revolutionise the nation’s insurance sector to contribute significantly to national growth.
Thomas, who was honoured by the Nigerian Association of Insurance and Pension Editors(NAIPE) with an Award of Excellence, for his contribution to the growth of the industry and his support for insurance journalists, during the Association’s 2025 National Conference held in Lagos recently, noted that,
“Looking at where we are today, I want to congratulate the President, for signing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law, whose journey started in 2008. NIIRA will transform and revolutionise the insurance sector.
“The extent the law will go, in terms of achievement, will depend on both the implementers and the industry, and the response to the content of that law will determine the extent of achievement. But one thing I am so sure of, is the fact that the platform has been set for its achievement, in terms of taking care of all the stakeholders: consumers are protected, shareholders are protected, and operators are protected.”
Of course, strengthening the sector with the formalisation of Risk-Based Capital will go a long way, in which case, he said, ‘we don’t need to operate at the same level – be where you have capacity to be.’
On how insurance and pension sectors can contribute to the achievement of President Tinubu’s one trillion dollar economy, the former NAICOM boss said, “There is no doubt that pension sector has asset under management of over N24 trillion, and insurance sector with an asset base of about N4 trillion.
“I believe that we are in a good position to begin to look at the possibility and realisation of President Bola Ahmed Tinubu’s vision for having an economy with a one trillion dollar Gross Domestic Product (GDP).
“I think we are on course, though we need to gain speed by 2030, which is five years from now. I believe that with these laws, and the people managing the sector, we will be able to take our rightful position in effectively contributing to President Tinubu’s vision.”
Thomas, however, commended NAIPE for honouring him with an Award of Excellence.
Expressing excitement for the award, Thomas, who was the chairman of the occasion, said he did what he did then in all sense of sincerity without anticipating any reward from any quarter, just as he promised to continue to do more for the good of the journalists and the industry as a whole.
“All that I did then, I did them with all sense of sincerity because I knew it was necessary for me to do them. I was not doing them in anticipation of any reward. But today you people choose to honour me with an award. This is quite surprising and I am excited. On behalf of my family, I want to sincerely thank NAIPE for finding me worthy of this. I am not taking it lightly,” he said.
Commending members of NAIPE for the award and for sustaining their reportage of the pension and insurance sectors, he said, “Some of us are fortunate to be around when they started, we know through thick and thin, they have been able to go this far, they have been able to impact on the two sectors, thereby providing relevant information to the stakeholders.”
