by NIyi JACOBS
The Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, hosted the Malaysian High Commissioner to Nigeria, Mr. Aiyub Omar, on Thursday, January 9, 2025, at NAICOM’s headquarters in Abuja. The courtesy visit marked the beginning of discussions aimed at fostering bilateral collaboration between the two countries in the insurance sector.
Mr. Omosehin introduced his team and provided an overview of NAICOM’s regulatory and developmental roles in Nigeria’s insurance industry. Highlighting the country’s potential for growth, he pointed out the need for strategic partnerships and knowledge sharing to enhance Nigeria’s insurance penetration, especially in the area of Takaful insurance—a sector in which Malaysia has excelled over the past three decades.
The Commissioner emphasized benchmarking against global best practices, particularly Malaysia’s successful Takaful insurance model, as a means to drive Nigeria’s economic growth. He noted that replicating these models aligns with President Bola Tinubu’s ambitious vision of achieving a $1 trillion economy within eight years.
Mr. Omosehin further referenced the newly passed insurance bill awaiting legislative concurrence, stating it would bolster capital, attract investments, and strengthen the regulatory framework. These efforts, he added, are key to fostering innovation and sustainability in Nigeria’s insurance landscape.
In response, the Malaysian High Commissioner expressed enthusiasm for collaboration, proposing capacity-building initiatives for NAICOM staff and promising to facilitate connections between Malaysian Takaful companies and Nigerian stakeholders. He also highlighted Malaysia’s readiness to share expertise to enhance Nigeria’s regulatory capabilities.
Both parties agreed on two critical areas of collaboration: capacity building and investment opportunities. The High Commissioner described this partnership as an avenue to unlock Nigeria’s insurance potential while contributing to bilateral ties between both nations.
This meeting included key NAICOM officials, such as Deputy Commissioner Technical, Mr. Usman Jankara, Deputy Commissioner Finance and Administration, Mr. Ekerete Ola Gam-Ikon, and others.
