SEC exposes insurers to multi-billion naira businesses in Nigerian Exchange Group

From left: Executive Secretary Nigerian Council of Registered Insurance Brokers, Tope Adaramola; Chairman Communication and Stakeholders Engagement Sub-Committee of Insurers’ Committee/Managing Director Rex Insurance Limited Mrs. Ebelechukwu Nwachukwu and Managing Director Guinea Insurance Plc, Ademola Abidogun at the event.

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Chuks Udo Okonta

The Securities and Exchange Commission (SEC) has revealed haven of business opportunities in the Nigerian Exchange  Group which insurance industry operators can explore to attain lofty heights.

The Chairman Communication and Stakeholders Engagement Sub-Committee of Insurers’ Committee/Managing Director Rex Insurance Limited Mrs. Ebelechukwu Nwachukwu said this while address journalists after the Committee meeting today in Lagos.

According to her, the Director-General of SEC Dr. Emomotimi Agama, charged insurance companies to leverage the opportunities just like the banks which raised over N3 trillion to recapitalised their operations, whilst promising to ensure insurance companies don’t incur huge cost in the course of raising funds at the Exchange.

Agama also urged insurance operators not to consider the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a privilege to raise money, but as opportunity to transform the insurance industry.

He further pledged SEC cooperation in ensuring that insurance companies have an easy sail while raise money at the Exchange to meet their recapitalisation mandate, adding that a 14-day window would be provided for the companies to process all requirements for their fund raising at the Exchange.

The SEC boss also commended the leadership of National Insurance Commission (NAICOM) for the robust relationship that has been created between NAICOM and SEC, adding that both parties have never enjoyed such collaboration in the past.

He also charged insurance companies to intensify efforts in creating awareness, adding that the public would embrace insurance when they understand the benefits it offers.

The Commissioner for Insurance Olusegun Omosehin, appreciated SEC management for the pledged support to the insurance industry, stating that NAICOM would continue to drive the industry towards harnessing all insurance opportunities in the country.

He also charged insurance operators to adhere strictly with the recapitalisation frameworks to ensure the set objectives are met as stipulated.

The Commissioner for Insurance went further to commend insurance companies for the prompt settlement of two large claims that were recently settled.

He also commended the Nigerian Council of Registered Insurance Brokers (NCRIB) for its swift response to the misgivings recently expressed by a renowned musician Yinka Ayefele.