The Nigerian Senate has passed an amendment to the NDIC Act, increasing depositor protections, reinforcing the NDIC’s operational stability, and expanding its authority, while maintaining the Central Bank’s regulatory role.
NAICOM has outlined strategic priorities to boost the safety, innovation, and accessibility of Nigeria’s insurance industry, emphasizing stronger regulations, financial soundness, risk-based supervision, and increased market penetration.
Fears are growing that annuity payments for former Niger Insurance Plc clients could be disrupted as the Pension Fund Custodian may run out of funds, following the company’s license withdrawal.
NAICOM and insurance stakeholders affirm the capacity of Nigerian insurers to underwrite aviation risks, emphasizing reinsurance practices and regulatory compliance to ensure the industry’s stability and growth.
The NDIC has disbursed 82.36% of insured deposits from Heritage Bank, closed by the CBN, with 17.64% pending due to account issues. Payments continue as assets are liquidated.
Stakeholders in Nigeria’s banking and insurance sectors clash over a bill amending the NDIC Act, with key debates on the CBN’s role and proposed capital base increase.
AIICO Insurance disburses N1.3 billion monthly to annuity customers, ensuring financial stability in retirement. Satisfied customers praise its reliable service, driving growth through referrals and strategic acquisitions.
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