Insurance Commissioner Tasks Takaful Promoters on Harnessing Market  Potentials

Ebere Nwoji

The  Commissioner for Insurance, Mr. Olusegun Ayo Omosehin,  has advised promoters of Takaful Insurance to brace up  with  key challenges confronting development of the market by harnessing the potentials of the business line  through increased participation and awareness creation.

Omosehin noted this while addressing members of the   Takaful Advisory Council (TAC),  who paid courtesy visit to his office in Abuja.

He reaffirmed the commission’s  Commitment to Takaful Insurance development.

He commended TAC for its commitment and contributions to the development of Takaful insurance in the country, describing the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful Insurance sub-sector.

Omosehin noted that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries. He emphasised that the key challenge lies in harnessing this potential through increased participation and awareness. The commissioner further praised the council for the  efforts in strengthening the Takaful Insurance business.

He further explained the structural background and core mandate of NAICOM, highlighting its responsibility to ensure industry stability, protect policyholders, and promote sustainable growth. He noted that the ongoing reforms in the insurance industry was  aimed at strengthening operators and safeguarding consumers.

Omosehin also underscored the commission’s developmental role, describing it as critical to the growth of the industry. He recalled that on July 31, 2025, President Bola Ahmed Tinubu signed into law the Nigerian Insurance Reform Act (NIIRA) 2025, which formally recognises Takaful Insurance as part of Nigeria’s insurance business framework, describing the development as a major milestone for the industry.

Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Abdulmajeed Alaro, congratulated NAICOM’s management on the enactment of the NIIRA 2025, describing it as unprecedented.

He disclosed that the council had formally written to the commission to express its appreciation upon receiving the news of the new law. He described the meeting as the first of its kind, bringing together the TAC and NAICOM management to exchange ideas and perspectives.

Abdulrazzaq called on NAICOM, in its capacity as the industry regulator, to continue supporting awareness creation for Takaful Insurance, which he identified as a major challenge facing the sector.

He advocated for the organisation of retreats, workshops, and capacity-building programmes for stakeholders across the entire insurance industry, not limited to Takaful operators.