By Rosemary Iwunze

The incoming Chairman of the Nigerian Insurers Association, NIA, Mrs. Ebelechukwu Nwachukwu, has unveiled a strategic blueprint anchored on collaboration, public trust, and regulatory compliance.

Speaking at a pre-investiture press conference in Lagos, Nwachukwu who is the Managing Director of REX Insurance Company Limited said that she also targets transitioning insurance from a niche product into a mass-market essential.

She said: “I do not come to office at an ordinary time. With the advent of the new Insurance Act, we are entering a transformative era—one that demands higher standards of governance, stronger capitalisation, improved consumer protection, and deeper market penetration.”

To ensure the new Act translates into tangible benefits for operators and the public, Nwachukwu outlined three focal points aligned with the NIA’s core mandate: ‘Deepening Penetration via Strategic Alliances; Rebuilding Public Trust through Simplification; as well as Executive Compliance and Regulatory Advocacy.’

Acknowledging Nigeria’s historically low insurance penetration rate, she emphasized that capital injection alone is insufficient to drive growth. “The NIA plans to actively pursue alliances with banks, fintechs, microfinance institutions, and non-financial retail platforms to bridge access gaps.

“Transitioning insurance from a niche product into a mass-market essential. Leveraging digital distribution channels to reach millions of unserved Nigerians and micro-businesses.”

While speaking on the second focus, ‘Rebuilding Public Trust through Simplification,’ the incoming Chairman pledged to demystify insurance by rolling out massive enlightenment and enforcement initiatives across both private and public sectors.

She said that her third focus area would be ‘Executive Compliance and Regulatory Advocacy,’ adding that with the critical recapitalisation deadline weeks away, the NIA under her leadership will serve as a constructive partner to regulatory authorities.

Nwachukwu reaffirmed her commitment to steering the body toward unity and shared progress rather than competition.

“My chairmanship will be defined by collaboration, not competition; by deepening public understanding, not industry jargon; and by building bridges across the entire financial services landscape,” Nwachukwu stated.

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By Elizabeth Adegbesan

The  Central Bank of Nigeria, CBN, yesterday said the nation’s current account surplus grew year-on-year (YoY) by 46 percent to $4.98 billion in the first quarter of 2026 (Q1’26).

The apex bank disclosed this in its Balance of Payments (BoP) report for Q1’26 noting that the current account surplus also grew quarter-on-quarter (QoQ) by 255.7 percent from $1.4 billion in Q4’25.

It stated: “Provisional balance of payments (BOP) statistics for Q1 2026 show a current account surplus of $4.98 billion, which was higher than the $1.40 billion and $3.41 billion recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025) respectively.”

According to CBN, the growth in current account surplus was due to an increase in crude oil export earnings,gas export earnings, refined petroleum product export earnings and decrease in refined petroleum product imports and in net out-payments in primary income account.

It stated further: “Major contributors to the Higher Current Account Surplus increase in crude oil export earnings from $6.77 billion to $8.11 billion (19.79 percent).

“Increase in gas export earnings from $2.24 billion to $2.53 billion (12.95 percent).

“Increase in refined petroleum product export earnings from $1.97 billion to $2.37 billion (20.3 percent).

“Decrease in refined petroleum product imports from   $2.48 billion to $0.31 billion (87.50 percent).

“Decrease in net out-payments in primary income account from $3.27 billion to $2.83 billion (13.46 percent).”

CBN noted that the Goods account (a major sub-account in the current account) recorded a higher surplus of $5.95 billion in Q1’26, as against $1.77 billion and $3.35 billion recorded in the preceding quarter and corresponding period of 2025.

On the other hand, the Financial account retained its net borrowing position, recording a net borrowing of $2.51 billion in Q1’26, as against $1.96 billion in Q4’25.

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By Rosemary Iwunze

Mutual Benefits Assurance Plc has said a situation where only about six per cent of adults can currently access credit through formal financial institutions, is not ideal.

According to the company, while access to credit remains important for economic growth, financial protection mechanisms are equally essential in helping individuals and businesses withstand economic shocks.

According to the Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga: “Through our diverse portfolio of solutions, Mutual Benefits continues to provide Nigerians with tools to build, preserve and protect wealth. These include education-focused protection plans, life assurance products, savings-oriented solutions, motor and property insurance and business protection products designed to safeguard livelihoods and future goals. 

“The conversation around financial inclusion must go beyond opening bank accounts and accessing loans. True financial empowerment is achieved when individuals and businesses can access financing opportunities while also protecting their income, assets, families and future aspirations from unforeseen risks.

“For many Nigerian families and business owners, a single unexpected event such as a medical emergency, fire incident, business disruption or loss of income, can erase years of financial progress. This is why insurance and disciplined savings remain critical pillars of long-term financial resilience.”

As part of its commitment to advancing financial inclusion, Mutual Microfinance Bank continues to deliver accessible financing solutions tailored to the needs of small businesses, traders, salary earners, entrepreneurs and emerging enterprises across Nigeria. As at December 31, 2025, the Bank had disbursed loans totaling N1.372 billion, further strengthening access to formal credit for individuals and businesses across its target segments. This growth trajectory continued into 2026, with the loan portfolio rising to N1.558 billion by the end of Q1 2026, reflecting sustained momentum in supporting productive economic activity.

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