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

Amidst efforts by the National Pension Commission, PenCom, to include informal sector workers in the pension scheme, the Personal Pension Plan, PPP, which caters to the informal sector, has remained stagnant.

While the PPP has 215,412 registered Retirement Savings Accounts, RSAs, only 17,320 of these RSAs, which represents 8.0 per cent, have received contributions. The remaining 198,092 RSAs, which represent 92.0 per cent, are dormant.

PenCom, in its fourth quarter 2025 report stated that registrations are not savings and registration without funding is creating a misleading picture of inclusion.

To improve on the situation, PenCom stated: “We will accelerate engagement and onboarding under the Accredited Pension Agent framework; Activate accredited agents; deepen distribution partnerships with cooperatives, fintechs, telcos, trade unions, and professional associations; and drive sustained sensitisation campaigns to bring informal sector workers, MSMEs, gig workers, and self-employed Nigerians onto the Personal Pension Plan.”

On adoption of the Contributory Pension Scheme by state governments, PenCom stated: “Adoption by state governments remained stalled in Q4’25. 

The position is more uneven than a simple Bureau count conveys. Only eight states are fully compliant with the CPS. A further seventeen States have passed pension reform legislation but have not yet moved to implementation; a population that should now be the principal focus of bilateral compliance engagement. Jigawa State runs a fully implemented Contributory Defined Benefits Scheme. Kano State, despite progress on enabling legislation, is operating outside the regulatory architecture: its pension funds are still held with commercial banks rather than being placed under licensed Pension Fund Administrators.”

Speaking, Director General of PenCom, Ms. Omolola Oloworaran said that the overarching goal of the pension scheme is to build a resilient system. “Our objective is clear, to build a market that works efficiently and sustainably for all pension contributors.”

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