Olusegun Ayo Omosehin, commissioner for Insurance/CEO National Insurance Commission (NAICOM)
Olusegun Omosehin, Commissioner for Insurance has said that the Insurance sector must move from a peripheral role to becoming a key growth engine to help drive the country’s $1trillion economy target.
The commissioner disclosed this during his keynote speech at the 8th Triennial Delegates Conference of the Independent Shareholders Association of Nigeria (ISAN) hosted recently in Lagos.
Omosehin, represented by Ajibola Bankole, Director of Inspectorate at the National Insurance Commission (NAICOM) focused on the role of insurance in national development, describing insurance as a key driver of confidence and investment stability.
“For Nigeria to achieve the $1 trillion goal, the insurance sector must move from a peripheral role to becoming an engine for growth. The NIIRA 2025 Act is a major step in this direction,” he said.
Speaking further, he noted NAICOM’s reforms are aimed at boosting capital retention, reducing capital flight, and building a more transparent and competitive market. “The commission wants to see more cooperation among shareholders, insurers, and regulators. Everyone, including ISAN, has a role to play in achieving this national goal,” he said.
The event was themed “Nigeria, Towards a $1 Trillion Economy by 2030,” and featured discussions on how the insurance, finance, technology, and capital market sectors can work together to drive Nigeria’s economic growth.
Moses Igbrude, National Coordinator, ISAN reiterated the association’s commitment in protecting shareholders and making companies more responsible.
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“We are here to engage meaningfully and contribute to shaping policies that will drive Nigeria’s economic growth,” Moses said, adding that ISAN would keep pushing for fairness and transparency in the business environment.
Peggy Halliday, Compliance and Enforcement Manager at the Nigerian Exchange Group (NGX RegCo), reminded shareholders of their power in holding companies accountable.
“You have the power to ensure that your interest in the capital market remains protected. Continue to engage and demand transparency,” Peggy said.
She also noted that NGX is working to make the market more open and investor-friendly, adding that education and inclusion remain key to strengthening investor confidence.
The panel discussion featured Ajibola Bankole, Williams Erimona, Partner at Ernst & Young; Peggy from NGX; Martin Ikephai, COO of Computer Audit Control and Security Associates; and Matthew Akinlade, President of the Noble Shareholder Solidarity Association. The session looked into practical steps needed for Nigeria to transition into a trillion-dollar economy.
Williams spoke about Nigeria’s current economic standing, noting that the GDP is around $237 billion, largely driven by the service sector. “For us to reach a trillion-dollar economy, we must rethink how we execute policies and fix issues like insecurity that scare away investors,” he said.
Peggy talked about making financial processes simpler and helping young people and women understand money management. “We have to build from the ground up. Financial education is key to independence,” she said, adding that NGX has made it easier for new companies to list by cutting delays and simplifying rules.
Martin focused on cybersecurity as a foundation for development, warning that no economic goal can stand on weak systems. “If our systems are not secure, the foundation of our trillion-dollar ambition is weak. Technology must be trusted to be transformative,” he said.
The speakers shared a central view that progress will only come through cooperation, reform, and shared responsibility, adding that a trillion-dollar economy is within reach if everyone stays committed to discipline, innovation, and openness.
