Business
Insurance: Amaechi Prescribes Stiffer Penalties For Defaulters
Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi, has called for stiffer penalties for defaulters in the insurance industry as a way of restoring consumers’ confidence.
Governor Amaechi made this call yesterday during the flag-off of Compulsory Insurance Product in Nigeria for the South-South zone at Hotel Presidential, Port Harcourt.
Represented by his deputy, Engr. Tele Ikuru, Governor Amaechi observed that “for Nigerians to have confidence in the Insurance sector there has to be punishment for offenders,” adding that “this would serve as a deterrent to others, calling for a review of the insurance policies in the country.
He expressed happiness over the restructuring of the sector, saying that such development will have positive impact on the people, urging the National Insurance Commission (NAICOM) to strengthen its regulatory arm to improve efficiency in the sector.
Earlier, Chairman of the Governing Board of NAICOM, Hajia Maryam Ciroma, represented by a member of the Board, Mr. Boye Oluwatayo, said that “the flag-off represents the berthing of a great initiative by NAICOM in the Niger Delta region which signifies the beginning of the revival of the Insurance industry and actualising the gains of the Federal Government’s reforms”.
Hajia Ciroma noted that “the Nigerian environment and its people deserve more than they presently receive in terms of protection of life and property through Insurance,” calling on all stakeholders to key in into the objectives of the Compulsory Insurance programme, saying that Insurance “protects the future of our citizens and the resources of our great nation”.
Speaking, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Fola Daniel, lamented the lack of enforcement of Insurance policies in the country, declaring that “henceforth any corporate body that fail to pay genuine claims will face stiff penalties,” expressing optimism that “Insurance in Nigeria is changing for the better due to the restructuring and reorganisation of the sector”.
He noted that the choice of Port Harcourt, the Rivers State capital is based on the significant position it occupies in the geopolitical zone, stressing that it plays a key role in the economy of the region, thanking the State Government for the support given to the event.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
