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‘Market Initiative Dominates Insurance Industry’

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14 years ago

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One of the major issues that dominated the Nigerian insurance industry in 2011 was the success of Market Development and Restructuring Initiatives (MDRI).

MDRI was launched in July 31, 2009 as a medium-term plan (2009 – 2012) of installing the first phase of the necessary reforms in the industry.

It bordered on industry capacity, market efficiency and consumer protection, among others.

It aims to deepen and grow the insurance market and move the industry’s gross premium income from N164 billion in 2008 to N1 trillion in 2012.

It is also to achieve aggressive marketing of the five compulsory insurance products and re-introduce and institute the Agency System.

The five compulsory insurance products are the Group life Insurance, Healthcare Professional Indemnity Insurance, Builders Liability Insurance, Occupiers Liability Insurance and Motor Vehicle Third Party Insurance.

According to Section 9 (3) of the Pension Act 2004, the Group Life Insurance is for all public and private sector organisations with more than four employees.

The Healthcare Professional Liability Insurance, according to Section 45 of the National Health Insurance Scheme Act 1999, is for medical institutions and all professionals working there.

Section 64 of the Insurance Act 2003 prescribes the Builders Liability Insurance for owners and contractors of buildings of more than two floors under construction.

The Occupiers Liability Insurance is for business and office premises – government, corporate, private, hotels, guest houses, hostels and residential estates.

The Commissioner for Insurance in NAICOM, Mr Fola Daniel, said the industry had the capacity of generating the estimated one trillion naira under MDRI with only motor third party policy alone.

“Looking at the potentials of the industry, it has the capacity to generate N1 trillion using motor third party alone.

“If 10 per cent of the more than 10 million houses and buildings are insured, the projection will be made,” he said.

Daniel said that the commission had rolled out policies and guidelines for the MDRI, but said that its actualisation depended solely on the operators.

The Managing Director of Sovereign Trust Insurance, Mr Wale Onaolapo, said that operators were beginning to reap the benefits of the MDRI.

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Kenyan Runners Dominate Berlin Marathons

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24 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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24 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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24 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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