Business
Lawyers Seek Implementation Of Insurance Law
Some lawyers in Lagos last Tuesday called on the National Insurance Commission (NAICOM) to put in place a mechanism for the effective control and regulation of the nation’s insurance law.
The lawyers made the call in separate interviews with our correspondent in Lagos.
The Financial Secretary, Nigerian Bar Association (NBA), Lagos branch, Mr Philips Njeteneh, noted that the implementation of the insurance law was weak.
Njeteneh urged that the machinery for its implementation should be enhanced.
According to him, there is a problem in the industry when people do not have confidence in insurance companies due to the lack of fulfillment of obligations.
“Most people obtained fake third party insurance covers because they have experienced situations where insurance companies refused to pay premium in the course of any eventuality,’’ he said.
Njeteneh said there was a need to re-awaken the operations of insurance law in the country, since it served as a very useful tool for tackling unpredictable circumstances.
Mr Ndubusi Okafor, a lawyer, called for the elimination of insurance companies that are not functional as part of the efforts at sanitising the sector.
Okafor observed that there had been a drawback in the administration and supervision of insurance law in the country.
He said that most owners and victims of insured buildings that collapsed in Lagos were now complaining of not receiving compensation.
Okafor appealed to NAICOM to effectively regulate the activities of insurance companies in the country.
Mr Stephen Okwofakworaye, a lawyer, said that there was a need to ensure that insurance companies’ possessed requisite facilities and capital base before being allowed to function.
“Where a company undertakes to compensate an individual for damage in such a manner that affects its funds, then it shows that such company may not be able to handle insurance business,” Okwofakworaye said.
He said that most insurance companies shy away from indemnity whenever they realised that they have insufficient funds.
He urged insurance companies to restore confidence in the sector by living up to expectations, to stem the purchase of fake insurance covers.
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.
