Olorundare Sunday Thomas, the immediate former Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), has expressed optimism about the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu. Thomas emphasized that with effective execution, this legislation is poised to safeguard the interests of all parties involved and fundamentally transform Nigeria’s insurance landscape, driving substantial contributions to the country’s economic development.
During the 2025 National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) held in Lagos, where he was honored with an Award of Excellence for his impactful role in advancing the insurance sector and supporting industry journalists, Thomas remarked,
“Reflecting on our current position, I commend the President for enacting the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a journey that began back in 2008. This law is set to revolutionize the insurance industry.”
“The success of this legislation will largely hinge on the commitment of both regulators and industry players. How well the sector embraces the provisions of this law will determine the level of progress achieved. Nonetheless, I am confident that a solid foundation has been laid to ensure the protection of all stakeholders-consumers, shareholders, and operators alike.”
Thomas highlighted the importance of fortifying the sector through the introduction of Risk-Based Capital frameworks, noting, “It’s essential that companies operate within their capacity rather than maintaining a uniform standard across the board.”
Addressing the potential role of the insurance and pension industries in realizing President Tinubu’s ambitious goal of a one trillion dollar economy, Thomas pointed out, “The pension sector currently manages assets exceeding N24 trillion, while the insurance industry holds approximately N4 trillion in assets.”
“Given these figures, I am optimistic that we are well-positioned to contribute meaningfully towards achieving the President’s vision of a one trillion dollar Gross Domestic Product (GDP). Although there is still work to be done, especially as we approach 2030, I believe that with the right laws and competent leadership, the sector will secure its rightful place in this national economic agenda.”
Expressing gratitude for the recognition bestowed by NAIPE, Thomas shared his heartfelt appreciation, stating, “I undertook my responsibilities with genuine dedication, never expecting any form of reward. Receiving this award today is both unexpected and deeply gratifying. On behalf of my family, I sincerely thank NAIPE for this honor, which I accept with humility.”
He also praised NAIPE members for their unwavering commitment to reporting on the pension and insurance sectors, acknowledging their vital role in disseminating crucial information to stakeholders. “Having witnessed their journey from inception, I can attest to their resilience and the significant impact they have made in shaping these industries,” Thomas concluded.
