02/06/2026
A RESILIENT SUPPORT SYSTEM
Being the Text of an Address Presented by Governor Alex C. Otti, OFR, at the Opening Ceremony of the 2026 CEOs Retreat of the Nigerian Council of Registered Insurance Brokers at the Michael Okpara Auditorium, Umuahia on Tuesday, June 2, 2026
Protocol
1. Knowledge is the foundation of enduring development; it is the cornerstone of prosperity and the hallmark of true freedom. Without the light of learning, the superiority and dominance of our specie in the order of creation would be greatly diminished. Like every treasure, knowledge is only admirable when it is shared and applied in pursuit of uplifting ideals and values. It is not for nothing that mankind, since the beginning of time, has continued to cross oceans and deserts, hills and valleys, to either share, or profit from ideas that hold great potential for improving the lots of the human population. True knowledge compels engagements, seeks channels of outflow and delights in seeing its seeds bearing greater fruits.
2. This morning, we have gathered in continuation of an ancient tradition of traveling from places far and near to share ideas, ask questions and enrich our bank of knowledge. Let me now on this note, welcome key industry players and stakeholders of the Nigerian insurance industry to our dear State capital, Umuahia, for the 2026 Chief Executive Officers (CEOs) Retreat. I would like to express the collective gratitude of the Government and people of Abia State to the decision-makers of the insurance industry for hosting this year’s event in Abia, God’s Own State. We are delighted for the opportunity to provide the stage for the unveiling of the next big thing in the insurance industry because I have no doubt in my mind that this event would not only bear great fruits, it would usher us into a new epoch in the evolution of the Nigerian insurance ecosystem. My confidence is not for nothing because after taking time to reflect on the interaction we had yesterday, I can say without any equivocation that the future of the industry is not only bright, it begins right here.
3. Permit me, distinguished ladies and gentlemen, to appreciate the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Ekeoma Ezeibe, for her enduring commitment to the growth of the insurance industry over more than 3 decades of active participation, mentorship and leadership in the sector. I am particularly glad that she is leading the body of registered insurance brokers in the country at a time like this when the system is in dire need of leaders who think outside the box. Commendations are also due to other members of the management team, the league of past presidents and other officials who are here with us in Umuahia for this all-important event. Thank you for sharing in the vision of liberalising and deepening the knowledge of insurance in the country. May I alert you beforehand that the job ahead of you would be quite demanding and the reason is simple; you would be battling decades of misinformation, superstition and falsehood as you go out to engage a largely cynical population. I am, however, glad that you have started the journey nonetheless; with the passion, vision and commitment of the President and other leaders of the NCRIB, things may change much sooner than expected because no system of resistance can stand the power of a resilient team.
4. I would also like to appreciate the leadership of the National Insurance Commission for the significant reforms happening in the Nigerian insurance industry. It is particularly noteworthy that the Chief Executive Office of the Commission, Chief Olusegun Ayo Omosehin, is part of this retreat. His presence and active participation in multiple sessions point to the commitment of the Commission to offer dynamic institutional support for the accelerated growth of the insurance industry. May I also take a moment to appreciate the CEOs and principal executives of the body of registered insurance brokers participating in this retreat. Thank you for making the necessary sacrifices to be here but as I earlier mentioned, this is not a regular retreat, it is an event that would define the future of the insurance industry in the country. I am therefore glad that every major stakeholder group is fully represented as it may be difficult to compensate for the regrets of missing out.
5. I began my opening statement by pointing us to the importance of knowledge and why men and women travelled through impossible tracks to learn something new through the ages. I see this retreat as a learning encounter, an invitation to share our ideas on the future we envision for the industry as a body of advisors and support system for millions of Nigerian insurance consumers. This is a special opportunity to reflect on our attitude to the industry over the years, evaluate what we have done right and appreciate what needs to change as we begin a new epoch. At less than 1% of the size of our Gross Domestic Product, the current insurance pe*******on rate in the country does not reflect well on us as stakeholders and the implications are clear; the first is that millions of Nigerians, individuals and businesses, are missing out on the shield that insurance would normally have offered them. Beyond the vulnerability and susceptibility to all forms of risks, the present reality with respect to insurance pe*******on tells the story of an industry on life support. The more troubling part is that we are missing out on opportunities for job creation, especially for our young people, investment opportunities and other streams of benefits that a more robust insurance industry would have availed us. For context, South Africa has insurance pe*******on of 11.5% and Namibia, 7.4% of GDP. The global average is 7.3%, so Nigeria at less than 1% is not good and should be addressed.
6. To be clear, this is not an attempt to downplay the efforts you have made in over 6 decades of driving indigenous participation and leadership in the industry. I would be the first to acknowledge that you have been remarkably resilient in dealing with the ups and downs of the system through years of political and economic uncertainties. The central theme of my message, however, is that we now have to pull ourselves up by the bootstraps and do whatever needs to be done to drive the outcomes that we seek as stakeholders. Evidently, the only way forward is up. The good thing, however, is that the odds are now in your favour following landmark legislations that strengthen the hands of stakeholders, especially consumers, a new leadership team that is determined to change the status quo and a long list of new markets and opportunities to exploit across the country.
7. The assignment for us in Umuahia is to take advantage of the serenity that the environment provides to draw up strategies that would deepen insurance pe*******on in every part of the country. I am particularly glad that the new NCRIB leadership has chosen Umuahia as the pilot State for its insurance pe*******on drive. We welcome this opportunity wholeheartedly. As I told the NCRIB leadership team earlier in the year, our administration is prepared to provide every support that would be required to achieve the vision. I had since directed the President of the Abia Leadership Academy to partner fully with the NCRIB to teach short insurance courses to our young people in its 2026 training programme. I would also want the NCRIB leadership team to explore partnership opportunities with all the public and private tertiary institutions in the State, a framework should be developed to identify the number of young insurance ambassadors that can be trained and deployed to the communities and markets in the months ahead. I believe that if committed efforts are made to teach the gains of insurance, expose communities to the provisions and safety guarantees of the Nigerian Insurance Industry Reform Act of 2025 and other important developments in the sector, the attitude and culture would ultimately begin to shift.
8. While we may blame economic difficulties for low insurance pe*******on in the country, I see limited awareness as a bigger barrier because ignorance is a brick wall, it locks one away and blinds one from seeing opportunities that are right in front of one. I would advise that dismantling the barricade of ignorance should be the first order of business in the new dispensation. People need to know what they stand to benefit by buying insurance covers for themselves, loved ones, businesses and of course, whatever possession they consider dear as we see in other parts of the world. The changes that we seek would not happen by mere wish, all hands have to be on deck to bring our people to a new awareness of the opportunities and protection that exist in the industry. As I had already hinted, this current retreat presents a perfect opportunity to develop a dynamic framework to guide us into the future.
9. I would particularly encourage us to adopt a broader outlook in the way we understand our assignment. We should not look at the industry as a closed unit but connect our strategy to align with the broader opportunities in the larger economy. Insurance has a primary responsibility of providing shield to individuals and businesses but there is more. Our people are naturally resilient; we are generally optimistic especially in business but optimism in itself is not a strategy for survival when things go south. According to multiple sources, including the Nigerian Bureau of Statistics (NBS) and other agencies of Government like the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Financial Reporting Council of Nigeria (FRC), between 80% - 95% of micro, small and medium scale enterprises (MSMEs) in the country fail within the first 5 years of launch. There could be a thousand and one explanations for this terrible failure rate but my theory is that things could have been a lot better if the businesses had the right insurance protection. As we saw during the COVID-19 pandemic or in the ongoing conflict in Iran, unanticipated, sudden developments can cause severe disruptions to businesses and oftentimes, the worst hit are those on the lower rungs of the ladder. Getting our body of urban and rural entrepreneurs and farmers to buy suitable insurance covers for themselves and their businesses would not only enable them weather the storms of unforeseen events, it guarantees that jobs are not lost and that household income sources are protected in the event of uncertainties. The same logic holds true for civil servants and informal sector workers. Beyond the industry itself, deepening insurance pe*******on is a critical economic development initiative that could leave a big dent on poverty, unemployment and other unfavourable economic indices.
10. Let me conclude by telling us that Abia is ready for the next big thing in the insurance industry; our body of stakeholders shall be waiting to receive you in the markets, chambers of commerce, schools and everywhere else you need to go. They will be on hand to provide the necessary support to drive market pe*******on in different economic ecosystems in the State. I would also recommend that you look beyond the traditional business model and instead, explore ways of mainstreaming technology. This may be a good time to make the most of new innovations in the ICT space to bring more individuals, households and businesses into the insurance net. The interesting thing is that Abia is a major market in view of the peculiarity of our economic philosophy as a community of entrepreneurs and dreamers. With the modest achievements that have been recorded on several fronts, especially infrastructure restoration and expansion, in the last few years, I am fully convinced that the market would keep growing bigger as more investors move in to take advantage of the promises of the New Abia.
11. May I now declare this retreat formally open and wish you success in your deliberations
12. Thank you and God bless you.

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