FG inaugurates policyholders’ protection fund committee to strengthen industry

May 16, 2026 By Joshua Nse

The Federal Government has inaugurated the Insurance Policyholders’ Protection Fund (IPPF) Committee as part of efforts to strengthen Nigeria’s insurance sector, protect policyholders, and deepen financial system stability under the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Speaking at the inauguration ceremony held at Fraser Suites, Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said the establishment of the committee marked a major milestone in the ongoing reform of the nation’s insurance industry.

L- R: Mr. Babatunde Fajemirokun (Member, IPPF Committee); Mr. Ekerete Ola Gam-Ikon (Dep. Commissioner for Insurance, Finance & Acct, NAICOM); Mrs. Oluwatoyin Medinah Bello (Dep. Director Inspectorate, NAICOM); Mr. Raymond Omachi (Perm Secretary, FMF representative of. the Hon. Minister of Finance and Coordinating Minister of the Economy); Mr. Oye Hassan Odukale (Chairman IPPF Committee); Mr. Olusegun Ayo Omosehin (Commissioner for Insurance and MD/CEO, NAICOM); Mrs. Yetunde Ilori (Member, IPPF Committee); Okiemute Sagua (representative of Meristem Wealth Management Ltd, Fund Managers) and Dr. Usman Jankara (Member, IPPF Committee) at the inauguratiin of the committee in Abuja on Friday, May 15, 2026.

Oyedele, who was represented by the Permanent Secretary of the Federal Ministry of Finance, Mr. Raymond Omachi, described the IPPF as a critical mechanism designed to safeguard policyholders in the event of insurer distress or failure.

According to him, the initiative demonstrates the Federal Government’s commitment to building a robust and trustworthy insurance ecosystem capable of supporting sustainable economic growth and investor confidence.

“The establishment of the IPPF Committee demonstrates our resolve to safeguard the interests of policyholders and ensure that, in the unlikely event of insurer distress or failure, policyholders are protected and their claims obligations are met in a timely and orderly manner,” he said.

He noted that the insurance sector remains a key pillar of modern economies because of its role in risk management, financial protection, capital mobilisation, and support for innovation and investment.

Oyedele said Nigeria’s insurance industry still possesses vast untapped potential and could play a more strategic role in infrastructure financing, financial inclusion, and national economic development if backed by stronger regulation and improved public trust.

He explained that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 introduced a modern, risk-based regulatory framework aligned with global best practices and tailored to the evolving dynamics of the Nigerian market