Education
O.S. Thomas to chair Business Journal Insurance & Pension Roundtable – EnviroNews
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Former Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, will chair the Business Journal Insurance & Pension Roundtable 2026 scheduled for November 24, 2026, in Lagos.
The event, which will hold at the Oriental Hotel, Victoria Island, by 10 a.m., will focus on the theme, “Beyond Recapitalisation: The Challenge of Customer Service & Growth for Insurance and Pension Operators.”
The roundtable is expected to bring together regulators, insurance and pension industry executives, professional bodies and other stakeholders to examine strategies for improving customer service, expanding market penetration and achieving sustainable growth following recapitalisation initiatives in both sectors.
Thomas, who is the Managing Partner of DASUNOTH Limited, a management consultancy firm, served as Commissioner for Insurance and Chief Executive Officer of NAICOM until April 30, 2024.
He previously served as Director-General and Chief Executive of the Nigerian Insurers Association (NIA) from 2010 to April 2017, where he spearheaded initiatives including the establishment of the Nigerian Insurance Industry Database (NIID).
His career in insurance regulation also included serving in various directorates at NAICOM between 1992 and December 2009, overseeing research and market development, technical operations and inspectorate functions.
A graduate of the University of Lagos, Thomas holds a Bachelor of Science degree in Actuarial Science and an MBA in Finance. He is a Fellow of the Chartered Insurance Institute of Nigeria and an Associate of the Chartered Insurance Institute of London.
He has also served in several industry and financial-sector committees and governing boards, including the National Pension Commission (PenCom), Nigerian Content Development and Monitoring Board (NCDMB) and Africa Reinsurance Corporation.
His previous leadership roles include chairing the West African Association of Insurance Supervisory Authorities and the Organisation of African Insurance Supervisory Authorities.
The organisers said his experience in insurance operations, industry development and regulation would provide valuable perspectives on the challenges confronting insurers and pension operators as they seek to translate stronger capital positions into improved market performance.
Omosehin, Oloworaran to Attend
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, and the Director-General of PenCom, Ms. Omolola Oloworaran, are expected to attend as special guests of honour.
Mr. Tope Smart, Group Chairman of NEM Insurance Group, will deliver the keynote address.
Other guests of honour include Mr. Jide Orimolade, President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN); Mrs. Anthonia Ifeanyi-Okoro, Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp); Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association; and Mrs. Ekeoma Ezeibe, President and Chairman of Council of the Nigerian Council of Registered Insurance Brokers (NCRIB).
The panel will feature Mr. Adedayo Arowojolu, Managing Director and Chief Executive Officer of Unitrust Insurance Company Limited; Mr. Ivor Takor, a pension industry expert and activist; and Mrs. Felicia Bolajoko David, Managing Director and Chief Executive Officer of Alliance & General Insurance Plc.
Industry Urged to Look Beyond Recapitalisation
Speaking on Thomas’s appointment, Publisher and Editor-in-Chief of Business Journal Media Group, Prince Cookey, expressed satisfaction with his acceptance to chair the event, describing him as a distinguished figure in Nigeria’s insurance industry.
“We are indeed delighted to have Mr. O.S. Thomas as Chairman for the Business Journal Insurance & Pension Roundtable 2026. A quintessential and legendary figure in the insurance industry in Nigeria, he traversed the market like a colossus, rising from the level of a professional in the operating environment to the position of a regulator. He remains a positive reference point for Nigerian insurers and left a solid mark as a regulator,” Cookey said.
He noted that the successful conclusion of the insurance industry’s recapitalisation exercise on July 31, 2026, had strengthened the sector’s prospects, both in terms of capital and public perception.
According to him, the ongoing pension-sector recapitalisation initiative, being driven by PenCom, is also expected to bring renewed capital strength and optimism to the industry.
The exercise has a compliance deadline of June 2027 for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).
However, Cookey argued that stronger capital bases alone would not guarantee improved performance unless operators translated the additional financial capacity into better services, increased customer confidence and sustainable business growth.
He identified two fundamental questions for stakeholders: how insurance and pension operators would deploy their new capital to improve customer service and expand their businesses, and how prepared they were for the market challenges expected after Nigeria’s 2027 presidential election.
Cookey observed that the outcome of the presidential election, scheduled for January 16, 2027, could significantly influence the policy framework and operating environment for insurance companies and pension operators.
He maintained that the implications of political and economic developments for the two sectors extended beyond capital adequacy to include investment decisions, customer confidence, regulatory direction and business sustainability.
Driving Customer Confidence and Market Growth
The roundtable aims to raise public awareness of insurance and pension services while developing practical recommendations for improving market visibility, customer service and the sectors’ contribution to Nigeria’s economy.
Nigeria’s insurance industry has historically faced challenges involving low insurance penetration, limited public understanding of insurance products and concerns about claims settlement. These issues have made customer confidence and wider adoption important priorities for regulators and industry operators.
Similarly, the pension industry faces the continuing task of strengthening public confidence in the contributory pension system, improving service delivery and ensuring the effective administration and protection of retirement savings.
Against this background, the organisers expect discussions at the roundtable to address how recapitalisation can support innovation, operational efficiency, customer satisfaction and greater participation in insurance and pension schemes.
The event is also expected to provide an opportunity for regulators and industry leaders to consider how operators can position themselves to withstand changing economic conditions and policy developments while delivering greater value to policyholders, pension contributors and retirees.
Cookey said the ultimate objective was to establish a roadmap that would help both sectors convert the benefits of recapitalisation into measurable improvements in service delivery, sustainable growth and their contribution to national economic development.
