New face of NAICOM and what the work is

President Bola Tinubu on Friday 19th April approved the appointment of the board of the National Insurance Commission (NAICOM), naming, Olusegun Omosehin, the commissioner for Insurance/CEO of the regulatory body.

To work with him at the top of the management of the Commission is Ekerete Ola Gam-Ikon, the new deputy commissioner for Insurance (Technical) and Usman Jankara, the new deputy commissioner for Insurance (Finance and Administration).

The appointment however comes with big responsibility, as it places a burden on who fits properly in the big shoes being left by the immediate past commissioner for Insurance, Sunday Olorunda Thomas, who was not only an insurance icon in terms of knowledge and experience, but also has the back of major players in the industry.

Read also: NAICOM deepens ties with other ministries, agencies for sector growth

While the industry awaits the inauguration of the new NAICOM board and management, new goals are expected to be set on what next to do to grow the industry above its current N1.003 trillion premium size recorded at the end of 2023, and the not fast changing 0.4 percent market penetration.

Olusegun Omosehin

Olusegun Omosehin, the new commissioner for Insurance/CEO of the National Insurance Commission (NAICOM) stands out as one of the few multi-disciplinary professionals in the insurance industry.

Before his new appointment, he was the managing director/CEO, Old Mutual Nigeria Life Assurance Company Limited, as well as the outgoing chairman of the Nigerian Insurers Association (NIA).

Before joining Old Mutual in January 2020, Olusegun worked for about 9 years in different capacities at Custodian and Allied Insurance Plc; until he left in 2003 as the Divisional Head of Operations to join Admiral Insurance Company Limited as the Managing Director of the company where he led a transformation team that turned around, a 22-year-old loss-making business into profitability within the first year.

After a four-year stint and following its merger with Crusader Insurance Nigeria Plc during the 2007 insurance consolidation exercise. He left the Crusader Group in March 2007 to AIICO Insurance Plc and was appointed the Managing Director/CEO of AIICO General Insurance Company Limited, the then general insurance arm of AIICO Insurance Plc.

He joined Mutual Benefits Assurance Plc in 2010 as the Managing Director/Chief Executive Officer and ran the company for about 10 years and with his wealth of experience transformed and positioned Mutual Benefits Assurance Plc as a major player in the Nigerian insurance market particularly in the Oil and Gas segment.

He is a Member of the Governing Council for the Chartered Insurance Institute of Nigeria (CIIN) a Fellow of the Institute of Directors (FIoD); a Fellow of the Nigerian Institute of Management; and a Member of the Nigerian Society of International Law.

Olusegun Omosehin had his early education at United Anglican Primary School, Abe-alala and thereafter proceeded to C&S Academy, Ugbo-nla, both in Ilaje Local Government Area, Ondo State.

Fired by the zeal and determination to succeed, he got admission into the then Ondo State University, now known as Ekiti State University, Ado-Ekiti and graduated with a Bachelor of Science degree in Political Science (Second Class honours, Upper Division) in 1990.

Soon after his National Youth Service (NYSC) at Ikot-Ekpene, Akwa Ibom State 1990/1991, he proceeded to the University of Lagos, for his postgraduate studies where he obtained a Master of International Law and Diplomacy (MILD) degree in 1992.

With sheer determination and passion for his new profession, he enrolled for the insurance professional examinations in 1995 and qualified as an Associate of the Chartered Insurance Institute of Nigeria (CIIN) in 1996, a feat he achieved in only two sittings.

Notwithstanding these academic and professional achievements, Olusegun continued in his quest for knowledge and with a vision of being one of the captains of the Nigerian financial services sector, he enrolled for a conversion programme in economics in 1997, the postgraduate diploma in manpower economics & planning, where he bagged an M.Sc. in Economics in 1999 from the University of Lagos.

Read also: Wakeup call for insurance directors as NAICOM pushes ESG compliance

Ekerete Ola Gam-Ikon

Ekerete Ola Gam-Ikon, the new Deputy Commissioner for Insurance, Technical until this appointment has been involved in knowledge sharing and advisory services on Insurance, Risk Management and Strategy Management.

He is the founding CEO of Finterate Projects, a business-fitness consultancy firm and co-founder, Smart Coach Global Nigeria Limited, a progressive community of seasoned business coaches and brave entrepreneurs.

A 1988 graduate of Economics from the University of Calabar, and full member of Nigerian Institute of Management (Chartered) since 2003. He is also a Certified Process Professional (2010) and Associate of Risk Managers Society of Nigeria (2019).

Ekerete Ola Gam-Ikon is an administrator, a business thinker and customer advocate, and has been largely in the insurance industry at management and leadership levels with leading insurance brands where he participated and led actions in product development, marketing and business development, relationship management, mergers and acquisitions, strategy planning and execution, change management and customer experience management.

Ekerete readily gives credit to these great organisations and valuable individuals he met for his career and personal advancement including Guinea Insurance Plc.

Besides insurance, Ekerete has continued to be involved in consulting projects and capacity-building assignments for banks (commercial, development, microfinance and mortgage), cooperative societies, renewable energy developers, agricultural sector actors and Micro, Small and Medium Enterprises (MSMEs) and government agencies.

Usman Jankara

Usman Jankara, the new deputy commissioner for Insurance (Finance and Administration) has spent eight years and four months at the National Insurance Commission (NAICOM) before this appointment.

Until this appointment, he was an assistant director/head corporate strategy and special duties in the commission.

Before joining the NAICOM in August 2004 as PAA/CS to the director Inspectorate in the commission, he was in charge of general administration/executive assistant at Startech Connections Limited Federal Capital Territory, Abuja Nigeria between 2004 to

Jankara has PhD in Business Administration from Unicaf, an online educational platform that has a record of being an experienced insurance regulator striving to ensure effective market conduct supervision as well as safety and soundness of the Nigerian insurance industry.

With a Master’s degree in Business Administration from the National Open University as well as an associate member of the Chartered Insurance Institute of Nigeria, Jankara also has a Diploma from the West African Insurance Institute Banjul, The Gambia.

He got his first degree from the River State University of Science and Technology, and his National Diploma from the Federal Polytechnic, Bida, Nigeria

He holds an NCSC Certificate and a West African School Certificate from the Federal Technical College, Orozo in Abuja.