A Senior Advocate of Nigeria (SAN), Dr Omogbai Omo-Eboh, has called on the Federal Government to stop treating insurance as a purely private-sector product and instead adopt it as a regulatory requirement and strategic fiscal tool for protecting public finances and strengthening the economy’s resilience.
He said compulsory insurance should be built into public services, licensing, permits, registration and procurement processes, rather than left as a standalone private-market offering. According to him, this would make compliance routine while helping government safeguard public assets and limit exposure to unplanned expenditure.
Omo-Eboh spoke on Tuesday at the second All-Inclusive Mass Media Training for Journalists, organised by Insurance Publication Limited and sponsored by the African Reinsurance Corporation (Africa Re). The two-day event, themed “The Universe of Insurance and Journalism: Risk Everywhere, in Everything,” brought together journalists and insurance stakeholders to discuss risk, public awareness and reporting standards around insurance.
Speaking on the legal framework needed for a national insurance policy, Omo-Eboh said Nigeria’s low insurance penetration calls for a fundamental shift in how government approaches the sector. He proposed several concrete linkages:
- Vehicle licence renewal should require real-time verification of compulsory motor third-party insurance.
- Imported goods should not clear customs without evidence of marine cargo insurance issued in Nigeria.
- Building approvals and completion certificates should be withheld unless builders’ liability and public building insurance are in place.
- Employers should not receive tax clearance, workplace inspection clearance, or industrial licence renewals without proof of group life insurance for staff.
He also called for digital verification systems to confirm insurance policies before approvals, licences or permits are issued. “A government portal can verify policy numbers before issuing approvals, renewing licences or releasing permits, reducing manual fraud and delays,” he said, adding that premiums could be collected through tax offices, licensing agencies and sector regulators at the point of registration or renewal to ease compliance for citizens and businesses.
On the fiscal case, Omo-Eboh argued that insuring public assets, public works and public employees would reduce the state’s exposure to unplanned costs from fire, accidents, liability or infrastructure failure, and would ultimately improve budget discipline — freeing up resources for development rather than emergency responses to avoidable losses.
He urged stronger public-private partnerships, wider insurance coverage of public infrastructure and personnel, and greater use of insurance data in national planning. He also recommended compulsory insurance registers tracking vehicle density, workplace risks, building exposure, cargo movement and sectoral vulnerabilities, along with a secure inter-agency compliance platform linking NAICOM, the FRSC and the NHIA to improve enforcement and policy coordination.
Omo-Eboh noted that Nigeria’s insurance penetration remains below one per cent despite the country’s large population and significant exposure to risks such as health emergencies, unemployment, crop and livestock losses, fire, floods and drought — a gap he said affects not just individuals and businesses but public finances and national resilience broadly.
Also speaking at the event, President of the Healthcare Providers Association of Nigeria, Dr Augustine Aipoh, urged journalists to go beyond raising awareness and instead investigate whether government health policies genuinely improve patients’ experiences. Speaking on “Beyond Awareness: The Journalist as a Catalyst for Better Healthcare Delivery in Nigeria,” he called on reporters to trace the patient journey — from policy formulation and enrolment through financing, accreditation and treatment to claims and outcomes.
Aipoh challenged journalists to examine whether ordinary Nigerians can afford health insurance, whether providers are accessible where people live, and whether coverage translates into quality care. He also urged scrutiny of whether healthcare providers are reimbursed promptly.
He cautioned journalists against amplifying health misinformation — including fake cures, unverified herbal remedies, misleading medical advertisements, vaccine misinformation and dangerous self-medication advice — stressing that unverified health claims can cost lives. He added that journalism should hold government accountable by tracking coverage numbers, fund utilisation and whether accredited facilities deliver the services they promise.
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