The National Insurance Commission (NAICOM) is stepping up efforts to protect over ₦650 billion in Annuity Funds under the Contributory Pension Scheme (CPS), with new supplementary guidelines set to be released soon.
This was revealed by Moruf Apampa, member of the Communication and Stakeholder Engagement Sub-Committee of the Insurers Committee, during a recent post-June 2025 industry briefing in Lagos. Apampa, who is also the Managing Director of NSIA Insurance Ltd, noted that the move is aimed at strengthening trust and ensuring financial security for annuitants.
He emphasized that the supplementary rules are part of a broader strategy by NAICOM to stabilize the annuity market, boost policyholder protection, and align insurance practices with the federal government’s broader economic objectives.
The upcoming guidelines are expected to bolster market confidence, help insurers manage risks better, and ultimately ensure that retirees depending on annuity products can do so with peace of mind.