The Nigerian Insurers Association’s Risk, Audit & Compliance Committee (RACC) has placed a high priority on upskilling its members during its upcoming 2025 annual retreat, themed “Insurance industry recapitalization: Strengthening governance activities for maximum benefits.” This retreat, scheduled for next month, signals a concerted effort to bolster the expertise of key personnel within Nigerian insurance companies, specifically those responsible for internal auditing, risk management, and compliance. The RACC recognizes that a robust and well-informed workforce is essential for navigating the evolving landscape of the insurance industry and maximizing the benefits of recent recapitalization efforts. The focus on upskilling underscores the committee’s commitment to strengthening governance and ensuring the long-term stability and success of the Nigerian insurance sector.
The RACC, composed of chief internal auditors, risk officers, and compliance officers from various insurance companies across Nigeria, serves as a critical platform for knowledge sharing and collaboration. The committee holds monthly meetings to discuss emerging issues and best practices within the industry, fostering a continuous learning environment for its members. This proactive approach allows the RACC to anticipate and address challenges effectively, ensuring that the insurance sector remains adaptable and resilient in the face of changing market conditions and regulatory requirements. The upcoming retreat represents a significant step in this ongoing effort, providing a concentrated forum for professional development and industry-wide dialogue.
Chairman of the RACC, Olugbenga Akinlalu, highlighted the strategic importance of capacity building within the insurance sector. He stressed that the retreat’s primary objective is to equip RACC members with the necessary skills and knowledge to effectively fulfill their responsibilities in internal control, compliance, and governance oversight. This emphasis on practical skills development reflects the RACC’s commitment to translating knowledge into tangible improvements in industry practices. By strengthening the core competencies of its members, the RACC aims to enhance the overall integrity and effectiveness of risk management, audit, and compliance functions within Nigerian insurance companies.
The 2025 retreat promises a comprehensive program designed to deliver high-impact learning experiences. The agenda includes plenary and panel sessions featuring a distinguished lineup of experts from leading professional services firms such as Deloitte, KPMG, and PwC. These experts will bring valuable insights and perspectives on current industry trends and best practices. The retreat will also feature contributions from regulatory bodies and influential industry leaders, ensuring a holistic and well-rounded perspective on the challenges and opportunities facing the Nigerian insurance sector. This collaborative approach will facilitate a deeper understanding of the regulatory environment and promote alignment between industry practices and regulatory expectations.
Further enriching the retreat’s offerings will be the launch of the second edition of the RACC’s industry-focused magazine. This publication will delve into critical themes shaping the future of insurance, including artificial intelligence, internal controls, financial reporting, and sustainability. By addressing these key areas, the magazine aims to equip insurance professionals with the knowledge and tools they need to navigate the evolving landscape of the industry. The inclusion of topics like artificial intelligence and sustainability reflects the RACC’s forward-looking approach, recognizing the transformative potential of these technologies and the growing importance of environmental, social, and governance (ESG) considerations.
In summary, the RACC’s 2025 annual retreat represents a significant investment in the future of the Nigerian insurance industry. By prioritizing upskilling, fostering collaboration among key stakeholders, and addressing emerging industry trends, the RACC is working to strengthen governance practices, enhance risk management capabilities, and ensure the long-term stability and success of the sector. The retreat’s focus on capacity building, coupled with the launch of the industry-focused magazine, demonstrates the RACC’s commitment to equipping insurance professionals with the knowledge and skills they need to thrive in an increasingly complex and dynamic environment. The involvement of leading experts, regulatory bodies, and industry leaders underscores the importance of this event and its potential to drive positive change within the Nigerian insurance sector.
