Lagos: The National Insurance Commission (NAICOM) says long-term financial planning and risk management are crucial for securing a comfortable retirement. Its Chief Executive Officer, Mr. Olusegun Omosehin, highlighted this during the 2025 edition of the Inspenonline Retirement Summit held on Wednesday in Lagos. Represented by Mr. Julius Odidi, Lagos Director of NAICOM, Omosehin stressed the importance of individuals prioritizing early planning and saving for retirement to ensure financial stability and security in their golden years.
According to News Agency of Nigeria, the summit, themed ‘Attaining Good Retirement Amid Economic Headwinds’, underscored the necessity of financial planning due to the growing complexities retirees face. These complexities are defined by inflationary pressures, market volatility, and shifting demographic patterns. Omosehin noted that many individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings. He emphasized the need for innovation, empathy, and resilience from regulators, insurers, pension administrators, and policymakers to meet these challenges.
Omosehin advocated for retirement planning to be rooted in long-term financial protection and risk management. He highlighted the importance of products such as annuities, life insurance, and retirement savings plans, which serve as vital tools for peace of mind in later life. He called for these tools to be accessible, transparent, and aligned with the evolving needs of the aging population.
The economic headwinds confronting retirees, Omosehin suggested, could be surmounted through coordinated action, strategic foresight, and trust in financial instruments, institutions, and systems. He stressed the importance of policy alignment and regulatory reforms, product relevance and accessibility, and financial literacy and consumer empowerment. He urged that policies across the insurance, pension, and financial sectors should not work at cross-purposes and that regulation should focus on long-term value rather than short-term gains.
Omosehin also urged insurers and regulators to collaborate, innovate, and advocate for policies and practices that ensure every Nigerian retiree has the means to survive and the resources to thrive. He reiterated NAICOM’s commitment to deepening insurance penetration, strengthening consumer confidence, and fostering partnerships across the financial services system.
In addition, Mr. Akinjide Orimolade, Managing Director of Stanbic IBTC Insurance Ltd., explained the company’s new ‘Sunset Benefit Plan’, which allows for effective planning ahead of retirement. Meanwhile, Funmi Sesi, Chairperson of the Nigeria Labour Congress, Lagos Chapter, called on all levels of government to ensure full compliance with the Contributory Pension Scheme (CPS), noting that only six states currently comply. Sesi also emphasized the importance of prompt payment of gratuity to workers to avoid financial hardship and uncertainty.
Mr. Chuks Okonta, Publisher of Inspenonline and organizer of the Retirement Summit, stated that the event aimed to shift the narrative around retirement. He expressed a desire to change the perception of retirement as a daunting prospect and to empower individuals to plan effectively, enabling them to approach retirement with joy and confidence.