Business
Insurance Sector Stakeholders Seek Support From Government On Taxation
Various major players from the nation’s Insurance industry have called on the government to support the industry’s growth and development by collaborating with stakeholders to work out ways of streamlining the taxation applicable to the sector.
This was the major view that ran through submissions of the panelists and participants at the one-day seminar organized by Leadway Assurance, in conjunction with PricewaterhouseCoopers, (PwC), in Lagos, last week, to examine Taxation Matters within the Insurance Value Chain. Executive Director, General Insurance, Leadway Assurance, Adetola Adegbayi, who was one of the panelists, argued that the insurance industry currently suffers from a complex tax structure that has always resulted in multiple taxations without understanding the complexity of insurance placements. She cited the example of deducting withholding tax from “re-insurance commission” as a fundamental problem because the practice did not recognize the fact that such “commissions”are not earnings but “a reserve against reinsurance credit risk” for premium liabilities passed through the books of the insurer”.
“Brokers, agents, insurers and re-insurers pay different taxes, all of which principally come from the premium paid by one entity – the insured – due to the nature of the insurance value chain,” she further explained. Adegbayi, therefore, cautioned that unless all stakeholders came together “to collate the entire structure of the tax burden along the insurance value chain,” multiple taxations would continue to pose a threat to the well-being of the industry. Another panelist, , Partner, West Africa Tax Leader at PricewaterhouseCoopers, Mr. Taiwo Oyedele, urged the government to support the insurance industry through a review of the specific tax regime that concerns the sector, adding that as the industry was saddled with bearing the nation’s risks, it should not also be burdened with taxes. According to him,
Nigeria’s poor social infrastructure continues to create multiple incidences of socio-economic dislocations that impact heavily on the survival of the insurance sector. In his words, “the growing rate of crimes in the society increases claims settlement, just as bad roads often lead to accidents, which increase claims. In the same way, poor health care brings about high death rate, thereby pushing claims up.” While acknowledging the concerns raised by players in the industry, the Federal Inland Revenue Service (FIRS) called for a yearly tax interactive session with the insurance industry to help address all tax related concerns beleaguering the insurance industry.
The Executive Chairman of FIRS, Babatunde Fowler, represented at the event by the Regional Coordinator FIRS, Mrs. Toluwalase Akpomedaye, noted that such sessions have helped foster understanding with other sectors of the economy. He assured stakeholders that the FIRS was willing to work with the insurance industry to ensure growth and development, stressing that all the tax concerns expressed by operators in the industry were presently being looked into. Mr. Fowler also charged operators in the industry to support the government by paying all necessary taxes, adding that the economy needed taxes to thrive. President, Nigerian Council of Registered Insurance Brokers (NCRIB), Shola Tinubu, also supported the call for an annual tax session in the industry, pledging to take the message to the Nigerian Insurers Association (NIA) and the Institute of Loss Adjusters of Nigeria (ILAN).
In closing, Managing Director, Leadway Assurance Company Limited, Oye Hassan-Odukale, expressed gratitude to attendees for the poignant tax issues raised during the event, and to the regulator representatives for responding succinctly to each one. He further stated that the organization of the event by Leadway was in demonstration of the company’s desire to work with all stakeholders towards ensuring a clearer understanding of tax matters which in turn would foster development in the insurance industry and by extension the economy. He noted that the proposed annual tax interactive session was a brilliant fall-out of the meeting and expressed the confidence that this would really help improve the relationship between FIRS and the insurance industry. “I agree that there is need for the industry to have a yearly interactive forum with FIRS and the Lagos State Inland Revenue Service (LIRS),” he submitted.
Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu After Rigorous Selection
In a significant leadership transition at one of Nigeria’s foremost military-civilian academic institutions, Professor Lawan Bala Buratai has been appointed as the new Vice Chancellor of the Nigerian Army University Biu (NAUB).
The appointment was announced following an intensive and merit-based selection process conducted by the Governing Council of NAUB at the Armed Forces Officers Mess and Suites, Asokoro, Abuja. The Council, under the chairmanship of Dr. Awwal Moriki, concluded its deliberations and formally presented the letter of appointment to Prof Buratai in a brief but momentous ceremony.
Dr. Moriki, while congratulating the new helmsman, described the selection as the culmination of a transparent and rigorous process aimed at identifying a visionary academic leader who embodies the university’s core values of excellence, discipline, and innovation.
With this appointment, Prof Buratai succeeds Professor Kyari Mohammed, whose single five-year tenure is widely credited with laying a strong foundation for the university’s academic and structural growth.
The Nigerian Army University Biu (NAUB) was established in 2018 as a unique public institution owned by the Nigerian Army and designed to serve both military personnel and civilians. Located in Biu, Borno State, the university was conceived as a strategic response to the security and developmental challenges facing Nigeria and the wider Sahel region.
NAUB is focused on entrepreneurship, innovation, defense studies, and technology-driven research. It offers undergraduate and postgraduate programs in diverse fields ranging from engineering and environmental sciences to social sciences, computing, and military history.
What sets NAUB apart is its civil-military partnership model, which aims to foster mutual understanding and collaboration between Nigeria’s armed forces and the general populace. The university plays a key role in developing indigenous solutions to security challenges while also contributing to national capacity building and economic resilience through education.
With increasing national and international recognition, NAUB continues to attract scholars and partnerships across Africa and beyond, committed to transforming it into a world-class institution in security and development research.
Professor Lawan Buratai, a respected scholar and administrator, is expected to lead the university into its next chapter—deepening academic standards, expanding infrastructure, and strengthening NAUB’s role in national transformation.
His appointment signals a continuity of vision with a renewed focus on excellence, innovation, and service to the nation.
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