Former President of the African Development Bank Group, Akinwumi Adesina, has called on Nigerian insurance firms to make their claims settlement records and corporate governance performance publicly available, saying the move would help restore confidence in the industry.
Adesina, who served as the bank’s chief executive from 2015 to 2023, made the remarks in a statement aimed at the country’s insurance sector, which is the largest in West Africa.
He urged insurers to publish data on how quickly and fairly they settle claims, as well as details of their governance structures, arguing that transparency would address longstanding concerns about the sector’s reliability.
Industry observers say that a lack of disclosure has been a key factor in eroding trust among policyholders, and that clearer reporting could improve consumer confidence and attract investment.
Adesina’s appeal follows a broader push across Africa for greater accountability in financial services, and it comes at a time when Nigerian regulators are tightening oversight of the insurance market.
<small>Source: Punch Nigeria — read the original story there.</small>
