Nigeria insurance chief Ilori steps down after one-million youth drive
Outgoing CIIN president Yetunde Ilori is stepping down after launching a digital programme to educate one million Nigerian youths on insurance, a structural push to address the country's chronic low penetration rates and expand the sector's long-term addressable market.
Yetunde Olubunmi Ilori has concluded her two-year tenure as president and chairman of the Chartered Insurance Institute of Nigeria (CIIN), departing with a flagship digital initiative aimed at teaching one million young Nigerians about insurance. The programme is being implemented in partnership with the National Insurance Commission (NAICOM) and the Federal Ministry of Youth Development to equip participants with financial decision-making skills.
Nigeria consistently records some of the lowest insurance penetration rates globally, a structural bottleneck that limits capital formation and leaves systemic risks uninsured. “We deliberately shifted from focusing only on insurance practitioners to educating schools, universities, children, youths and the general public because awareness is the foundation for industry growth,” Ilori said.
The outgoing president secured a notable policy victory by convincing government authorities to include insurance in Nigeria’s national financial literacy programmes. Although secondary school instruction on the subject is currently suspended, CIIN is lobbying for its reinstatement. The institute also introduced insurance hackathons and published simplified insurance books for teenagers to lower the barrier to entry.
Executive track record
Ilori’s departure marks the end of a broader push to unify the sector, fostering closer alignment between CIIN, the Nigerian Council of Registered Insurance Brokers and the Nigerian Insurers Association. Her corporate track record demonstrates the commercial upside of expanding the market's addressable size. As Managing Director of AXA Mansard Insurance Plc starting in 2004, she grew gross premium income from roughly N27 million to over N13 billion.
As the first female Director-General of the NIA, she also oversaw critical data infrastructure upgrades that benefit market professionals. She led the implementation of the Nigerian Insurance Industry Platform and expanded the Nigerian Insurance Industry Database to cover motor, marine, building and group life lines. Digitalising the industry's statistical reports under her watch improved transparency and data access for underwriters.
