FBS Re Hosts Connecting Leaders Forum in Lagos
FBS Reinsurance Limited (FBS Re) hosted the Connecting Leaders Insurance Industry Forum in Lagos on Tuesday, 27 October 2026. The forum brought together more than 40 Chief Executive Officers and senior executives from across the Nigerian insurance industry to discuss the future of reinsurance in Nigeria and Africa.
A Clear Strategic Direction
The Managing Director/Chief Executive Officer of FBS Re, Mr. Ganiyu Musa, reaffirmed the company’s ambition to become a leading reinsurance institution in Africa and the global market.
Mr. Ganiyu Musa noted that FBS Re was established by experienced insurance professionals to strengthen local reinsurance capacity, retain more insurable risks within Africa and support the growth of the Nigerian insurance market. He described FBS Re as a professionally owned and managed institution, proudly Nigerian and committed to demonstrating that a Nigerian reinsurer can build the expertise, capacity and partnerships required to compete successfully across Africa.
In line with the National Insurance Commission’s call for Nigerian insurers to explore other markets, Mr. Musa stated that FBS Re is pursuing regional expansion, subject to regulatory requirements, market conditions, risk appetite and financial capacity.
The Regulator’s Perspective
The keynote address was delivered on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, by Dr. Julius Odidi, Head of the National Insurance Commission (NAICOM) Lagos Control Office.
The Commissioner urged industry operators to translate recapitalisation gains into stronger underwriting capacity, prompt claims settlement and improved public confidence. He noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a foundation for strengthening the industry, and that its success should be measured by improved operational efficiency and policyholder protection.
He further encouraged reinsurers to invest in technology, technical expertise, data-driven underwriting and strategic partnerships to strengthen domestic capacity.
Recognition of Founding Leadership
The Chairman of FBS Re, Mr. Bala Zakariyau, commended the Board of Directors for its strategic direction and governance. He paid special tribute to Mr. Fola Daniel, who initiated, promoted and established the company and served as its pioneer Managing Director/Chief Executive Officer, overseeing a period of strong financial performance before transitioning to a non-executive role on the Board.
FBS Re also acknowledges Mr. Steve Kyerematen, the company’s pioneer Chief Operating Officer, for his role in building its operational foundation in the early years.
Mr. Daniel recalled that FBS Re obtained its operating licence on 20 November 2020, leaving only five weeks to prepare for the commencement of operations in January 2021. He expressed appreciation to the insurance companies that allocated shares of their 2021 reinsurance programmes to FBS Re despite its limited operating history, describing their support as instrumental to the company’s development.
Leadership
The forum was hosted under the leadership of the Chairman, Mr. Bala Zakariyau, and the Board of Directors, together with the Managing Director/Chief Executive Officer, Mr. Ganiyu Musa, and the Executive Director, Business Development and Technical Operations, Mr. Shola Ajibade.
Acknowledgements
FBS Re extends its appreciation to the National Insurance Commission (NAICOM); the Nigerian Insurers Association, represented by its Chairman, Mrs. Ebelechukwu Nwachukwu; the Nigerian Council of Registered Insurance Brokers, represented by its President, Mrs. Ekeoma Ezeibe, FCIB; and all industry leaders in attendance.
Media Coverage
Read the full report of the forum on Daily Economy: FBS Re targets African expansion as NAICOM urges stronger reinsurance capacity