NAICOM will provide operational licenses to eligible online aggregators



The National Insurance Commission (NAICOM) has set a minimum share capital of N5 million and a registration charge of N3 million for web aggregators.

In a few months, the web aggregators will be given operational licenses.

A web aggregator is an insurance middleman or insurance company that provides clients with a comparison of insurance products as well as the rates of various insurance classes.

‘Rasaaq ‘Salami, the Commission’s Head of Corporate Communications and Market Development, said NAICOM has received a large number of applications, which are being reviewed by the licensing department to determine which ones fulfill the guidelines’ standards.

A web aggregator that does not have an insurance web aggregator license will not be able to rank and compare different insurance providers and their products.

Only insurance items can be displayed by web aggregators. Web aggregators enable for policy solicitation as well. Solicitation is done through an internet portal, where the customer receives information directly from the company.

According to NAICOM, a web aggregator must have a minimum share capital of N5 million at the time of application and maintain that level during the duration of the license. Every year, after the completion of the books of accounts, they must submit to the commission a financial condition duly confirmed by an external auditor.

An aspiring investor must pay a non-refundable application fee of N500,000, followed by licensing fees of N2.5 million and license renewal fees of N1 million.

Our motto is: ‘We stand for the truth, irrespective of who tells it’. Driven by this philosophy, our aim has been to create a platform where every voice, every narrative – provided they are decently expressed –  is allowed expression. Our belief is that by promoting unfettered competition of ideas, the truth will eventually emerge. Obviously, doing this while resisting any temptation to be captured by any special interest or tendency makes survival as an online newspaper more challenging. This is why we will appreciate any support from our readers:

Bank details:

Account Name: The News Chronicle
Bank: UBA
Account No.: 1022603956 (Naira)

Domiciliary Account  – dollar-denominated:
Bank:  UBA
Account Number: 3002835294 ($)

Please email details of your bank transfer to: or send them by WhatsApp to: 07058078841

Professor Jideofor Adibe


Leave a Reply

Your email address will not be published.

Follow Us For More

Related Posts


What's New?