Deputy Spokesman of the House of Representatives, Philip Agbese, has accused the National Insurance Commission of misinterpreting and selectively applying insurance laws, warning that the development could weaken the Nigerian Agricultural Insurance Corporation and affect jobs and investment in the agricultural sector.
Agbese, a member of the House Committee on Insurance and Actuarial Matters, said the issue went beyond a disagreement between a regulator and an institution, stressing that NAIC plays an important role in providing insurance protection for agricultural investments.
The lawmaker made the remarks while speaking with journalists in Abuja on Thursday.
He called for closer scrutiny of the regulatory process involving NAIC, particularly against the backdrop of the ongoing recapitalisation of insurance companies.
“The issue before us is bigger than a regulatory disagreement. NAIC is a strategic institution with a direct responsibility to protect agricultural investments and provide confidence to farmers, businesses and investors,” Agbese said.
He argued that regulatory measures should strengthen institutions and protect the public interest rather than create uncertainty for businesses, workers and investors.
Recapitalisation
NAICOM announced in August that 43 insurance and reinsurance companies had met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025, while eight others were undergoing further regulatory verification.
Agbese said the objective of strengthening Nigeria’s insurance industry should not result in the weakening of institutions that support key areas of the economy.
“Misinterpretation and selective implementation of the law is throwing the insurance sector into serious commotion,” he said.
According to him, if the application of the law places NAIC at risk, the National Assembly has a responsibility to examine the process and ensure that regulatory actions remain within the law.
Concerns over agricultural investment
The lawmaker said any weakening of NAIC could have broader implications for agriculture, particularly as the Federal Government seeks to attract more private capital into farming and related businesses.
He argued that insurance protection was an important component of the institutional framework required to give investors confidence when committing funds to the agricultural sector.
“We cannot, on the one hand, tell investors to bring their capital into agriculture and, on the other hand, take regulatory actions that weaken an institution designed to protect those investments,” Agbese said.
He also warned that regulatory decisions affecting NAIC could have consequences for employees, farmers and investors who depend on the institution.
“We cannot pursue reforms that end up costing Nigerians their jobs or discouraging the very investment we are trying to attract,” he said.
EFCC reports
Agbese also expressed concern over reports of the Economic and Financial Crimes Commission’s interest in allegations connected to the insurance recapitalisation exercise.
Reports in August said the EFCC invited the Commissioner for Insurance, Olusegun Omosehin, over allegations concerning fees imposed during the recapitalisation process, following complaints by NICON Insurance and Nigeria Reinsurance Corporation.
Agbese said the reports added to concerns about confidence and stability within the insurance regulatory environment.
“An insurance regulator must command confidence and demonstrate stability, transparency and predictability,” he said.
He added that prolonged controversy involving a regulator could raise questions about the effectiveness of the regulatory process and whether it was achieving its intended objectives.
House committee urged to intervene
Agbese called on the House Committee on Insurance and Actuarial Matters to examine the issues surrounding NAIC and intervene where necessary.
He said lawmakers had a responsibility to ensure that insurance regulation remained consistent with the law and protected the wider public interest.
“The House Committee on Insurance and Actuarial Matters cannot sit back and watch an important institution such as NAIC become weakened by regulatory decisions that may not have sufficiently considered their wider consequences,” he said.
Agbese further argued that NAICOM’s regulatory powers should be exercised in a way that strengthens confidence in the insurance industry.
He linked the issue to the Federal Government’s broader economic objectives, including mobilising long-term capital, protecting businesses and supporting investment.
The lawmaker said the insurance sector would remain an important part of efforts to expand economic activity, particularly in sectors such as agriculture where investors require mechanisms for managing risk.
