The Coalition for Good Governance in Nigeria has withdrawn its earlier demand for the removal or suspension of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo Omosehin.
The coalition also reversed its previous description of regulatory measures adopted by NAICOM during the ongoing insurance industry recapitalisation exercise as unlawful.
In a statement dated September 29, 2026, and signed by Salisu Mohammed, the group said a review of relevant documents and additional information had shown that several claims contained in its earlier statement were inaccurate, incomplete or unsupported by verifiable evidence.
The coalition consequently withdrew its earlier statement in its entirety and reaffirmed the importance of NAICOM’s role as the statutory regulator of Nigeria’s insurance industry.
“Upon rigorous internal review, further engagement with relevant documents, and careful consideration of additional facts that have since come to light,” the group said, it determined that its earlier assertions were not adequately supported.
Among the claims withdrawn were allegations that NAICOM had made unlawful demands of insurance companies, compelled insurers to move capital into escrow accounts with the Central Bank of Nigeria and collected funds for consultants who were allegedly never engaged.
CGGN also abandoned its previous claim that Omosehin’s continued tenure as Commissioner for Insurance represented a threat to the insurance industry or a failure of accountability.
The group said its earlier characterisation of NAICOM’s actions during the recapitalisation process as lacking legal authority resulted from incomplete information and a misunderstanding of the relevant regulatory and legal framework.
It therefore acknowledged that describing the commission’s actions as unlawful had been erroneous.
The coalition also formally withdrew its previous call for Omosehin’s immediate resignation or suspension.
It further rescinded its earlier suggestion that the Minister of Finance and Coordinating Minister of the Economy should initiate disciplinary action against the NAICOM chief based on the allegations contained in its earlier petition.
The group expressed regret over any distress, reputational damage or public concern that its earlier publication may have caused Omosehin, NAICOM’s management and employees, insurance companies, policyholders and members of the public.
It also issued an unreserved apology for claims that subsequent review established were incorrect.
According to the coalition, the decision to correct its earlier position was consistent with the principles it seeks to promote through its advocacy.
“Good governance requires not only the courage to speak when concerns arise, but also the integrity to correct the record when those concerns are shown to be misplaced,” CGGN stated.
Despite withdrawing its allegations against NAICOM and Omosehin, the coalition said it remained interested in ensuring that the insurance industry’s recapitalisation exercise was conducted in an orderly and lawful manner.
It reiterated its support for transparency, accountability and stronger institutions within Nigeria’s financial services sector, while stressing the importance of an independent and professional insurance regulator.
The coalition also called on stakeholders to allow relevant government institutions, including the Economic and Financial Crimes Commission, the Federal Ministry of Finance and NAICOM, to carry out their statutory duties without being distracted by claims that are not supported by evidence.
It said its retraction was made in the public interest and reflected the need for accuracy and fairness in civic advocacy.
The development comes as the Nigerian insurance industry continues to undergo regulatory and capital reforms aimed at strengthening the financial capacity of insurance companies.
NAICOM’s role in supervising the recapitalisation exercise has placed the commission at the centre of the sector’s ongoing regulatory changes, making accurate information and evidence-based public advocacy particularly important to industry stakeholders.
