The National Insurance Commission (NAICOM) has issued a firm warning to operators in the insurance industry: there will be no ambiguity, no favouritism, and no compromise in the ongoing recapitalisation exercise.
Speaking at NAICOM’s 2026 Management Retreat in Uyo, Akwa Ibom State, the Commissioner for Insurance, Olusegun Ayo Omosehin, made it clear that the process would be driven by transparency, credibility, and strict professional standards.
According to him, Nigeria urgently needs a robust, well-capitalised, and shock-resistant insurance sector — one capable of strengthening economic stability, inspiring investor confidence, and supporting sustainable national development.
“This is one of the most consequential regulatory interventions in recent decades,” Omosehin declared, describing the recapitalisation programme as far more than a routine capital-raising exercise.
Beyond Capital: A Structural Reset
Omosehin explained that the initiative is designed to fundamentally strengthen the financial health of insurance companies. Its objectives include:
- Enhancing consumer protection
- Deepening insurance penetration nationwide
- Building a shock-resistant industry
- Reinforcing insurance as a pillar of national development
- Restoring and sustaining public trust
He stressed that the success of the exercise would ultimately be judged by its integrity and execution.
“The credibility of this process is non-negotiable,” he emphasized, underscoring that regulatory discipline would guide every step.
A Defining Moment for NAICOM
The retreat, themed “Insurance Regulation: Reset, Reimagine, Refocus,” was described as a turning point in NAICOM’s 29-year institutional journey. Omosehin framed it as a call to deliberate action — to reset outdated practices, reimagine the full potential of the insurance industry, and refocus regulatory strategies for greater national impact.
He also highlighted NAICOM’s role in supporting President Bola Ahmed Tinubu’s ambitious $1 trillion economic agenda, noting that a stable and well-regulated insurance industry is critical to achieving that vision.
According to the Commissioner, NAICOM is entering a new era anchored on integrity, professionalism, and unified leadership.
In a stirring call to action, he charged the commission’s management team:
“Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard.”
With the recapitalisation exercise now firmly underway, NAICOM’s message to the industry is unmistakable: the bar has been raised — and there will be no lowering it.