The National Insurance Commission,(NAICOM) has reaffirmed its commitment to integrity, transparency and professionalism in the ongoing recapitalisation of Nigeria’s insurance industry, describing the exercise as a critical step toward building a stronger and more resilient sector.
Speaking at the Commission’s 2026 Management Retreat in Uyo, the Commissioner for Insurance, Olusegun Ayo Omosehin, said the recapitalisation drive will be executed with strict adherence to credibility and fairness, stressing that there will be no room for compromise or ambiguity in the process.
He noted that the initiative is designed not only to strengthen insurers’ financial capacity but also to enhance consumer protection, deepen market penetration and restore public confidence in the industry.
The retreat, themed “Insurance Regulation: Reset, Reimagine, Refocus,” was described as a defining moment in the Commission’s 29-year history.
According to him, the retreat’s theme represents a deliberate call to action — to reset outdated practices, reimagine the industry’s potential and refocus regulatory strategies to deliver greater national impact.
Omosehin stressed that NAICOM has a critical role to play in supporting President Bola Ahmed Tinubu’s $1 trillion economic agenda. He noted that achieving this ambition requires a robust, well-capitalised and shock-resistant insurance sector capable of driving economic stability, strengthening investor confidence and supporting sustainable national development.
Transparent Recapitalisation Exercise
The Commissioner described the ongoing recapitalisation exercise as one of the most significant regulatory interventions in recent decades.
He clarified that the initiative goes beyond capital raising and is designed to:
• Strengthen the financial health of insurers
• Enhance consumer protection
• Deepen insurance penetration
• Build a shock-resistant industry
• Reinforce insurance as a pillar of national development
• Restore and sustain public trust
He emphasised that the success of the exercise will be judged by its credibility, transparency and professional execution, adding that there will be no room for ambiguity, favouritism, compromise or shortcuts.
Addressing management staff, Omosehin urged them to uphold the highest standards of integrity and professionalism.
“Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard,” he charged.
He noted that NAICOM’s strength lies in internal cohesion and warned against silo mentalities and turf protection. The Commissioner called for teamwork, discipline, open communication and shared accountability.
During the session, management staff collectively pledged to uphold integrity, fairness and global best practices in implementing a recapitalisation process that safeguards the future of Nigeria’s insurance industry.
The Commissioner also outlined priority areas aimed at repositioning the sector, including:
1. Strengthened regulatory oversight
2. Precise execution of the recapitalisation roadmap
3. Enhanced stakeholder engagement
4. Improved internal capacity, particularly in risk-based supervision and data analytics
5. Market development and technology-driven innovation
6. Stronger institutional culture and accountability
7. Reinforced policyholder protection
Concluding his remarks, Omosehin invoked the African proverb, “When spider webs unite, they can tie up a lion,” underscoring the importance of collective strength and shared purpose.
He reaffirmed NAICOM’s commitment to building a resilient, trustworthy and globally benchmarked insurance industry aligned with Nigeria’s long-term economic ambitions.
