GGA Calls for NAICOM Chief's Removal Over Allegations

The Good Governance Assembly (GGA) has called for the removal of Olusegun Ayo Omosehin, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), by President Bola Ahmed Tinubu. This demand follows allegations related to the recent insurance industry recapitalisation exercise.

The GGA, through its Executive Director Peter Bawa, stated that the allegations raise significant concerns regarding regulatory accountability and financial transparency. The complaints, reportedly submitted by NICON Insurance Limited and Nigeria Reinsurance Corporation to various authorities, focus on a one percent capital injection fee imposed on shareholders’ funds, a directive to transfer recapitalisation funds into Central Bank of Nigeria escrow accounts, and a questioned charge of approximately N180 million for verification consultants.

The Federal Ministry of Finance has directed NAICOM to suspend the enforcement of these disputed charges pending investigation. Bawa emphasized that these issues are critical and could undermine the integrity of the insurance sector, which recently attracted about N1.079 trillion in new capital.