NAICOM Denies Fraud Claims by NICON and Nigeria Re

The National Insurance Commission (NAICOM) has responded to allegations of fraud made by NICON Insurance Plc and Nigeria Reinsurance Corporation concerning the recent insurance industry recapitalisation exercise. In a statement titled “Rejoinder to a False and Misleading Publication on the Recently Concluded Recapitalization Exercise,” NAICOM accused the promoters of both companies of sponsoring a misleading publication dated September 9, 2026, which claimed a N100 billion fraud and implicated NAICOM officials.

NAICOM asserted that the recapitalisation was conducted in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and that its officials had not been indicted or charged with any wrongdoing. The commission emphasized that responding to inquiries from the Economic and Financial Crimes Commission (EFCC) regarding the allegations does not imply any culpability.

NAICOM called for the immediate retraction of the false publication and urged media organizations to adhere to principles of accuracy and fairness.