NAICOM Stresses Integrity in Insurance Recapitalization

The National Insurance Commission (NAICOM) has asserted that there is no room for ambiguity, favoritism, or compromise in the recapitalization directive for the insurance industry. Mr. Olusegun Ayo Omosehin, during a management retreat held in Uyo, Akwa Ibom State, emphasized that Nigeria requires a robust capital base to withstand shocks and support economic stability.

This recapitalization exercise is part of a regulatory intervention aimed at strengthening the financial health of the insurance sector, enhancing consumer protection, and deepening insurance penetration. Omosehin stressed the importance of executing this exercise with credibility, transparency, and professionalism to restore and sustain public trust.

He noted that this initiative aligns with President Bola Ahmed Tinubu's economic agenda, which aims for a $1 trillion economy. The retreat marked a significant moment in NAICOM's 29-year journey, as it enters a new phase focused on transforming and integrating the profession with a renewed leadership culture.