NAICOM Commits to Transparent Insurance Recapitalization

The National Insurance Commission (NAICOM) has pledged to ensure a transparent recapitalization process to reset Nigeria's insurance industry. This commitment was made by Commissioner Olusegun Omosehin during the commission's 2026 management retreat held in Uyo, Akwa Ibom, themed "Insurance Regulatory Reset: Reimagine and Refocus." Omosehin highlighted that the recapitalization exercise is essential for strengthening the financial health of the insurance sector, enhancing consumer protection, and deepening insurance penetration.

He noted that the industry has faced significant regulatory interventions over the past decade, which necessitate a robust recapitalization roadmap. Omosehin described the retreat as a defining moment in NAICOM's 29-year journey, marking the beginning of a new era focused on unified leadership and regulatory strategy.

He stressed the importance of teamwork, discipline, and transparency in operations, urging staff to uphold high professional standards and eliminate silos. The commission aims to advance President Bola Tinubu's trillion-dollar economic agenda by fostering a resilient insurance sector that supports economic stability and boosts investor confidence.