NAICOM Denies N100bn Fraud Allegations Amid Recapitalisation

The National Insurance Commission (NAICOM) has rejected allegations of a N100 billion fraud concerning Nigeria's insurance recapitalisation exercise, labeling the claims as false and malicious. The allegations suggested that the Commissioner for Insurance and a Director were detained by the Economic and Financial Crimes Commission (EFCC), which NAICOM denied.

In a statement, NAICOM characterized the report as misleading and a deliberate attempt to discredit its officials and the recapitalisation programme. The commission confirmed that the EFCC had contacted them regarding media-circulated allegations, but emphasized that such inquiries do not imply wrongdoing.

NAICOM stated it had not received any findings from the EFCC indicating any misconduct. The allegations arose amidst a dispute between NAICOM, NICON Insurance, and Nigeria Re over the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which mandates higher capital requirements for insurance companies.

NAICOM asserted its authority to carry out its functions in accordance with existing legislation despite ongoing legal challenges.