NICON and Nigeria Re Accuse NAICOM of Fund Mismanagement

NICON Insurance Ltd and Nigeria Reinsurance Corporation have publicly challenged the National Insurance Commission (NAICOM) over alleged breaches related to the recapitalization process. In statements issued by their managements, they accused NAICOM of diverting attention from serious allegations raised in a petition submitted to the Economic and Financial Crimes Commission (EFCC) on September 10, 2026.

The companies demand answers regarding critical issues such as the unlawful remittance of 1% of shareholders' funds to the Treasury Single Account (TSA), a demand for 100% recapitalization funds, and the collection of N180 million without proper verification by consultants. They claim that NAICOM collected substantial amounts under the pretext of engaging consultants but instead sent its staff for verification exercises.

Furthermore, they allege that funds collected were not remitted to the TSA but deposited into NAICOM's account, questioning the regulatory authority's legitimacy in its demands.