NAICOM begins regulatory overhaul, vows transparent recapitalisation exercise
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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has signaled a new dawn for the Nigerian insurance industry, announcing deep-seated regulatory reforms aimed at aligning the sector with global best practices and the Federal Government’s $1 trillion economic target.
Speaking at the 2026 Management Retreat in Uyo, Akwa Ibom State, the Commissioner for Insurance (CFI), Olusegun Ayo Omosehin, described the gathering as a “defining moment” for the 29-year-old institution.
The retreat, themed “Insurance Regulation: Reset, Reimagine, Refocus,” serves as a roadmap for the Commission’s next phase of transformation.
According to Omosehin, the initiative is designed to:Reset outdated regulatory practices; reimagine the industry’s untapped potential and refocus strategies to ensure the sector delivers a greater impact on the national economy.
Addressing the ongoing industry-wide recapitalisation, the CFI reaffirmed that the exercise remains a cornerstone of his administration’s agenda.
He stressed that the process goes beyond mere capital raising, focusing instead on:Bolstering the financial health of underwriters; enhancing consumer protection and restoring public trust
and deepening market penetration and building shock-resistant firms.
”The success of this exercise will be judged by its transparency and professional execution. There is no room for ambiguity, favoritism, or shortcuts,” Omosehin warned.
In a charge to the Commission’s management, the CFI emphasized that internal cohesion is non-negotiable. He called for an end to “silos and turf protection,” urging staff to adopt integrity and professionalism as their core operating standards.
To formalize this commitment, NAICOM management staff took a collective pledge to uphold accountability and fairness throughout the recapitalisation process.
The Commissioner outlined several key areas of focus to reposition the sector:
Risk-Based Supervision: Improving internal capacity and data analytics;
Market Development: Driving growth through technology and innovation.
Stakeholder Engagement: Strengthening ties with industry players.
Policyholder Protection: Reinforcing the safety net for the insuring public.
Omosehin concluded by stressing that a united regulatory front is essential for success, noting that the Commission is fully committed to building a resilient, globally benchmarked industry that supports Nigeria’s long-term economic stability.
