By David Akinmola
The National Insurance Commission (NAICOM0 has reaffirmed its commitment to delivering a transparent, credible, and professionally executed recapitalization process, as regulators and industry leaders converged at the 2026 Management Retreat in Uyo, Akwa Ibom State, to chart a new course for Nigeria’s insurance market.
Speaking at the forum themed “Insurance Regulation: Reset, Reimaging, Refocus,” the Commissioner for Insurance, Olusegun Omosehin, described the ongoing recapitalization exercise as one of the most consequential reforms in the sector’s recent history.
“This is not just about raising capital,” Omosehin said,” It is about strengthening financial soundness, restoring public trust, deepening insurance penetration, and building an industry that can withstand economic shocks. There will be no room for ambiguity, favouritism, compromise, or shortcuts.”
He stressed that the credibility and transparency of the process would define its success, adding that NAICOM was entering a new era anchored on integrity, professionalism, and unified leadership.
The commissioner linked the reform to President Bola Tinubu’s $1 trillion economic agenda, explaining that a well-capacitated and resilient insurance sector is critical to boosting investor confidence, enhancing economic stability, and driving sustainable development.
Beyond the commissioner’s address, other voices at the retreat echoed the urgency of reform and institutional renewal.
Specifically speaking, the Deputy Commissioner for Insurance (Finance and Administration), Usman Jankara, noted that the recapitalization must be executed with precision to avoid market distortions. “Stakeholders are watching closely; what we do now will determine the industry’s structure and competitiveness for the next decade,” the official said.
He underscored the importance of internal cohesion within the commission, “We cannot regulate effectively if we operate in silos. Resetting the industry begins with resetting ourselves, strengthening collaboration, upgrading our technical capacity, and embracing data-driven supervision.”
Participants also highlighted the need for enhanced risk-based supervision, improved data analytics capabilities, and stronger policyholder protection frameworks as pillars of the reform agenda.
Commissioner, addressing management staff directly, urged them to uphold the highest professional standards. “Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard,” he said.
He further stressed that the commission’s strength lies in teamwork and disciplined execution, calling for the elimination of turf protection and bureaucratic bottlenecks as the commission pursues global best practices.
The retreat, widely described by participants as a defining moment in NAICOM’s 29-year institutional journey, set out clear priority areas for repositioning the sector, including strengthened regulatory oversight, disciplined implementation of the recapitalization roadmap, deeper stakeholder engagement, technology-driven market development, and a reinforced institutional culture.
With industry expectations high, NAICOM’s renewed pledge of transparency and accountability signals a determined push to reset Nigeria’s insurance landscape and build a stronger, more resilient sector capable of supporting national economic aspirations.
