By David Akinmola
The National Insurance Commission (NAICOM) has reiterated its commitment to repositioning Nigeria’s insurance sector through the ongoing recapitalization exercise, describing it as critical to achieving sustainable growth and stronger institutional stability.
The regulator is also engaging the Securities and Exchange Commission (SEC) to ensure a smooth transition as operators brace for the new capital requirements.The Commissioner for Insurance, Olusegun Omosehin, gave the assurance during a courtesy visit to the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, in Abuja.
The meeting focused on deepening collaboration between the two regulatory bodies as the industry navigates its most significant reform in decades.
Omosehin said recapitalisation, now backed by the Nigeria Insurance Industry Reform Act (NIIRA) 2025, is no longer optional but a legislative mandate designed to transform the sector and improve service delivery.
“This exercise is about strengthening our institutions and positioning the industry for growth. It is a necessary step to ensure the sector delivers on its mandate to policyholders and the economy,” he stated.
The commission chief described the SEC as a strategic partner in achieving this goal and praised the commission’s role in maintaining market stability across the capital market.
In his response, SEC Director-General Agama hailed the enactment of NIIRA 2025 as a “new dawn” for insurance in Nigeria, pledging full support for the recapitalization programme.
“The law presents a unique opportunity to drive meaningful reforms across financial services. SEC will provide the required expertise and guidance to ensure a successful transition,” Agama assured.
He also urged insurers to embrace technology, noting that the SEC has fully digitalized its operations and expects similar innovation from insurance operators to boost efficiency and transparency.
Delivering a vote of thanks, NAICOM’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, commended SEC for its willingness to partner on the initiative, stressing the importance of joint efforts in strengthening Nigeria’s financial ecosystem.
Industry analysts note that the recapitalization drive will not only boost investors’ confidence by attracting fresh capital but also enhance claims settlement capacity, expand product innovation, and deepen insurance penetration across the country. For policyholders, the move promises greater security and reliability, while for the economy, it means a more robust financial system capable of supporting long-term development goals.
