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Nigeria’s ongoing insurance industry recapitalisation has gained momentum as the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) pledged closer collaboration to advance reforms in the financial services sector.
In a statement, NAICOM confirmed that the Commissioner for Insurance, Mr. Olusegun Omosehin, led a delegation on a courtesy visit to SEC’s Director-General, Mr. Emomotimi Agama, at the Commission’s Abuja headquarters. The engagement reflects NAICOM’s recently announced plan to partner with regulators such as the SEC, Corporate Affairs Commission, and Federal Inland Revenue Service to explore incentives and concessions that could ease compliance costs for operators.
During the visit, Mr. Agama commended NAICOM for its leadership and applauded the enactment of the Nigeria Insurance Industry Reform Act 2025, recently signed by President Bola Tinubu. He described the legislation as a “new dawn” for the industry, expressing confidence that it would accelerate reforms and strengthen the broader financial services landscape.
Mr. Omosehin emphasised that recapitalisation is now a legislative mandate, designed to transform institutions, reposition the sector for sustainable growth, and improve service delivery. He highlighted the importance of inter-agency cooperation in achieving these goals.
Reiterating SEC’s support, Mr. Agama pledged to provide technical expertise and strategic guidance throughout the recapitalisation process. He also urged insurance operators to embrace digitalisation, noting that SEC has fully automated its processes to boost efficiency and transparency across the capital market.
In his closing remarks, Dr. Usman Jankara, NAICOM’s Deputy Commissioner for Insurance (Technical), thanked SEC’s leadership for its commitment and sought continued partnership in building a stronger, more resilient financial ecosystem.
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