Lagos: The National Insurance Commission (NAICOM) has reaffirmed its resolve to deliver a transparent, credible, and expertly managed recapitalisation process to fortify the insurance industry.
A statement by the Commission on Thursday in Lagos said that the Commissioner for Insurance, Mr Olusegun Omosehin, gave the assurance during NAICOM’s 2026 Management Retreat in Uyo, Akwa Ibom.
The theme of the retreat is “Insurance Regulation: Reset, Reimagine, Refocus”.
Omosehin stated that the ongoing recapitalisation effort is one of the most significant regulatory actions in recent years, emphasising that it extends beyond mere capital raising.
According to him, the initiative is designed to strengthen insurers’ financial health, improve consumer protection, increase access to insurance products, ensure industry resilience against shocks, position insurance as a foundational part of national development, and rebuild public trust.
Success will be measured by credibility, transparency, and professional implementation.
“There will be no room for ambiguity, favouritism, compromise or shortcuts,” he said.
Omosehin described the retreat as a defining moment for NAICOM, marking the entry into a new era anchored in integrity and unified leadership.
He highlighted that the theme reflects efforts to reset practices, reimagine the industry’s potential, and refocus strategies for greater impact.
The commissioner underscored NAICOM’s role in advancing President Bola Tinubu’s one-trillion-dollar economic agenda, stressing the need for a robust, well-capitalised and resilient insurance sector to support economic stability, boost investor confidence and promote sustainable development.
Addressing management staff, Omosehin urged them to uphold high professional standards.
“Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard,” he said.
He added that NAICOM’s strength lies in internal unity, noting that departments cannot thrive in isolation.
Omosehin called for teamwork, discipline, and open communication, urging staff to pledge integrity, fairness, accountability, and best practices.
He outlined priority areas for repositioning the sector, including strengthened regulatory oversight, precise execution of the recapitalisation roadmap, enhanced stakeholder engagement, improved internal capacity, particularly in risk-based supervision and data analytics, technology-driven market development, stronger institutional culture, and reinforced policyholder protection.
He emphasised that collective commitment would be critical to delivering a recapitalisation process that safeguards the future of Nigeria’s insurance industry.