A civil society organisation, the Good Governance Assembly (GGA), has called on President Bola Ahmed Tinubu to remove the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, over allegations linked to the recent insurance industry recapitalisation exercise.
The group, in a statement signed by its Executive Director, Peter Bawa, said the call followed a petition already submitted to the Economic and Financial Crimes Commission (EFCC) and the Federal Ministry of Finance.
GGA alleged that the NAICOM leadership was involved in regulatory breaches and abuse of office during the implementation of the recapitalisation programme, describing the claims as issues that require urgent investigation.
The organisation said the allegations border on concerns over alleged fees, capital transfer requirements, and the handling of funds during the exercise aimed at strengthening Nigeria’s insurance sector.
“The allegations against Mr. Ayo Omosehin are not administrative technicalities. They centre on the alleged unlawful demand for a one per cent capital injection fee on shareholders’ funds, the forced transfer of entire recapitalisation capital into Central Bank of Nigeria escrow accounts in clear violation of Section 16(3) of the Nigerian Insurance Industry Reform Act 2025, and the collection of approximately ₦180 million purportedly for consultants who were never engaged,” Bawa stated.
“These are serious questions of financial accountability involving tens of billions of naira across the industry. An official facing such weighty accusations cannot continue to head the apex regulatory body while the investigation remains pending.”
The group said the controversy had raised concerns among stakeholders in the insurance sector, stressing that transparency and accountability were important to maintaining public confidence.
According to GGA, NICON Insurance Limited and Nigeria Reinsurance Corporation had petitioned relevant government agencies, including the EFCC, the Ministry of Finance and the Presidency, over alleged concerns surrounding NAICOM’s directives during the recapitalisation process.
The organisation noted that the Ministry of Finance had directed NAICOM to suspend enforcement of the disputed fees and full-capital escrow requirements against the two companies pending the resolution of the matter.
The insurance recapitalisation exercise was introduced to strengthen the financial capacity of operators, improve confidence in the sector, and position insurance companies to better support economic growth.
GGA said the industry’s achievement of raising more than ₦1.079 trillion in fresh capital should not be affected by unresolved allegations.
“The insurance industry has just raised over ₦1.079 trillion in fresh capital. That achievement must not be overshadowed by unresolved questions of regulatory overreach and possible financial impropriety,” Bawa said.
The group urged President Tinubu to ensure that an independent investigation was allowed to take place without any perception of interference.
“We therefore call on President Tinubu to remove the NAICOM boss without further delay so that a full, independent and transparent investigation can proceed free from any perception of interference.”
Meanwhile, NAICOM has denied any wrongdoing and dismissed reports suggesting that its commissioner was detained, insisting that such reports were false.
The commission has maintained that it remains committed to carrying out its regulatory responsibilities, while GGA said the allegations should be fully investigated to protect the credibility of Nigeria’s insurance industry.
“Regulatory integrity is non-negotiable. The Commissioner for Insurance must be above suspicion, especially at a time when the sector is seeking to deepen penetration and support national economic development,” Bawa declared.
The group added that it would continue to monitor developments and engage relevant institutions until the issues surrounding the allegations are resolved.