The ongoing recapitalisation of Nigeria’s insurance industry received a major boost on Tuesday, as the National Insurance Commission and the Securities and Exchange Commission pledged closer collaboration to strengthen reforms in the financial services sector.
In a statement on Tuesday, NAICOM revealed that the Commissioner for Insurance, Mr. Olusegun Omosehin, led a delegation on a courtesy visit to the Director-General of SEC, Mr. Emomotimi Agama, at the Commission’s headquarters in Abuja.
This visit aligns with a recent circular to insurance sector players, where NAICOM disclosed its preparedness to engage with relevant regulators such as the SEC, Corporate Affairs Commission, Nigeria Revenue Service, etc., and stakeholders to secure, where possible, appropriate incentives and concessions that may ease compliance and reduce the cost of the recapitalisation exercise.
During the visit, Mr Agama congratulated NAICOM on the recent signing of the Nigeria Insurance Industry Reform Act 2025 law by President Bola Tinubu, saying “that the legislation marks a new dawn for the insurance industry” and expressing optimism that it would drive meaningful reforms in the financial services sector.
The CFI in his response said that the visit was aimed at strengthening collaboration between the two agencies.
“He emphasised that the ongoing recapitalisation of the insurance industry was aimed at transforming the sector and strengthening the institutions, which he noted was now a legislative mandate rather than an option.
“According to him, the exercise was focused on repositioning the sector for growth and ensuring better service delivery,” read part of the statement.
Agama assured the Commissioner for Insurance and his delegation of the SEC’s unwavering support, pledging to provide the necessary expertise and guidance to deepen the insurance industry’s growth.
He also urged NAICOM to regard the SEC as a strategic partner, assuring that the Commission would always be willing to provide assistance during the recapitalisation process and beyond. He also stated that the SEC’s operations are now fully digitalised; hence, he encouraged insurance operators to embrace digitalisation to enhance efficiency and accelerate transformation within the sector.
Delivering a vote of thanks, Dr Usman Jankara, NAICOM’s Deputy Commissioner for Insurance (Technical), commended the SEC leadership for its commitment to supporting the insurance sector. He also solicited the Commission’s continued advice and guidance in the joint effort to strengthen Nigeria’s financial ecosystem.
