Following the success of the ongoing recapitalisation process for banks in the financial sector, the National Insurance Commission (NAICOM) seems motivated to strengthen and expand insurance brands in the Nigerian market. The commission recently reaffirmed its commitment to deliver a transparent, credible, and professionally executed recapitalisation process.
The Commissioner for Insurance, Olusegun Omosehin, revealed this during NAICOM’s 2026 Management Retreat in Uyo, Akwa Ibom, recently.
Omosehin said that the ongoing recapitalisation exercise remained one of the most consequential regulatory interventions in recent decades, stressing that it goes beyond capital raising.
Recall that last year, the commission (NAICOM) announced a fresh recapitalisation exercise for insurance and reinsurance companies in Nigeria. Minimum capital for life underwriting firms is now N10bn, non-life N15bn, composite firms N25bn, and reinsurance companies N35bn. The initiative was a fallout of the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, by President Bola Ahmed Tinubu.
According to the commissioner, the initiative is designed to strengthen insurers’ financial health, enhance consumer protection, deepen insurance penetration, build a shock-resistant industry, reinforce insurance as a pillar of national development and restore public trust.
He said the programme’s success would be measured by its credibility, transparency and professional execution.
“There will be no room for ambiguity, favouritism, compromise or shortcuts,” he said.
Omosehin described the retreat as a defining moment in NAICOM’s 29-year institutional journey, noting that the commission was entering a new era anchored on integrity, professionalism and unified leadership.
He said the retreat theme signalled a deliberate effort to reset outdated practices, reimagine the industry’s potential and refocus regulatory strategies to deliver greater national impact.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 cohesion, noting that no department can succeed in isolation.
Omosehin called for teamwork, discipline and open communication, urging staff to eliminate silos and turf protection as they collectively pledged to uphold integrity, fairness, accountability and global best practices.
He outlined priority areas for repositioning the sector to include 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 capable of safeguarding the future of Nigeria’s insurance industry.