The National Insurance Commission (NAICOM) has reaffirmed its commitment to delivering a transparent, credible and professionally executed recapitalisation, as regulators and industry leaders converged at the 2026 Management Retreat in Uyo, Akwa Ibom state, to chart a new course for the sector.
Speaking at the forum themed, ‘Insurance Regulation: Reset, Reimaging, Refocus’, the Commissioner for Insurance, Olusegun Omosehin, described the ongoing recapitalisation exercise as one of the most consequential reforms in the sector’s recent history.
“This is not just about raising capital. It is about strengthening financial soundness, restoring public trust, deepening insurance penetration and building an industry that can withstand economic shocks. There will be no room for ambiguity, favouritism, compromise or shortcuts,” Omosehin said.
He stressed that the credibility and transparency of the process would define its success, adding that NAICOM was entering a new era anchored on integrity, professionalism and unified leadership.
The commissioner linked the reform to President Bola Tinubu’s $1 trillion economic agenda, explaining that a well-capacitated and resilient insurance sector was critical to boosting investor confidence, enhancing economic stability and driving sustainable development.
Others at the retreat echoed the urgency of reform and institutional renewal. The Deputy Commissioner for Insurance (Finance and Administration), Usman Jankara, noted that the recapitalisation must be executed with precision to avoid market distortions.
“Stakeholders are watching closely; what we do now will determine the industry’s structure and competitiveness for the next decade,” the official said.
Participants also highlighted the need for enhanced risk-based supervision, improved data analytics capabilities and stronger policyholder protection frameworks as pillars of the reform agenda.
