NAICOM, SEC Set Out Joint Reform Roadmap to Redefine Nigeria’s Insurance and Capital Markets

Nigeria’s financial services regulators are deepening collaboration to shape a reform roadmap that could transform the insurance and capital markets into stronger drivers of economic growth. This follows the visit of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, to the Director-General of the Securities and Exchange Commission (SEC), Mr. Emomotimi Agama, at SEC’s headquarters in Abuja on Tuesday, August 19, 2025.

The meeting came in the wake of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu, GCFR, which gives new legislative backing to insurance sector reforms. Mr. Agama described the Act as a “new dawn” for insurance, adding that the alignment between NAICOM and SEC is timely in charting a broader transformation agenda for Nigeria’s financial ecosystem.

Mr. Omosehin stressed that the ongoing recapitalization exercise, now mandatory under NIIRA 2025, is only the first phase of reform. “We are laying a foundation for an insurance industry that is financially stronger, digitally enabled, and capable of contributing significantly to Nigeria’s trillion-dollar economy vision,” he said.

Mr. Agama assured that SEC would serve as a “strategic partner” in this transformation, pledging expertise, regulatory guidance, and digital infrastructure support. He urged insurers to embrace modernization, pointing to SEC’s fully digitalized operations as a model for efficiency and transparency.

Both leaders agreed on priority reform areas that will form the core of the joint roadmap:

• Insurance–Capital Market Integration: Developing investment-linked insurance products to deepen financial inclusion and create more retail and institutional investor opportunities.
• Green & Sustainable Finance: Promoting green insurance products and channeling capital into climate-friendly projects to align with global ESG standards.
• InsurTech & Digital Transformation: Leveraging technology to expand coverage, improve claims management, and integrate with SEC’s digital platforms for regulatory efficiency.
• Cross-Border Investments: Facilitating regional insurance and reinsurance opportunities under AfCFTA, while mobilizing capital market funds to support insurers’ expansion.
• Investor & Consumer Protection: Building trust through stronger governance, disclosures, and financial literacy programs across both insurance and capital markets.

Delivering a vote of thanks, NAICOM’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, said the collaboration should be institutionalized through structured engagement platforms between both regulators. “This roadmap is not just about recapitalization—it is about building a sustainable ecosystem where insurance and capital markets work hand-in-hand to support businesses, protect households, and attract global investors,” he noted.

Industry analysts view the alliance as a defining moment. If successfully implemented, the NAICOM–SEC joint reforms could position insurance as a central pillar of Nigeria’s financial services industry, unlocking innovation, investment, and resilience for decades to come.