The National Insurance Commission has initiated a comprehensive regulatory reform agenda aimed at restoring confidence, strengthening oversight, and repositioning Nigeria’s insurance industry for long-term economic relevance.
The announcement came at the Commission’s 2026 Management Retreat held in Uyo, Akwa Ibom State, themed “Insurance Regulation: Reset, Reimagine, Refocus.” The gathering marks a pivotal moment in NAICOM’s nearly three-decade institutional history and signals a decisive shift toward transparent governance, stronger supervision, and measurable national impact.
Commissioner for Insurance Olusegun Ayo Omosehin described the retreat as a defining turning point for the regulator and the broader insurance ecosystem. According to him, the initiative reflects a deliberate move away from legacy regulatory practices toward a modern, performance-driven framework capable of unlocking the sector’s untapped potential.
He noted that Nigeria’s aspiration to build a $1 trillion economy under President Bola Ahmed Tinubu depends on a resilient and well-capitalised insurance industry that can support financial stability, enhance investor confidence, and drive sustainable development across sectors.
Recapitalisation at the Core of Reform
At the heart of NAICOM’s transformation agenda is the ongoing industry recapitalisation programme, described as one of the most consequential regulatory interventions in decades.
Beyond strengthening capital bases, the exercise is designed to improve insurers’ financial soundness, deepen consumer and policyholder protection, expand insurance penetration nationwide, and reinforce the sector’s resilience against economic and systemic shocks. It also aims to reposition insurance as a critical pillar of national development while rebuilding public trust.
Omosehin stressed that credibility, transparency, and professional execution will determine the programme’s success, warning that the process will not tolerate ambiguity, favouritism, or compromise.
Call for Integrity and Institutional Unity
Addressing NAICOM’s management team, the Commissioner emphasised the need for ethical leadership, teamwork, and strict regulatory discipline. He urged departments to eliminate operational silos, strengthen collaboration, and maintain accountability in all supervisory actions.
Senior officials at the retreat collectively reaffirmed commitments to fairness, transparency, and adherence to global best practices—particularly in executing recapitalisation and broader reform priorities.
Strategic Priorities for Sector Repositioning
To accelerate industry transformation, NAICOM outlined key focus areas including stronger regulatory oversight, disciplined implementation of the recapitalisation roadmap, deeper engagement with stakeholders, and enhanced institutional capacity in risk-based supervision and data analytics.
Other priorities include technology-driven innovation, improved organisational culture, strengthened accountability mechanisms, and reinforced protection for policyholders.
Building a Resilient, Globally Competitive Industry
Concluding his remarks, Omosehin highlighted the importance of collective resolve in transforming the sector, reaffirming NAICOM’s commitment to building an insurance industry that is resilient, trustworthy, globally competitive, and aligned with Nigeria’s long-term economic ambitions.
The retreat signals the beginning of a new regulatory chapter focused on restoring confidence, unlocking growth, and strengthening the role of insurance within Nigeria’s evolving financial services landscape.
NAICOM begins a major regulatory reform at its 2026 retreat in Uyo, pledging transparent recapitalisation, stronger supervision, and renewed confidence to drive long-term growth in Nigeria’s insurance sector.
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