Yemisi Izuora
The National Insurance Commission (NAICOM) has dismissed a publication titled “100 Billion Fraudulent Insurance Recapitalization: EFCC Detains NAICOM Director and Commissioner, Both on Bail”, published on 9 September 2026 being sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are currently under liquidation.
The Commission categorically states that the publication is false, misleading, malicious, and a deliberate misrepresentation of facts designed to misinform the public, undermine regulatory processes, and cast aspersions on the integrity of the Commission and its officials.
*Background to the Recapitalization Exercise*
The recently concluded recapitalization exercise in the insurance sector was conducted strictly in accordance with the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, pursuant to clearly articulated Guidelines issued by the Commission to ensure a transparent, orderly, and legally compliant implementation process.
The exercise was undertaken as part of the Commission’s statutory responsibility to strengthen the financial capacity, solvency, and resilience of insurance institutions for the protection of policyholders and the overall stability of the insurance sector.
It is important to state that the court order being referenced and publicized by the promoters does not in any way restrain the Commission from carrying out its statutory mandate and regulatory responsibilities under the law. NAICOM remains fully empowered and obligated to discharge its functions in accordance with extant legislation and regulatory requirements.
*False Allegations Against the Commission and Its Officials*
Contrary to the claims contained in the publication alleging detention, fraudulent recapitalization activities, and misappropriation of funds by officials of the Commission, neither the Commissioner for Insurance nor any Director of NAICOM has been indicted, charged, or found culpable in respect of any fraudulent activity whatsoever.
The allegations presented in the publication are entirely unsubstantiated, speculative, and misleading. They do not accurately reflect the true circumstances of the matter and appear calculated to create a false narrative capable of eroding public confidence in the Commission and the Nigerian insurance industry.
*Clarification on EFCC’s Request for Information*
For the avoidance of doubt, the Economic and Financial Crimes Commission (EFCC) recently requested information and explanations from the Commission regarding certain allegations that had been circulated by same promoters in sections of the media.
Consistent with its longstanding commitment to transparency, accountability, and cooperation with law enforcement and other government institutions, NAICOM promptly responded to the EFCC’s request and provided all relevant information and clarifications sought.
It is important to emphasize that responding to a request for information from a law enforcement agency is a routine administrative process and should not be misconstrued as evidence of wrongdoing, indictment, detention, or culpability. At no time did the Commission receive any finding of wrongdoing in relation to the matters on which clarification was sought.
*NAICOM’s Commitment to Good Governance*
NAICOM remains a law-abiding institution that operates strictly within the framework of its statutory mandate and is committed to the highest standards of corporate governance, transparency, regulatory integrity, and accountability.
The Commission has consistently discharged its responsibilities in the interest of policyholders, insurance operators, investors, and the wider Nigerian economy while ensuring compliance with applicable laws, regulations, and due process.
The Commission cannot stand by and allow malicious attempts to present unverified allegations as established facts, thereby creating false impressions among stakeholders and members of the public.
*Call for Responsible Journalism*
NAICOM believes that responsible journalism demands accuracy, fairness, balance, and verification of facts before publication, particularly where reports concern public institutions and issues capable of affecting confidence in critical sectors of the economy.
Accordingly, the Commission calls on the publishers of the story and all those responsible for its dissemination to immediately retract and correct the misleading publication and urge for presentation of the factual position in the interest of fairness, professional ethics, and responsible public discourse.
*Advisory to Stakeholders and the General Public*
Stakeholders, industry operators, investors, and members of the public are advised to disregard the publication and rely only on official communications issued by NAICOM and other competent authorities concerning matters relating to the Commission and the regulation of the insurance industry.
NAICOM remains fully committed to cooperating with all lawful enquiries by relevant government agencies and will continue to discharge its regulatory responsibilities with professionalism, integrity, transparency, and in the best interest of the Nigerian insurance industry.