Yemisi Izuora
The National Insurance Commission (NAICOM) has expressed confidence that the sector’s recapitalization would lead to significant growth and achieve the desired transformation.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, stated this when he paid a courtesy visit to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, in Abuja on Tuesday, August 19, 2025.
Omosehin, expressed appreciated the warm reception accorded him and his team and described the visit as an important step towards strengthening collaboration between both Agencies.
He emphasized that the ongoing recapitalization of the insurance industry was aimed at transforming the sector and strengthening the institutions, which he noted was now a legislative mandate rather than an option.
According to him, the exercise was focused on repositioning the sector for growth and ensuring better service delivery.
Welcoming the Commissioner, Dr. Agama described the visit as timely and significant.
He congratulated NAICOM on the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu.
Agama noted that the legislation marks a new dawn for the insurance industry and expressed optimism that it would drive meaningful reforms in the financial services sector.
He assured the Commissioner for Insurance and his delegation of the SEC’s unwavering support, pledging to provide the necessary expertise and guidance to deepen the insurance industry’s growth.
He urged NAICOM to regard the SEC as a strategic partner, assuring that the Commission would always be willing to provide assistance during the recapitalization process and beyond.
Agama also stated that SEC’s operations are now fully digitalized, hence he encouraged insurance operators to embrace digitalization to enhance efficiency and accelerate transformation within the sector.
Delivering a vote of thanks, Dr. Usman Jankara, NAICOM’s Deputy Commissioner for Insurance (Technical), commended the SEC leadership for its commitment to supporting the insurance sector.
He also solicited the Commission’s continued advice and guidance in the joint effort to strengthen Nigeria’s financial ecosystem.