The Good Governance Assembly (GGA) has called on President Bola Ahmed Tinubu to remove the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, over allegations of regulatory impropriety linked to the recently concluded insurance industry recapitalisation exercise.
In a statement signed by its Executive Director, Peter Bawa, the civil society organisation said the allegations, which are reportedly the subject of a formal petition before the Economic and Financial Crimes Commission (EFCC) and the Federal Ministry of Finance, require an independent and transparent investigation.
The GGA alleged that NAICOM imposed a one per cent capital injection fee on shareholders’ funds, directed insurance companies to transfer their entire recapitalisation capital into Central Bank of Nigeria escrow accounts, and collected about ₦180 million purportedly for consultants who, according to the group, were not engaged.
“These are serious questions of financial accountability involving tens of billions of naira across the industry,” Bawa said.
The organisation further cited petitions by NICON Insurance Limited and Nigeria Reinsurance Corporation to the EFCC, Ministry of Finance and Presidency, alleging that some of NAICOM’s directives during the recapitalisation exercise lacked sufficient legal backing.
According to the GGA, the Ministry of Finance has directed NAICOM to suspend enforcement of the disputed fees and full-capital escrow requirements against the two companies pending determination of the petitions.
The group said the controversy was particularly significant given that the insurance industry had reportedly raised more than ₦1.079 trillion in fresh capital during the recapitalisation exercise.
“The insurance industry has just raised over ₦1.079 trillion in fresh capital. That achievement must not be overshadowed by unresolved questions of regulatory overreach and possible financial impropriety,” Bawa stated.
The GGA consequently urged President Tinubu to remove Omosehin from office to allow a full investigation to proceed without any perception of interference.
It also noted that the EFCC had reportedly sought clarification from NAICOM over the allegations, while the Commission has denied wrongdoing and dismissed reports that Omosehin was detained as false.
The civil society group acknowledged the denials but argued that the existence of a formal petition involving shareholders’ funds warranted heightened accountability and transparency.
“Regulatory integrity is non-negotiable. The Commissioner for Insurance must be above suspicion, especially at a time when the sector is seeking to deepen penetration and support national economic development,” Bawa said.
The GGA called on relevant government institutions to ensure that the allegations are thoroughly investigated, stressing that the outcome should be based on evidence and due process.
It said it would continue to monitor the matter and engage relevant authorities until the issues surrounding the recapitalisation exercise are resolved.
