The ongoing recapitalisation of Nigeria’s insurance industry received a boost on Tuesday as the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) pledged closer collaboration to strengthen reforms in the financial services sector.
In a statement, NAICOM said the Commissioner for Insurance, Mr. Olusegun Omosehin, led a delegation on a courtesy visit to the SEC Director-General, Mr. Emomotimi Agama, at the Commission’s headquarters in Abuja.
The move follows a recent circular issued by NAICOM to insurance operators, reaffirming its readiness to engage with key regulators such as SEC, the Corporate Affairs Commission (CAC), the Federal Inland Revenue Service (FIRS), and other stakeholders. The objective is to secure incentives and concessions that would ease compliance and reduce the cost of the recapitalisation exercise.
During the meeting, Mr. Agama congratulated NAICOM on the signing of the Nigeria Insurance Industry Reform Act 2025 by President Bola Tinubu, describing it as a “new dawn for the insurance industry.” He expressed optimism that the legislation would deepen reforms and strengthen the entire financial services ecosystem.
In response, Mr. Omosehin said the visit underscored NAICOM’s commitment to collaboration with regulatory partners, stressing that synergy between the two commissions is critical to achieving the recapitalisation objectives and driving sustainable growth in the insurance sector.
