The Centre for Credible Reforms and Institutional Accountability (CCRIA) has praised the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, for promoting transparency and accountability in Nigeria's insurance industry reforms. The centre commended the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which has introduced stronger regulatory standards, improved capitalisation, and greater emphasis on protecting policyholders.
Dr Aminu Abubakar Aminu, president of the centre, released a statement praising President Bola Tinubu and the National Assembly for enacting NIIRA, describing it as a significant milestone in the development of Nigeria's insurance sector. Aminu noted that the legislation addresses longstanding challenges in the industry and provides a foundation for a better-capitalised, more accountable, and responsive insurance sector.
The centre also praised Omosehin's leadership of NAICOM, citing his extensive experience as an insurance professional. Aminu said Omosehin's understanding of the sector enables him to effectively implement the new regulatory framework. The centre commended Omosehin for the direction he has provided since assuming office and for his commitment to strengthening the industry.
The ongoing recapitalisation exercise is one of the important steps taken to strengthen the financial capacity of insurance companies and improve their ability to meet obligations to policyholders. Aminu said the reforms are producing early gains and should be sustained through consistent implementation. He encouraged NAICOM to remain focused on implementing the Act and providing clear guidance to operators and stakeholders.
The centre noted that the reforms will help deepen insurance penetration and strengthen the industry's contribution to national economic development. Aminu urged insurance companies, brokers, reinsurers, professional bodies, and other stakeholders to embrace the new framework and work with NAICOM to achieve the objectives of the legislation.
Aminu emphasized that the centre is encouraged by the emphasis on policyholder protection under the new framework, noting that public confidence is critical to the growth of insurance in Nigeria. He urged NAICOM to sustain its engagement with stakeholders while ensuring that the provisions of NIIRA are implemented transparently and consistently.
The centre said the successful implementation of NIIRA will strengthen confidence in the insurance sector, improve policyholder protection, and position the industry to play a greater role in Nigeria's economic transformation. The centre called for continued collaboration between NAICOM, insurance operators, and other stakeholders to ensure that the objectives of the new law are fully achieved.
Key points
- Centre for Credible Reforms praises NAICOM's transparency in Nigeria's insurance sector reforms
- Nigerian Insurance Industry Reform Act 2025 introduces stronger regulatory standards and improved capitalisation
- Reforms aim to deepen insurance penetration and strengthen industry's contribution to national economic development
