The Good Governance Assembly (GGA) has expressed support for Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM). The group praised Omosehin's outstanding leadership and contributions to the development of Nigeria's insurance industry. According to Charles Onoja, Chairman of GGA's Board of Leaders, the organisation reviewed NAICOM's recent activities and was impressed by the progress recorded under Omosehin's leadership.
The GGA noted that Omosehin's stewardship of NAICOM aligns with the Renewed Hope Agenda of the President Bola Tinubu administration. The agenda emphasises strengthening institutions, attracting investment, and creating a more resilient economy. The successful conclusion of the insurance industry's recapitalisation exercise demonstrates the regulator's commitment to building stronger institutions and creating a stable environment for businesses and investors.
The recapitalisation exercise resulted in 48 insurance companies and two reinsurance companies meeting the new capital requirements and being relicensed. The fresh capital attracted into the industry represents an important development for a sector that plays a critical role in mobilising long-term funds, protecting businesses, and supporting economic activity. The N1.079 trillion raised during the exercise reflects the outcome of a regulatory process aimed at improving the capacity of insurance companies to meet their obligations.
Onoja commended Omosehin for maintaining NAICOM's focus despite competing interests and concerns that emerged during the recapitalisation process. He said the broader objective of the exercise is to ensure that companies operating in the sector have the capacity to meet the demands of a modern economy. The insurance industry cannot remain weak if Nigeria is serious about attracting investment, protecting businesses, and supporting economic growth.
The GGA urged stakeholders in the insurance sector to support ongoing reforms and engage the regulator through appropriate channels whenever concerns arise. According to the group, disagreements over regulatory decisions should not overshadow the broader progress recorded in the industry or undermine confidence in the institutions responsible for regulating it. Onoja stressed that the GGA would continue to monitor developments in the insurance sector while supporting measures that promote transparency, accountability, and sustainable growth.
The group believes that Nigeria needs regulators who are prepared to take difficult decisions in the national interest. The GGA commended Omosehin for providing leadership at NAICOM, noting that the insurance industry is an important pillar of the economy. Every effort to strengthen it should receive constructive support, the group added.
The GGA's endorsement of Omosehin's leadership is a significant development for Nigeria's insurance industry. The group's support is expected to encourage stakeholders to cooperate with NAICOM's reforms. The insurance sector plays a vital role in Nigeria's economy, and the GGA's recognition of Omosehin's efforts is seen as a positive step towards strengthening the industry.
Key points
- Good Governance Assembly commends Olusegun Ayo Omosehin for his leadership and contribution to Nigeria's insurance industry development.
- NAICOM's recapitalisation exercise resulted in N1.079 trillion being raised, with 48 insurance companies and two reinsurance companies meeting new capital requirements.
- The GGA urges stakeholders to support ongoing reforms and engage with NAICOM through appropriate channels.
