The Good Governance Assembly has expressed support for Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission. The group commended Omosehin for his outstanding leadership and contribution to the development of Nigeria's insurance industry. This endorsement comes as Omosehin's stewardship of the commission aligns with the Renewed Hope Agenda of the President Bola Tinubu administration. The agenda focuses on strengthening institutions, attracting investment, and creating a more resilient economy.
According to Charles Onoja, Chairman of the Good Governance Assembly's Board of Leaders, the organisation reviewed the commission's recent activities and was impressed by the progress recorded under Omosehin's leadership. A notable achievement is the successful conclusion of the insurance industry's recapitalisation exercise. This exercise demonstrates the regulator's commitment to building stronger institutions and creating a stable environment for businesses and investors. The recapitalisation process resulted in 48 insurance companies and two reinsurance companies meeting the new capital requirements and being relicensed.
The Good Governance Assembly noted that the fresh capital attracted into the industry represents a significant development for a sector that plays a critical role in mobilising long-term funds, protecting businesses, and supporting economic activity. The reported N1.079 trillion raised during the recapitalisation exercise reflects the outcome of a regulatory process aimed at improving the capacity of insurance companies to meet their obligations. This development is expected to enhance the industry's ability to support economic growth.
Onoja commended Omosehin for maintaining the commission's focus despite competing interests and concerns that emerged during the recapitalisation process. The Good Governance Assembly recognised the broader objective of the exercise, which is to ensure that insurance companies have the capacity to meet the demands of a modern economy. A weak insurance industry would hinder Nigeria's efforts to attract investment, protect businesses, and support economic growth.
The Good Governance Assembly also commended Omosehin for working in line with the Renewed Hope Agenda. Reforms in the insurance sector are relevant to the federal government's broader economic objectives. The agenda requires strong institutions, responsible regulation, and an environment in which businesses can grow and investors can have confidence. The group believes that the direction being pursued by NAICOM under Omosehin is consistent with these objectives.
The Good Governance Assembly 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. The group stressed the importance of constructive engagement and support for measures that promote transparency, accountability, and sustainable growth.
The Good Governance Assembly will 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 insurance industry is an important pillar of the economy, and every effort to strengthen it should receive constructive support.
Key points
- The Good Governance Assembly commends Olusegun Ayo Omosehin for his leadership and contribution to Nigeria's insurance industry development.
- The insurance industry's recapitalisation exercise resulted in N1.079 trillion being raised, with 48 insurance companies and two reinsurance companies meeting the new capital requirements.
- The Good Governance Assembly urges stakeholders to support ongoing reforms and engage the regulator through appropriate channels.
