The National Association of Nigerian Students (NANS) has expressed support for the ongoing recapitalisation of Nigeria's insurance industry, warning against attempts to undermine the reforms being implemented by the National Insurance Commission (NAICOM). NANS President, Comrade Akinteye Babatunde Afeez, stated this at a press conference in Abuja, saying the student body would resist attempts to derail reforms aimed at strengthening the insurance sector and protecting policyholders.
Afeez commended President Bola Ahmed Tinubu for initiating transformative economic reforms aimed at positioning Nigeria for sustainable growth and the realisation of the country's $1 trillion economy aspiration. He praised the Commissioner for Insurance, Olusegun Ayo Omosehin, and the NAICOM Governing Board chaired by Halima Kyari for their roles in implementing reforms in the insurance industry. The Nigerian Insurance Industry Reform Act (NIIRA) 2025, which received presidential assent on July 31, 2025, had modernised the regulatory framework for the sector.
NANS particularly supports the recapitalisation exercise, arguing that inadequate capital had for years limited the capacity of insurance companies to meet growing market demands and support large-scale economic activities. Afeez said the recapitalisation exercise is not merely a regulatory requirement but a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims. A strong insurance industry is essential to protecting investments, facilitating business continuity, and absorbing risks.
The student body commended NAICOM for its interventions in tertiary education through the Insurance Education Fund, saying the initiatives had supported the provision of ICT centres, laboratories, and other academic infrastructure in universities, polytechnics, and colleges of education. Afeez said Nigerian students recognise and appreciate the positive impact these investments continue to make across institutions. NANS also praised NAICOM's emphasis on prompt claims settlement and its reported zero-tolerance approach to the non-payment of genuine claims.
However, NANS condemned campaigns aimed at discrediting NAICOM and frustrating the recapitalisation exercise, particularly calls for the removal of the commission's leadership. Afeez said such campaigns could undermine the reform process and urged Nigerians to reject misinformation and sensational allegations intended to undermine institutions working in the national interest. The student body claimed it found no credible basis for the allegations being promoted against NAICOM after reviewing publicly available information.
NANS pledged to mobilise students for insurance awareness and financial literacy campaigns, promote insurance as a career pathway for graduates, and support youth-focused insurance development programmes. The association also called on the Federal Government, National Assembly, industry stakeholders, media, and Nigerians to support the insurance reform agenda, arguing that a stronger insurance industry could unlock investment, create jobs, and contribute to economic stability.
Afeez said a strong insurance sector is a foundation for a strong economy, which is a pathway to reduced poverty, increased opportunities, and a better future for Nigerian youths. He added that NANS would continue to support genuine reforms while opposing attempts to undermine institutions implementing the transformation of Nigeria's insurance industry. The association applauded the establishment of the Insurance Policyholders Protection Fund under NIIRA 2025, describing it as a significant mechanism for protecting policyholders.
Key points
- NANS supports Nigeria's insurance recapitalisation to strengthen the sector.
- The student body warns against attempts to sabotage the reforms.
- A strong insurance industry is crucial for economic growth and stability.
