The Coalition for Good Governance in Nigeria has retracted its earlier call for the removal of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr Olusegun Ayo Omosehin. In a statement dated September 29, 2026, the group admitted that the allegations on which the demand was based were inaccurate, incomplete and unsupported by verifiable evidence. This move comes after a rigorous internal review and engagement with relevant documents.
The coalition had earlier demanded Omosehin's resignation or suspension, citing concerns over NAICOM's regulatory actions during the recapitalisation exercise. However, after careful consideration of additional facts, the group determined that its assertions were incorrect. As a result, it withdrew its characterisation of NAICOM's regulatory actions as unlawful. The group also retracted claims that NAICOM made unlawful demands, forced insurers to transfer capital into Central Bank of Nigeria escrow accounts or collected funds for consultants who were never engaged.
According to the coalition, its earlier description of NAICOM's regulatory actions as unlawful or lacking legal foundation was based on incomplete information and a misunderstanding of the applicable legal and regulatory framework. The group expressed regret over any distress, reputational harm or public anxiety its earlier statement may have caused Omosehin, NAICOM's management and staff, insurance operators, policyholders and the general public.
The Coalition for Good Governance in Nigeria offered an unreserved apology for publishing claims that subsequent scrutiny had shown to be incorrect. The group emphasised that good governance requires not only the courage to speak when concerns arise, but also the integrity to correct the record when those concerns are shown to be misplaced. This move demonstrates the group's commitment to accountability and transparency.
With the retraction, the coalition formally withdrew its demand for Omosehin's immediate resignation or suspension, as well as its suggestion that the Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him. The group reaffirmed its interest in the orderly and lawful conduct of the recapitalisation exercise and its commitment to transparency and accountability.
The Coalition for Good Governance in Nigeria's decision to retract its earlier statement is seen as a significant development in the country's insurance sector. The group's actions demonstrate a willingness to correct mistakes and ensure that its claims are based on verifiable evidence. This move is expected to have a positive impact on the sector, promoting confidence and stability.
The retraction also highlights the importance of fact-based analysis and responsible communication in the public sphere. The Coalition for Good Governance in Nigeria's experience serves as a reminder of the need for diligence and accuracy in making public statements, particularly those that can have significant consequences for individuals and organisations.
Key points
- The Coalition for Good Governance in Nigeria retracted its call for NAICOM CEO Olusegun Omosehin's removal due to lack of evidence.
- The group admitted that its earlier allegations against NAICOM were inaccurate and incomplete.
- The retraction demonstrates the group's commitment to accountability, transparency, and responsible communication.
