The National Association of Nigerian Students (NANS) has declared its support for the ongoing reforms in the insurance industry, emphasizing that Nigerian students will not be used to undermine the efforts. In a statement signed by its National President, Akinteye Babatunde, NANS expressed backing for the sector's recapitalization and the National Insurance Commission (NAICOM). The students' body reviewed publicly available information on NAICOM's operations, reforms, and achievements, finding no credible basis for allegations against the regulator.
NANS rejected campaigns aimed at discrediting NAICOM and calls for the removal of its leadership, describing such actions as attempts to advance narrow interests against national development. The association emphasized its commitment to truth, transparency, reform, and progress. The ongoing recapitalization of the insurance industry is an important component of efforts to strengthen insurers, improve their capacity to meet legitimate claims, and enhance confidence in the sector.
The recapitalization exercise follows the enactment of the Nigerian Insurance Industry Reform Act 2025, signed into law by President Bola Tinubu on July 31, 2025. The legislation replaces the previous legal framework governing the industry and creates opportunities for greater financial inclusion, entrepreneurship, employment, and career development for young Nigerians. NANS described the legislation as a significant intervention in the financial services sector.
The students' body commended NAICOM's leadership, including Commissioner for Insurance Olusegun Omosehin and the commission's Governing Board, chaired by Halima Kyari. NANS also endorsed the implementation of the new law and praised insurance companies that have complied with the new capital requirements, arguing that stronger capitalization will improve insurers' ability to support businesses, protect investments, and settle legitimate claims.
NANS highlighted NAICOM's reported emphasis on prompt claims settlement and its zero-tolerance approach toward the non-payment of genuine claims. Improved consumer protection is essential to rebuilding public confidence in insurance and ensuring policyholders receive greater protection under the new regulatory framework. The association also praised the Insurance Policyholders Protection Fund established under the NIIRA 2025, describing it as an important measure for protecting policyholders.
The students' body commended NAICOM's interventions in tertiary institutions through the Insurance Education Fund and related initiatives, which have supported the provision of ICT centers, laboratories, and other academic infrastructure in universities, polytechnics, and colleges of education. NANS said such interventions demonstrate the potential of the insurance sector to contribute to human capital development and called for continued investment in education and youth empowerment.
NANS will mobilize students for insurance awareness and financial literacy initiatives, promote insurance as a career pathway, and encourage participation in youth-focused insurance programs. The association urged the Federal Government, National Assembly, insurance industry stakeholders, and the media to support reforms aimed at strengthening regulation, consumer protection, transparency, and accountability. Nigerian students will continue to support genuine reforms and oppose attempts to use them in campaigns detrimental to institutional stability and national development.
Key points
- NANS supports the ongoing reforms in the insurance industry, including recapitalization and the National Insurance Commission.
- The students' body rejects campaigns aimed at discrediting NAICOM and calls for the removal of its leadership.
- NANS commends NAICOM's interventions in tertiary institutions through the Insurance Education Fund and related initiatives.
