NAICOM parleys SEC on insurance sector recapitalisation

To ensure regulatory understanding towards the insurance industry recapitalisation, the National Insurance Commission (NAICOM) has paid a courtesy visit to the Securities and Exchange Commission (SEC).

Olusegun Omosehin, commissioner for Insurance during the visit expressed appreciation for the warm reception and described the visit as an important step towards strengthening collaboration between both agencies.

He emphasized that the ongoing recapitalization of the insurance industry was aimed at transforming the sector and strengthening the institutions, which he noted was now a legislative mandate rather than an option.

According to Omosehin, the exercise was focused on repositioning the sector for growth and ensuring better service delivery.

Emomotimi Agama, director-general of SEC, who received NAICOM at the SEC headquarters in Abuja described the visit as timely and significant.

Related News

He congratulated NAICOM on the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu,

Agama noted that the legislation marks a new dawn for the insurance industry and expressed optimism that it would drive meaningful reforms in the financial services sector.

Agama assured the Commissioner for Insurance and his delegation of the SEC’s unwavering support, pledging to provide the necessary expertise and guidance to deepen the insurance industry’s growth.

He urged NAICOM to regard the SEC as a strategic partner, assuring that the Commission would always be willing to provide assistance during the recapitalization process and beyond. He also stated that SEC’s operations are now fully digitalized, hence he encouraged insurance operators to embrace digitalization to enhance efficiency and accelerate transformation within the sector.

Usman Jankara, NAICOM’s deputy commissioner for Insurance (Technical), commended the SEC leadership for its commitment to supporting the insurance sector. He also solicited the Commission’s continued advice and guidance in the joint effort to strengthen Nigeria’s financial ecosystem.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.