By Bassey Udo
The National Insurance Commission (NAICOM) has renewed its commitment to deeper regulatory reforms and strengthened sectoral oversight.
The renewed commitment was reaffirmed at the Commission’s 2026 Management Retreat held in Uyo, the Akwa Ibom State capital on the, theme: “Insurance Regulation: Reset, Reimagine, Refocus.”
In his welcome address, the Commissioner for Insurance (CFI), Mr. Olusegun Omosehin, declared the retreat as a defining moment in NAICOM’s 29-year institutional journey.
He emphasized that the insurance regulator was entering a new phase of transformation anchored on integrity, professionalism, and a united leadership culture.
The CFI said the theme of the retreat represented a call to deliberate action —to reset outdated practices, reimagine the industry’s full potential, and refocus regulatory strategies to deliver greater national impact.
Mr. Omosehin underscored NAICOM’s critical role in advancing President Bola Ahmed Tinubu’s $1 trillion economic agenda, stressing that Nigeria required a robust, well-capitalized, and shock-resistant insurance sector capable of supporting economic stability, investor confidence, and sustainable national development.
Reaffirming commitment to a transparent sector recapitalization exercise, the CFI reiterated that NAICOM’s ongoing recapitalization exercise was one of the most consequential regulatory interventions in recent decades.
He clarified that the initiative transcends capital raising, as it was designed to strengthen the financial health of insurers; enhance consumer protection; deepen insurance penetration; build a shock-resistant industry; reinforce insurance as a pillar of national development, and restore and sustain public trust.
He also stressed that the success of the exercise would be judged by its credibility, transparency, and professional execution, noting that there would be no room for ambiguity, favouritism, compromise, or shortcuts.
The CFI charged the management staff to embrace unity and regulatory discipline by allowing integrity to be their anchor, professionalism their compass in the discharge of their roles and responsibilities, and transparency their operating standard.
He emphasised that NAICOM’s strength lied in its internal cohesion, as no department can achieve success in isolation.
He called for teamwork, discipline, open communication, and a culture free of silos and turf protection.
During the session, management staff took a collective pledge to uphold integrity, fairness, accountability, and global best practices in delivering a recapitalization process that would safeguard the future of the Nigerian insurance industry.
The CFI highlighted some key priority areas required to reposition the sector, including the need to strengthen regulatory oversight; ensure precise execution of the recapitalization roadmap; enhance stakeholder engagement and improve internal capacity, especially in risk-based supervision and data analytics.
Other priorities include market development and technology-driven innovation; stronger institutional culture and accountability, and reinforced policyholder protection.
To underline his call for unity and the emergence of new NAICOM and insurance sector, Mr. Omosehin quoted an African proverb, which says: “When spider webs unite, they can tie up a lion,” stressing that collective strength and shared purpose were essential for the sector’s transformation.
He reaffirmed NAICOM’s commitment to building an insurance industry that was resilient, trustworthy, globally benchmarked, and fully aligned with Nigeria’s long-term economic ambitions.
