The Good Governance Assembly, GGA, has commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, for his leadership of the insurance sector.
The group also urged stakeholders to support ongoing reforms aimed at strengthening the industry and improving its capacity to contribute to Nigeria’s economic development.
Chairman of the GGA Board of Leaders, Charles Onoja, made the call in a statement on Tuesday after the organisation reviewed recent developments in the insurance sector.
Onoja said the successful conclusion of the insurance industry’s recapitalisation exercise demonstrated NAICOM’s commitment to strengthening insurance companies and improving regulatory standards.
“We commend the commissioner for insurance and chief executive officer of NAICOM, Mr Olusegun Ayo Omosehin, for the work he has done to reposition the insurance industry and strengthen regulatory standards.
“The scale of the recent recapitalisation exercise demonstrates that the commission has remained focused on its responsibility to build a stronger and more sustainable insurance sector,” he said.
The GGA said the capital raised during the exercise was significant for an industry that plays a role in mobilising long-term funds, protecting businesses and supporting economic activity.
According to the group, N1.079 trillion was raised during the recapitalisation exercise, while 48 insurance companies and two reinsurance companies met the new capital requirements and were relicensed.
Onoja said the outcome reflected the broader objective of improving the capacity of insurance companies to meet their obligations and operate in a changing economic environment.
“What is important at this point is to recognise the broader objective of the exercise. The insurance industry cannot remain weak if Nigeria is serious about attracting investment, protecting businesses and supporting economic growth.
“NAICOM under Mr Omosehin has taken steps towards ensuring that companies operating in the sector have the capacity to meet the demands of a modern economy,” he said.
The group also said the reforms were consistent with the economic objectives of the President Bola Tinubu administration, particularly its focus on strengthening institutions, attracting investment and building a more resilient economy.
“The Renewed Hope Agenda requires strong institutions, responsible regulation and an environment in which businesses can grow and investors can have confidence.
“We believe the direction being pursued by NAICOM under Mr Omosehin is consistent with these objectives, and he deserves to be encouraged rather than distracted from the task of strengthening the industry,” Onoja said.
The GGA urged stakeholders in the insurance sector to support the ongoing reforms and channel concerns over regulatory decisions through appropriate engagement with NAICOM.
It said disagreements over regulatory policies should not undermine confidence in the institutions responsible for regulating the sector.
Onoja said the organisation would continue to monitor developments in the insurance industry while supporting measures aimed at promoting transparency, accountability and sustainable growth.
“We believe that Nigeria needs regulators who are prepared to take difficult decisions in the national interest, and we commend Mr Omosehin for providing that leadership at NAICOM.
“The insurance industry is an important pillar of the economy, and every effort to strengthen it should receive constructive support,” he said.
