CGGN apologises, withdraws allegations against NAICOM Commissioner Omosehin
National Insurance Commission NAICOM
The Coalition for Good Governance in Nigeria (CGGN) has formally and unreservedly retracted its earlier statement calling for the resignation or suspension of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin.
In a statement signed by Salisu Mohammed on behalf of the Coalition, CGGN said it reached the decision after a rigorous internal review, further engagement with relevant documents and consideration of additional facts.
The Coalition said its earlier assertions were “inaccurate, incomplete, and not supported by verifiable evidence,” adding that it had therefore withdrawn the statement in its entirety.
CGGN specifically retracted its characterisation of NAICOM’s regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation.
It also withdrew claims concerning alleged “unlawful demands,” forced transfers into escrow accounts contrary to statute, and the collection of funds for consultants who were “never engaged.”
According to the Coalition, the claims were based on incomplete information and a misapprehension of the applicable legal and regulatory framework.
It further withdrew its assertion that Omosehin’s continued presence in office constituted a “clear and present danger” to the insurance sector or an affront to accountability, describing the assertion as unfounded.
The Coalition expressed regret over any distress, reputational harm or unnecessary public anxiety that its earlier statement may have caused Omosehin, the management and staff of NAICOM, insurance industry operators, policyholders and the general public.
“We unreservedly apologise for the publication of claims that subsequent scrutiny has shown to be incorrect,” the statement said.
CGGN also withdrew every demand for the immediate resignation or suspension of the Commissioner for Insurance, as well as any suggestion that the Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him based on the earlier petition narrative.
The Coalition said good governance requires not only the courage to raise concerns when they arise but also the integrity to correct the record when such concerns are found to be misplaced.
It reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector.
CGGN also recognised the role of an independent and professional insurance regulator in protecting policyholders, attracting investment and safeguarding systemic stability.
The Coalition clarified that the retraction did not diminish its interest in the orderly and lawful conduct of the recapitalisation exercise, but was intended to correct the record where it previously fell short.
It urged stakeholders to allow the relevant institutions, including the Economic and Financial Crimes Commission, the Federal Ministry of Finance and NAICOM, to discharge their statutory mandates without the distraction of unsubstantiated public campaigns.
“This retraction is issued in the public interest and in the spirit of fairness and accuracy that must always guide civic advocacy,” the Coalition said.
The statement, signed by Salisu Mohammed for CGGN, said it supersedes and cancels all prior communications by the Coalition on the matter.
