NAICOM strengthens oversight, policyholder protection at 2026 management retreat
From left: Mr. Ekerete Ola Gam-Ikon - Deputy Commissioner for Insurance Finance and Admin, Dr. Chizor Malize - MD/CEO FITC, Mr. Olusegun Ayo Omosehin - Commissioner for Insurance and Dr. Usman Jankara - Deputy Commissioner for Insurance, Technical
The National Insurance Commission (NAICOM) has announced a renewed commitment to deep regulatory reforms and strengthened sectoral oversight as it commences its 2026 Management Retreat in Uyo, Akwa Ibom State, themed “Insurance Regulation: Reset, Reimagine, Refocus.” Delivering the welcome address, the Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, declared the retreat a defining moment in NAICOM’s 29year institutional journey. He emphasized that the insurance regulator is entering a new phase of transformation anchored on integrity, professionalism, and a united leadership culture.
According to the CFI, the theme of the retreat represents a call to deliberate action—to reset outdated practices, reimagine the industry’s full potential, and refocus regulatory strategies to deliver greater national impact.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 requires a robust, wellcapitalized, and shockresistant insurance sector capable of supporting economic stability, investor confidence, and sustainable national development.
Reaffirmation of a Transparent Recapitalization Exercise
The CFI reiterated that NAICOM’s ongoing recapitalization exercise is one of the most consequential regulatory interventions in recent decades. He clarified that the initiative transcends capital raising—it is designed to: – Strengthen the financial health of insurers – Enhance consumer protection – Deepen insurance penetration – Build a shockresistant industry – Reinforce insurance as a pillar of national development – 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.
Call for Unified Leadership and Regulatory Discipline
Addressing the management staff, the CFI delivered a strong charge: “Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard.” He emphasised that NAICOM’s strength lies in its internal cohesion and that 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 will safeguard the future of the Nigerian insurance industry.
Highlighted Key Priorities Outlined
The CFI listed some key priority areas required to reposition the sector, including:
Strengthened regulatory oversight
Precise execution of the recapitalization roadmap
Enhanced stakeholder engagement
Improved internal capacity—especially in riskbased supervision and data analytics
Market development and technologydriven innovation
Stronger institutional culture and accountability
Reinforced policyholder protection
A New Chapter for NAICOM and the Insurance Sector
Concluding his remarks, Mr. Omosehin invoked the African proverb, “When spider webs unite, they can tie up a lion,” stressing that collective strength and shared purpose are essential for the sector’s transformation. He reaffirmed NAICOM’s commitment to building an insurance industry that is resilient, trustworthy, globally benchmarked, and fully aligned with Nigeria’s longterm economic ambitions.
