NANS commends NAICOM’s reforms, insurance industry recapitalisation
The National Association of Nigerian Students (NANS) has declared its support for the ongoing transformation of Nigeria’s insurance industry, particularly the recapitalisation exercise being implemented by the National Insurance Commission (NAICOM).
In a statement signed by its President, Comrade Akinteye Babatunde Afeez GCNS, NANS said the reforms were important to strengthening the insurance sector, improving consumer protection and supporting Nigeria’s broader economic development.
The association commended President Bola Ahmed Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025 on July 31, 2025, describing the legislation as a significant intervention in the financial services sector.
According to NANS, the new law provides a modern regulatory framework for the insurance industry and creates opportunities for financial inclusion, entrepreneurship, employment and career development for Nigerian youths.
The association also expressed support for the recapitalisation exercise, saying stronger capital bases would improve insurers’ capacity to meet market demands, settle legitimate claims and support large-scale economic activities.
NANS commended NAICOM, under the leadership of the Commissioner for Insurance, Olusegun Ayo Omosehin, and its Governing Board chaired by Hajia Halima Kyari, for implementing reforms aimed at strengthening regulation, improving consumer protection and restoring confidence in the insurance industry.
The student body also acknowledged NAICOM’s support for tertiary education through the Insurance Education Fund and related interventions, noting that such initiatives had contributed to infrastructure and academic facilities in universities, polytechnics and colleges of education.
NANS condemned what it described as attempts by certain individuals and groups to undermine the insurance sector reforms and discredit NAICOM.
The association said it was particularly concerned about calls for the removal of the NAICOM leadership, arguing that such actions could undermine ongoing reforms.
It urged Nigerians to reject what it described as misinformation, sensational allegations and campaigns against institutions implementing sector reforms.
NANS further commended NAICOM’s emphasis on prompt claims settlement and its zero-tolerance approach towards the non-payment of genuine claims.
The association also applauded the establishment of the Insurance Policyholders Protection Fund (IPPF) under NIIRA 2025, describing it as an important measure for protecting policyholders, including youths and vulnerable consumers.
NANS pledged to mobilise students for insurance awareness and financial literacy initiatives, promote insurance as a career pathway, encourage participation in youth-focused insurance programmes and support reforms that strengthen consumer protection, transparency and accountability.
The association called on the Federal Government, National Assembly, industry stakeholders, media and Nigerians to support the insurance reform agenda.
