The National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) have pledged closer collaboration to accelerate reforms in Nigeria’s insurance sector.
This followed a courtesy visit by the Commissioner for Insurance, Olusegun Ayo Omosehin, to SEC’s Director-General, Emomotimi Agama, at the Commission’s headquarters in Abuja on Tuesday.
Welcoming the NAICOM boss, Agama hailed the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu, describing it as a milestone that heralds a new era for the industry. He expressed confidence that the legislation would reposition insurance as a stronger pillar of Nigeria’s financial services sector.
Omosehin, in his remarks, stressed that the ongoing recapitalization of the insurance industry is no longer optional but a legislative mandate designed to strengthen institutions, drive growth, and improve service delivery. He emphasized that cooperation with SEC would be critical to ensuring the success of the reform process.
Agama pledged SEC’s unwavering support, noting that the Commission would provide technical expertise and guidance during the recapitalization exercise. He urged insurance operators to embrace digitalization, pointing out that SEC’s operations are now fully digitalized, a model the insurance sector could adopt to boost efficiency.
Delivering a vote of thanks, NAICOM’s Deputy Commissioner for Insurance (Technical), Usman Jankara, commended SEC’s leadership and called for sustained collaboration in building a stronger financial ecosystem.
