The Good Governance Assembly (GGA) has publicly endorsed Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), praising his leadership and urging industry players to support ongoing regulatory reforms.
Charles Onoja, chairman of the GGA's Board of Leaders, issued the group's position in a statement on Tuesday, September 29, noting that the organisation had reviewed NAICOM's recent activities and found the progress under Omosehin's watch worthy of recognition.
Recapitalisation Exercise Highlights Regulator's Commitment
A central part of the GGA's assessment focused on the conclusion of the insurance industry's recapitalisation exercise. The group highlighted that the reported N1.079 trillion raised during the process, with 48 insurance companies and two reinsurance companies meeting the new capital requirements and being relicensed, reflected a regulator dedicated to raising industry 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," Onoja said.
He added that Omosehin deserved credit for keeping the commission on track despite the competing interests that surfaced during 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," Onoja said.
Reforms Aligned with Tinubu's Renewed Hope Agenda
The GGA also connected Omosehin's approach to President Bola Tinubu's Renewed Hope Agenda, arguing that a well-regulated insurance sector is central to the federal government's broader economic goals.
"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 group urged stakeholders to direct any concerns about regulatory decisions through appropriate channels, warning that disputes should not be allowed to erode confidence in the sector's oversight bodies.
GGA Calls for Continued Transparency and Accountability
Onoja said the GGA would continue to observe developments in the insurance industry while advocating for transparency, accountability and long-term 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 statement added.
In a related development, NAICOM cancelled the operating licence of Universal Insurance Plc and named a receiver/provisional liquidator to manage the winding-up of the company, effective August 14, 2026. The revocation followed Universal Insurance's failure to raise its capital to the level required under its licence category within the period allowed for compliance.
