The Coalition for Good Governance in Nigeria (CGGN) has formally withdrawn its demand for the removal of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, conceding that the allegations underlying its earlier call were inaccurate and unsupported by verifiable evidence.
In a statement dated September 29, 2026, signed by Salisu Mohammed, the group said an internal review and fresh engagement with relevant documents revealed that its earlier assertions were "inaccurate, incomplete, and not supported by verifiable evidence." The Coalition also retracted specific claims, including allegations that NAICOM made unlawful demands on insurers, forced companies to transfer capital into Central Bank of Nigeria (CBN) escrow accounts, and collected fees for consultants who were never engaged.
Internal Review Leads to Full Withdrawal
The CGGN said its decision followed a rigorous internal review process. "Upon rigorous internal review, further engagement with relevant documents, and careful consideration of additional facts that have since come to light, the Coalition has determined that the assertions contained in that earlier statement were inaccurate, incomplete, and not supported by verifiable evidence," the group stated. "We therefore withdraw the statement in its entirety."
The group also retracted its earlier description of Omosehin's continued tenure as a "clear and present danger" to Nigeria's insurance sector. It acknowledged that its characterisation of NAICOM's regulatory actions during the ongoing recapitalisation exercise as unlawful was erroneous, attributing the error to a misunderstanding of the applicable legal and regulatory framework.
Apology to Stakeholders and Reaffirmation of Accountability
The Coalition offered an unreserved apology to Omosehin, NAICOM's management and staff, insurance operators, policyholders, and the wider public for any reputational harm or anxiety its earlier statement may have caused. It also formally withdrew any suggestion that the Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against Omosehin based on its earlier petition.
Despite the full retraction, the CGGN reaffirmed its commitment to accountability, stating that "good governance requires not only the courage to speak when concerns arise, but also the integrity to correct the record when those concerns are shown to be misplaced." The group urged stakeholders to allow the Economic and Financial Crimes Commission, the Federal Ministry of Finance, and NAICOM to carry out their statutory responsibilities without interference from what it described as unsubstantiated public campaigns.
