NAICOM leadership rejig brings fresh eyes to industry regulation
Halima Kyari, newly appointed chairperson, NAICOM
Olusegun Omosehin, new commissioner for insurance/CEO, NAICOM
Olawoye Gam-Ikon as deputy commissioner, technical operations
Cynthia Ezekwe
A leadership rejig at the National Insurance Commission (NAICOM) that has affected its board and executive management appears to have been aimed at bringing fresh and futuristic eyes to the insurance industry regulator.
In a decisive move to bolster Nigeria’s insurance sector, President Bola Tinubu put his presidential pen to the appointment of the chairperson, commissioners, and members of the board of NAICOM, a regulatory agency dedicated to safeguarding and fostering the growth of the insurance industry in Nigeria.
In particular, notice is taken of the appointment of the insurance advocate and campaigner Olawoye Gam-Ikon, an insurance and management consultant with wide-ranging expertise in the technical details of insurance, and how to connect its benefits to people, especially policyholders.
A statement issued by Ajuri Ngelale, the special adviser to the president on media and publicity, stated that the president appointed Halima Kyari as the chairperson of the board of the National Insurance Commission (NAICOM).
In another development, Olusegun Ayo Omosehin was appointed the commissioner for insurance and chief executive officer of NAICOM.
The statement also named Olawoye Gam-Ikon as deputy commissioner, technical operations, while Usman Ankara Jimada was appointed as the deputy commissioner, finance and administration.
President Tinubu’s appointees also included Miriam Kene Kachikwu, Adeniyi Olusegun Fabikun, and Umar Khalifa Mohammed, who were selected as members of the board to oversee the crucial mission of guiding NAICOM into a new era of excellence in the insurance sector.
Ngelale noted that the president expects the new board of NAICOM to uphold integrity while protecting the interest of policyholders, and the general public, stating that doing so would improve trust, boost confidence, and promote stability in the insurance sector.
Olusegun Ayo Omosehin: Nigeria’s new Commissioner for Insurance
Nigeria’s new commissioner for insurance and chief executive officer of NAICOM, was born on August 13, 1967 in Abe-alala of the Ilaje Local Government Area of Ondo State. He is not new to the insurance business and profession as he has been in insurance practice for over 30 years after becoming a staff of Crusader Insurance Plc in 1993.
Omosehin has put in the hard work since he entered the industry and established himself as one of the top insurance practitioners in the country. This has helped him in his rise in the industry which has seen him at the helm of a few top-notch insurers rapidly.
He studied Political Science at the then Ondo State University and also holds a Masters degree in International Law and Diplomacy from the University of Lagos, which showed his preparation for work in the foreign service, he had planned before insurance came calling. Three years after joining the insurance industry, in 1996 he became a Chartered insurance practitioner after just two sittings, and he is regarded as one of the multi-disciplinary professionals in Nigerian insurance today.
In 2020 Omosehin joined Old Mutual Nigeria Life Assurance Company Limited as managing director and chief executive officer, after having previously worked at Custodian and Allied Insurance Plc where he was for nearly nine years before leaving in 20003 as divisional head, operations, to join Admiral Insurance Company as managing director. At Admiral he executed a transformational agenda that led to a turnaround for the insurer from a loss-making company into a profitable venture.
Omosehin was also at AIICO Insurance Plc, a period described as one of sterling service because, again, he engineered and executed the transformation agenda for the insurance group leading to setting a clear path to profitability for the insurer. After leaving AIICO Insurance in 2009 he joined Mutual Benefits Assurance Plc in 2010 to continue his professional growth with the stint here presented him with the opportunity to showcase his craftsmanship as a technocrat.
With over 10 years at Mutual Benefits Assurance he was exposed to greater challenges and his professional competence played a major role in attracting opportunities to him which pulled him to higher assignments. With his new assignment, especially with the modern and futuristic mindset of the new team — himself; board chairman Halima Kyari, who has a great deal of finance and banking industry experience; deputy commissioner, technical, Olawoye Gam-Ikon, who is down to details on technical operations and innovation; and Usman Ankara Jimada, the new deputy commissioner, finance and administration — many would be looking out for one thing: the INNOVATION the team will bring to the industry that has long been considered lethargic in regulatory supervision.