Joy Agwunobi
The National Insurance Commission (NAICOM) has reiterated its commitment to expanding insurance awareness across Nigeria, with a pledge to take the “gospel of insurance” to every part of the country.
Olusegun Ayo Omosehin, the commissioner for insurance and chief executive officer of NAICOM, made the declaration during a working visit to the Chartered Insurance Institute of Nigeria (CIIN) Secretariat in Lagos, where he joined the Institute’s third quarter council meeting.
According to a statement from CIIN, Omosehin used the occasion to express his appreciation to the Institute for its continuous support since his appointment as the nation’s chief insurance regulator. He also commended the recently concluded Insurance Week organised by CIIN, describing it as a milestone event with growing impact on the sector.
“The Insurance Week is a laudable initiative, and we will continue to support future editions. We have already begun to see the results of the programme, and we look forward to greater outcomes in subsequent years,” Omosehin said.
Omosehin further stressed that NAICOM is fully committed to enforcing the provisions of the NIIRA 2025 and other regulatory measures. He revealed that the Commission has launched a Recapitalisation Committee as part of broader efforts to strengthen the financial capacity and credibility of insurance operators.
He also issued a stern warning against fraudulent practices, particularly the circulation of fake insurance certificates, which he described as damaging to the integrity of the sector.
“Ongoing investigations have revealed that some perpetrators are issuing fake insurance policies to unsuspecting Nigerians, thereby undermining the essence of insurance. I must stress that the Commission will not hesitate to prosecute anyone caught in this act,” Omosehin warned.
In her remarks, Yetunde Ilori, president and chairman of council at CIIN, lauded the Commissioner for his leadership and reforms that are helping reposition the industry.
She particularly highlighted the passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark achievement.
“The NIIRA 2025 will remain a defining moment in the history of our industry, and it will always be remembered as one of the key milestones signed into law under your administration,” Ilori stated.
She further assured that the Institute would continue to uphold professionalism and support the implementation of reforms that strengthen the industry.
