The National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) have agreed to collaborate to ensure a seamless recapitalisation process for Nigeria’s insurance industry.
Speaking during a courtesy visit to the SEC Director-General in Abuja on Tuesday, the Commissioner for Insurance, Mr. Olusegun Omosehin, said the ongoing recapitalisation exercise was designed to transform and strengthen institutions within the sector.
Omosehin described the visit as a step toward deepening collaboration between the two regulators. He explained that recapitalisation would reposition the insurance industry for growth and enhance service delivery.
In his remarks, SEC Director-General, Dr. Emomotimi Agama, pledged the Commission’s full support, stressing that SEC would provide technical expertise and guidance to facilitate industry reforms.
“The Commission’s operations are now fully digitised. I encourage insurance operators to embrace digitisation as a means of improving efficiency and accelerating transformation in the sector. SEC should be seen as a strategic partner, and we are willing to provide assistance during the recapitalisation process and beyond,” Agama said.
He further noted that the signing of the Nigerian Insurance Industry Reform Act (NIIRA, 2025) by President Bola Tinubu signaled a new dawn for the sector, expressing optimism that the law would drive meaningful reforms across the broader financial services landscape.
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