NAICOM insists insurance recapitalisation was transparent

Swat Bako, Abuja.

The National Insurance Commission (NAICOM) has defended the integrity of the recently concluded insurance recapitalisation exercise, dismissing allegations of fraud and the purported detention of its Commissioner for Insurance and a Director by the Economic and Financial Crimes Commission (EFCC).

The Commission, in a statement issued on Wednesday, described the report alleging a ₦100 billion fraudulent recapitalisation as a malicious attempt to discredit its regulatory activities and mislead the public.

NAICOM said the recapitalisation was carried out in full compliance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the guidelines issued by the Commission to strengthen the financial soundness and resilience of insurance companies.

According to the Commission, the court order being cited by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation does not stop NAICOM from performing its statutory responsibilities as the industry regulator.

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It also clarified that the EFCC merely sought information on allegations previously circulated in the media, adding that it responded promptly with all relevant documents and explanations.

“At no time did the Commission receive any finding of wrongdoing, nor were any of its officials detained or indicted,” NAICOM stated, stressing that cooperation with law enforcement agencies is a routine administrative process.

The Commission urged stakeholders, investors and members of the public to disregard the publication and rely only on official information from NAICOM and other competent authorities on matters affecting the insurance industry.