NAICOM, SEC partner to boost insurance reforms

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) have pledged closer collaboration to strengthen Nigeria’s financial system and drive reforms in the insurance sector.

This commitment was made on Tuesday when the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, paid a courtesy visit to the SEC Director-General, Mr. Emomotimi Agama, at the Commission’s headquarters in Abuja.

Welcoming his guest, Mr. Agama described the engagement as both “timely and significant,” commending NAICOM on the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu.

According to him, the legislation signals “a new dawn for the insurance industry” and is expected to spur far-reaching reforms across the financial services sector.

In his remarks, Mr. Omosehin said the visit underscored the importance of strengthening collaboration between the two regulators

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He noted that the ongoing recapitalisation of the insurance industry was now a legislative requirement rather than an option.

“The exercise is focused on repositioning the sector for growth and ensuring better service delivery,” he said.

The SEC boss pledged full support for the initiative, promising to provide technical expertise and guidance to ensure the success of NAICOM’s reforms.

“The Commission will always be willing to provide assistance during the recapitalization process and beyond,” Mr. Agama assured.

He further disclosed that SEC’s operations have been fully digitalised, urging insurance operators to embrace technology to boost efficiency and accelerate industry transformation.

Delivering a vote of thanks, NAICOM’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, lauded SEC’s commitment and sought continued collaboration in strengthening Nigeria’s financial ecosystem.