Recapitalisation: Former Insurance Commissioner Advises FG to Shun Favouritism, Give Fair Play a Chance
Ebere Nwoji A former Commissioner for Insurance and Chief Executive officer of insurance sector regulator, National Insurance Commission (NAICOM), Alhaji Mohammed Kari, has called on the federal government to allow
Former Insurance Commissioner Ebere Nwoji has urged the federal government to promote a level playing field in the insurance sector recapitalisation exercise, warning against the granting of special favours or intervening on behalf of failing operators. Kari, a former CEO of NICON Insurance Corporation and Nigeria Reinsurance Corporation, wrote an open letter to the Minister of Finance, emphasising that NAICOM, the insurance sector regulator, must apply the law equally to all companies, regardless of their ownership or status.
He stressed that allowing a few operators to operate under different rules would undermine the principles of fair competition and discourage investment in the sector. Kari pointed out that over 90 percent of insurance companies have complied with the statutory requirements, depositing necessary reserves and paying fees, and that only two companies, NICON and Nigeria Reinsurance Corporation, have sought special dispensation.
He compared the situation with other regulated sectors, such as the Central Bank of Nigeria (CBN) and Pension Commission (PENCOM), and questioned why they had not sought political interventions to weaken the regulator's hand.
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