GGA Demands NAICOM Chief’s Removal, Cites Alleged Regulatory Breaches

The Good Governance Assembly (GGA) has urged President Bola Ahmed Tinubu to remove NAICOM Chief Olusegun Ayo Omosehin pending a full and independent investigation into alleged regulatory breaches. The GGA's concerns stem from disputes over recapitalisation fees, escrow directives and the collection of verification consultant fees within the insurance industry.

The group cites petitions from NICON Insurance Limited and Nigeria Reinsurance Corporation to the EFCC, the Federal Ministry of Finance and the Presidency. These complaints include allegations of a 1% capital injection fee, a requirement to transfer recapitalisation funds into Central Bank of Nigeria (CBN) escrow accounts, and the collection of approximately N180 million for verification consultants.

NAICOM has suspended enforcement of the disputed fees and requirements pending the resolution of these petitions. The GGA fears that Omosehin's continued role could create a conflict of interest during the investigation. The recapitalisation exercise, which aimed to strengthen the insurance sector and restore investor confidence, saw 48 insurance companies and two reinsurance companies meet the new capital requirements and be relicensed.

However, the GGA emphasizes that the successful outcome should not overshadow unresolved issues related to the implementation process. While NAICOM maintains that it conducted the exercise in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and its guidelines, the GGA insists that an independent examination is necessary due to the conflicting positions and alleged wrongdoing.