The ongoing recapitalisation of Nigeria’s insurance industry received a major boost on Tuesday, as the National Insurance Commission and the Securities and Exchange Commission pledged closer collaboration to strengthen reforms in the financial services sector.
In a statement on Tuesday, NAICOM revealed that the Commissioner for Insurance, Olusegun Omosehin, led a delegation on a courtesy visit to the Director-General of SEC, Emomotimi Agama, at the Commission’s headquarters in Abuja.
This visit aligns with a recent circular to insurance sector players, where NAICOM disclosed its preparedness to engage with relevant regulators such as the SEC, Corporate Affairs Commission, Nigeria Revenue Service, etc., and stakeholders to secure, where possible, appropriate incentives and concessions that may ease compliance and reduce the cost of the recapitalisation exercise.
During the visit, Mr Agama congratulated NAICOM on the recent signing of the Nigeria Insurance Industry Reform Act 2025 law by President Bola Tinubu, saying “that the legislation marks a new dawn for the insurance industry” and expressing optimism that it would drive meaningful reforms in the financial services sector.
The CFI in his response said that the visit was aimed at strengthening collaboration between the two agencies.
