The Commissioner for Insurance (CFI), National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has underscored the Commission’s critical role in advancing President Bola Ahmed Tinubu’s $1 trillion economic agenda.
Mr. Omosehin emphasised that the country requires a robust, well capitalized, and shock resistant insurance sector capable of supporting economic stability, investor confidence, and sustainable national development.
The CFI spoke at the 2026 Management Retreat, with the theme “Insurance Regulation: Reset, Reimagine, Refocus,” held in Uyo, the Akwa Ibom State capital.
The retreat, according to a statement on Thursday by NAICOM, was organised by the Commission as part of renewed commitment to deepen regulatory reforms and strengthen sectoral oversight.
While declaring the retreat a defining moment in NAICOM’s 29 year institutional journey, Omosehin, stressed that insurance regulator was entering a new phase of transformation anchored on integrity, professionalism, and a united leadership culture.
According to the CFI, the theme of the retreat represents a call to deliberate action—to reset outdated practices, reimagine the industry’s full potential, and refocus regulatory strategies to deliver greater national impact.
The CFI reiterated that NAICOM’s ongoing recapitalization exercise is one of the most consequential regulatory interventions in recent decades.
He clarified that the initiative transcends capital raising—it is designed to: – Strengthen the financial health of insurers – Enhance consumer protection – Deepen insurance penetration – Build a shock resistant industry – Reinforce insurance as a pillar of national development – Restore and sustain public trust.
He also stressed that the success of the exercise would be judged by its credibility, transparency, and professional execution, noting that there would be no room for ambiguity, favouritism, compromise, or shortcuts.
Addressing the management staff, the CFI delivered a strong charge: “Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard.”
He emphasised that NAICOM’s strength lies in its internal cohesion and that no department can achieve success in isolation. He called for teamwork, discipline, open communication, and a culture free of silos and turf protection.
During the session, management staff took a collective pledge to uphold integrity, fairness, accountability, and global best practices in delivering a recapitalization process that will safeguard the future of the Nigerian insurance industry.
The CFI listed some key priority areas required to reposition the sector, including: Strengthened regulatory oversight; Precise execution of the recapitalization roadmap; Enhanced stakeholder engagement; Improved internal capacity—especially in risk based supervision and data analytics; Market development and technology driven innovation, Stronger institutional culture and accountability, and Reinforced policyholder protection.
Concluding his remarks, Mr. Omosehin invoked the African proverb, “When spider webs unite, they can tie up a lion,” stressing that collective strength and shared purpose are essential for the sector’s transformation.
He reaffirmed NAICOM’s commitment to building an insurance industry that is resilient, trustworthy, globally benchmarked, and fully aligned with Nigeria’s long term economic ambitions.
