NAICOM Tasks New CIIN President On Ethics, Compliance As Recapitalisation Deadline Looms
By Sunday Etuka
The National Insurance Commission (NAICOM) has charged the newly inaugurated President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Akinjide Orimolade, to deepen professionalism and ethics within the industry as the sector’s recapitalisation deadline draws near.
The Commissioner for Insurance, Mr. Ayo Omosehin gave the charge at Orimolade’s investiture as the 53rd President and Chairman of Council of CIIN, describing the transition as “a call to stewardship at a defining moment for the Nigerian insurance industry.”
The NAICOM boss commended the outgoing President, Mrs. Yetunde Olubunmi Ilori, for her leadership, congratulated Orimolade on his emergence, expressing confidence that CIIN would remain “a stabilising force in the transformation of the market” under his watch.
Speaking on industry reforms, the Commissioner noted that only 14 days remain to the July 31, 2026 deadline for insurance operators to meet the new Minimum Capital Requirement under the ongoing recapitalisation exercise, which is backed by the Nigerian Insurance Industry Reform Act, 2025.
While commending operators making progress, the Commissioner stressed that “the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves.”
He outlined three priorities for Orimolade’s tenure: deepening professionalism and ethics among practitioners, building a talent pipeline through mentorship and engagement with young professionals, and championing innovation to expand insurance access while strengthening public trust.
NAICOM pledged to continue working with CIIN on Compliance education, professional development, and market conduct standards, describing the partnership as central to building “the insurance industry Nigeria needs and deserves.”
