The National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) are forging a strategic partnership that will pave the way for SEC to provide assistance during and after the recapitalisation phase.
The current assembled relationship rolled out when the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, paid a courtesy visit to the Director-General of the Securities and Exchange Commission (SEC), Mr. Emomotimi Agama, at the SEC headquarters in Abuja on Tuesday, August 19, 2025.
Mr. Agama described the visit as timely and significant. He congratulated NAICOM on the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu. He said the legislation marks a new dawn for the insurance industry and expressed optimism that it would drive meaningful reforms in the financial services sector.
The SEC helmsman assured the Commissioner for Insurance and his delegation of the SEC’s unwavering support, pledging to provide the necessary expertise and guidance to deepen the insurance industry’s growth. He assured that SEC stands as a strategic partner, always willing to provide assistance during the recapitalization process and beyond. Besides, he said the Commission’s operations are now fully digitalised and encouraged insurance operators to embrace digitalisation to enhance efficiency and accelerate transformation within the sector.
In his response, Mr. Omosehin expressed appreciation for the warm reception and described the visit as an important step towards strengthening collaboration between both agencies. He emphasized that the ongoing recapitalization mandate of the insurance industry was aimed at transforming the sector and strengthening the institutions. He asserted that the exercise was focused on repositioning the sector for growth and ensuring better service delivery.
Delivering a vote of thanks, Dr. Usman Jankara, NAICOM’s Deputy Commissioner for Insurance (Technical), commended the SEC leadership for its commitment to supporting the insurance sector. He also solicited the Commission’s continued advice and guidance in the joint effort to strengthen Nigeria’s financial ecosystem.
