The National Insurance Commission (NAICOM) has chosen 2026 Management Retreat holding at Uyo (February 12), to redefine itself as the big masquerade that roars and commands attention. Its roar will pitch as it mounts the observatory renewing commitment to deep regulatory reforms and strengthened sectoral oversight. This new phase of regulation is anchored on integrity, professionalism, and a united leadership culture.
The theme, “Insurance Regulation: Reset, Reimagine, Refocus.” the Commissioner of Insurance, Mr. Olusegun Omosehin cleared in the welcome address, is to reset outdated practices, reimagine the industry’s full potential, and refocus regulatory strategies to deliver greater national impact. He reminded the high calibre NAICOM management of the Commission’s critical role in advancing President Bola Ahmed Tinubu’s $1 trillion economic agenda, stressing that Nigeria requires a robust, well capitalized, and shock resistant insurance sector capable of supporting economic stability, investor confidence, and sustainable national development.
The stage is now set for bold steps to be taken in line with the powers granted to the Commission by NIIRA and also extant powers, to bring the industry to its full potential and the Commission like Greek Trojan has knit the legislative power to achieve the goals of the current insurance law and the retreat is the wake up call to its management and the entire industry that the die is cast.
The CFI reiterated that NAICOM’s supervised ongoing recapitalization exercise of the of the insurance and reinsurance companies 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.
With the this sheet of responsibility spread before the attendees, emboldened CFI gave this 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 riskbased supervision and data analytics
- Market development and technologydriven innovation
- Stronger institutional culture and accountability
- Reinforced policyholder protection
Underlining the strength of unity 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 longterm economic ambitions.
Featured picture: From left: Mr. Ekerete Ola Gam-Ikon – Deputy Commissioner for Insurance Finance and Admin, Dr. Chizor Malize – MD/CEO FITC, Mr. Olusegun Ayo Omosehin – Commissioner for Insurance and Dr. Usman Jankara – Deputy Commissioner for Insurance, Technical
