At the kick off of its 2026 Management Retreat in Uyo, Akwa Ibom State, the National Insurance Commission (NAICOM) has unveilied an ambitious reform agenda anchored on stronger regulatory oversight, institutional renewal, and a transparent recapitalisation programme aimed at repositioning Nigeria’s insurance industry for sustainable growth.
The retreat, themed “Insurance Regulation: Reset, Reimagine, Refocus”, marks what the Commissioner for Insurance (CFI), Mr. Olusegun Omosehin, described as a defining moment in the Commission’s 29-year history.
Delivering the welcome address on Thursday, Omosehin declared that the retreat signals the beginning of a transformative phase for the Commission, built on integrity, professionalism and a united leadership culture.
According to him, the theme represents a deliberate call to action — to reset outdated regulatory practices, reimagine the immense potential of the insurance industry, and refocus strategies toward delivering measurable national impact.
“This retreat is not just a routine management gathering. It is a moment of institutional introspection and strategic realignment.
“We must reset what is no longer effective, reimagine the possibilities before us, and refocus our regulatory direction to serve the nation better”, he stated.
Omosehin emphasised that NAICOM is determined to evolve into a more responsive, credible and forward-looking regulator capable of driving sector-wide reforms and strengthening public confidence in insurance.
Linking the Commission’s reform agenda to national economic priorities, the CFI underscored the strategic role of insurance in advancing the $1 trillion economic vision of Bola Ahmed Tinubu.
He noted that achieving such an ambitious economic target requires a resilient, well-capitalised and shock-resistant insurance industry capable of supporting economic stability, attracting investment and safeguarding national assets.
“Nigeria cannot achieve sustainable economic growth without a strong insurance sector. We must build an industry that is financially sound, professionally regulated, and capable of absorbing shocks while protecting policyholders and investors”, he said.
A major highlight of his address was NAICOM’s renewed commitment to a transparent and credible recapitalisation process, which he described as one of the most consequential regulatory interventions in decades.
Omosehin clarified that the recapitalisation initiative goes beyond mere capital injection. Rather, it is strategically designed to strengthen insurers’ financial health, enhance consumer protection, deepen insurance penetration, build a shock-resistant industry, reinforce insurance as a pillar of national development, and restore public trust.
“This exercise will be judged not only by its outcome but by its credibility and transparency. There will be no room for ambiguity, favouritism, compromise or shortcuts. We owe the industry and the nation a professional and transparent process”, he warned.
Addressing members of management, the CFI charged them to anchor their conduct on integrity, professionalism and transparency, stressing that NAICOM’s effectiveness depends on internal cohesion and shared purpose.
“No department can succeed in isolation. Our strength lies in teamwork, regulatory discipline, and open communication. We must work as one institution with one vision”, he said.
In a symbolic demonstration of commitment, management staff collectively pledged to uphold integrity, fairness, accountability and global best practices, vowing to execute the recapitalisation programme in a manner that safeguards the long-term stability of the Nigerian insurance industry.
Omosehin also outlined critical priority areas for repositioning the sector, including strengthened regulatory oversight, precise implementation of the recapitalisation roadmap, deeper stakeholder engagement, enhanced internal capacity particularly in risk-based supervision and data analytics accelerated market development, technology-driven innovation, stronger institutional culture, and reinforced policyholder protection.
Concluding his remarks, he invoked an African proverb to emphasise unity and collective responsibility: “When spider webs unite, they can tie up a lion”.
He reaffirmed NAICOM’s resolve to build an insurance industry that is resilient, trustworthy, globally benchmarked and fully aligned with Nigeria’s long-term economic aspirations.