By Matthew Okon
The Good Governance Assembly (GGA) has called on President Bola Ahmed Tinubu to remove the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, over allegations surrounding the recently concluded insurance sector recapitalisation exercise.
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In a statement signed by its Executive Director, Peter Bawa, the group said the allegations, which it described as involving regulatory misconduct and abuse of office, warranted an independent investigation into the administration of the recapitalisation programme.
The GGA said it was relying on petitions submitted by NICON Insurance Limited and Nigeria Reinsurance Corporation to the Economic and Financial Crimes Commission (EFCC), the Federal Ministry of Finance and the Presidency.
According to the group, the allegations include the purported demand for a one per cent fee on fresh capital raised by insurance companies, requirements concerning the transfer of recapitalisation funds into Central Bank of Nigeria escrow accounts, and an alleged ₦180 million payment said to have been connected with verification consultants.
The allegations have previously been reported in connection with petitions by NICON and Nigeria Re. The EFCC was reported in August to have invited Omosehin to respond to questions concerning the disputed fees. �
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The GGA said the controversy required greater transparency because the disputed charges could involve substantial sums across the insurance industry.
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“The allegations against Mr. Ayo Omosehin are not administrative technicalities,” Bawa said, according to the statement.
The organisation also alleged that the disputed directives lacked sufficient legal backing and questioned the destination and utilisation of funds allegedly collected during the recapitalisation process.
NAICOM, however, has rejected allegations of fraud connected to the exercise. In a September 10 statement, the commission described reports alleging a ₦100 billion fraudulent recapitalisation scheme and the detention of its officials as false and misleading. �
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The commission has also maintained that the recapitalisation exercise was conducted under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. NAICOM said the exercise resulted in 48 insurance companies and two reinsurance companies meeting the new capital requirements, while the sector raised ₦1.079 trillion in additional capital. �
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The GGA, nevertheless, urged the Presidency to ensure that the allegations are investigated independently, arguing that the continued presence of an official at the centre of the controversy could affect public confidence in the regulatory process.
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“We therefore call on President Tinubu to remove Mr. Omosehin without further delay so that a full, independent and transparent investigation can proceed free from any perception of interference,” Bawa said.
The group said it would continue to monitor developments and engage relevant government institutions until the allegations are investigated.