By Hosanna Eseose
The Coalition for Good Governance in Nigeria (CGGN) has withdrawn its earlier allegations against the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, admitting that the claims were inaccurate and unsupported by verifiable evidence.
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In a statement dated September 29, 2026 and signed by Salisu Mohammed, the coalition said it had conducted an internal review and examined additional documents and facts relating to the issues raised in its earlier statement.
The group consequently retracted in its entirety its previous call for Omosehin’s resignation or suspension.
“Upon rigorous internal review, further engagement with relevant documents, and careful consideration of additional facts that have since come to light, the Coalition has determined that the assertions contained in that earlier statement were inaccurate, incomplete, and not supported by verifiable evidence,” CGGN said.
“We therefore withdraw the statement in its entirety.”
The coalition specifically withdrew its earlier description of NAICOM’s regulatory actions in the ongoing insurance industry recapitalisation exercise as unlawful.
It also retracted claims concerning alleged unlawful demands, forced transfers of capital into Central Bank of Nigeria (CBN) escrow accounts and the collection of funds for consultants who were allegedly not engaged.
CGGN further abandoned its earlier assertion that Omosehin’s continued stay in office constituted a “clear and present danger” to the insurance sector.
“The characterisation of NAICOM’s regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation was erroneous,” the statement said.
“Claims relating to alleged ‘unlawful demands,’ forced transfers into escrow accounts contrary to statute, and the collection of funds for consultants who were ‘never engaged’ have been found to be based on incomplete information and misapprehension of the applicable legal and regulatory framework.”
The coalition expressed regret over the possible distress, reputational damage and public anxiety caused by its earlier publication to Omosehin, NAICOM management and staff, insurance operators, policyholders and members of the public.
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It also issued an unreserved apology for publishing claims which, following further scrutiny, it said had proved to be incorrect.
“The Coalition regrets any distress, reputational harm, or unnecessary public anxiety that the earlier statement may have caused Mr. Omosehin, the management and staff of NAICOM, operators in the insurance industry, policyholders, and the general public,” it stated.
“We unreservedly apologise for the publication of claims that subsequent scrutiny has shown to be incorrect.”
CGGN said the development reinforced the importance of accountability and accuracy in civic advocacy, stressing that organisations raising public concerns must also be willing to correct the record when their claims are found to be misplaced.
The coalition consequently withdrew all its previous demands for Omosehin’s immediate resignation or suspension.
It also withdrew its earlier suggestion that the Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against the NAICOM chief based on the earlier petition.
“We therefore retract, without reservation, every demand for the immediate resignation or suspension of the Commissioner for Insurance,” CGGN said.
“We further withdraw any suggestion that the Honourable Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him on the basis of the earlier petition narrative.”
The group, however, said the retraction did not diminish its interest in ensuring that the ongoing recapitalisation exercise was conducted in an orderly and lawful manner.
CGGN reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while recognising the importance of an independent and professional insurance regulator.
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It also urged stakeholders to allow the Economic and Financial Crimes Commission (EFCC), the Federal Ministry of Finance and NAICOM to discharge their statutory responsibilities without being distracted by what it described as unsubstantiated public campaigns.
The coalition said its retraction was issued in the public interest and in keeping with the principles of fairness and accuracy that should guide civic advocacy.