By Mary Emeka
The Economic and Financial Crimes Commission (EFCC) has reportedly expanded its inquiry into allegations arising from Nigeria’s recently concluded insurance industry recapitalisation exercise, with other operators now being invited to provide information to the anti-graft agency.
Read also: ADC threatens self-help amid continued violence against members
The development comes amid an escalating dispute between some industry operators and the National Insurance Commission (NAICOM) over aspects of the recapitalisation process.
A letter dated September 3, 2026, addressed to the Managing Director of Linkage Assurance Plc, Mr Daniel Braie, reportedly invited him to appear before the EFCC’s Capital Market and Insurance Fraud Section on September 24 for an interview concerning the capitalisation exercise.
The invitation is titled, “Investigation Activities Letter of Invitation – Re: Capitalisation Exercise in the Insurance Sector.”
The reported invitation comes against the backdrop of petitions by NICON Insurance and Nigeria Reinsurance Corporation to the EFCC over aspects of the recapitalisation exercise. The companies have raised questions over an alleged one per cent capital injection charge, requirements concerning the placement of capital funds in escrow and payments relating to verification exercises.
NAICOM has rejected allegations of fraud and other wrongdoing in the exercise, describing some reports as false and misleading. The commission said the recapitalisation was implemented under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and relevant regulatory guidelines.
The regulator also disclosed that the EFCC had requested information and explanations concerning allegations circulated about the exercise and that NAICOM had provided the requested clarifications.
Meanwhile, some industry stakeholders and civil society groups have called for Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, to step aside while the issues surrounding the recapitalisation process are examined.
A senior industry executive, who spoke on condition of anonymity, said the reported invitation of another operator suggested that the investigation was attracting wider industry attention.
Read also: Nigeria, Cyprus Seek Stronger Economic Ties as Ambassador Ufochukwu Assumes Duty
“When the anti-graft agency starts calling in Managing Directors across the sector for clarification on the same capitalisation exercise, it means the issues require broader scrutiny,” the executive said.
Another industry stakeholder argued that the allegations being raised against the regulatory process warranted an independent examination.
“The allegations concerning the one per cent capital injection charge, escrow requirements and consultant payments are serious issues that should be properly examined by the appropriate authorities,” the stakeholder said.
Civil society organisations have also joined calls for greater accountability.
Salisu Mohammed of the Coalition for Good Governance in Nigeria called for Omosehin to be temporarily removed from office, arguing that such a step would help address concerns about the independence of the regulatory process.
“This is about accountability and public confidence,” Mohammed said. “The appropriate authorities should ensure that the investigation proceeds independently and transparently.”
The calls come as the insurance industry emerges from a 12-month recapitalisation exercise conducted under NIIRA 2025. NAICOM announced in August that 43 insurance and reinsurance companies had met the prescribed minimum capital requirements, while additional companies were undergoing final verification at the time.
More recently, NAICOM said the exercise had generated N1.079 trillion in additional capital for the sector, with the funds held in escrow accounts and expected to be released to the respective companies by September 30, 2026.
Read also: Senate Committee Seeks Legal Safeguards Against Bypassing Senior Fire Service Officers
With the reported September 24 EFCC interview date approaching, attention is now focused on the outcome of the agency’s inquiries and whether further operators or officials will be invited to provide information.
The controversy has also renewed calls from some stakeholders for greater transparency in the implementation of the recapitalisation programme and for all allegations to be subjected to independent verification by the relevant authorities.