NAICOM faces calls for leadership resignation over EFCC petition

The National Insurance Commission (NAICOM) is facing intense scrutiny following allegations of financial misconduct and procedural breaches during a recent insurance industry recapitalisation exercise. The Coalition for Good Governance in Nigeria (CGGN) has called for the immediate resignation of NAICOM Commissioner and CEO, Olusegun Ayo Omosehin, citing a deepening regulatory crisis.

NICON Insurance Limited and Nigeria Reinsurance Corporation have filed petitions with the Economic and Financial Crimes Commission (EFCC), the Federal Ministry of Finance, and the Presidency. The companies allege that NAICOM engaged in several unlawful practices, including demanding a one percent capital injection fee and forcing the transfer of entire capital funds into escrow accounts, which they claim contradicts the Nigerian Insurance Industry Reform Act 2025.

Specific allegations include the collection of approximately ₦180 million for consultants who were reportedly never engaged, with the companies claiming NAICOM staff performed the verification exercises instead. Furthermore, the firms allege that collected funds were not remitted to the Treasury Single Account (TSA) as required, but were instead paid into NAICOM’s own accounts. The disputed fees across the industry are estimated to potentially reach tens of billions of naira.