NGThe National Insurance Commission (NAICOM) in Nigeria has directed newly licensed insurance companies to use their recapitalization funds responsibly and prioritize the protection of policyholders as they operate under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025). Commissioner for Insurance, Olusegun Ayo Omosehin, emphasized the importance of using capital to support sustainable business growth while maintaining financial strength and fulfilling obligations to customers. He also encouraged new licensees to abandon unethical practices from the past and adopt higher standards of corporate governance, transparency, and accountability. NAICOM stated that these licenses were issued after verifying that the companies met the minimum capital requirements set by NIIRA 2025, as part of broader efforts to enhance financial stability and professionalism in the insurance sector.
Bias read (Center): The article presents regulatory guidance from NAICOM regarding insurance reform and does not exhibit clear ideological framing. It focuses on procedural directives and professional standards without overtly favoring any political stance or ideology.
