The Good Governance Assembly (GGA) has urged President Bola Ahmed Tinubu to immediately remove Mr. Olusegun Ayo Omosehin as Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM).
The civil society organisation cited grave allegations of regulatory fraud and abuse of office tied to the just-concluded insurance industry recapitalisation exercise.
In a statement signed by its Executive Director, Peter Bawa, the GGA referenced the formal petition already before the Economic and Financial Crimes Commission (EFCC) and the Federal Ministry of Finance.
The group described the allegations as a direct threat to public confidence in Nigeria’s insurance sector and an affront to the principles of accountability under the current administration.
“The allegations against Mr. Ayo Omosehin are not administrative technicalities. They centre on the alleged unlawful demand for a one per cent capital injection fee on shareholders’ funds, the forced transfer of entire recapitalisation capital into Central Bank of Nigeria escrow accounts in clear violation of Section 16(3) of the Nigerian Insurance Industry Reform Act 2025, and the collection of approximately ₦180 million purportedly for consultants who were never engaged,” Bawa stated.
“These are serious questions of financial accountability involving tens of billions of naira across the industry. An official facing such weighty accusations cannot continue to head the apex regulatory body while the investigation remains pending.”
The GGA noted that NICON Insurance Limited and Nigeria Reinsurance Corporation had formally petitioned the EFCC, the Ministry of Finance and the Presidency, alleging that NAICOM’s directives during the recapitalisation lacked legal backing and raised questions about the destination of the collected funds.
The Ministry of Finance has already directed NAICOM to suspend enforcement of the disputed fees and full-capital escrow requirements against the two companies pending determination of the petition.
According to the civil society group, reports indicate that the contested charges industry-wide could run into tens of billions of naira, creating a cloud of uncertainty over an exercise that was meant to strengthen the sector’s capital base and restore public trust.
“Leaving Mr. Omosehin in office under these circumstances risks further erosion of confidence among operators, policyholders and investors.
“The insurance industry has just raised over ₦1.079 trillion in fresh capital. That achievement must not be overshadowed by unresolved questions of regulatory overreach and possible financial impropriety,” Bawa said.
“We therefore call on President Tinubu to remove the NAICOM boss without further delay so that a full, independent and transparent investigation can proceed free from any perception of interference.”
The organisation emphasised that the controversy has already drawn the attention of the anti-graft agency, which sought clarifications from NAICOM.
While the Commission has denied any finding of wrongdoing and dismissed media reports of detention as false, the GGA insisted that the mere existence of a formal EFCC petition on matters involving shareholders’ funds demands a higher standard of leadership accountability.
GGA further warned that continued occupancy of the office by an individual at the centre of such allegations could undermine the implementation of the Nigerian Insurance Industry Reform Act 2025 and reverse recent gains in market discipline and capital adequacy.
“Regulatory integrity is non-negotiable. The Commissioner for Insurance must be above suspicion, especially at a time when the sector is seeking to deepen penetration and support national economic development,” Bawa declared.
“President Tinubu’s administration has repeatedly affirmed its commitment to good governance and the fight against corruption.
“Removing Mr. Omosehin over these documented allegations of regulatory fraud would send a clear and necessary signal that no public official is immune from scrutiny.”
The Good Governance Assembly said it would continue to monitor the matter and engage relevant institutions until the allegations are thoroughly investigated and the integrity of NAICOM is fully restored.
