The Coalition for Good Governance in Nigeria (CGGN) has withdrawn its earlier allegations against the National Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, admitting that its allegations are inaccurate, ill-founded and lack credibility.
The coalition, in a statement dated September 29 and signed by its representative, Salisu Mohammed, formally retracted its earlier call for Omosehin’s resignation or suspension, following what it described as a rigorous internal review and further examination of relevant documents and facts.
It stated that its previous assertions against the NAICOM boss, particularly those relating to the ongoing insurance sector recapitalisation exercise, were based on incomplete information and a misunderstanding of the applicable legal and regulatory framework concerning the exercise.
Specifically, the CGGN withdrew its characterisation of NAICOM’s regulatory actions during the recapitalisation exercise as unlawful as well as retracted its claims concerning alleged unlawful demands, forced transfers of capital into Central Bank of Nigeria escrow accounts and the alleged collection of funds for consultants who were purportedly never engaged.
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Stating that post-allegation scrutiny carried out by it establishes that the claims could not be sustained by verifiable evidence, the coalition also dropped its earlier assertion that the NICOM boss’ continued presence in office constituted a “clear and present danger” to the insurance sector, as well as its demand for disciplinary action against him by the Minister of Finance and Coordinating Minister of the Economy.
The coalition expressed its regret over the possible distress, reputational damage and public anxiety caused by its earlier statement on the commission’s CEO and its unreserved apology to him, the management and staff of NAICOM, insurance operators, policyholders and the general public.
It stated that the decision to retract the allegations was consistent with the principles of responsible civic advocacy, pointing out that good governance requires not only the courage to raise concerns but also the integrity to correct the record when those concerns are found to be misplaced.
In view of its admission of falsehood in its earlier claims and allegations against Omosehin, the coalition formally withdrew all demands for his immediate resignation or suspension and any suggestion that disciplinary measures should be taken against him based on the earlier petition.
It stated that the retraction of its earlier allegations against the Commissioner for Insurance was issued in the public interest and in keeping with the principles of fairness, accuracy and accountability which, it noted, should guide civic advocacy.
The CGGN reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while acknowledging the importance of an independent and professional insurance regulator in protecting policyholders, attracting investment and safeguarding financial stability.
