The National Insurance Commission (NAICOM) has accused the managements of NICON Insurance Plc and Nigeria Reinsurance Corporation (Nigeria Re) of sponsoring what it described as a false and malicious publication alleging fraud in the recently concluded insurance industry recapitalisation exercise.
The latest allegations and counter-allegations by the commission and the promotoer of the two companies dcame amid an ongoing legal dispute between the two insurance companies and NAICOM over the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which introduced higher minimum capital requirements for insurance and reinsurance companies.
In a statement titled “Rejoinder to a False and Misleading Publication on the Recently Concluded Recapitalization Exercise” signed by the commission’s management, the insurance industry regulator indicated that its attention was drawn to a September 9, 2026 publication titled “100 Billion Fraudulent Insurance Recapitalization: EFCC Detains NAICOM Director and Commissioner, Both on Bail.”
The NAICOM alleged that the report was being sponsored by the promoters of NICON Insurance and Nigeria Re, both of which are currently under liquidation.
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The statement partly reads: “The attention of the National Insurance Commission (NAICOM) has been drawn to a publication… being sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are currently under liquidation.
“The Commission categorically states that the publication is false, misleading, malicious, and a deliberate misrepresentation of facts designed to misinform the public, undermine regulatory processes, and cast aspersions on the integrity of the Commission and its officials.
“The allegations presented in the publication are entirely unsubstantiated, speculative, and misleading. They do not accurately reflect the true circumstances of the matter and appear calculated to create a false narrative capable of eroding public confidence in the Commission and the Nigerian insurance industry”, the commission added.
The industry regulatory commission maintained that the insurance industry recapitalisation exercise was conducted in accordance with the provisions of NIIRA 2025 and guidelines issued by the commission, and represented part of its statutory responsibility to strengthen the financial capacity, solvency and resilience of insurance institutions while protecting policyholders and maintaining stability within the sector.
In addition, the NAICOM also rejected suggestions that a court order referenced by the promoters of NICON and Nigeria Re had prevented it from exercising its statutory responsibilities.
The commission stated that it remained fully empowered and obligated to discharge its functions in accordance with extant legislation and regulatory requirements.
The regulator further disclosed that the Economic and Financial Crimes Commission (EFCC) had requested information and explanations from NAICOM regarding allegations circulated by the same promoters in sections of the media, adding that it has provided the anti-graft agency with all relevant information and clarifications requested.
NAICOM stressed that responding to a request for information from a law enforcement agency was an administrative process and should not be interpreted as evidence of wrongdoing, indictment, detention or culpability, pointing out that at no time did it receive any finding of wrongdoing in relation to the matters on which clarification was sought.
Based on its stated position on the allegations, NAICOM called on the publishers of the report and those responsible for its dissemination to immediately retract and correct the publication, while urging journalists and media organisations to always adhere to the principles of accuracy, fairness, balance and verification, particularly when reporting on regulatory institutions and issues that could affect confidence in critical sectors of the economy.
It maintained: “NAICOM believes that responsible journalism demands accuracy, fairness, balance, and verification of facts before publication, particularly where reports concern public institutions and issues capable of affecting confidence in critical sectors of the economy.”
