The National Insurance Commission (NAICOM) and the Securities Exchange Commission (SEC) Nigeria have initiated moves for the purposes of ensuring that ongoing reforms in the insurance sector are efficiently implemented to improve the sector’s contributions to the nation’s Gross Domestic Product (GDP) on a sustainable basis in the years ahead.
As part of the collaborative strategy, the National Commissioner for Insurance, Mr. Olusegun Ayo Omosehin paid a courtesy visit on Tuesday to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, at SEC headquarters in Abuja
While welcoming the NAICOM’s boss, Agama congratulated him on the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, and described the visit as timely and significant.
He noted that the legislation marked a new dawn for the insurance industry and expressed optimism that it would drive meaningful reforms in the financial services sector.
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In his remarks, the Insurance sector regulator thanked the Agama-led SEC management for the warm reception and described the visit as an important step towards strengthening collaboration between both agencies.
Omosehin clarified that the ongoing recapitalisation of the insurance industry was aimed at transforming the sector and strengthening the institutions, and that the initiative had been backed by law, thereby becoming the mandate of the commission rather than an option.
According to him, the recapitalization exercise primarily focuses on repositioning the sector for growth and ensuring better service delivery.
In his response, the SEC Director-General assured the Commissioner for Insurance and the NAICOM’s management of the SEC’s readiness to support through provision of investment expertise and guidance to deepen the insurance industry’s growth.
Agama explained that SEC’s operations had now been fully digitalized and encouraged insurance operators to embrace digitalisation to enhance efficiency and accelerated transformation of the sector with a view to positioning it for global market competitiveness.
Giving his vote of thanks to the SEC’s management for the warm reception accorded the NAICOM’s team, the commission’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, commended the SEC leadership for its commitment to supporting the insurance sector.
Also, he solicited the SEC’s continued advice in the two commissions’ joint efforts to strengthen the nation’s financial ecosystem.
