NAICOM, SEC pledge partnership to drive insurance sector reforms
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin paid a courtesy visit to the Director-General of the Securities and Exchange Commission (SEC), Mr. Emomotimi Agama at SEC headquarters in Abuja on Tuesday, August 19, 2025.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, Mr. Agama described the visit as timely and significant when he was received by the DG SEC.
Agama congratulated NAICOM on the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu.
He explained that the legislation marks a new dawn for the insurance industry and expressed optimism that it would drive meaningful reforms in the financial services sector.
Responding, Omosehin expressed appreciation for the warm reception and described the visit as an important step towards strengthening collaboration between both agencies.
He highlighted that the ongoing recapitalisation of the insurance industry was aimed at transforming the sector and strengthening the institutions, which he described as a legislative mandate rather than an option.
According to him, the exercise was focused on repositioning the sector for growth and ensuring better service delivery.
Agama assured the Commissioner for Insurance and his delegation of the SEC’s unwavering support, as well as provide the necessary expertise and guidance to deepen the insurance industry’s growth.
He also urged NAICOM to regard the SEC as a strategic partner, pledging that the Commission would always be willing to provide assistance during the recapitalisation process and beyond.
He disclosed that SEC’s operations are now fully digitalized, hence he encouraged insurance operators to embrace digitalisation to enhance efficiency and accelerate transformation within the sector.
In his vote of thanks, Dr. Usman Jankara, NAICOM’s Deputy Commissioner for Insurance (Technical), applauded the SEC leadership for its commitment to supporting the insurance sector.
Jankara also solicited the Commission’s continued advice and guidance in the joint effort to strengthen Nigeria’s financial ecosystem.