The Commissioner for Insurance, Olusegun Ayo Omosehin, has been commended for his effective management of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which is seen as a catalyst for positive changes in the insurance sector. This recognition came during a press conference held in Abuja by the Parliamentary Support Network and a civil society organization on October 1, 2026.

The groups expressed their approval of the strides made since President Bola Ahmed Tinubu signed NIIRA 2025 into law, noting that the legislation has transitioned from mere policy to actionable reforms. They highlighted the significant advancements in recapitalisation, enhanced protection for policyholders, and the enforcement of compulsory insurance products as key milestones under the new law.

In a statement delivered by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, the Parliamentary Support Network praised Omosehin’s extensive background, which includes over 30 years of experience in underwriting and risk management. His previous roles as Managing Director of Old Mutual Nigeria Life Assurance Company and Chairman of the Nigerian Insurers Association were noted as valuable assets that equip him to lead the National Insurance Commission (NAICOM) through this transformative period.

The statement also acknowledged the efforts of President Tinubu and the National Assembly in enacting NIIRA 2025, which repealed outdated legislation and introduced modern provisions focusing on capital adequacy, risk-based supervision, corporate governance, and consumer protection. The network emphasized that NIIRA provides a comprehensive legal framework, enabling regulators to effectively address emerging risks in the sector.

Among the early successes highlighted was NAICOM's announcement in August 2026 regarding the completion of a twelve-month recapitalisation exercise, alongside the establishment of the Insurance Policyholders Protection Fund. Additionally, the formation of a joint committee with the Federal Road Safety Corps to enforce compulsory third-party motor insurance was noted as a significant step forward.

However, the group also addressed ongoing disputes in the sector, particularly concerning NICON Insurance Plc and Nigeria Reinsurance Corporation, both currently in liquidation for failing to meet the minimum capital requirements. These companies have filed petitions with the Economic and Financial Crimes Commission (EFCC), alleging irregularities in the recapitalisation process. NAICOM has firmly rejected these allegations, asserting that cooperation with the EFCC does not imply any wrongdoing on its part.

The Parliamentary Support Network underscored the importance of due process in resolving these disputes, stating, "No company should be above regulation. At the same time, no regulator should be above scrutiny." They urged all insurance operators to fully comply with NIIRA 2025 and called for NAICOM to enforce the law consistently and fairly.

As the Nigerian insurance sector continues to evolve, the focus remains on ensuring that policyholder protection is at the forefront of these reforms, with the hope that ongoing improvements will foster a more robust and accountable industry.