The Coalition for Good Governance in Nigeria (CGGN) has officially retracted its earlier demand for the resignation of Olusegun Ayo Omosehin, the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM). This decision comes after the group acknowledged that its previous allegations against NAICOM were inaccurate and lacked verifiable evidence.

In a statement released on September 29, 2026, CGGN admitted that an internal review and further examination of relevant documents revealed that the claims made in its earlier statement were not only incorrect but also incomplete. The coalition expressed regret for any reputational damage caused to Omosehin and other stakeholders in the insurance sector.

Among the allegations CGGN has retracted were claims that NAICOM had made unlawful demands during Nigeria's ongoing insurance recapitalisation exercise. The group had previously accused NAICOM of pressuring insurance companies to transfer funds into Central Bank of Nigeria escrow accounts and of collecting fees for consultants who were never hired. CGGN also withdrew its earlier assertion that Omosehin's continued leadership posed a "clear and present danger" to the country's insurance industry.

CGGN clarified that its characterization of NAICOM's regulatory actions as unlawful was a misunderstanding of the legal and regulatory framework governing the recapitalisation process. The coalition stated, "The characterisation of NAICOM's regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation was erroneous."

In light of this retraction, CGGN has also rescinded its call for disciplinary measures against Omosehin from the Minister of Finance and Coordinating Minister of the Economy. The coalition emphasized that despite withdrawing its earlier demands, it remains committed to ensuring that the recapitalisation exercise proceeds in a lawful and orderly manner.

CGGN reiterated the importance of accountability, stating, "Good governance requires not only the courage to speak when concerns arise, but also the integrity to correct the record when those concerns are shown to be misplaced." The coalition urged stakeholders to allow the Economic and Financial Crimes Commission, the Federal Ministry of Finance, and NAICOM to fulfill their statutory roles without interference from unfounded public campaigns.

This development marks a significant turnaround for CGGN, which had previously positioned itself as a watchdog over the insurance sector's regulatory practices. The retraction is expected to alleviate some of the tensions that had arisen in the industry as a result of the coalition's earlier statements.