By LOVETH AZODO, Lagos
Insurance fraud offenders and operators of illegal insurance businesses may soon face tougher enforcement and prosecution following a strategic partnership forged between the National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) to strengthen implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The renewed collaboration was sealed yesterday in Abuja during a high-level meeting between the executive management of NAICOM, led by Commissioner for Insurance, Olusegun Ayo Omosehin, and the Inspector General of Police, Olatunji Disu, amid growing concerns over fraudulent insurance operations, fake policies, and non-compliance within the sector.
At the heart of the engagement was a coordinated push to enforce compliance with insurance regulations, protect policyholders, and restore public confidence in the industry through stronger regulatory and law enforcement collaboration.
Speaking during the meeting, Omosehin said the NIIRA 2025 was designed to reposition Nigeria’s insurance industry through enhanced transparency, stronger market discipline, and improved consumer protection.
He stressed that the commission would require the active backing of security agencies to effectively tackle widespread violations and sanitize the sector.
According to him, illegal insurance operators and fraudulent actors have continued to undermine public trust in the industry, making collaboration with the Police critical to achieving meaningful reform and compliance.
Responding, the Inspector General of Police reaffirmed the commitment of the Nigeria Police Force to work closely with NAICOM in combating insurance fraud, unauthorized insurance activities, and other infractions under existing insurance laws.
Disu assured that the Police would provide the necessary operational support and legal enforcement required to investigate, arrest, and prosecute offenders, while also ensuring that the rights of genuine policyholders are protected.
The partnership is expected to strengthen enforcement mechanisms under the new insurance reform framework and accelerate efforts to eliminate fake insurance schemes that have long deprived many Nigerians of genuine financial protection.
Industry stakeholders believe the alliance could mark a turning point for the sector as regulators intensify efforts to improve credibility, increase compliance, and drive confidence in insurance as a critical component of national economic stability.
