NANS Defends NAICOM, Condemns Attempts to Undermine Insurance Reforms

By LOVETH-AZODO CHIJIOKE, Lagos

The National Association of Nigerian Students (NANS) has declared support for the recapitalisation of Nigeria’s insurance industry, rejecting what it described as attempts to undermine the reforms and calls for the removal of the leadership of the National Insurance Commission (NAICOM).

NANS President, Comrade Akinteye Babatunde Afeez, in a statement issued on September 30, said the association had reviewed publicly available information on NAICOM’s operations and reforms but found no credible basis for the allegations being promoted against the commission.

He urged Nigerians to reject what he described as misinformation and campaigns aimed at discrediting the regulator, insisting that students should not be used to advance interests opposed to the industry’s reform agenda.

The student body also commended President Bola Ahmed Tinubu for signing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law on July 31, 2025, describing it as a significant legislative intervention to modernise the insurance sector.

It also praised the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the NAICOM Governing Board, chaired by Hajia Halima Kyari, for their roles in implementing the reforms.

On recapitalisation, NANS said the exercise was a strategic intervention to strengthen insurers’ capacity to meet market demands, support large-scale economic activities and settle legitimate claims.

The association commended insurance companies that complied with the new capital requirements, noting that a financially stronger insurance industry was essential to protecting investments, supporting infrastructure development and promoting economic confidence.

It further praised NAICOM’s emphasis on prompt claims settlement and its stated zero-tolerance approach to the non-payment of genuine claims, describing consumer protection as critical to rebuilding public confidence in insurance.

NANS also welcomed the establishment of the Insurance Policyholders Protection Fund under NIIRA 2025, urging the commission to intensify public awareness of the protection available to policyholders, particularly students, young people and vulnerable consumers.

The association commended NAICOM’s interventions in tertiary education through the Insurance Education Fund and related initiatives, which it said had supported the provision of ICT centres, laboratories and other academic facilities in universities, polytechnics and colleges of education.

It pledged to mobilise students for insurance awareness and financial literacy programmes, promote insurance as a career option for graduates and support youth-focused insurance development initiatives.

NANS called on the Federal Government, National Assembly, industry stakeholders and the media to support the reform agenda, arguing that a stronger insurance sector could contribute to investment, employment, financial security and economic stability.

It said it would continue to support reforms that promote consumer protection, transparency and accountability in the insurance industry.

The report presents NANS’s position and allegations as claims by the association, rather than independently established findings.