CCRIA Urges NAICOM to Sustain Transparency in Implementing NIIRA 2025, Sends Message to Tinubu, NASS

• The Centre for Credible Reforms and Institutional Accountability called on NAICOM to ensure consistent implementation of the Nigerian Insurance Industry Reform Act 2025
• CCRIA president Dr Aminu Abubakar Aminu said stronger capital requirements must be backed by effective supervision and transparent regulatory enforcement
• The centre warned that the gains from the reform could be lost without continuity in implementation beyond the initial period

Abuja, FCT - A Nigerian civil society group has called on the National Insurance Commission (NAICOM) to keep transparency and consistent enforcement at the centre of its approach to implementing the Nigerian Insurance Industry Reform Act (NIIRA) 2025, warning that legislative gains risk being undermined without sustained commitment.

The Centre for Credible Reforms and Institutional Accountability (CCRIA) made the call in a statement, in which its president, Dr Aminu Abubakar Aminu, assessed the state of Nigeria's insurance sector since NIIRA was signed into law. Aminu described the legislation as a meaningful shift in how the industry is regulated, noting its focus on stronger capital requirements and greater protection for policyholders.

"The enactment of the Nigerian Insurance Industry Reform Act is a significant milestone in the development of Nigeria's insurance sector. We commend Mr President and the National Assembly for recognising the need to modernise the legal and regulatory framework governing the industry. NIIRA provides the foundation for an insurance sector that is better capitalised, more accountable, more responsive to policyholders and better equipped to contribute meaningfully to the Nigerian economy," Aminu said.

NAICOM: Recapitalisation and Policyholder Protection

CCRIA pointed to the ongoing recapitalisation exercise as a central pillar of the reforms, saying it was designed to improve the financial strength of insurers and their ability to pay out legitimate claims. The group, however, emphasised that higher capital thresholds alone would not be enough if regulatory oversight and enforcement did not follow through.

Aminu said early signs under NIIRA were encouraging but underlined that reform momentum must not slow down. "Stronger capital requirements, improved supervision and greater attention to policyholder protection will ultimately create an insurance market that Nigerians can trust," he said, urging NAICOM to keep offering clear guidance to operators and industry stakeholders.

The centre also asked insurance companies, brokers, reinsurers and professional bodies to engage actively with the new regulatory framework rather than treat compliance as a secondary concern.

CCRIA Calls for Continuity Under NAICOM

Aminu argued that deepening insurance penetration in Nigeria depended heavily on whether ordinary policyholders believed insurers could honour their obligations. He called on NAICOM to maintain open dialogue with stakeholders while applying NIIRA's provisions in a fair and consistent manner.

"What is required at this stage is continuity, professionalism and commitment to the objectives of the law. The reforms must be sustained beyond the initial implementation period so that the gains can become permanent features of the industry. We believe NAICOM, under the leadership of Mr Ayo Omosehin, has an important responsibility to ensure that the momentum is maintained," he said.

Aminu commended Omosehin for promoting transparency and accountability in the ongoing reforms of Nigeria’s insurance industry.

CCRIA also recognised President Bola Tinubu and the National Assembly for passing the legislation and called on both regulators and industry operators to ensure the reforms translate into concrete improvements for policyholders, rather than remaining changes that exist only on paper.

Group Retracts Call for NAICOM CEO Omosehin's Removal

In other news, the Coalition for Good Governance in Nigeria (CGGN) has withdrawn its earlier call for the removal of the Commissioner for Insurance and CEO of NAICOM, Omosehin, saying the claims on which that demand was built did not hold up to scrutiny.

In a statement dated September 29, 2026, and signed by Salisu Mohammed, the group said an internal review, combined with fresh engagement with relevant documents, revealed that the assertions in its earlier statement were inaccurate, incomplete, and unsupported by verifiable evidence.