By Jennete Ugo Anya
When the Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, assumed office with a renewed mandate to stabilise and modernise Nigeria’s insurance sector, few anticipated the scale and speed of transformation that would follow. Yet between May 2024 and October 2025, the embarked on one of the most ambitious eras of regulatory activism, institutional collaboration, and strategic policy alignment in its history.
At the heart of this transformation is a simple idea that insurance can no longer sit at the periphery of Nigeria’s economic agenda. It must become a central pillar of growth, stability, and national development.
Building Alliances, Strengthening Institutions
The CFI’s leadership style – engagement-driven, reform-focused, and unapologetically collaborative – was evident from the earliest months of this period. In May 2024, NAICOM hosted the Nigerian Insurers Association (NIA) in a meeting that recalibrated the industry’s strategic direction. With the unveiling of a 10-year industry plan, the CFI reaffirmed NAICOM’s commitment to deepening insurance penetration, finalising the consolidated Insurance Bill, and intensifying consumer protection. It was a defining moment of industry alignment.
This momentum continued on 14 May 2024 when the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) visited NAICOM. Discussions centred on one of the most consequential propositions in Nigeria’s economic reform cycle: the integration of insurance as a core driver of national revenue diversification. Supporting the government’s $1 trillion gross domestic product (GDP) target by 2026 required new frameworks, and NAICOM positioned insurance as a catalyst – embedded within the National Credit Scheme, fiscal reforms, and long-term financial stability efforts.
Strengthening Enforcement for National Impact
One of NAICOM’s most consequential alliances emerged on 11 June, 2024 during a working visit to the Inspector-General of Police, Mr. Kayode Egbetokun. There, the CFI pushed for joint enforcement of compulsory Third-Party Motor Insurance-an area long plagued by weak compliance and revenue leakages. By the end of the meeting, a joint task force had been established, and a technology-enabled authentication system had been proposed. For the first time, enforcement was moving from intention to institutional structure.
That structure was reinforced in October 2025 when a similar collaboration with the Federal Road Safety Corps (FRSC) led to the inauguration of a nationwide enforcement committee. With real-time insurance verification and stronger support systems for accident victims, NAICOM signalled that compulsory insurance was no longer an option-it was an obligation.
As the global financial system tightened regulations against illicit flows, NAICOM deepened its alliance with Nigeria’s intelligence architecture. The courtesy visit from the Nigerian Financial Intelligence Unit (NFIU) in July 2024 strengthened data exchange, surveillance, and AML/CFT compliance within the insurance ecosystem.
Similarly, a landmark partnership with the Economic and Financial Crimes Commission (EFCC) in November 2024 created a coordinated enforcement mechanism for tackling fraud, money laundering, and market malpractice. For the CFI, it was a matter of principle: no market grows when trust is compromised.
The same philosophy informed the strategic Memorandum of Understanding signed with the Nigerian Data Protection Commission (NDPC) on 22 November 2024. This collaboration birthed the industry’s first Data Protection Clinic, sector-wide privacy guidelines, and a joint implementation committee involving NAICOM, NIA, and NCRIB. It was a turning point for consumer confidence and digital integrity.
Driving Economic Policy Integration and Digital Transformation
By September 2025, NAICOM’s centrality in national policy was undeniable. The courtesy visit from the Nigerian Economic Summit Group (NESG) deepened collaboration on NIIRA 2025 implementation, data-sharing, and the creation of a dedicated insurance working group. For the first time, insurance was formally being woven into Nigeria’s macroeconomic planning framework.
That same month, NAICOM announced a partnership with the FinTech Association of Nigeria to accelerate InsurTech development. The emphasis was clear: digital transformation was no longer optional-it was the future. From policy distribution to claims automation, InsurTech was the key to market inclusion.
A Regulator Delivering Real Market Impact
Alongside its partnerships, NAICOM did not shy away from difficult regulatory decisions. In July 2024, the Commission summoned the Board of African Alliance Insurance Plc over unsettled claims and compliance failures-an action that underscored NAICOM’s seriousness about consumer protection. Threatened sanctions were not merely punitive but designed to restore confidence in the system.
In November 2024, NAICOM granted NPF Insurance Co. Ltd an operational licence after thorough compliance checks-expanding the market while maintaining regulatory discipline.
Institutional Reforms for a New Era
Reform also began at home. On 21 June 2024, the Governing Board approved the promotion of five new Directors and restructured NAICOM into eight new directorates-including Market Conduct, Innovation & Regulation, and Technology, Strategy & Research. Internal capacity had now been aligned with the industry’s evolving landscape.
A Regulator Engaged With Its People
From keynote speeches at the NAS Conference to values-based messaging at the NCRIB CEO Retreat, NAICOM’s leadership maintained a deliberate public-facing role. Regional outreach programmes in 2025 took sensitisation to states across Nigeria, promoting compulsory insurance, digital adoption, and NIIRA 2025.
Beyond industry stakeholders, NAICOM expanded its national footprint by working with the Federal Ministry of Youth to train one million youths-a capacity-building initiative targeted at employment, entrepreneurship, and sector knowledge development.
A New Era of Regulatory Leadership
Between May 2024 and October 2025, NAICOM emerged not just as a regulator, but as a nation-building institution-one shaping revenue diversification, financial inclusion, digital innovation, and market stability.
Through decisive leadership, strategic alliances, and institutional reforms, the CFI has positioned NAICOM as a cornerstone of Nigeria’s economic transformation.
The message is that a stronger insurance industry means a stronger Nigeria.
