The National Insurance Commission (NAICOM) has rejected allegations of a ₦100 billion fraudulent insurance recapitalisation exercise, saying neither its Commissioner for Insurance nor any of its directors has been indicted, charged or found culpable of fraud.
The commission, in a rejoinder issued on Thursday, described a publication alleging that a NAICOM director and the Commissioner for Insurance were detained by the Economic and Financial Crimes Commission (EFCC) as “false, misleading, malicious” and a deliberate misrepresentation of facts.
The publication, titled “100 Billion Fraudulent Insurance Recapitalisation: EFCC Detains NAICOM Director and Commissioner, Both on Bail”, was published on September 9, 2026.
NAICOM said the report was sponsored by promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are currently under liquidation.
According to the commission, the insurance sector’s recently concluded recapitalisation exercise was conducted in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and guidelines issued by the regulator.
It said the exercise was part of its statutory responsibility to strengthen the financial capacity, solvency and resilience of insurance companies and protect policyholders.
NAICOM explains EFCC request
The commission also clarified that the EFCC had recently requested information and explanations concerning allegations circulated by the same promoters in sections of the media.
NAICOM said it responded promptly and provided the information and clarifications requested by the anti-graft agency.
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“Responding to a request for information from a law enforcement agency is a routine administrative process and should not be misconstrued as evidence of wrongdoing, indictment, detention, or culpability,” the commission said.
It added that it had not received any finding of wrongdoing concerning the matters on which the EFCC sought clarification.
NAICOM also disputed claims that a court order referenced by the promoters prevented it from carrying out its regulatory functions.
The commission said the order “does not in any way restrain the Commission from carrying out its statutory mandate and regulatory responsibilities under the law.”
It maintained that it remains empowered and obligated to perform its functions under applicable legislation and regulatory requirements.
NAICOM said the allegations against its officials were “entirely unsubstantiated, speculative, and misleading” and warned that such claims could undermine public confidence in the regulator and the insurance industry.
The commission called on the publishers of the report and those responsible for circulating it to retract and correct what it described as the misleading publication.
It also advised stakeholders, insurance operators, investors and members of the public to disregard the report and rely on official communications from NAICOM and other competent authorities on matters concerning the commission and insurance regulation.
NAICOM said it would continue to cooperate with lawful enquiries by relevant government agencies while discharging its regulatory responsibilities with transparency, integrity and accountability.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X