NAICOM: NANS speaks on ‘attempts to undermine reforms in insurance sector’

The National Association of Nigerian Students (NANS) has declared its unwavering support for the ongoing recapitalisation of Nigeria’s insurance industry, warning against attempts by individuals and groups to undermine the reforms being implemented by the National Insurance Commission (NAICOM).

NANS President, Comrade Akinteye Babatunde Afeez, made the declaration during a press conference Wednesday in Abuja, where he described the recapitalisation exercise as a strategic intervention capable of strengthening the insurance sector, creating employment opportunities and supporting Nigeria’s economic growth.

Afeez, who spoke on behalf of the association representing over 40.1 million Nigerian students across universities, polytechnics and colleges of education, said the ongoing reforms were necessary to reposition the insurance industry for greater efficiency, transparency and global competitiveness.

He commended President Bola Ahmed Tinubu for signing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law on July 31, 2025, describing the legislation as a significant milestone in the modernisation of Nigeria’s insurance regulatory framework.

According to him, the law provides a legal foundation for transforming the industry while creating opportunities for financial inclusion, entrepreneurship, employment and career development for Nigerian youths.

“NANS recognises the strategic importance of a strong, modern, and resilient insurance sector to national economic development,” he said.

The NANS president also commended the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and the Governing Board of NAICOM, chaired by Hajia Halima Kyari, for their commitment to implementing reforms aimed at restoring public confidence and strengthening consumer protection.

Speaking on the recapitalisation exercise, Afeez said inadequate capitalisation had historically limited the ability of some insurance companies to meet growing market demands and support large-scale economic activities.

He maintained that strengthening the capital base of insurance operators would improve their capacity to meet legitimate claims and support investments across different sectors of the economy.

“The recapitalisation exercise was therefore not merely a regulatory requirement but a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims,” he stated.

The students’ body also expressed concern over what it described as attempts by some individuals and groups to discredit NAICOM and frustrate the ongoing reforms.

Afeez particularly faulted calls for the removal of the commission’s leadership, insisting that the regulatory agency should be allowed to carry out its statutory responsibilities.

He said NANS had independently reviewed publicly available information concerning NAICOM’s operations, reforms and achievements but found no credible basis for the allegations being promoted against the commission.

“We therefore reject any attempt to recruit Nigerian students into campaigns of calumny, misinformation or institutional sabotage,” he declared.

The association further commended NAICOM for its contributions to tertiary education through the Insurance Education Fund and other interventions, including the provision of ICT centres, laboratories and academic facilities in higher institutions.

It also applauded the commission’s emphasis on prompt claims settlement and its zero-tolerance approach to the non-payment of genuine insurance claims.

On the Insurance Policyholders Protection Fund (IPPF), Afeez described its establishment under NIIRA 2025 as an important initiative aimed at protecting policyholders, particularly students, youths and vulnerable consumers.

He urged NAICOM to intensify public awareness campaigns to enable Nigerians understand the protections available under the new insurance framework.

The NANS president further pledged that the association would mobilise students to participate in insurance awareness and financial literacy programmes, promote insurance as a career pathway and support youth-focused initiatives within the industry.

He called on the Federal Government, National Assembly, insurance operators, media organisations and other stakeholders to support the reform agenda.

“A strong insurance sector is a foundation for a strong economy. A strong economy is a pathway to reduced poverty, increased opportunities, and a better future for Nigerian youths,” he said.

Afeez reaffirmed NANS’ commitment to supporting reforms aimed at strengthening transparency, accountability, consumer protection and institutional development in the insurance industry.