Recapitalisation : NICON, Nigeria Re challenge NAICOM over alleged breaches

The National Insurance Corporation of Nigeria ( NICON) and Nigeria Reinsurance Corporation ( Nigeria Re) , Thursday tackled the National Insurance Commission ( NAICOM ) over alleged breaches of procedures in the implementation of the just concluded insurance industry recapitalisation exercise .

The two insurance firms in statements issued by their  managements, specifically accused NAICOM  of attempting to divert public attention from substantive issues raised against it, which were evaded in its rejoinder dated 10th September, 2026 .

“Rather than answer the specific allegations contained in the Petition before the EFCC, NAICOM has remained conspicuously silent on the critical questions of law, accountability, and the handling of shareholders’ funds.

“We expect answers—not diversion,” they said.

The Petition against NAICOM to EFCC on implementation of the recapitalisation process according to managements of the aggrieved companies, is principally premised on four issues of 1%  demand of shareholders’ funds, unlawful remittance of 1% to Treasury  Single Account ( TSA) , demand for 100% recapitalization fund and N180 million collected without verification exercise by any consultants .

“NAICOM obtained several millions of naira from insurance companies under the pretext of engaging consultants.

“For instance NAICOM demanded and received a total sum of N180 million from NICON Insurance Ltd and Nigeria Reinsurance Corporation , without sending any consultants for the verification exercise but instead sent their staff members”, they   alleged .

They alleged further in the statement that on the unlawful remittance of 1% to TSA, monies collected by NAICOM  were not remitted to TSA but paid into NAICOM’s account .

The companies also questioned the regulatory authority’s role in determining the legality of its own disputed demands.