NAICOM, SEC Unite to Enforce NIIRA 2025 Recapitalization Mandate

By Oluwakemi Kindness

The Securities and Exchange Commission (SEC) has pledged full support to the National Insurance Commission (NAICOM) in its ongoing recapitalization exercise and sector-wide digital transformation.

This follows the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025

SEC Director-General, Emomotimi Agama, gave the assurance when he received the Commissioner for Insurance, Olusegun Ayo-Omosehin, on a courtesy visit at the Commission’s headquarters in Abuja on Tuesday.

A statement by NAICOM on Wednesday says Agama describes the NIIRA as a landmark legislation that signals “a new dawn for the insurance industry,”.

He notes that it would drive reforms capable of strengthening the broader financial services ecosystem.

He congratulates NAICOM on the law’s passage and emphasized SEC’s readiness to act as a strategic partner in ensuring its effective implementation.

He assures that the SEC would provide the necessary expertise and guidance to deepen insurance sector reforms, while urging operators to embrace digitalization.

According to him, SEC’s operations are now fully digitalized, a shift he said insurance players should adopt to enhance efficiency and accelerate transformation.

In his remarks, Omosehin appreciates SEC’s support, stressing that the recapitalization exercise is now a legislative mandate under NIIRA, aimed at repositioning the sector for growth and ensuring stronger institutions and improved service delivery.

“The ongoing recapitalization is no longer an option but a mandate,” he stated, adding that the reform will transform the insurance industry into a more resilient and growth-driven sector.

Delivering the vote of thanks, NAICOM’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, commended SEC for its willingness to support the Commission and urged continued collaboration to strengthen Nigeria’s financial ecosystem.