BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has denied allegations of fraud linked to the recently concluded ₦100 billion recapitalization exercise in the insurance sector.
The commission also insisted that neither its Commissioner for Insurance nor any of its Directors has been indicted, charged, or found culpable of any wrongdoing.
NAICOM disclosed this in a statement released yesterday describing a publication claiming that operatives of the Economic and Financial Crimes Commission (EFCC) had detained a Director and the Commissioner as “false, misleading, malicious,” alleging it was sponsored by promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both currently under liquidation.
The statement reads: “The attention of the National Insurance Commission (NAICOM) has been drawn to a publication titled “100 Billion Fraudulent Insurance Recapitalization: EFCC Detains NAICOM Director and Commissioner, Both on Bail”, published on 9 September 2026 being sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are currently under liquidation.
“The Commission categorically states that the publication is false, misleading, malicious, and a deliberate misrepresentation of facts designed to misinform the public, undermine regulatory processes, and cast aspersions on the integrity of the Commission and its officials.
It noted that the recently concluded recapitalization exercise in the insurance sector was conducted strictly in accordance with the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, pursuant to clearly articulated Guidelines issued by the Commission to ensure a transparent, orderly, and legally compliant implementation process.
The exercise according to the comm was was undertaken as part of the…
Source link
Read Full Article by BusinessTodayNG at businesstodayng.com
Source link
