An open letter to the Honourable Minister of Finance

12th August 2026
The Honourable Minister of Finance & Co-ordinating Minister of the Economy
Federal Ministry of Finance
Abuja, Nigeria

Enforcing a level playing field in the Nigerian Insurance Industry and supporting Statutory regulatory mandates

Dear Honourable Minister,

I write this as an open letter to you, deliberately choosing a public medium in the interest of total transparency. The matters surrounding regulatory compliance, market capitalisation, and financial stability in the Nigerian insurance sector affect not just a few boardroom executives, but the entire economic architecture of our nation. By placing these arguments in the public domain, it is my intention to ensure that National Insurance Commission (NAICOM) as the statutory regulator, the broad community of insurance operators, international reinsurers, and most importantly, the insuring public are fully aware of the principles at stake. Transparency is the bedrock of market discipline, and public scrutiny remains the best antidote to regulatory compromise.

I have had the unique privilege of serving as Managing Director of Nigeria Reinsurance Corporation (Nigeria Re.), Managing Director of NICON Insurance (NICON) and subsequently as the Commissioner for Insurance and Chief Executive of NAICOM. Having sat on both sides of the table; first leading these two flagship institutions and later regulating the entire sector; I possess a unique, deep, and unbiased vantage point on the structural mechanics of Nigerian insurance. It is precisely because of this singular background,…