NANS Supports insurance reforms, warns against undermining NAICOM Leadership
By Ewache Ajefu
The National Association of Nigerian Students (NANS) has said that the ongoing reforms in Nigeria’s insurance industry was in the right direction including the recapitalisation exercise and other initiatives being implemented by the National Insurance Commission (NAICOM).
In a statement signed by its President, Comrade Akinteye Babatunde Afeez, and dated September 30, 2026, NANS said the reforms were critical to strengthening the insurance sector, protecting policyholders and supporting Nigeria’s broader economic development agenda.
NANS who described itself as representing more than 40.1 million Nigerian students across universities, polytechnics and colleges of education, also commended the Federal Government under President Bola Ahmed Tinubu for what it described as bold economic reforms aimed at promoting sustainable growth and achieving the country’s $1 trillion economy aspiration.
It lauded NAICOM leadership led by Commissioner for Insurance, Olusegun Ayo Omosehin, and the Commission’s Governing Board chaired by Hajia Halima Kyari, for their efforts to strengthen regulation, improve consumer protection and restore confidence in the insurance industry.
According NANS, Nigerian students have a stake in the success of the reforms because a stronger insurance industry could create opportunities for financial inclusion, entrepreneurship, employment and professional development for young Nigerians.
NANS particularly described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark development in the financial services sector, noting that President Tinubu signed the legislation into law on July 31, 2025.
The association said the legislation had provided a modern legal and regulatory framework for the insurance industry, replacing outdated provisions and creating a foundation for the sector’s transformation.
It also expressed strong support for the recapitalisation exercise being implemented by NAICOM, arguing that inadequate capital had historically constrained the capacity of some insurance operators to meet increasing market demands and support large-scale economic activities.
It further said the recapitalisation should be viewed beyond a regulatory requirement, describing it as a strategic intervention capable of strengthening insurers, improving their capacity and supporting the prompt settlement of legitimate claims.
The association commended insurance companies that had complied with the new capital requirements and urged stakeholders to support the exercise.
“No modern economy can thrive without a vibrant insurance industry capable of protecting investments, facilitating business continuity, absorbing risks, supporting infrastructure development, and promoting financial confidence across all sectors,” NANS said.
The students’ body also commended NAICOM for its interventions in tertiary education through the Insurance Education Fund and related initiatives.
It noted that the interventions had supported infrastructure development in universities, polytechnics and colleges of education, including ICT centres, laboratories and other academic facilities.
According to NANS, such investments demonstrate the insurance regulator’s contribution to human capital development and the future of Nigerian youths.
The association, however, expressed concern over what it described as campaigns aimed at discrediting NAICOM and undermining the recapitalisation exercise.
NANS said it was particularly concerned about calls for the removal of the Commission’s leadership, arguing that such moves could undermine ongoing reforms in regulation, consumer protection and market development.
The association urged Nigerians to reject what it described as misinformation, sensational allegations and campaigns designed to weaken institutions implementing reforms in the national interest.
It further stated that it had reviewed publicly available information concerning NAICOM’s operations, reforms and achievements, and claimed that it found no credible basis for the allegations being promoted against the regulator.
NANS said Nigerian students should not be used as instruments for campaigns against institutions or reforms, stressing that the association would support initiatives promoting transparency, accountability, consumer protection and national development.
The students’ body also praised NAICOM’s emphasis on prompt claims settlement and its stated zero-tolerance approach to the non-payment of genuine insurance claims.
It said stronger consumer protection was essential to rebuilding public confidence in insurance and positioning the industry as a reliable mechanism for managing financial risks.
NANS also welcomed the Insurance Policyholders Protection Fund (IPPF), describing it as one of the significant innovations introduced under NIIRA 2025.
The association said the fund could strengthen protection for policyholders, including young Nigerians and other vulnerable consumers, and called on NAICOM to intensify public awareness to ensure Nigerians understood the protections available under the new insurance regime.
Reaffirming its commitment to the insurance sector’s transformation, NANS said it would mobilise students for insurance awareness and financial literacy programmes, promote insurance as a career pathway for graduates and young professionals, and encourage participation in youth-focused insurance development initiatives.
