By Henry Uche, Lagos
The Securities and Exchange Commission (SEC) has expressed optimism over the Nigerian Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu, pledging the Commission’s support for its implementation.
SEC Director-General Mr Emomotimi Agama made this pledge at the SEC headquarters in Abuja during a courtesy visit by the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and his delegation.
Agama described the visit as timely and significant, noting that the legislation marks a new dawn for the insurance industry and expressing optimism that it would drive meaningful reforms in the financial services sector.
He assured the Commissioner for Insurance of SEC’s unwavering support, pledging to provide the necessary expertise and guidance to deepen the insurance industry’s growth. He urged NAICOM to see the SEC as a strategic partner, assuring that “the Commission would always be willing to provide assistance during the recapitalisation process and beyond.” He also stated that SEC’s operations are now fully digitalised, encouraging insurance operators to embrace digitalisation to enhance efficiency and accelerate transformation within the sector.
In response, Mr Omosehin stressed that the visit was geared towards strengthening collaboration between both agencies. He emphasised that the ongoing recapitalisation of the insurance industry was aimed at transforming the sector and strengthening institutions, which he noted was now a legislative mandate rather than an option.
According to him, the exercise was focused on repositioning the sector for growth and ensuring better service delivery, hence the need for NAICOM and SEC collaboration to transform the insurance sector.
Dr Usman Jankara, NAICOM’s Deputy Commissioner for Insurance (Technical), commended the SEC leadership for its commitment to supporting the insurance sector. He solicited the Commission’s continued advice and guidance in the joint effort to strengthen Nigeria’s financial ecosystem.
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