By Nkechi Eze
Nigeria’s leading financial services regulators are stepping up collaboration in a bid to reposition the insurance and capital markets as stronger engines of national economic growth. This follows the visit of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, to the Director-General of the Securities and Exchange Commission (SEC), Mr. Emomotimi Agama, at the Commission’s headquarters in Abuja on Tuesday, 19 August 2025.
The high-level engagement comes on the heels of the recently signed Nigeria Insurance Industry Reform Act (NIIRA) 2025, which provides fresh legislative support for sweeping reforms in the insurance sector. Describing the new law as “a new dawn for insurance,” Mr. Agama noted that the alignment between NAICOM and SEC is timely, as both regulators craft a broader transformation agenda for Nigeria’s entire financial ecosystem.
Mr. Omosehin explained that although the current recapitalisation exercise, now mandatory under NIIRA 2025, has taken centre stage, it is only the first phase of systematic reforms. He emphasised that the long-term goal is to build an insurance industry that is financially stronger, digitally integrated and positioned to contribute meaningfully to Nigeria’s trillion-dollar economy ambition.
Reaffirming SEC’s support, Mr. Agama pledged that the Commission would serve as a strategic partner by providing regulatory guidance, digital infrastructure backing and technical expertise. He urged insurers to embrace full-scale modernisation, citing SEC’s own digital transformation as a model of efficiency and transparency.
During the meeting, both leaders agreed on a number of priority reform areas that will form the heartbeat of a joint roadmap aimed at deepening market integration. These include the development of investment-linked insurance products to boost financial inclusion and create new opportunities across the retail and institutional investment space. They also noted that green and sustainable finance will be a core pillar of the roadmap, with a strong emphasis on green insurance products and the mobilisation of capital toward climate-friendly projects in line with global ESG standards.
Other key focus areas include accelerating InsurTech adoption to improve coverage and claims management, integrating with SEC’s digital platforms for regulatory efficiency, and supporting cross-border investment within the framework of the African Continental Free Trade Area (AfCFTA). Both regulators also reiterated their shared commitment to investor and consumer protection through stronger governance, improved disclosures and comprehensive financial literacy programmes across both sectors.
Delivering a vote of thanks, NAICOM’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, said the collaboration between the two regulators should be institutionalised through structured stakeholder engagement mechanisms. He added that the emerging roadmap is not only about recapitalisation, but about building a sustainable ecosystem in which insurance and capital markets work in tandem to support businesses, protect households and attract global investors.
