Harry Archie
A civil society organisation, the Good Governance Assembly (GGA), has called for further review of issues surrounding Nigeria’s recently concluded insurance industry recapitalisation programme.
The organisation wants President Bola Tinubu to examine concerns raised over certain regulatory requirements introduced by the National Insurance Commission (NAICOM) during the exercise.
According to GGA, complaints have been submitted to government institutions including the Presidency, the Federal Ministry of Finance and the Economic and Financial Crimes Commission.
Among the issues raised are questions about a proposed one per cent capital-related fee and the handling of funds raised by insurance companies during the recapitalisation exercise.
The group also referred to concerns raised by NICON Insurance and Nigeria Reinsurance Corporation and called for the relevant authorities to establish the facts surrounding the disputed requirements.
GGA stressed that the controversy should not derail the broader objective of strengthening the financial position of insurance companies and improving confidence in the sector.
The organisation cited figures indicating that more than ₦1.079 trillion had been raised by insurance companies through the recapitalisation exercise.
NAICOM, however, has rejected reports suggesting that its leadership had been found culpable of wrongdoing and also dismissed reports concerning the alleged detention of the Commissioner for Insurance as false.
