The National Insurance Commission (NAICOM) has dismissed a publication alleging a N100 billion fraud in the recently concluded insurance recapitalisation exercise and the detention of its Commissioner and a Director by the Economic and Financial Crimes Commission (EFCC). In a rejoinder, NAICOM stated that neither the Commissioner for Insurance nor any director has been indicted, charged, detained, or found culpable in any fraudulent activity. The Commission said the recapitalisation was conducted in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and its guidelines. It described the exercise as part of its statutory responsibility to strengthen the financial capacity of the insurance sector.
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