NAICOM Debunks N100bn Recapitalisation Fraud Claim 

Ebere Nwoji

The National Insurance Commission (NAICOM), has debunked recent publication on N100 billion fraudulent insurance recapitalisation and allegations on detention of its director and commissioner for insurance, Mr Olusegun Ayo Omosehin, saying the publication was false, misleading, malicious and deliberate misrepresentation of facts.

The commission said the publication on September 9th, 2026 by promoters of NICON Insurance and Nigeria Reinsurance Corporation both of which were under liquidation was deliberately designed to misinform the public, undermine regulatory processes, and cast aspersions on the integrity of the Commission and its officials.

“The attention of the National Insurance Commission (NAICOM) has been drawn to a publication titled “100 billion fraudulent insurance recapitalisation: EFCC detains NAICOM director and commissioner, both on bail”, published on 9 September 2026 being sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are currently under liquidation”.