By Abiodun Folarin
WorldStage— The National Association of Nigerian Students (NANS), has declared support for the ongoing recapitalisation of Nigeria’s insurance industry, rejecting calls for the removal of the leadership of the National Insurance Commission (NAICOM).
NANS said the recapitalisation exercise was critical to strengthening the insurance industry, improving claims settlement and supporting Nigeria’s ambition of building a $1 trillion economy.
The association’s National President, Comrade Akinteye Babatunde Afeez, stated this in a statement on Wednesday, describing the ongoing reforms as essential to the development of the country’s financial services sector.
He commended President Bola Ahmed Tinubu for signing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law on July 31, 2025, and praised NAICOM’s Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and its Governing Board, chaired by Hajia Halima Kyari, for implementing the reforms.
NANS said the recapitalisation exercise would strengthen insurers’ capacity to meet growing market demands, settle legitimate claims and support large-scale economic activities.
It described the exercise as a strategic intervention rather than merely a regulatory requirement, urging Nigerians to support its implementation.
The association also expressed concern over campaigns seeking to discredit NAICOM and calls for the removal of its leadership, describing them as attempts to undermine the ongoing reforms.
It urged Nigerians to scrutinise allegations against the commission and reject what it characterised as misinformation and campaigns against the regulator.
NANS said its review of publicly available information on NAICOM’s operations and reforms had not established a credible basis for the allegations, adding that the commission was implementing reforms within its statutory mandate.
The students’ body also commended NAICOM’s emphasis on prompt settlement of genuine insurance claims and its consumer protection measures, particularly the establishment of the Insurance Policyholders Protection Fund under NIIRA 2025.
It said the fund was designed to protect policyholders from losing legitimate entitlements under circumstances beyond their control, urging the commission to intensify public awareness of the initiative.
The association further praised NAICOM’s support for tertiary education through the Insurance Education Fund and related interventions, which it said had helped provide ICT centres, laboratories and other academic infrastructure in universities, polytechnics and colleges of education.
NANS pledged to mobilise students for insurance awareness and financial literacy programmes, promote insurance as a career option and encourage participation in youth-focused industry development initiatives.
It also called on the Federal Government, the National Assembly, industry stakeholders and the media to sustain support for the insurance reforms, citing their potential to attract investment, create jobs and strengthen economic stability.
The association said it would continue to support reforms aimed at improving consumer protection, transparency and accountability in the insurance industry.
