Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) has denied reports alleging that its Commissioner for Insurance and one of its Directors were detained by the Economic and Financial Crimes Commission (EFCC) over the recently concluded insurance recapitalisation exercise.
In a rejoinder issued on Wednesday, the Commission described the publication titled “100 Billion Fraudulent Insurance Recapitalization: EFCC Detains NAICOM Director and Commissioner, Both on Bail” as false, misleading and malicious.
NAICOM said the recapitalisation exercise was conducted in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the Commission’s regulatory guidelines aimed at strengthening the financial capacity and solvency of insurance companies.
The Commission also clarified that the court order being referenced by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both currently under liquidation, does not restrain it from carrying out its statutory responsibilities.
It explained that the EFCC only requested information regarding allegations circulated in sections of the media and that it fully cooperated by providing the required clarifications.
“Responding to a request for information from a law enforcement agency is a routine administrative process and should not be misconstrued as evidence of wrongdoing, indictment, detention or culpability,” the Commission stated.
NAICOM stressed that neither the Commissioner for Insurance nor any Director has been indicted, charged or found guilty of any fraudulent activity.
The Commission called on the publishers of the report to retract and correct the publication, urging stakeholders and the public to disregard the claims and rely only on official communications regarding the insurance industry.
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