NANS backs insurance recapitalisation and rejects attacks on NAICOM
The National Association of Nigerian Students has endorsed Nigeria’s insurance-sector recapitalisation programme and expressed confidence in the National Insurance Commission. NANS said it found no credible basis for campaigns against the regulator, while urging stronger public awareness of policyholder protections and continued investment in youth financial literacy.
The National Association of Nigerian Students has declared support for the recapitalisation of Nigeria’s insurance industry and the National Insurance Commission, rejecting campaigns it said were intended to discredit the regulator. In a statement signed on Wednesday by its national president, Akinteye Babatunde, NANS said it had reviewed publicly available information on NAICOM’s activities, reforms and reported achievements. It said it found no credible basis for allegations being made against the commission or calls for the removal of its leadership.
The association said students should not be used to advance narrow interests against national development. It described the recapitalisation exercise as important to strengthening insurers, improving their ability to meet legitimate claims and rebuilding confidence in the sector. The exercise followed the Nigerian Insurance Industry Reform Act 2025, signed by President Bola Tinubu on July 31, 2025.
NANS described the law as a significant financial-services intervention that could support financial inclusion, entrepreneurship, employment and career development for young Nigerians. The students’ body endorsed implementation of the law and commended Commissioner for Insurance Olusegun Omosehin and the NAICOM Governing Board, chaired by Halima Kyari. It also praised companies that had met the new capital requirements, saying stronger insurers would be better placed to support businesses, protect investments and settle valid claims.
NANS highlighted the Insurance Policyholders Protection Fund created under the new legislation and urged NAICOM to improve public awareness of it and other safeguards. It also commended the commission’s reported emphasis on prompt claims settlement and its stated opposition to non-payment of genuine claims. The association said NAICOM’s Insurance Education Fund initiatives had supported ICT centres, laboratories and other infrastructure in tertiary institutions.
It pledged to promote insurance awareness, financial literacy, insurance careers and youth-focused programmes, while calling on government, lawmakers, industry and the media to support transparent reforms.
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