Students Back Insurance Recapitalisation, Warns Against Attempts To Derail Reforms

The National Association of Nigerian Students (NANS) has thrown its weight behind the ongoing recapitalisation and transformation of Nigeria’s insurance industry, warning against attempts to undermine the reforms being implemented by the National Insurance Commission (NAICOM).

NANS National President, Comrade Akinteye Babatunde Afeez, said the reforms were critical to strengthening the insurance sector, protecting policyholders and supporting Nigeria’s broader economic development.

The students’ body also commended the Federal Government under President Bola Ahmed Tinubu for initiating economic reforms aimed at positioning the country for sustainable growth and the realisation of its $1 trillion economy aspiration.

NANS particularly praised the leadership of NAICOM under the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and the commission’s Governing Board, chaired by Hajia Halima Kyari, for efforts to strengthen regulation, improve consumer protection and restore confidence in the insurance industry.

“Today, we speak not merely as students but as stakeholders in Nigeria’s future. We cannot remain silent while certain unpatriotic elements seek to undermine reforms that hold significant promise for economic transformation, youth empowerment, consumer protection and national development,” the association said.

NANS also described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a significant milestone in the development of the country’s financial services sector.

It recalled that President Tinubu assented to the legislation on 31 July 2025, saying the law had modernised the regulatory framework governing the insurance industry and provided a foundation for ongoing reforms.

According to the association, the legislation could create opportunities for financial inclusion, entrepreneurship, employment and career development for Nigerian youths.

“NANS therefore fully endorses the objectives and implementation of the NIIRA 2025 and commends Mr President for providing the legal foundation upon which the ongoing transformation of the insurance sector is being built,” it said.

On the recapitalisation exercise, the students’ body said stronger capitalisation would enhance the ability of insurance companies to meet market demands and support large-scale economic activities.

The association further noted that a vibrant insurance industry was important for protecting investments, facilitating business continuity, absorbing risks and supporting economic activities.

It said, “No modern economy can thrive without a vibrant insurance industry capable of protecting investments, facilitating business continuity, absorbing risks, supporting infrastructure development and promoting financial confidence across all sectors.”

NANS called on the Federal Government, National Assembly, industry stakeholders, media organisations and Nigerians to support the ongoing insurance sector reforms.

“These transformations are not merely a regulatory exercise. It is a national economic imperative that has the potential to unlock investment, create jobs, enhance financial security, promote economic stability and accelerate Nigeria’s march towards sustainable prosperity,” the association said.