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From Adanna Nnamani, Abuja
The National Insurance Commission (NAICOM) has dismissed allegations of a $100 billion fraud in the recently concluded insurance industry recapitalisation exercise, describing the publication containing the claims as false, misleading and malicious.
The commission, in a statement titled “Rejoinder to a False and Misleading Publication on the Recently Concluded Recapitalization Exercise,” signed by its management, accused promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation of sponsoring the publication.
NAICOM said its attention was drawn to a September 9, 2026 report titled “100 Billion Fraudulent Insurance Recapitalization: EFCC Detains NAICOM Director and Commissioner, Both on Bail.”
“The attention of the National Insurance Commission (NAICOM) has been drawn to a publication… being sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are currently under liquidation,” the commission said.
It described the report as a deliberate misrepresentation of facts capable of undermining the regulatory body and its officials.
“The Commission categorically states that the publication is false, misleading, malicious, and a deliberate misrepresentation of facts designed to misinform the public, undermine regulatory processes, and cast aspersions on the integrity of the Commission and its officials,” it said.
NAICOM also denied that its Commissioner for Insurance or any of its directors had been indicted, charged or found culpable in connection with fraudulent activities.
“The allegations presented in the publication are entirely unsubstantiated, speculative, and misleading. They do not accurately reflect the true circumstances of the matter and appear calculated to create a false narrative capable of eroding public confidence in the Commission and the Nigerian insurance industry,” it said.
The regulator said the recapitalisation exercise was conducted in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and guidelines issued by the commission.
According to NAICOM, the exercise was part of its statutory responsibility to strengthen the financial capacity, solvency and resilience of insurance institutions, protect policyholders and maintain stability in the insurance sector.
The commission also rejected claims that a court order referenced by the promoters of NICON and Nigeria Re had prevented it from exercising its statutory responsibilities.
“NAICOM remains fully empowered and obligated to discharge its functions in accordance with extant legislation and regulatory requirements,” it said.
On the involvement of the Economic and Financial Crimes Commission (EFCC), NAICOM disclosed that the anti-graft agency had requested information and explanations from the commission regarding allegations circulated by the same promoters in sections of the media.
It said it responded to the EFCC with the relevant information and clarifications requested.
NAICOM stressed that responding to a request for information from a law enforcement agency was an administrative process and should not be interpreted as evidence of wrongdoing, indictment, detention or culpability.
“At no time did the Commission receive any finding of wrongdoing in relation to the matters on which clarification was sought,” it said.
The commission said it would not allow what it described as malicious attempts to portray unverified allegations as established facts.
It therefore called on the publishers of the report and those responsible for its dissemination to immediately retract and correct the publication.
NAICOM also urged journalists and media organisations to uphold accuracy, fairness, balance and verification, particularly when reporting on regulatory institutions and matters capable of affecting confidence in critical sectors of the economy.
The commission advised stakeholders, insurers, investors and members of the public to disregard the publication and rely on official communications from NAICOM and other competent authorities.
The latest development comes amid an ongoing legal dispute between NAICOM and NICON Insurance and Nigeria Re over the implementation of NIIRA 2025, which introduced higher minimum capital requirements for insurance and reinsurance companies.
The two companies have challenged NAICOM’s assessment of a one per cent capital injection fee and additional processing and verification charges imposed under its Minimum Capital Requirement Guidelines.
They have also challenged the directive requiring existing insurance operators to transfer their entire capital injection funds into an escrow account at the Central Bank of Nigeria.
The companies had argued that the directive was inconsistent with Section 16(3) of NIIRA 2025, which provides for a 10 per cent statutory deposit with the CBN.
They maintained that they met the July 31, 2026 recapitalisation deadline by injecting N20 billion into NICON Insurance and N30 billion into Nigeria Re through Mudaraba Term Deposit accounts with Lotus Bank.
