The National Association of Nigerian Students (NANS) has expressed support for the ongoing recapitalisation of Nigeria’s insurance industry, describing the exercise as a critical step towards strengthening the sector and supporting the country’s economic development.
The students’ body also warned against what it described as attempts by some individuals and groups to undermine the reforms and discredit the leadership of the National Insurance Commission (NAICOM).
NANS President, Comrade Akinteye Babatunde Afeez, speaking at a news conference on Wednesday in Abuja, said the insurance sector was strategically important to Nigeria’s economic transformation, particularly in protecting investments, supporting businesses and promoting financial inclusion.
He commended President Bola Ahmed Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025 on July 31, 2025, describing the legislation as a significant intervention aimed at modernising the regulatory framework of the industry.
Afeez said the law had also created opportunities for students and young Nigerians in financial inclusion, entrepreneurship, employment and professional development.
On recapitalisation, NANS said the exercise should be viewed beyond a regulatory requirement, arguing that stronger capital bases would improve the capacity of insurance companies to meet legitimate claims and support large-scale economic activities.
The NANS President, therefore commended NAICOM, under the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and its Governing Board chaired by Hajia Halima Kyari, for implementing reforms aimed at strengthening the industry.
Afeez said: “NANS recognizes the strategic importance of a strong, modern, and resilient insurance sector to national economic development and commends the leadership of the Federal Government under President Bola Ahmed Tinubu, for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration.
“We equally commend the leadership of National Insurance Commission (NAICOM) under the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board chaired by Hajia Halima Kyari, for their commitment to implementing far-reaching reforms that are restoring confidence, improving consumer protection, strengthening industry capacity, and promoting greater public trust in the insurance sector. Today, we speak not merely as students but as stakeholders in Nigeria’s future,” he stated.
The association also expressed concern over calls for the removal of the NAICOM leadership, saying such campaigns could undermine ongoing reforms.
The student body said it had reviewed publicly available information on NAICOM’s operations and reforms and found no credible basis for the allegations being promoted against the commission.
Afeez urged Nigerians to reject what it described as misinformation and sensational allegations capable of weakening institutions and derailing reforms in the insurance sector.
ALSO READ: NANS apologises to ex-LASU VC over N1m school fees claim
He further commended NAICOM’s emphasis on prompt settlement of genuine claims and its consumer-protection measures, saying these were important to rebuilding public confidence in insurance.
He applauded the Insurance Policyholders Protection Fund established under the NIIRA 2025, urging the commission to intensify public awareness so that policyholders, including young Nigerians, understand the protections available to them.
NANS commended NAICOM for its support for tertiary education through the Insurance Education Fund and related interventions, which it said had contributed to the provision of ICT centres, laboratories and other academic facilities in tertiary institutions.
The association pledged to mobilise students for insurance awareness and financial literacy initiatives, promote insurance as a career pathway for graduates and encourage participation in youth-focused insurance development programmes.
The NANS President also called on the Federal Government, National Assembly, industry stakeholders, the media and Nigerians to support reforms aimed at strengthening the insurance industry, arguing that a stronger insurance sector would help unlock investment, create employment, enhance financial security and contribute to economic stability.
NANS maintained that it would continue to support reforms that promote consumer protection, transparency, accountability and institutional development in the insurance industry.
WATCH TOP VIDEOS FROM NIGERIAN TRIBUNE TV