The Coalition for Good Governance in Nigeria (CGGN) has reaffirmed the importance of NAICOM’s regulatory role in Nigeria’s insurance sector and retracted its earlier call for the removal of the commission’s Commissioner for Insurance and Chief Executive Officer, Mr Olusegun Ayo Omosehin.
In a statement dated September 29, 2026 and signed by Salisu Mohammed, the group withdrew its earlier demand for Omosehin’s resignation or suspension, admitting that the allegations on which the demand was based were inaccurate, incomplete and unsupported by verifiable evidence.
The coalition also retracted its characterisation of NAICOM’s regulatory actions during the recapitalisation exercise as unlawful.
“Upon rigorous internal review, further engagement with relevant documents, and careful consideration of additional facts that have since come to light, the coalition has determined that the assertions contained in that earlier statement were inaccurate, incomplete, and not supported by verifiable evidence,” CGGN said.
“We therefore withdraw the statement in its entirety.”
The group withdrew claims that NAICOM made unlawful demands, forced insurers to transfer capital into Central Bank of Nigeria (CBN) escrow accounts or collected funds for consultants who were never engaged.
It also abandoned its earlier assertion that Omosehin’s continued stay in office constituted a “clear and present danger” to the insurance sector or an affront to accountability.
According to the coalition, its earlier description of NAICOM’s regulatory actions as unlawful or lacking legal foundation was based on incomplete information and a misunderstanding of the applicable legal and regulatory framework.
“The characterisation of NAICOM’s regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation was erroneous,” it said.
CGGN expressed regret over any distress, reputational harm or public anxiety its earlier statement may have caused Omosehin, NAICOM’s management and staff, insurance operators, policyholders and the general public.
It also offered an unreserved apology for publishing claims that subsequent scrutiny had shown to be incorrect.
“Good governance requires not only the courage to speak when concerns arise, but also the integrity to correct the record when those concerns are shown to be misplaced,” the coalition said.
The group formally withdrew its demand for Omosehin’s immediate resignation or suspension, as well as its suggestion that the Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him on the basis of the earlier petition.
“We therefore retract, without reservation, every demand for the immediate resignation or suspension of the Commissioner for Insurance,” CGGN stated.
“We further withdraw any suggestion that the Honourable Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him on the basis of the earlier petition narrative.”
The coalition, however, said the retraction did not diminish its interest in the orderly and lawful conduct of the recapitalisation exercise.
It reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while recognising the importance of an independent and professional insurance regulator.
CGGN urged stakeholders to allow the Economic and Financial Crimes Commission (EFCC), the Federal Ministry of Finance and NAICOM to discharge their statutory responsibilities without distraction from unsubstantiated public campaigns.
It said the retraction was issued in the public interest and in the spirit of fairness and accuracy that should guide civic advocacy.