The National Association of Nigerian Students (NANS) has backed the ongoing recapitalisation of Nigeria’s insurance industry, describing it as a critical step towards strengthening the sector, improving consumer protection and supporting economic growth.
The association also urged stakeholders to support the National Insurance Commission (NAICOM) in implementing reforms introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a statement issued in Abuja, NANS President, Comrade Akinteye Afeez, said; “the reforms would create opportunities for financial inclusion, entrepreneurship and employment, particularly for young Nigerians.”
“Today, we speak not merely as students but as stakeholders in Nigeria’s future,” Afeez said, stressing that the association would not remain silent while efforts were allegedly being made to undermine reforms capable of advancing economic transformation and national development.
He commended President Bola Ahmed Tinubu for assenting to the NIIRA 2025 on July 31, 2025, noting that “the legislation provides a modern regulatory framework for an industry whose growth potential has remained largely untapped.’
The association also praised NAICOM Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and the Commission’s Governing Board, chaired by Hajia Halima Kyari, for their efforts to strengthen regulation, improve market confidence and enhance consumer protection.
On recapitalisation, Afeez said ‘inadequate capital had historically constrained the ability of some insurance operators to meet growing market demands and support large-scale economic activities.”
He maintained that stronger capital positions would improve insurers’ capacity to meet legitimate claims, protect investments, support infrastructure development and facilitate business continuity.
“The recapitalisation exercise was therefore not merely a regulatory requirement but a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims,” Afeez said.
The student body further described the exercise as a critical pillar of Nigeria’s ambition to build a one-trillion-dollar economy, urging all stakeholders to support its successful implementation.
Afeez also expressed support for NAICOM’s emphasis on prompt claims settlement, particularly its stated zero-tolerance approach to the non-payment of genuine claims.
He further highlighted the Insurance Policyholders Protection Fund (IPPF), established under the new legal framework, as an important mechanism for safeguarding policyholders against losses arising from circumstances beyond their control.
The association called on NAICOM to intensify public awareness campaigns to ensure that Nigerians, especially students and young people, understand the protections available under the new insurance regime.
Addressing criticisms of the Commission’s leadership and the recapitalisation exercise, Afeez rejected what he described as attempts to discredit the regulator and derail the ongoing reforms.
He said its review of publicly available information had not established credible grounds for the allegations against NAICOM, while urging stakeholders to pursue constructive engagement and avoid misinformation.
“We reject any attempt to recruit Nigerian students into campaigns of calumny, misinformation or institutional sabotage,” Afeez stated.
He said that Nigerian students were not instruments for advancing narrow interests against national development, reaffirming the association’s commitment to transparency, institutional accountability and reform.
He also acknowledged the Commission’s contributions to tertiary education through the Insurance Education Fund and related interventions, which it said had supported the provision of ICT centres, laboratories and other academic facilities in higher institutions.
The association pledged to mobilise students for insurance awareness and financial literacy programmes, promote insurance as a career option for graduates and advocate initiatives that advance youth empowerment and consumer protection.
Calling on the Nigerian Government, the National Assembly, industry operators, the media and other stakeholders to sustain support for the reforms, Afeez described a strong insurance industry as an important component of Nigeria’s economic development strategy.
“A strong insurance sector is a foundation for a strong economy. A strong economy is a pathway to reduced poverty, increased opportunities, and a better future for Nigerian youths,” he said.
NANS reaffirmed its commitment to supporting reforms aimed at strengthening transparency, accountability and institutional capacity in the insurance sector, insisting that the transformation must be sustained for the benefit of present and future generations.
