NANS Backs Insurance Reforms
…Kicks Against Calls for Removal of NAICOM Leadership
By Patience Ikpeme
The National Association of Nigerian Students (NANS) has thrown its weight behind the ongoing changes in Nigeria’s insurance industry, including the recapitalisation exercise, and has condemned what it called efforts to discredit the industry regulator, the National Insurance Commission (NAICOM).
In a press statement dated 30 September 2026 and signed by its President, Comrade Akinteye Babatunde Afeez, the student body said it speaks for more than 40.1 million students in universities, polytechnics and colleges of education across the country. It said students were speaking “not merely as students but as stakeholders in Nigeria’s future.”
NANS praised President Bola Ahmed Tinubu for starting what it described as bold economic reforms meant to help Nigeria grow and reach its goal of a $1 trillion economy. It also commended the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board of NAICOM, chaired by Hajia Halima Kyari, for carrying out reforms it believes are restoring confidence, protecting consumers and building the strength of insurance companies.
The students gave special attention to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which the President signed into law on 31 July 2025. According to NANS, the law replaced outdated rules with a modern system suited to today’s economy. The association said the new law also opens doors for young Nigerians in areas such as financial inclusion, business ownership, jobs and career growth in a sector it believes has not been used well despite its great potential.
On recapitalisation, NANS said that for many years insurance companies did not have enough capital to meet the needs of the market or to support large projects. It described the exercise as more than a rule set by the regulator, saying it was a deliberate step to make insurers stronger and ensure that genuine claims are paid quickly. The association congratulated the companies that met the new capital requirements and called on all patriotic Nigerians to support the exercise. It added that no modern economy can do well without an active insurance industry that protects investments, keeps businesses running and builds confidence.
The student body also thanked NAICOM for its long-standing help to higher education through the Insurance Education Fund and other programmes. It said these efforts have helped to build facilities in tertiary institutions, including ICT centres, laboratories and other academic buildings. NANS said students, as beneficiaries, recognise the good these investments have done.
The association expressed worry over what it called campaigns by certain individuals and groups to damage the image of the regulator and weaken the recapitalisation exercise. It said it was especially disturbed by calls for the removal of NAICOM’s leadership, describing such calls as “neither constructive nor patriotic.” NANS said the campaigns were deliberate attempts to stop the progress being made and, in the end, to frustrate the reform agenda of President Tinubu.
NANS said it carried out its own review of publicly available information on NAICOM’s work, reforms and achievements. “Based on our findings, we have found no credible basis for the allegations being promoted by such groups,” the statement said. It added that the evidence available points to a regulator carrying out reforms required by law within its mandate.
The students also warned against being used by others. “Nigerian students are not instruments for advancing narrow interests against national development,” the statement said. NANS said it rejects any attempt to draw students into campaigns of false accusations, misinformation or sabotage of institutions, and urged Nigerians to stay alert and turn away from sensational claims.
The association further commended NAICOM for its stand on quick payment of claims, noting the Commission’s “zero-tolerance approach toward the non-payment of genuine claims.” It said this firm position has helped to rebuild public trust and to make insurance look more like a dependable form of financial protection.
NANS equally applauded the creation of the Insurance Policyholders Protection Fund (IPPF), one of the new features of the 2025 law. According to the group, the fund shows a clear intention to make sure ordinary Nigerians, including students, young people and vulnerable consumers, do not lose what is rightfully theirs because of situations outside their control. It asked NAICOM to step up public awareness so that Nigerians will understand the protections now available to them.
The student body then made a number of promises. It said it will mobilise students to support insurance awareness and financial literacy programmes, promote insurance as a worthwhile career path for graduates and young professionals, encourage students to take part in youth-focused insurance development programmes, speak up for the protection and expansion of schemes that support education and youth empowerment, and back reforms that improve consumer protection, openness, accountability and institutional excellence.
NANS called on President Tinubu, the Federal Government, the National Assembly, industry players, the media and all well-meaning Nigerians to keep backing the reform agenda. It said the changes in the sector were a national economic necessity with the power to attract investment, create jobs, improve financial security and bring stability to the economy. “A strong insurance sector is a foundation for a strong economy,” the association said, adding that a strong economy is a route to less poverty and better prospects for young Nigerians.
In its closing words, NANS said it “stands firmly with NAICOM” and with every student, policyholder, investor and citizen who wants a transparent, efficient and globally competitive insurance industry. The association said it will continue to support genuine reforms and oppose any attempt to undermine progress for personal or sectional gain, adding that the transformation of the sector must be protected and sustained for the benefit of present and future generations.
