Mohammed Kari, former commissioner for Insurance and former managing director of NICON Insurance and Nigeria Reinsurance Corporation(Nigeria Re), has warned the Federal Government against intervening in the regulatory actions of the National Insurance Commission (NAICOM), in the ongoing recapitalisation of the sector, arguing that doing so could undermine and weaken confidence in the industry.
In an open letter to the Minister of Finance and Coordinating Minister of the Economy dated August 12, Kari, who was former commissioner for Insurance/CEO of NAICOM faulted what he described as attempts by NICON Insurance and Nigeria Re to secure political intervention over regulatory requirements arising from the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Kari’s intervention comes against the backdrop of petitions by the two companies to the Ministry of Finance over NAICOM’s regulatory demands, including issues surrounding recapitalisation, capital verification and escrow requirements. He argues that allowing the ministry to intervene in matters that fall within NAICOM’s statutory mandate risks turning regulatory enforcement into a political negotiation.
“I write this as an open letter to you, deliberately choosing a public medium in the interest of total transparency,” Kari said, explaining that the dispute goes beyond the two companies and touches on the structure and credibility of the insurance market.
