The National Insurance Commission has dismissed allegations of a N100bn fraud in Nigeria’s insurance recapitalisation exercise, rejecting claims that its Commissioner for Insurance and a Director were detained by the Economic and Financial Crimes Commission (EFCC).
The regulator described the allegations as false and malicious, saying they were part of an attempt to discredit its officials and undermine the recapitalisation programme.
NAICOM was reacting to a 9 September, 2026 report alleging “N100 Billion Fraudulent Insurance Recapitalization” and claiming that its Commissioner for Insurance and a Director had been detained by the EFCC and subsequently released on bail.
In a statement signed by its management, NAICOM said the publication was allegedly sponsored, noting that the report was “false, misleading, malicious, and a deliberate misrepresentation of facts” intended to damage the reputation of the regulator and erode public confidence in the insurance industry.
NAICOM specifically denied that its Commissioner for Insurance or any of its Directors had been indicted, charged or found culpable of fraudulent activity.
