The Coalition for Good Governance in Nigeria (CGGN) has withdrawn its earlier allegations against the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, admitting that the claims were inaccurate, incomplete and unsupported by verifiable evidence.
In a statement dated September 29, 2026, and signed by Salisu Mohammed, the Coalition formally retracted its earlier call for Omosehin’s resignation or suspension following what it described as a rigorous internal review and further examination of relevant documents and facts.
CGGN said its previous assertions against the NAICOM chief, particularly those concerning the ongoing insurance sector recapitalisation exercise, were based on incomplete information and a misunderstanding of the applicable legal and regulatory framework.
The group specifically withdrew its characterisation of NAICOM’s regulatory actions during the recapitalisation exercise as unlawful.
It also retracted claims concerning alleged unlawful demands, forced transfers of capital into Central Bank of Nigeria escrow accounts and the alleged collection of funds for consultants who were purportedly never engaged.
According to the Coalition, subsequent scrutiny established that the claims could not be sustained by verifiable evidence.
It also abandoned its earlier assertion that Omosehin’s continued presence in office constituted a “clear and present danger” to the insurance sector, as well as its demand for disciplinary action against him by the Minister of Finance and Coordinating Minister of the Economy.
CGGN expressed regret over the possible distress, reputational damage and public anxiety caused by its earlier statement, extending an unreserved apology to Omosehin, the management and staff of NAICOM, insurance operators, policyholders and the general public.
The Coalition said the decision to retract the allegations was consistent with the principles of responsible civic advocacy, stressing that good governance requires not only the courage to raise concerns but also the integrity to correct the record when those concerns are found to be misplaced.
Consequently, CGGN formally withdrew all demands for Omosehin’s immediate resignation or suspension and any suggestion that disciplinary measures should be taken against him based on the earlier petition.
The group, however, maintained that its retraction did not diminish its interest in ensuring that the insurance sector recapitalisation exercise is conducted in an orderly and lawful manner.
CGGN further reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while acknowledging the importance of an independent and professional insurance regulator in protecting policyholders, attracting investment and safeguarding financial stability.
The Coalition also urged stakeholders to allow the Economic and Financial Crimes Commission, the Federal Ministry of Finance and NAICOM to discharge their statutory responsibilities without the distraction of unsubstantiated public campaigns.
It said the retraction was issued in the public interest and in keeping with the principles of fairness, accuracy and accountability which, it noted, should guide civic advocacy.
