The Economic and Financial Crimes Commission (EFCC) has widened its investigation into the controversial insurance industry recapitalisation exercise, with the anti-graft agency extending its inquiries to other operators in the sector.
The development followed an invitation issued to the Managing Director of Linkage Assurance Plc, Mr Daniel Braie, to appear before the EFCC for questioning over the capitalisation exercise.
A letter dated September 3, 2026, and addressed to Braie at the company’s Abuja office at 29 Aswan Street, Wuse Zone 3, directed him to report for an interview on Thursday, September 24.
The letter, titled “Investigation Activities Letter of Invitation – Re: Capitalisation Exercise in the Insurance Sector,” was issued by the EFCC’s Capital Market and Insurance Fraud Section.
The latest invitation comes amid renewed calls by industry stakeholders and civil society organisations for the suspension or removal of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin.
Those calling for his removal contend that his continued stay in office could undermine public confidence in the investigation into the recapitalisation process.
A senior insurance executive, who spoke on condition of anonymity, said the invitation of another industry operator indicated that the EFCC’s inquiry could be broader than initially understood.
“The EFCC’s decision to invite other industry players shows this is no longer limited to one or two companies,” the executive said.
“When the anti-graft agency starts calling in managing directors across the sector for clarification on the same capitalisation exercise, it means the net is widening.”
Another industry stakeholder and former senior official said allegations surrounding the recapitalisation exercise, including claims of unlawful one per cent capital injection fees, demands for full-capital escrow arrangements and questionable consultant payments, required proper investigation.
He argued that Omosehin should step aside while the investigation lasts to avoid any perception of interference.
Civil society organisations have also intensified their calls for action against the NAICOM leadership.
Salisu Mohammed of the Coalition for Good Governance in Nigeria called for Omosehin’s immediate suspension, saying the regulatory agency needed to be insulated from the ongoing controversy.
“Keeping the NAICOM Commissioner in office while the EFCC expands its investigation into the recapitalisation exercise is unacceptable,” Mohammed said.
“We call for his immediate suspension by the Minister of Finance. The regulatory house must be cleaned for public confidence to return.”
Another CSO activist said the expansion of the EFCC investigation had made the demand for Omosehin’s temporary removal more urgent.
“This is about accountability. The moment the EFCC begins inviting managing directors of other insurance companies for interviews on the capitalisation process, the Commissioner who superintended that process should no longer remain in charge,” the activist said.
The pressure comes ahead of the September 24 interview date, with stakeholders urging the Presidency and the Ministry of Finance to take what they described as decisive steps to safeguard the credibility of the investigation.
The allegations surrounding the recapitalisation exercise remain subject to investigation, while the EFCC’s invitation does not in itself establish wrongdoing by any of the companies or individuals involved.
