BY NKECHI NAECHE-ESEZOBOR—The National Association of Nigerian Students (NANS), on Wednesday declared its support for National Insurance Commission, (NAICOM), and the ongoing transformation of Nigeria’s insurance industry, while condemning what it described as attempts to derail the sector’s recapitalisation exercise.

According to statement signed by its President, Comrade Akinteye Babatunde Afeez, said  the association said it stands with the  Commission and the reforms introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The statement reads as follows:

The National Association of Nigerian Students (NANS) National Secretariat, the umbrella body representing over 40.1 Million Nigerian Students across universities, polytechnics, and colleges of education, hereby issues this statement in support of the transformative reforms currently reshaping Nigeria’s insurance industry.
NANS recognizes the strategic importance of a strong, modern, and resilient insurance sector to national economic development and commends the leadership of the Federal Government under President Bola Ahmed Tinubu GCFR, for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration.
We equally commend the leadership of NAICOM under the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board chaired by Hajia Halima Kyari, for their commitment to implementing far-reaching reforms that are restoring confidence, improving consumer protection, strengthening industry capacity, and promoting greater public trust in the insurance sector.

Today, we speak not merely as students but as stakeholders in Nigeria’s future. We cannot remain silent while certain unpatriotic elements seek to undermine reforms that hold significant promise for economic transformation, youth empowerment, consumer protection, and national development.

NANS joins all well-meaning Nigerians in celebrating President Bola Ahmed Tinubu GCFR’s historic assent to the Nigerian Insurance Industry Reform Act (NIIRA) on 31 July 2025, a historic legislation that modernized Nigeria’s insurance regulatory framework and replaced obsolete legal provisions with a comprehensive regime suited for a modern economy.
The NIIRA 2025 represents one of the most significant legislative interventions in Nigeria’s financial services sector in recent history.

For Nigerian students, the law opens new opportunities for financial inclusion, entrepreneurship, employment, and career development within a sector that has historically been underutilized despite its enormous economic potential.
NANS therefore fully endorses the objectives and implementation of the NIIRA 2025 and commends Mr. President for providing the legal foundation upon which the ongoing transformation of the insurance sector is being built.

*SUPPORT FOR THE RECAPITALISATION OF THE INSURANCE INDUSTRY*

One of the most important reforms emanating from NIIRA 2025 is the recapitalisation of the insurance industry.
For decades, insufficient capitalization limited the capacity of many insurance operators to meet growing market demands and support large-scale economic activities. The recapitalisation exercise was therefore not merely a regulatory requirement but a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims.

NANS strongly supports the successful implementation of the recapitalisation exercise by NAICOM and commends the insurance companies that complied with the new capital requirements in furtherance of industry stability and growth.

No modern economy can thrive without a vibrant insurance industry capable of protecting investments, facilitating business continuity, absorbing risks, supporting infrastructure development, and promoting financial confidence across all sectors.
The recapitalisation exercise is therefore a critical pillar of Nigeria’s journey toward becoming a trillion-dollar economy and deserves the support of all patriotic Nigerians.

*COMMENDATION FOR NAICOM’S INVESTMENT IN TERTIARY EDUCATION*

NANS expresses profound appreciation to NAICOM for its longstanding support for tertiary education through the Insurance Education Fund and related interventions.
Over the years, these initiatives have contributed to the development of critical infrastructure in universities, polytechnics, and colleges of education, including ICT centres, laboratories, and academic facilities that directly benefit Nigerian students.
Such investments reflect NAICOM’s broader commitment to human capital development and the future of the nation’s youth.

As beneficiaries of these interventions, Nigerian students recognize and appreciate the positive impact these investments continue to make across institutions of higher learning nationwide.

*CONDEMNATION OF ATTEMPTS TO UNDERMINE INSURANCE SECTOR REFORMS*

It is deeply concerning that at a time when the Nigerian insurance industry is recording unprecedented reforms and achievements, certain individuals and groups have embarked on campaigns aimed at discrediting the regulator, undermining the recapitalisation exercise that have attracted widespread commendation from all stakeholders.

NANS views these actions as deliberate attempts to derail the progress being made within the sector and ultimately frustrate the reform agenda of President Bola Ahmed Tinubu.
We are particularly disturbed by calls for the removal of the leadership of NAICOM despite the significant progress achieved in strengthening regulation, enhancing consumer protection, improving market confidence, and implementing critical reforms that have long been demanded by stakeholders.
Such calls are neither constructive nor patriotic.

NANS therefore urges Nigerians to be vigilant and reject misinformation, sensational allegations, and campaigns intended to undermine institutions that are working in the national interest.
As a responsible, proactive and principles organization, NANS has independently reviewed publicly available information concerning NAICOM’s operations, reforms, and achievements.

Based on our findings, we have found no credible basis for the allegations being promoted by such groups.
On the contrary, available evidence points to a regulator implementing statutory reforms in accordance with its mandate.
We therefore reject any attempt to recruit Nigerian students into campaigns of calumny, misinformation or institutional sabotage.

Let it be known that Nigerian students are not instruments for advancing narrow interests against national development. We stand firmly on the side of truth, transparency, reform, and progress.

*COMMENDATION FOR IMPROVED CLAIMS SETTLEMENT AND CONSUMER PROTECTION*

NANS commends NAICOM’s firm stance on prompt claims settlement and its “zero-tolerance approach toward the non-payment of genuine claims.”
The Commission’s consistent emphasis on consumer protection has contributed significantly to rebuilding confidence in the industry and improving public perception of insurance as a reliable financial safeguard.

*THE INSURANCE POLICYHOLDERS PROTECTION FUND: A GAME-CHANGING INITIATIVE*

NANS applauds the establishment of the Insurance Policyholders Protection Fund (IPPF), one of the landmark innovations introduced under the NIIRA 2025.
This initiative demonstrates a clear commitment to ensuring that ordinary Nigerians, including students, youths, and vulnerable consumers, do not lose their legitimate entitlements due to circumstances beyond their control.

We encourage NAICOM to intensify public awareness campaigns so that Nigerians fully understand the protections available to them under the new insurance regime.

*NANS’ UNWAVERING COMMITMENT TO THE REFORM AGENDA*

NANS hereby reaffirms its unwavering support for the ongoing transformation of Nigeria’s insurance industry. We recognize that these reforms are interconnected components of a bold agenda designed to strengthen the insurance sector and contribute meaningfully to national development.

Accordingly, NANS pledges to:
• Mobilize Nigerian students in support of insurance awareness and financial literacy initiatives.
• Promote insurance as a viable career pathway for graduates and young professionals.
• Encourage students participation in youth-focused insurance development programmes.
• Advocate for the protection and expansion of initiatives that support education and youth empowerment.
• Support reforms that strengthen consumer protection, transparency, accountability, and institutional excellence.

*CALL TO THE FEDERAL GOVERNMENT AND ALL NIGERIANS*

NANS calls on President Bola Ahmed Tinubu, the Federal Government, the National Assembly, industry stakeholders, the media, and all well-meaning Nigerians to continue supporting the Insurance industry’s reform agenda. These transformations are not merely a regulatory exercise. It is a national economic imperative that has the potential to unlock investment, create jobs, enhance financial security, promote economic stability, and accelerate Nigeria’s march toward sustainable prosperity.

A strong insurance sector is a foundation for a strong economy. A strong economy is a pathway to reduced poverty, increased opportunities, and a better future for Nigerian youths.

We therefore urge all Nigerians to reject divisive narratives, support constructive reforms, and stand firmly behind initiatives that advance the national interest.

CONCLUSION
The National Association of Nigerian Students (NANS) National Headquarters stands firmly with NAICOM. We stand with every Nigerian student, every policyholder, every investor, and every citizen who desires a transparent, efficient, and globally competitive insurance industry.

We shall continue to support genuine reforms, defend institutions that are delivering measurable results, and oppose all attempts to undermine progress for personal or sectional interests.

The transformation of Nigeria’s insurance sector is a transformation that serves the interests of present and future generations. It must be protected, sustained, and driven to its logical conclusion.

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