NANS BACKS INSURANCE REFORMS, CONDEMNS ATTEMPTS TO DERAIL RECAPITALIZATION

The National Association of Nigerian Students, NANS, has declared support for reforms in Nigeria’s insurance sector.

NANS is the umbrella body of over 40 million students in universities, polytechnics and colleges of education.

In a statement on Tuesday, NANS President, Comrade Akinteye Babatunde Afeez, said the association supports the transformation agenda of the insurance industry.

He commended President Bola Tinubu for signing the Nigerian Insurance Industry Reform Act, NIIRA, into law on July 31, 2025. He said the law will modernize the sector and support Nigeria’s one trillion dollar economy target.

‎NANS also commended the National Insurance Commission, NAICOM, led by Commissioner for Insurance, Olusegun Omosehin, and Board Chairman, Hajia Halima Kyari. It said the commission is restoring confidence and strengthening consumer protection.

‎The association said it supports the recapitalization exercise for insurance companies under the new law. It said the exercise will help insurers settle claims promptly and support large-scale economic activities.

‎NANS thanked NAICOM for its support to tertiary education through the Insurance Education Fund. It said the fund has provided ICT centers and laboratories in many schools.

‎It condemned attempts by some individuals to discredit NAICOM and derail the reforms. It described the campaigns as unpatriotic and urged Nigerians to reject misinformation.

NANS also commended NAICOM for its zero tolerance for non-payment of genuine claims and for establishing the Insurance Policyholders Protection Fund.

‎It pledged to support insurance awareness and financial literacy among students and to promote insurance as a career path.

The association called on the Federal Government, National Assembly and other stakeholders to continue supporting the insurance reform agenda.