ABUJA — The National Insurance Commission, NAICOM, has denied a report alleging fraud in the recently concluded insurance recapitalization exercise.

‎The report, published on Sept. 9, 2026, claimed the EFCC detained a NAICOM Director and the Commissioner for Insurance. NAICOM says the story is false and was sponsored by promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both currently under liquidation.

In a statement, NAICOM said the recapitalization was carried out under the Nigerian Insurance Industry Reform Act of 2025 and followed guidelines issued by the Commission. It said the exercise was aimed at strengthening insurance companies to better protect policyholders.

NAICOM also clarified that no court order stops it from performing its duties. The Commission said neither the Commissioner nor any Director has been indicted or charged with fraud.

‎On the EFCC, NAICOM said the agency only requested information on allegations made by the same promoters. NAICOM said it responded promptly. It stressed that providing information to law enforcement is routine and does not mean anyone is guilty.

The Commission called on the publishers to retract the report and urged journalists to verify facts before publication.

NAICOM advised the public to rely only on official statements from the Commission and other relevant authorities.

It reaffirmed its commitment to transparency and to regulating the insurance industry in line with the law.