The Coalition for Good Governance in Nigeria (CGGN) has reaffirmed the importance of NAICOM’s regulatory role in Nigeria’s insurance sector and retracted its earlier call for the removal of the Commission’s Commissioner for Insurance and Chief Executive Officer, Mr. Olusegun Ayo Omosehin.
In a statement signed by Salisu Mohammed, the group withdrew its earlier demand for Omosehin’s resignation or suspension, admitting that the allegations on which the demand was based were inaccurate, incomplete and unsupported by verifiable evidence.
The Coalition also retracted its characterisation of NAICOM’s regulatory actions during the recapitalisation exercise as unlawful.
‘Upon rigorous internal review, further engagement with relevant documents, and careful consideration of additional facts that have since come to light, the Coalition has determined that the assertions contained in that earlier statement were inaccurate, incomplete, and not supported by verifiable evidence,’ CGGN said.
‘We therefore withdraw the statement in its entirety.’
‘The characterisation of NAICOM’s regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation was erroneous,’ it said.
CGGN expressed regret over any distress, reputational harm or public anxiety its earlier statement may have caused Omosehin, NAICOM’s management and staff, insurance operators, policyholders and the general public.
It also offered an unreserved apology for publishing claims that subsequent scrutiny had shown to be incorrect.
‘Good governance requires not only the courage to speak when concerns arise, but also the integrity to correct the record when those concerns are shown to be misplaced,’ the Coalition said.
It reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while recognising the importance of an independent and professional insurance regulator.
CGGN urged stakeholders to allow the Economic and Financial Crimes Commission, the Federal Ministry of Finance and NAICOM to discharge their statutory responsibilities without distraction from unsubstantiated public campaigns.
It said the retraction was issued in the public interest and in the spirit of fairness and accuracy that should guide civic advocacy.