BY COBHAM NSA – The National Association of Nigerian Students (NANS) has thrown its weight behind the transformative reforms currently sweeping through the nation’s insurance industry, warning saboteurs not to derail the recapitalisation agenda
According to the National Secretariat of the umbrella body, representing over 40.1 million Nigerian Students across universities, polytechnics, and colleges of education, having recognized the strategic importance of a strong, modern, and resilient insurance sector to national economic development, any attempt by disgruntled elements to disrupt the recapitalisation exercise will be resist by NANS.
The apex Students body lauded the President Bola Tinubu-led administration for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration.
A statement signed by its President, Comrade Akinteye Babatunde Afeez (GCNS) and made available to journalists in Abuja equally commend the leadership of National Insurance Commission (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.
The statement said, “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.”
Fully backing the reform agenda, NANS identified recapitalisation as one of the most important aspects of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, noting that the comprehensive legislative overhaul signed into law by President Bola Ahmed Tinubu on 31 July 2025, will historically modernized Nigeria’s insurance regulatory framework and replaced obsolete legal provisions with an all-inclusive regime suited for a modern economy.
The statement said, “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.”
The students, while commending NAICOM for successfully implementing the recapitalisation exercise, said the insurance companies that complied with the new capital requirements have also added value to the stability and growth of the industry and the economy in general.
They acknowledged recapitalisation as a critical pillar of Nigeria’s journey toward becoming a trillion-dollar economy and deserves the support of all patriotic Nigerians, adding that, “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”.
According to the statement, as stakeholders, Nigerian students are interested in the reforms succeeding because a stronger insurance industry would create opportunities for financial inclusion, entrepreneurship, employment and professional development for young Nigerians.
Describing NIIRA 2025 as one of the most significant legislative interventions in Nigeria’s financial services sector in recent history, the statement said: “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.”
The students’ body also commended NAICOM for its interventions in tertiary education through the Insurance Education Fund and related initiatives, noting that this has supported infrastructure development in universities, polytechnics and colleges of education, including ICT centres, laboratories and other academic facilities nationwide.
It further said such investments demonstrate the insurance regulator’s contributions to human capital development and the future of Nigerian youths, even as it expressed concern about activities in certain quarters that seek to discredit NAICOM and undermine the recapitalisation exercise.
Taking a swipe at those demanding a change in the Commission’s leadership, NANS argued that such moves could undermine ongoing reforms in regulation, consumer protection and market development.
It urged Nigerians to reject what it described as misinformation, sensational allegations and campaigns designed to weaken institutions implementing reforms in the national interest, insisting that having reviewed publicly available information concerning NAICOM’s operations, reforms and achievements, there are no credible basis for the allegations being bandied against the regulator.
While rejecting attempts to weaponise students against institutional reforms, NANS declared full support for initiatives that drive transparency, consumer protection, and national growth and commended NAICOM for demanding prompt payouts and enforcing a strict zero-tolerance policy against denying genuine claims.
The students said robust consumer protection is crucial to rebuilding public confidence, transforming the insurance sector into a dependable tool for financial risk management, just as they welcomed the Insurance Policyholders Protection Fund (IPPF), a landmark innovation under NIIRA 2025, for shielding young and vulnerable consumers.
Also urging NAICOM to scale up public awareness campaigns so all Nigerians understand their rights under the new regulatory framework, the student body reaffirmed its commitment to the insurance sector’s transformation, with the assurance to fully mobilise students for insurance awareness and financial literacy programmes, promote insurance as a career pathway for graduates and young professionals, and encourage participation in youth-focused insurance development initiatives.
Similarly, the students body canvassed support for education and youth empowerment initiatives while endorsing reforms meant to strengthen consumer protection, transparency, accountability and institutional effectiveness.
Maintaining that: “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”, the association assured its support for NAICOM, and the ongoing insurance reforms remains sacrosanct while opposing attempts to undermine institutional progress.
Going forward, NANS called on the Federal Government, National Assembly, media, and all Nigerians to unite with insurance stakeholders in sustaining the sector’s reform agenda.
