CGGN Apologises, Retracts Allegations Against NAICOM CEO

CGGN Apologises, Retracts Allegations Against NAICOM CEO

ABUJA (Core Reporters)-The Coalition for Good Governance in Nigeria (CGGN) has issued a formal and complete retraction of its earlier statement demanding the resignation or suspension of Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM).

In a statement dated 29 September 2026 and signed by Salisu Mohammed, the group said the assertions contained in its previous release were inaccurate, incomplete and not supported by verifiable evidence, and that it was therefore withdrawing the statement in its entirety.

“The Coalition for Good Governance in Nigeria (CGGN) hereby issues this formal and complete retraction of its earlier statement calling for the resignation or suspension of Mr. Olusegun Ayo Omosehin,” the group declared.

“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.

“We therefore withdraw the statement in its entirety.”

CGGN specifically withdrew its earlier characterisation of NAICOM’s regulatory actions during the recapitalisation exercise as unlawful.

It also retracted claims relating to alleged unlawful demands, forced transfers of capital into CBN escrow accounts, and the collection of funds for consultants who were never engaged.

The group further abandoned its assertion that Omosehin’s continued presence in office constituted a “clear and present danger” to the insurance sector or an affront to accountability.

“The characterisation of NAICOM’s regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation was erroneous,” the statement said.

“Claims relating to alleged ‘unlawful demands,’ forced transfers into escrow accounts contrary to statute, and the collection of funds for consultants who were ‘never engaged’ have been found to be based on incomplete information and misapprehension of the applicable legal and regulatory framework.”

The Coalition expressed regret over any distress, reputational harm or public anxiety its earlier statement may have caused Omosehin, NAICOM staff, insurance operators, policyholders and the general public.

It offered an unreserved apology for publishing claims that subsequent scrutiny had shown to be incorrect.

CGGN stressed that good governance requires not only the courage to raise concerns but also the integrity to correct the record when those concerns prove misplaced.

“The Coalition regrets any distress, reputational harm, or unnecessary public anxiety that the earlier statement may have caused Mr. Omosehin, the management and staff of NAICOM, operators in the insurance industry, policyholders, and the general public,” the group stated.

“We unreservedly apologise for the publication of claims that subsequent scrutiny has 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.”

As a result, the Coalition formally retracted every demand for Omosehin’s immediate resignation or suspension.

It also withdrew any suggestion that the Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him on the basis of the earlier petition narrative.

The group reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while recognising the critical role of an independent insurance regulator.

“We therefore retract, without reservation, every demand for the immediate resignation or suspension of the Commissioner for Insurance,” the statement continued.

“We further withdraw any suggestion that the Honourable Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him on the basis of the earlier petition narrative.”

CGGN said nothing in the retraction diminished its interest in the orderly and lawful conduct of the recapitalisation exercise.

It simply corrected the record where the organisation had previously fallen short.

The Coalition urged all stakeholders to allow the Economic and Financial Crimes Commission, the Federal Ministry of Finance and NAICOM to discharge their statutory mandates without the distraction of unsubstantiated public campaigns.

“The Coalition reaffirms its commitment to transparency, accountability, and the strengthening of Nigeria’s financial services sector,” the group added.

“We recognise the critical role of an independent and professional insurance regulator in protecting policyholders, attracting investment, and safeguarding systemic stability.

“Nothing in this retraction diminishes our ongoing interest in the orderly and lawful conduct of the recapitalisation exercise; it simply corrects the record where we previously fell short.”

In closing, CGGN said the retraction was issued in the public interest and in the spirit of fairness and accuracy that must always guide civic advocacy.