EFCC Expands Insurance Recapitalisation Fraud Probe as CSOs Demand NAICOM Commissioner’s Sack

EFCC Expands Insurance Recapitalisation Fraud Probe as CSOs Demand NAICOM Commissioner’s Sack

By Core Reporter

Abuja ( Core Reporters) The Economic and Financial Crimes Commission (EFCC) has widened its probe into the controversial insurance industry recapitalisation exercise, with invitation letters now being issued to other operators beyond the initial petitioners, Core Reporters report.

A letter dated 3rd September 2026 and addressed to the Managing Director of Linkage Assurance Plc, Mr Daniel Braie, at the company’s Abuja office, 29 Aswan Street, Wuse Zone 3, confirms the expansion.

Titled “Investigation activities letter of invitation – Re: capitalisation exercise in the insurance sector,” the correspondence from the EFCC’s Capital Market and Insurance Fraud Section requires Braie to report for an interview on Thursday, 24th September 2026.

The development comes amid growing pressure on Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), to step aside.

Industry stakeholders and civil society organisations have intensified calls for his immediate suspension or sack, arguing that his continued presence in office while the investigation deepens compromises the integrity of the process.

“The EFCC’s decision to invite other industry players shows this is no longer limited to one or two companies,” a senior insurance executive who preferred anonymity said.

“When the anti-graft agency starts calling in Managing Directors across the sector for clarification on the same capitalisation exercise, it means the net is widening.

“The man at the helm of NAICOM cannot continue to sit pretty as if nothing is happening.”

Another sakeholder, a former senior official in the industry, stated: “The allegations of unlawful one per cent capital injection fees, forced full-capital escrow demands contrary to the law, and questionable consultant payments are serious.

“Expanding the investigation to other operators only strengthens the case for Omosehin to step aside immediately so that the probe can proceed without any perception of interference.”

Civil society groups have been more direct, demanding Omosehin’s removal to sanitise the regulatory agency.

“Keeping the NAICOM Commissioner in office while the EFCC expands its investigation into the recapitalisation exercise is unacceptable,” Salisu Mohammed of the Coalition for Good Governance in Nigeria said.

“We call for his immediate suspension by the Minister of Finance. The regulatory house must be cleaned for public confidence to return.”

Another CSO activist added: “This is about accountability. The moment the EFCC begins inviting Managing Directors of other insurance companies for interviews on the capitalisation process, the Commissioner who superintended that process should no longer remain in charge.

%Suspension is the minimum requirement to sanitise NAICOM and protect the integrity of the investigation.”

As the September 24 interview date approaches, pressure continues to mount on the Presidency and the Ministry of Finance to act decisively.

Stakeholders insist that only the temporary removal of Omosehin will allow a thorough, credible investigation capable of restoring trust in the insurance regulatory framework.