NAICOM says NICON, Nigeria Re sponsors false fraud claims on recapitalisation
On September 9, 2026, a publication titled "100 Billion Fraudulent Insurance Recapitalization: EFCC Detains NAICOM Director and Commissioner, Both on Bail" appeared, which NAICOM says was sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both currently under liquidation. NAICOM called the report false, misleading and malicious, denying that any of its officials had been indicted, charged or detained by the EFCC, and stressed that its response to the EFCC's request for information was a routine administrative process. The commission said the recent insurance industry recapitalisation under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 followed its guidelines and that it remains fully empowered to enforce the law. NAICOM urged the publishers to retract the piece and advised the public to rely on official communications. The accusation fits into a wider legal battle where NICON and Nigeria Re challenge NAICOM's assessment of a 1% capital injection fee, processing charges and an escrow directive, claiming they already injected N20 billion and N30 billion respectively and met the July 31, 2026 deadline. NAICOM source told Nairametrics the companies’ opposition is unlikely to succeed.