The Coalition for Good Governance in Nigeria has withdrawn its earlier allegations against the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo Omosehin, admitting that the claims were inaccurate and unsupported by verifiable evidence.
The group also retracted its demand for Omosehin’s resignation or suspension and apologised to him, the management and staff of NAICOM, insurance operators, policyholders and the general public over the claims.
In a statement dated September 29, 2026, and signed by Salisu Mohammed, CGGN said an internal review and further examination of relevant documents showed that its earlier position was based on incomplete information and a misunderstanding of the applicable legal and regulatory framework.
“The Coalition for Good Governance in Nigeria hereby issues this formal and complete retraction of its earlier statement calling for the resignation or suspension of Mr Olusegun Ayo Omosehin,” the group said.
CGGN specifically withdrew its earlier description of NAICOM’s regulatory actions in the ongoing recapitalisation exercise as unlawful.
It also retracted allegations concerning purported unlawful demands, compulsory transfers of capital into Central Bank of Nigeria escrow accounts and the collection of money for consultants allegedly not engaged.
According to the coalition, the claims were made without sufficient understanding of the regulatory framework governing the exercise.
“The characterisation of NAICOM’s regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation was erroneous,” it said.
The group also abandoned its earlier claim that Omosehin’s continued stay in office constituted a “clear and present danger” to the insurance sector.
CGGN said it regretted any distress, reputational damage or public anxiety caused by its previous statement, adding that it was issuing the apology in the interest of fairness and accuracy.
“We unreservedly apologise for the publication of claims that subsequent scrutiny has shown to be incorrect,” the coalition said.
It further withdrew its call for the Minister of Finance and Coordinating Minister of the Economy to take disciplinary action against the NAICOM boss based on its earlier petition.
CGGN, however, said the retraction did not affect its interest in ensuring that the insurance sector recapitalisation exercise was conducted lawfully and transparently.
The coalition urged stakeholders to allow the Economic and Financial Crimes Commission, the Federal Ministry of Finance and NAICOM to carry out their statutory responsibilities without being distracted by what it described as unsubstantiated public campaigns.
It reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while acknowledging the importance of an independent and professional insurance regulator.
“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,” CGGN said.
The group said its decision to retract the allegations was taken in the public interest and reflected its commitment to accuracy in civic advocacy.