…Stakeholders, CSOs Call For Sack Of NAICOM Commissioner
The Economic and Financial Crimes Commission has widened its investigation into the controversial insurance industry recapitalisation exercise, inviting the Managing Director of Linkage Assurance Plc, Daniel Braie, for questioning.
The invitation, contained in a letter dated September 3, 2026, was addressed to Braie at the company’s Abuja office on Aswan Street, Wuse Zone 3.
The letter, titled “Investigation activities letter of invitation – Re: Capitalisation exercise in the insurance sector,” was signed by the EFCC’s Capital Market and Insurance Fraud Section.
The anti-graft agency directed Braie to appear for an interview on Thursday, September 24, 2026, in connection with the investigation into the recapitalisation exercise.
The development indicates that the EFCC’s probe, initially linked to petitions concerning the exercise, may now be extending to other operators in the insurance industry.
The development has also intensified calls by some industry stakeholders and civil society organisations for the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo Omosehin, to step aside pending the outcome of the investigation.
A senior insurance executive, who spoke on condition of anonymity, said the invitation of another managing director suggested that the investigation was no longer limited to specific companies.
“The EFCC’s decision to invite other industry players shows this is no longer limited to one or two companies.
“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 executive said.
Another former senior industry official said allegations surrounding the recapitalisation exercise, including claims of unlawful one per cent capital injection fees, demands for full capital to be kept in escrow and questionable consultant payments, required proper investigation.
The former official said the expansion of the EFCC probe should prompt Omosehin to step aside to avoid any perception of interference while the investigation is ongoing.
Civil society organisations have also called for the suspension or removal of the NAICOM commissioner.
Salisu Mohammed of the Coalition for Good Governance in Nigeria urged the Minister of Finance to suspend Omosehin pending the conclusion of the investigation.
“Keeping the NAICOM Commissioner in office while the EFCC expands its investigation into the recapitalisation exercise is unacceptable,” Mohammed 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 similarly argued that the commissioner should not remain in charge while the agency investigates issues connected with the recapitalisation process.
The activist said, “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.”
Meanwhile, the September 24 date fixed for Braie’s interview is expected to provide further details on the scope of the EFCC investigation.
The EFCC’s invitation does not, in itself, establish wrongdoing by Linkage Assurance or any of the individuals mentioned in connection with the recapitalisation exercise.
Calls for Omosehin’s suspension or removal are also demands by the stakeholders and CSOs quoted in the report and do not constitute a finding of misconduct against him.