Anti-graft group clears NAICOM boss of wrongdoing, apologises over false allegations - The Guardian Nigeria News
Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo
Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo
The Coalition for Good Governance in Nigeria (CGGN) has withdrawn its allegations against the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, admitting that its earlier claims were inaccurate, incomplete and unsupported by verifiable evidence.
In a statement by Salisu Mohammed, the group retracted its call for Omosehin’s resignation or suspension and apologised for any reputational harm or public anxiety caused by the allegations.
CGGN said the decision followed an internal review, further examination of relevant documents and consideration of additional facts.
It specifically withdrew its claim that NAICOM’s regulatory actions during the ongoing insurance industry recapitalisation exercise were unlawful, as well as allegations involving unlawful demands, forced transfers of capital into Central Bank of Nigeria (CBN) escrow accounts and payments to consultants who were allegedly never engaged.
“The characterisation of NAICOM’s regulatory actions during the ongoing recapitalisation exercise as unlawful or lacking legal foundation was erroneous,” the coalition stated.
It said the other allegations were based on incomplete information and a misunderstanding of the applicable legal and regulatory framework.
CGGN also withdrew its earlier description of Omosehin’s continued stay in office as a “clear and present danger” to the insurance sector and abandoned its suggestion that the Minister of Finance and Coordinating Minister of the Economy should take disciplinary action against him.
“We therefore retract, without reservation, every demand for the immediate resignation or suspension of the Commissioner for Insurance,” the group said.
The coalition expressed regret to Omosehin, NAICOM management and staff, insurance operators, policyholders and the general public, offering an unreserved apology for claims it said subsequent scrutiny had 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,” CGGN said.
The group, however, said the retraction did not diminish its interest in ensuring that the recapitalisation exercise was conducted in an orderly and lawful manner.
It reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector, while urging stakeholders to allow the Economic and Financial Crimes Commission (EFCC), the Federal Ministry of Finance and NAICOM to discharge their statutory responsibilities without distraction from unsubstantiated public campaigns.
CGGN said the retraction was issued in the public interest and in the spirit of fairness and accuracy that should guide civic advocacy.
