Mohammed Kari, a former leader of both the National Insurance Commission (NAICOM) and several major insurance firms, has formally requested that Minister of Finance Taiwo Oyedele stop interfering in regulatory actions concerning Nigeria Re-Insurance and NICON Insurance. These companies, owned by Senator Jimoh Ibrahim, recently had their licences cancelled or were excluded from recapitalisation lists by NAICOM due to non-compliance with the Nigerian Insurance Industry Reform Act of 2025.
Despite the Ministry of Finance previously ordering a stay of enforcement on these requirements, Kari argues that allowing political intervention sets a dangerous precedent. He insists that such actions create an unfair environment, disadvantaging operators who have already met their financial obligations. According to Kari, over 90 percent of the insurance market has successfully complied with the new capital mandates, proving that the requirements are feasible.
Kari pointed out that NICON and Nigeria Re-Insurance, once dominant state-backed entities established in the 1960s and 70s, have seen their market influence collapse following privatization. He maintains that their current market presence is too small to pose a systemic risk that would justify government intervention. By bypassing the regulator through ministerial petitions, these companies are undermining the authority of NAICOM and the integrity of the law.
The former commissioner emphasized that the 2025 Reform Act does not authorize the Finance Ministry to act as an appellate body or override regulatory enforcement. He urged the government to allow NAICOM to maintain a level playing field, warning that exempting certain legacy companies from established rules effectively penalizes those that have followed proper legal procedures.
