EFCC expands insurance recapitalization fraud probe as civil society organizations call for sacking of NAICOM commissioner

EFCC expands insurance recapitalization fraud probe as civil society organizations call for sacking of NAICOM commissioner

By Core Reporter

Abuja (Core Reporters) The Economic and Financial Crimes Commission (EFCC) has expanded its investigation into the controversial recapitalization exercise of the insurance sector, with letters of invitation now sent to other operators beyond the initial signatories, Core Reporters reports.

A letter dated September 3, 2026 and addressed to the Chief Executive Officer of Linkage Assurance Plc, Daniel Braie, at the company’s office in Abuja, 29 Aswan Street, Wuse Zone 3, confirms the expansion.

Titled “Letter of Invitation for Investigative Activities – Subject: Capitalization Exercise in the Insurance Sector”, the correspondence from the Capital Market and Insurance Fraud Section of the EFCC requests Braie to appear for an interview on Thursday, September 24, 2026.

The development comes amid growing pressure on Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), to step aside.

Industry stakeholders and civil society organizations have stepped up calls for his immediate suspension or dismissal, arguing that his continued presence in office as the investigation deepens undermines the integrity of the process.

“The EFCC’s decision to invite other industry players shows that this is no longer limited to one or two companies,” said a senior insurance executive who prefers anonymity.

“When the anti-corruption agency starts calling CEOs across the industry for clarification on the same capitalization exercise, it means the net is widening.

“The man at the helm of NAICOM cannot continue to sit back as if nothing is happening.”

Another asset holder, a former senior industry official, said: “The allegations of illegal 1% capital injection fees, forced full capital escrow requests contrary to the law and questionable payments of consultants are serious.

“Expanding the investigation to other operatives only strengthens the case for Omosehin to step aside immediately so that the investigation can proceed without any perception of interference.”

Civil society groups have been more direct, calling for Omosehin’s removal to sanitize the regulatory agency.

NAICOM,

“Keeping the NAICOM commissioner in place while the EFCC expands its investigation into the recapitalization exercise is unacceptable,” said Salisu Mohammed of the Coalition for Good Governance in Nigeria.

“We demand its immediate suspension by the Minister of Finance. The regulatory house must be cleaned up for public confidence to return.”

Another CSO activist added: “This is about accountability. The moment the EFCC starts inviting CEOs of other insurance companies for interviews on the capitalization process, the Commissioner who oversaw that process should no longer remain in office.

Suspension is the minimum requirement to sanitize NAICOM and protect the integrity of the investigation.”

As the September 24 interview date approaches, pressure continues to grow on the Presidency and the Ministry of Finance to act decisively.

Stakeholders insist that only the temporary removal of Omosehin will allow for a thorough and credible investigation that can restore confidence in the insurance regulatory framework.