100 billion Fraudulent Insurance Recapitalisation: EFCC detains NAICOM Director and Commissioner, both on bail
NAICOM Director of Compliance, Oluwatoyin Charles, and the NAICOM insurance commissioner, Olusegun Ayo Omosehin, have now been granted bail by the EFCC in relation to allegations of fraudulent recapitalisation after lawful detention by the EFCC.
The allegations involve massive fraud in the ongoing recapitalisation of insurance companies, including the illegal collection of 1% of shareholders’ funds in violation of insurance laws, as well as other questionable charges. The 1% payment was not made to the federal government’s TSA account in accordance with financial guidelines. There was also fraudulent allocation of 200m and 300m as allowances to the two detained directors from the recapitalisation proceeds. The amount involved is over 100 billion Naira and is now under investigation by the EFCC.
The Federal Ministry of Finance has said this in a letter dated 6th August 2026 addressed to NAICOM. Meanwhile, two insurance companies, NAICON Insurance and Universal Insurance, have dragged the regulator to court and obtained a restraining order against it over fraudulent recapitalisation. NAICOM insurance commissioner, Olusegun Ayo Omosehin, admitted that the NIRA Act did not authorize the commission to charge 1% of the shareholders’ fund after the Finance Ministry ordered the immediate collection of the said fraudulent 1% of the shareholders’ fund.
