The National Association of Nigerian Students (NANS) has thrown its weight behind the ongoing recapitalisation of Nigeria’s insurance industry, warning against attempts to undermine the reforms being implemented by the National Insurance Commission (NAICOM).

NANS President, Comrade Akinteye Babatunde Afeez, stated this at a press conference in Abuja on Wednesday, where he said the student body would resist attempts to derail reforms aimed at strengthening the insurance sector and protecting policyholders.

He described the insurance sector reforms as critical to economic growth, job creation, financial inclusion and consumer protection.

“We cannot remain silent while certain unpatriotic elements seek to undermine reforms that hold significant promise for economic transformation, youth empowerment, consumer protection and national development,” he said.

The NANS president commended President Bola Ahmed Tinubu for initiating what the association described as transformative economic reforms aimed at positioning Nigeria for sustainable growth and the realisation of the country’s $1 trillion economy aspiration.

He also praised the Commissioner for Insurance, Olusegun Ayo Omosehin, and the NAICOM Governing Board chaired by Halima Kyari for their roles in implementing reforms in the insurance industry.

Afeez said the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which received presidential assent on July 31, 2025, had modernised the regulatory framework for the sector and opened new opportunities for financial inclusion, entrepreneurship, employment and career development.

He said NANS particularly supported the recapitalisation exercise, arguing that inadequate capital had for years limited the capacity of insurance companies to meet growing market demands and support large-scale economic activities.

“The recapitalisation exercise is not merely a regulatory requirement; it is a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims,” he said.

According to him, a strong insurance industry is essential to protecting investments, facilitating business continuity, absorbing risks, supporting infrastructure development and strengthening confidence in the economy.

NANS also commended NAICOM for its interventions in tertiary education through the Insurance Education Fund, saying the initiatives had supported the provision of ICT centres, laboratories and other academic infrastructure in universities, polytechnics and colleges of education.

“As beneficiaries of these interventions, Nigerian students recognise and appreciate the positive impact these investments continue to make across institutions,” Afeez said.

The student body, however, condemned what it described as campaigns aimed at discrediting NAICOM and frustrating the recapitalisation exercise, particularly calls for the removal of the commission’s leadership.

Afeez said such campaigns could undermine the reform process, urging Nigerians to reject what he described as “misinformation, sensational allegations and campaigns intended to undermine institutions that are working in the national interest.”

He said NANS had reviewed publicly available information concerning NAICOM’s operations, reforms and achievements and claimed it found no credible basis for the allegations being promoted against the commission.

“We therefore reject any attempt to recruit Nigerian students into campaigns of calumny, misinformation or institutional sabotage. Nigerian students are not instruments for advancing narrow interests against national development,” he said.

NANS also commended NAICOM’s emphasis on prompt claims settlement and its reported zero-tolerance approach to the non-payment of genuine claims, saying stronger consumer protection was essential to rebuilding public confidence in insurance.

The association further applauded the establishment of the Insurance Policyholders Protection Fund under NIIRA 2025, describing it as a significant mechanism for protecting policyholders, including students, youths and vulnerable consumers.

It urged NAICOM to intensify public awareness of the fund and other protections available to policyholders under the new insurance regime.

NANS pledged to mobilise students for insurance awareness and financial literacy campaigns, promote insurance as a career pathway for graduates and support youth-focused insurance development programmes.

The association also called on the Federal Government, National Assembly, industry stakeholders, media and Nigerians to support the insurance reform agenda, arguing that a stronger insurance industry could unlock investment, create jobs, improve financial security and contribute to economic stability.

“A strong insurance sector is a foundation for a strong economy. A strong economy is a pathway to reduced poverty, increased opportunities, and a better future for Nigerian youths,” Afeez said.

He added that NANS would continue to support what it described as genuine reforms while opposing attempts to undermine institutions implementing the transformation of Nigeria’s insurance industry.