The Coalition for Good Governance in Nigeria (CGGN) has withdrawn its allegations against the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, admitting that its earlier claims were inaccurate and unsupported by verifiable evidence.
The group also apologised to Omosehin, the NAICOM management and staff, insurance operators, policyholders and the general public over the allegations.
In a statement by Salisu Mohammed, the coalition said the decision followed an internal review, further examination of relevant documents and consideration of additional facts.
It specifically retracted its claims that NAICOM’s regulatory actions during the ongoing insurance industry recapitalisation exercise were unlawful.
The group also withdrew allegations that the commission made unlawful demands, forced companies to transfer capital into Central Bank of Nigeria escrow accounts and made 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.
CGGN said the other allegations were based on incomplete information and a misunderstanding of the applicable legal and regulatory framework.
It 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 call for the Minister of Finance and Coordinating Minister of the Economy to 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 over the reputational damage and public anxiety its earlier allegations may have caused.
“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,” it said.
However, CGGN said its retraction did not affect its interest in ensuring that the recapitalisation exercise was conducted lawfully and in an orderly manner.
The group reaffirmed its commitment to transparency, accountability and the strengthening of Nigeria’s financial services sector.
It also urged stakeholders to allow the Economic and Financial Crimes Commission, the Federal Ministry of Finance and NAICOM to discharge their statutory responsibilities without distraction from what it described as unsubstantiated public campaigns.
CGGN said the retraction was made in the public interest and in keeping with the principles of fairness and accuracy in civic advocacy.
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