Guinea Insurance Plc has restated its commitment to strengthening its capital base in line with the Nigerian Insurance Industry Reform Act 2025.
The NAICOM boss said the initiative aimed to strengthen resilience and productivity in agriculture, targeting a total of 3.6 million farmers by 2026.
Mr Oguntade noted that a stronger insurance market would improve resilience.
He said it was also important to strengthen regulatory frameworks to promote stability and accountability.
Me Omosehin said the critical role of recapitalisation was to stabilise the industry and contribute to the country’s $1 trillion economy vision.
He noted that insurers must ensure prompt and transparent claims processing.
Mr Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations.
The statement said the nominations arose from the exit of previous institutional representatives from the governing council.
SP Josephine Adeh, on Sunday in Abuja, said the enforcement followed the directive of the Inspector-General of Police (IGP), Kayode Egbetokun.
Mr Omosehin said the commission was committed to protecting policyholders in the insurance business, saying it was one of their core mandates.
