Niira 2025 puts Naicom’s transparency on trial

The National Insurance Commission faces criticism for failing to publish audited financial statements since 2013, despite overseeing an industry with annual premiums exceeding 1.5 trillion naira. Industry participants question how the regulator can enforce transparency requirements under the Nigerian Insurance Industry Reform Act when it remains silent about its own finances. The commission collects substantial revenues through statutory allocations and penalties but provides no public accounting of fund management or expenditure patterns.

Stakeholders worry the opacity undermines confidence as the sector pursues reform and foreign investment following the passage of new legislation. The Central Bank of Nigeria and Nigerian National Petroleum Company Limited routinely release audited statements that meet international standards. Insurance executives say regulators in Kenya and developed markets maintain disclosure practices that strengthen investor trust and market discipline across their jurisdictions.

The Fiscal Responsibility Act and the Freedom of Information Act require public institutions to share financial records with citizens. Parliament approved a 29.9 billion naira budget for the commission without access to verified spending reports from previous years. Officials declined multiple requests for comment on the absence of published accounts stretching back more than a decade.