General News
EFCC Widens Insurance Recapitalisation Probe, Invites Linkage Assurance MD
The Economic and Financial Crimes Commission (EFCC) has expanded its investigation into the controversial insurance industry recapitalisation exercise, with invitation letters now being issued to operators beyond the initial petitioners.
A letter dated September 3, 2026, and addressed to the Managing Director of Linkage Assurance Plc, Mr Daniel Braie, at the company’s Abuja office at 29 Aswan Street, Wuse Zone 3, confirms the expansion of the probe.
Titled “Investigation Activities Letter of Invitation – Re: Capitalisation Exercise in the Insurance Sector,” the correspondence from the EFCC’s Capital Market and Insurance Fraud Section requires Braie to appear for an interview on Thursday, September 24, 2026.
The development comes amid increasing pressure on Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), to step aside.
Industry stakeholders and civil society organisations have intensified calls for his immediate suspension or removal, arguing that his continued stay in office while the investigation deepens could compromise the integrity of the process.
“The EFCC’s decision to invite other industry players shows this is no longer limited to one or two companies,” a senior insurance executive who preferred anonymity said.
“When the anti-graft agency starts calling in Managing Directors across the sector for clarification on the same capitalisation exercise, it means the net is widening.
“The man at the helm of NAICOM cannot continue to sit pretty as if nothing is happening.”
Another stakeholder, a former senior official in the industry, said the allegations involving unlawful one per cent capital injection fees, forced full-capital escrow demands allegedly contrary to the law, and questionable consultant payments were serious.
“Expanding the investigation to other operators only strengthens the case for Omosehin to step aside immediately so that the probe can proceed without any perception of interference,” the former official stated.
Civil society groups have also demanded Omosehin’s removal as part of efforts to sanitise the regulatory agency.
“Keeping the NAICOM Commissioner in office while the EFCC expands its investigation into the recapitalisation exercise is unacceptable,” Salisu Mohammed of the Coalition for Good Governance in Nigeria said.
“We call for his immediate suspension by the Minister of Finance. The regulatory house must be cleaned for public confidence to return.”
Another CSO activist added: “This is about accountability. The moment the EFCC begins inviting Managing Directors of other insurance companies for interviews on the capitalisation process, the Commissioner who superintended that process should no longer remain in charge.
“Suspension is the minimum requirement to sanitise NAICOM and protect the integrity of the investigation.”
As the September 24 interview date approaches, pressure continues to mount on the Presidency and the Ministry of Finance to act decisively.
Stakeholders insist that the temporary removal of Omosehin would allow for a thorough and credible investigation capable of restoring trust in the insurance regulatory framework.
