The National Insurance Commission (NAICOM) has paid tribute to Nigeria’s late former president, Muhammadu Buhari, describing him as a leader whose administration laid a solid foundation for the growth of the country’s insurance industry.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, made this tribute known in a condolence statement issued on Monday following Buhari’s death in London after a prolonged illness. Buhari, who died at the age of 82, will be buried today in his hometown, Daura, Katsina State, according to Islamic rites.
Omosehin noted that Buhari’s tenure between 2015 and 2023 was marked by policies that strengthened the insurance sector, encouraging transparency, regulatory compliance, and investor confidence.
“During his tenure, former President Buhari demonstrated unwavering commitment to the growth and development of the insurance industry, and his leadership had a lasting impact on the nation’s economic landscape,” Omosehin stated.
NAICOM credited Buhari with supporting reforms aimed at deepening insurance penetration, improving risk management, and boosting the capitalisation of insurance firms to withstand economic shocks. Under his administration, the insurance industry witnessed enhanced regulatory enforcement, paving the way for increased public trust and participation in the sector.
Omosehin added that Buhari’s “legacy will continue to inspire efforts to build a resilient and prosperous Nigeria,” urging industry stakeholders to sustain the reforms initiated under his government.
Buhari’s death has continued to attract tributes from across Nigeria and beyond. The United Nations Deputy Secretary-General, as well as prominent political leaders, have commended his integrity and service to the country.
The Katsina State Governor, Dikko Radda, who announced Buhari’s burial arrangements, confirmed that his remains would arrive in Katsina by noon today and be interred in Daura at 2 p.m.
“Consultations with the family and authorities in London have been concluded, and arrangements are in place for a befitting burial,” Radda stated.
The Federal Government and the North-West Governors Forum have also declared Tuesday, July 15, 2025, a public holiday to honour Buhari’s legacy.
Buhari made history in 2015 as the first Nigerian politician to defeat an incumbent president through the ballot box. His administration was known for its anti-corruption stance, fiscal discipline, and efforts to diversify the economy.
Though controversial in some policy areas, Buhari was widely respected for his personal austerity, which reflected in the reforms introduced across several sectors, including insurance, banking, and agriculture.
Industry experts believe Buhari’s administration laid the groundwork for a more resilient insurance sector, particularly with the enforcement of compulsory insurance policies and capitalisation drives. However, analysts stress the need for the current administration to build on these reforms by implementing technology-driven solutions to expand insurance coverage nationwide.