The National Insurance Commission (NAICOM) has formally dismissed allegations of a 100 billion naira fraud regarding the recent insurance industry recapitalisation exercise. The regulator termed the claims as false, malicious, and a deliberate misrepresentation sponsored by the promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, both of which are under liquidation. NAICOM clarified that the recapitalisation was conducted in strict adherence to the Nigerian Insurance Industry Reform Act 2025. Furthermore, the commission denied that any of its officials have been indicted or detained by the Economic and Financial Crimes Commission (EFCC), noting that it merely provided routine information to the agency upon request. NAICOM has demanded an immediate retraction of the reports and urged stakeholders to disregard the allegations.