Insurers Update on Compliance with NAICOM Capital Rules

Five insurance companies in Nigeria are actively working to meet the National Insurance Commission's (NAICOM) new minimum capital requirements as mandated by the Nigerian Insurance Industry Reform Act 2025. Staco Insurance Plc is engaged with NAICOM, having received approval for its 2024 audited financial statements and is preparing for its Annual General Meeting to discuss funding options for recapitalisation.

African Alliance Insurance Plc submitted its capital-raising plan to NAICOM and resumed shareholder control on 16 June 2026 after operating under a regulatory order. Regency Alliance Insurance Plc completed a rights issue and private placement in July, raising approximately N6.04 billion, surpassing the N15 billion minimum capital requirement for non-life insurers.

Guinea Insurance Plc raised about N12.6 billion through similar means, while Sovereign Trust Insurance Plc met NAICOM's recapitalisation deadline as of 31 July, raising over N6.6 billion and increasing total equity to over N22 billion, pending final verification by Ernst & Young.