NAICOM Reiterates July 31, 2026 Recapitalization Deadline

The National Insurance Commission (NAICOM) has insisted on the mandatory recapitalization deadline for insurance companies, which is July 31, 2026. Mr.

Olusegun Ayo Omosehin, the Commissioner for Insurance, warned that all insurance operators must meet regulatory requirements by this deadline. He stated that the recapitalization exercise is crucial for transforming the insurance industry and is not merely a compliance issue but aims to create stronger, financially sound companies capable of settling claims promptly and retaining larger risks.

As of now, there are 14 days remaining until the deadline. Omosehin noted that several insurance operators have already made significant progress in raising fresh capital and engaging investors to improve corporate governance.

However, NAICOM expects every operator to demonstrate financial strength and readiness for full compliance by the deadline, which is essential for delivering better services and improving consumer protection in the Nigerian insurance market. The Nigerian Insurance Industry Reform Act 2025 provides a stronger legal foundation for resilience and better governance in the insurance market.