NAICOM Reports N1.079tn Raised in Insurance Recapitalisation

The National Insurance Commission (NAICOM) reported that the insurance sector raised a total of N1.079 trillion during its recent recapitalisation exercise. Mr Ayo Omosehin, the Commissioner for Insurance, provided this update, stating that the exercise was concluded in accordance with the Minimum Capital Requirements (MCR) guidelines and the Nigerian Insurance Industry Reform Act (NIIRA 2025).

A total of 48 insurance companies and two reinsurance companies successfully met the recapitalisation requirements and have been relicensed. Among these, 24 companies utilized various capital raising methods, including Rights Issues and private placements.

The funds raised are held in Escrow Accounts with the Central Bank of Nigeria (CBN) and will be accessible for operations by September 30, 2026. Additionally, six insurance licenses were cancelled, including those of Nicon Insurance and Nigeria Reinsurance Corporation.

The Nigerian Agricultural Insurance Corporation (NAIC) had its license for general insurance withdrawn but will continue to underwrite agricultural schemes.