NAICOM Confirms July 31, 2026 Recapitalization Deadline

The National Insurance Commission (NAICOM) has firmly maintained the July 31, 2026, deadline for the ongoing recapitalization exercise in Nigeria's insurance industry. Mr. Akinjid Oluwarotimi Orimolad, the 53rd President of the Chartered Insurance Institute of Nigeria, and Olusegun Omosehin emphasized the importance of this exercise in building a resilient market.

With less than two weeks until the deadline, Omosehin stressed the urgency for operators to make steady progress. The recapitalization aims to strengthen the capital base of insurance companies, which will lead to improved service delivery and prompt claims settlement, ultimately enhancing consumer protection and trust in the industry.

This exercise follows the historic reform of the Nigerian insurance industry under President Bola Tinubu, which repealed the outdated 2003 Insurance Act, establishing a new framework to fortify operations against economic shocks. The recapitalization requires significant capital increases across various sectors, including life and non-life insurance, and is supported by the National Assembly, which is committed to providing the necessary legal framework for sector growth.