NAICOM Clears 43 Insurance Firms in Recapitalisation Drive

The National Insurance Commission (NAICOM) announced the successful recapitalisation of 43 insurance and reinsurance companies in Nigeria, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025. This recapitalisation is a significant step towards transforming Nigeria’s insurance industry and aligns with the Federal Government’s ambition of achieving a $1 trillion economy by 2030.

NAICOM stated that this exercise lays the groundwork for a more resilient insurance sector capable of supporting economic growth and enhancing public confidence. The commission confirmed that 43 firms met the new Minimum Capital Requirements, while 8 companies are undergoing final verification.

The recapitalisation will enable insurers to better meet policyholder obligations, absorb risks, and compete in regional and global markets. NAICOM will continue to engage stakeholders and provide updates on the implementation of the new capital requirements and other strategic initiatives.