NAICOM Confirms Insurance Firms Fail Recapitalization Deadline

The National Insurance Commission (NAICOM) has stated that no insurance firm has successfully crossed the recapitalization hurdle ahead of the July 31, 2026 deadline. Mr. Olusegun Ayo Omosehin, speaking at a media briefing in Lagos, reiterated that the deadline is sacrosanct and cannot be shifted, as it is mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Currently, over 20 insurance underwriting firms have communicated their recapitalization efforts to NAICOM, which is verifying their readiness. Omosehin noted that firms must meet the new minimum capital thresholds—N10 billion for life insurance, N15 billion for non-life insurance, and N35 billion for reinsurance.

He encouraged firms to explore mergers or partnerships to enhance their capital base and attract investors, as foreign interest has already been noted. The commission plans to announce a new capital regime for insurance and reinsurance firms by August 13, 2025.