NAICOM to Review Insurance Operators' Recapitalization Plans in Nigeria

The National Insurance Commission (NAICOM) is reviewing insurance operators' recapitalization plans in Nigeria, with a deadline set for July 31, 2026. The aim is to enhance the financial stability and competitiveness of the insurance sector by increasing capital requirements significantly.

NAICOM will communicate outcomes to individual firms soon, as announced by Mr. Olusegun Ayo Omosehin at the CIFM annual conference in Ogun State. The recapitalization exercise, initiated with President Bola Tinubu's assent, mandates insurance firms to upgrade their capital to meet new minimum requirements.