Six Insurers Fail Recapitalisation Deadline in Nigeria

Nigeria’s insurance industry raised approximately N720 billion in fresh capital during a recapitalisation exercise that began in August 2025 and concluded on July 31, 2026. The National Insurance Commission (NAICOM) verified that 48 insurance companies and two reinsurance firms met the new minimum capital requirements.

However, six insurers, including Goldlink Insurance Plc and Staco Insurance Plc, failed to comply by the deadline. Goldlink Insurance, which has faced corporate challenges, was delisted from the Nigerian Exchange (NGX) in April 2025 due to regulatory breaches.

Staco Insurance appointed Nike Nihinlola as acting managing director after the death of Wale Bannore and is working to strengthen its financial position. NICON Insurance Plc and Nigeria Reinsurance Corporation are contesting aspects of NAICOM’s recapitalisation process in court, including fees and the requirement for new capital to be lodged in an escrow account.

Royal Exchange Prudential Life Plc also did not meet the requirements, while its parent company plans to raise N2.7 billion through a share issue.