NAICOM Says 43 Insurers Completed Recapitalisation Exercise

The National Insurance Commission says 43 insurance and reinsurance companies have completed Nigeria’s 12-month insurance recapitalisation exercise.

NAICOM announced the outcome in a statement reported by Premium Times and Daily Trust, saying the exercise followed Section 15 and other provisions of the Nigerian Insurance Industry Reform Act 2025. President Bola Tinubu signed the law on July 31, 2025.

The regulator said eight other insurance companies submitted evidence of compliance shortly before the deadline and are still undergoing final verification. It said that review should be concluded within 14 days.

NAICOM said the completed recapitalisation is meant to strengthen the insurance sector, improve capital buffers and support wider financial-sector reform. Daily Trust reported that the commission began a structured implementation process after the law was enacted to guide operators through the new minimum capital requirements.

The commission also said the exercise is tied to the Federal Government’s plan to build a $1 trillion economy by 2030. The immediate test will be how the newly capitalised firms expand underwriting capacity and improve public confidence in insurance products.

Sources: Premium Times, Daily Trust