The National Insurance Commission (NAICOM) has announced the successful completion of the twelve-month insurance sector recapitalisation exercise involving 43 insurance and reinsurance companies.
The completion of the exercise was disclosed on Monday in a statement by NAICOM, which said it was conducted pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by President Bola Ahmed Tinubu.
NAICOM said 43 insurance and reinsurance companies successfully met the new capital requirements before the deadline, while eight insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification.
The commission added that the recapitalisation process for the eight pending insurance companies would be concluded within 14 days.
NAICOM said the exercise forms part of the Tinubu administration’s financial sector transformation agenda aimed at achieving a $1 trillion economy by 2030.
