L-R: The Managing Director/Chief Executive Officer of AIICO Insurance Plc, Babatunde Fajemirokun, and the Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Olusegun Omosehin. | Credit: AIICO
AIICO Insurance Plc has received a new operational licence from the National Insurance Commission, confirming its full compliance with the recapitalisation requirements introduced under the Nigerian Insurance Industry Reform Act 2025.
The development, announced in a public notice dated August 2, 2026, by NAICOM following the conclusion of the 12-month sector-wide recapitalisation exercise, listed AIICO among a select group of insurers certified to maintain full composite status across both life and general business lines.
In a statement on Wednesday, the insurer highlighted that it did not require additional equity raising to meet the new regulatory threshold, having maintained a capital base above the revised minimum prior to the exercise.
The licensing milestone coincided with the company’s second-quarter 2026 financial results, which showed growth across key operational parameters.
