National Insurance Commission. Photo: NAICOM
Five insurance companies have provided updates on their recapitalisation efforts, outlining varying stages of compliance with the National Insurance Commission’s new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025.
The updates come after NAICOM announced that 43 insurers had met the recapitalisation requirements, while a handful of firms were still undergoing verification or implementing capital-raising plans.
Staco Insurance Plc said it remained actively engaged with NAICOM throughout the recapitalisation process and had been keeping the regulator informed of measures being taken to meet the required capital threshold.
The company disclosed that it recently received approval for its 2024 audited financial statements from NAICOM and had submitted them to the Financial Reporting Council of Nigeria. It said it would convene its Annual General Meeting after obtaining the FRCN’s letter of no objection, where shareholders would consider the audited accounts and proposed funding options to support its recapitalisation.
