By Emma Ujah, Abuja Bureau Chief
ABUJA — The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has queried the National Insurance Commission, NAICOM, over the imposition of a one per cent Capital Injection Fee and other charges on insurance companies undergoing recapitalisation.
The query followed petitions by NICON Insurance Limited and Nigeria Reinsurance Corporation, which challenged the fees and NAICOM’s directive requiring insurers to transfer their entire capital injection funds into an escrow account with the Central Bank of Nigeria, CBN.
In a memo referenced F/LEG/0608/2026/22, dated August 6 and signed by the Permanent Secretary, Ministry of Finance, Mr Raymond Omachi, on behalf of the minister, NAICOM was directed to provide a detailed response and legal justification for the disputed requirements.
The ministry also directed the commission to suspend enforcement of the contested processing fees, one per cent Capital Injection Fee and full capital escrow transfer directive against NICON and Nigeria Re pending the determination of their petitions.
