By Emma Ujah, Abuja Bureau Chief
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has queried the National Insurance Commission (NAICOM) over its imposition of a 1% Capital Injection Fee, alongside verification fees to be paid by insurance companies in the ongoing sector recapitalization exercise.
The query followed a petition by NICON Insurance Limited and Nigeria Reinsurance Corporation in which the two companies accused NAICOM of imposing fees on the insurance companies, beyond statutory provisions.
A memo referenced: F/LEG/0608/2026/22, dated August 6, and signed by the Permanent Secretary (Finance) of the Ministry of finance, Mr. Raymond Omachi, for the Minister, directed the Commission to provide “detailed response and legal justification to the issues raised”.
In addition the Commission was also directed to transfer entire capital injection funds into the CBN escrow account and to suspend the enforcement of the contested Processing Fees, 1% Capital Injection Fee, and full capital escrow account transfer directives against NICON and Nigeria Re, pending the determination of the petition.
