NAICOM: Insurance Sector Raised Additional N1.079tn During Recapitalisation Exercise
Ebere Nwoji The National Insurance Commission (NAICOM), has said that the insurance sector raised a total of N1.079 trillion during the recently concluded recapitalisation exercise. The Commissioner for Insurance, Mr
The National Insurance Commission (NAICOM) has announced that the insurance sector in Nigeria raised an additional N1.079 trillion during a recent recapitalisation exercise. Commissioner for Insurance, Mr. Ayo Omosehin, revealed that 48 insurance companies and two reinsurance companies successfully completed the recapitalisation process in accordance with Minimum Capital Requirements (MCR) guidelines and the Nigerian Insurance Industry Reform Act (NIIRA 2025).
The recapitalised companies raised funds through various options such as rights issues, private placements, public offers, and fresh equity injections, with some firms already having capital bases above the minimum requirements. The funds are held in escrow accounts with the Central Bank of Nigeria (CBN) and will be released to the companies before September 30th, 2026.
Six insurance licences were cancelled, and the Nigerian Agricultural Insurance Corporation (NAIC) was withdrawn from general insurance business, focusing solely on agricultural schemes.
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