NICON, Nigeria Re Accuse NAICOM of Criminal Breaches Over Recapitalisation
* Firms allege unlawful 1% levy, non-remittance to TSA, 100% capital demand, N180m consultant fees Sunday Aborisade in Abuja The ongoing recapitalisation of Nigeria’s insurance industry, being implemented under the
NICON and Nigeria Reinsurance Corporation have accused the National Insurance Commission (NAICOM) of alleged criminal breaches during the insurance industry recapitalisation process. The two major insurance companies claim NAICOM breached laws and mishandled shareholders' funds. The recapitalisation, under the NIIRA 2025, aims to strengthen the financial capacity of insurance firms.
NICON and Nigeria Re demanded an investigation into their allegations, stating the matter is not a civil disagreement. They dispute NAICOM's role in demanding one percent levy, 100% capital transfer to CBN, and N180 million consultant fees. The companies argue NAICOM diverted public attention from the legal issues.
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