{
  "id": 7216169,
  "title": "NAICOM: Insurance Sector Raised Additional N1.079tn During Recapitalisation Exercise",
  "url": "https://urgent.news/2026/09/14/naicom-insurance-sector-raised-additional-n1-079tn-during",
  "topic": "world",
  "section": "World",
  "published": "2026-09-14T01:26:00.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/09/14/naicom-insurance-sector-raised-additional-n1-079tn-during-recapitalisation-exercise/"
  },
  "original_language": "en",
  "account": null,
  "summary": "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 Six insurance licences were cancelled, and the Nigerian Agricultural Insurance Corporation (NAIC) was withdrawn from general insurance business, focusing solely on agricultural schemes.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}