Forty-three insurance and reinsurance companies have met the new minimum capital requirements set by the National Insurance Commission (NAICOM), bringing to a successful close the industry’s 12-month recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The Nation was reliably informed by sources that the exercise attracted fresh capital estimated at more than N300 billion, although the Commission has yet to officially disclose the total amount raised.
It said eight other insurance companies that submitted evidence of compliance shortly before the deadline are still undergoing final verification, which is expected to be completed within 14 days.
NAICOM said the completion of the recapitalisation exercise marks a major turning point for Nigeria’s insurance industry, creating a stronger, better-capitalised and more resilient sector that is expected to improve protection for policyholders, attract more investment, support economic growth and strengthen the country’s financial system.
The exercise was carried out under NIIRA 2025, signed into law by President Bola Ahmed Tinubu on July 31, 2025, as part of the Federal Government’s financial sector reform agenda aimed at building a one trillion dollar economy by 2030.
