The National Insurance Commission (NAICOM) has highlighted challenges and hitches to successful recapitalisation in insurance industry despite its efforts to deliver smooth, successful and conclusive recapitalisation exercise by July 30th 2026.
The commission highlighted these challenges: as complexities associated with merger and acquisition among operating firms who might not make it on stand-alone basis, macro-economic volatilities in form of inflation and foreign exchange fluctuations which has impacted capital raising as well as capacity gaps.
The Commissioner for Insurance, Olusegun Ayo Omosehin, stated these at the ‘EY Insurance Summit’ on the Nigerian Insurance Industry Reform Act (NIIRA) 2025 held Thursday in Lagos.
Omosehin, who was represented at the summit by the Deputy Commissioner for Insurance Technical, Usman Jankara however gave an update on the preparations and steps so far taken by the commission to ensure compliance and delivery of successful recapitalisation exercise this time.
He said, “We have issued guidelines and circulars such as the policy circular and then guidelines on Minimum Capital Requirement (MCR) detailing admissible and non-admissible assets, liabilities, and compliance timelines.”
