National Insurance Commission (NAICOM), yesterday, announced the constitution of the 2025 Recapitalisation Committee, barely a week after President Bola Tinubu assented to Nigeria Insurance Industry Reform Act (NIIRA) 2025.
A 2020 push by the commission to recapitalise the industry had hit a brick wall following legal actions instituted against the regulator by operators.
But the commission has now scaled the wall. Chaired by Director of Supervision, NAICOM, Mrs. Oluwatoyin Charles, the current committee’s primary responsibility is to oversee the implementation of the recapitalisation programme.
Its mandate includes ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows.
In a statement, Commissioner for Insurance/Chief Executive, NAICOM, Mr. Olusegun Omosehin, emphasised the critical role of recapitalisation in stabilising the industry and contributing to the country’s proposed $1 trillion economy.
Speaking at the inauguration in Abuja, Omosehin urged the 11-member committee to approach their task with professionalism, diligence, and commitment to the common interest, assuring them of necessary support.
