The Securities and Exchange Commission (SEC) has created a dedicated desk to fast-track approvals for insurance sector recapitalisation, pledging to deliver decisions within 14 days of complete submissions.
This was disclosed at the end of the 19th Insurers’ Committee meeting by the Head of the Communication and Stakeholders Management Sub-Committee of the Insurers’ Committee, Ebelechukwu Nwachukwu, in Lagos.
President Bola Tinubu recently signed into law the Nigerian Insurance Industry Reform Act 2025, and it included a wide range of reforms, including a substantial increase in minimum capital requirements for insurance companies.
Nwachukwu disclosed that the Director-General of the SEC, Emomotimi Agama, made a presentation to the meeting, noting that the concessions being made to the insurance industry were part of the collaboration between the capital market and insurance regulators aimed at transforming the sector.
“There cannot be a better ally to the capital market than the insurance industry,” she said.
He also acknowledged that this is the first time that the collaboration between NAICOM and SEC is happening, and it’s happening in a very strong manner. And he expressed his belief in the industry and his actions to support the recapitalisation process.
