ABUJA, Aug 10 – Eight Nigerian insurance companies are still awaiting final clearance from the National Insurance Commission (NAICOM), raising concerns among policyholders as the regulator’s recapitalisation process enters its final days.
NAICOM said 43 insurers had met the new capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and had been issued new licences. The regulator also gave companies that submitted their capital validation documents late a 14-day grace period. With about a week left in the extension, attention is now turning to the eight firms still under review.
The uncertainty has raised questions about what could happen to existing policies if any of the companies fail to meet the requirements and are forced to close.
The concerns come after NAICOM revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory minimum capital requirement while it appointed senior advocate Muiz Banire as receiver/provisional liquidator to oversee the company’s liquidation.
Policyholders are also seeking clarity on whether their existing contracts and claims will remain protected while the affected companies await a final decision.
Meanwhile, the Nigerian Insurers Association (NIA) has called for calm and expressed support for the eight companies undergoing final verification.
NIA Chairman Ebelechukwu Nwachukwu said the completion of the recapitalisation exercise was a major step for the industry, adding that stronger capital levels should improve insurers’ ability to meet their obligations and support larger economic activities.
