LAGOS, August 3 – The National Insurance Commission (NAICOM) has announced the successful completion of Nigeria’s insurance sector recapitalisation exercise, confirming that 43 insurance and reinsurance companies have satisfied the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The exercise concludes the 12-month transition period granted to insurance operators following the enactment of the new legislation, which was signed into law by President Bola Ahmed Tinubu on 31 July 2025.
In a statement, NAICOM described the completion of the recapitalisation programme as a significant milestone in the ongoing transformation of Nigeria’s insurance industry.
According to the Commission, the 43 compliant insurance and reinsurance companies were verified through a comprehensive review, verification and validation process designed to ensure transparency, credibility and regulatory integrity.
NAICOM, however, disclosed that eight companies which submitted evidence of compliance shortly before the 31 July 2026 deadline are still undergoing final verification and regulatory assessment.
The Commission said the review is expected to be completed within 14 days.
According to NAICOM, “The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in Nigeria.”
The Commission added that “It represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilize long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.”
The recapitalisation programme was introduced following the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, with the objective of strengthening the financial capacity of insurance and reinsurance companies operating in the country.
To facilitate compliance, NAICOM granted operators a transition period running from August 2025 to 31 July 2026, allowing firms to raise additional capital where necessary and align with the revised regulatory standards.
The Commission also issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria, outlining the admissible capital instruments, verification procedures, reporting obligations, supervisory expectations and implementation timelines governing the exercise.
The completion of the recapitalisation programme is expected to strengthen the financial resilience of Nigeria’s insurance industry, enhance policyholder protection and improve the sector’s capacity to mobilise long-term investment capital in support of economic growth.
