Nigeria's NAICOM clears 43 insurers in recapitalisation, eight pending review

The National Insurance Commission (NAICOM) announced the successful completion of a 12‑month insurance sector recapitalisation exercise carried out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Forty‑three insurance and reinsurance companies met the new minimum capital requirements, while eight firms that submitted late documentation are undergoing final regulatory verification, expected to be concluded within fourteen days.

The recapitalisation aligns with President Bola Ahmed Tinubu’s agenda to build a US$1 trillion economy by 2030 and is intended to create a stronger, more resilient, professionally governed and policy‑holder‑focused insurance market. NAICOM said the higher capital base will improve insurers’ ability to underwrite larger risks, support infrastructure financing and deepen financial inclusion.

Among the firms highlighted, Guinea Insurance Plc reported that it has surpassed the ₦15 billion minimum capital threshold for non‑life insurers after raising about ₦12.6 billion through a hybrid rights issue and private placement. The company’s Managing Director, Ademola Abidogun, described the achievement as a significant milestone in its recapitalisation programme, enhancing its financial resilience and underwriting capacity.