Nigeria's Insurance Sector Meets Capital Threshold in Recapitalisation Drive

Guinea Insurance Plc announced that it has surpassed the ₦15 billion minimum capital requirement for non‑life insurers after completing a hybrid capital raise of about ₦12.6 billion. The company’s Managing Director, Ademola Abidogun, said the combined paid‑up capital now exceeds the regulatory threshold, pending final verification by the National Insurance Commission (NAICOM).

Nigeria’s year‑long insurance recapitalisation programme, introduced by the Insurance Industry Reform Act signed by President Bola Tinubu, closed today. NAICOM will soon verify the data and publish a list of insurers that meet the new capital standards. The sector raised roughly ₦300 billion in total, with firms opting for rights issues, private placements and internal restructuring rather than mergers. The programme aims to boost underwriting capacity, improve claims‑paying ability and prepare the market for a risk‑based capital regime, with the Big Four audit firms tasked to independently verify capital positions.