Nigeria's insurers clear 70% verification ahead of July recapitalisation deadline

More than 70% of Nigerian insurance companies have completed the independent verification required under the National Insurance Commission's (NAICOM) recapitalisation programme, according to NIA Chairman Ebelechukwu Nwachukwu. The verification, carried out by auditors from the Big Four firms, confirms that firms meet the higher minimum capital standards and have made statutory deposits equal to 10% of the new requirement with the Central Bank of Nigeria.

The recapitalisation exercise, introduced to strengthen insurers' financial capacity and improve claim‑settlement ability, entered its final phase ahead of the July 31 deadline. NAICOM will announce the final outcome after the deadline and continues to engage companies facing capital shortfalls to ensure an orderly transition that protects policyholders and may spur strategic mergers and acquisitions.