[REVISION HISTORY]

Nigeria insurance recapitalisation and regulatory updates

Updated 18 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-12 10:42 UTC → 2026-09-23 17:23 UTC · added ~~removed~~

The Nigerian insurance sector’s 12-month recapitalisation programme, introduced under the 2025 Insurance Industry Reform Act, has concluded. By 22 August 2026, the National Insurance Commission (NAICOM) confirmed that 50 companies—comprising 48 insurers and two reinsurance firms—met the new minimum capital requirements. These thresholds include ₦10 billion for life insurers, ₦15 billion for non-life, ₦25 billion for composite underwriters, and ₦35 billion for reinsurers. Following the exercise, shareholder associations have intensified demands for accountability. Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), emphasized that the increased capital should be used to expand underwriting capacity and develop new products to drive insurance penetration beyond its current level of one per cent. In response to market growth needs, NAICOM launched the Insurance Sector Strengthening Programme (ISSP) in Abuja. Commissioner for Insurance Olusegun Omosehin stated that the initiative provides a framework for sector growth and stability. Regulatory enforcement has seen significant developments. On 5 September 2026, NAICOM cancelled the operating licence of NICON Insurance Limited for failing to meet capital requirements. Following a Federal High Court order, Chukwuma Machukwu Ume (SAN) was appointed Receiver and Provisional Liquidator. ~~The liquidator has issued a public notice stating that any transactions purportedly undertaken on behalf of NICON during this process will not be honoured without ratification.~~ On 12 September 2026, NAICOM announced that the total capital of the industry has reached ₦1.079 trillion. Omosehin noted that the exercise aimed to encourage fund raising, mergers, and partnerships. Additionally, NAICOM clarified that the Nigerian Agricultural Insurance Corporation (NAIC) will maintain its specialized mandate for agricultural schemes despite the withdrawal of its general insurance licence. On 23 September 2026, NAICOM urged operators to use their increased financial strength to enhance underwriting capacity, improve claims payments, and foster public trust. Dr. Julius Odidi, representing Commissioner Omosehin, emphasized that capital should serve as a tool for innovation.

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