The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, has revealed that the commission has completed its review of the recapitalisation plans submitted by insurance companies.
Omosehin provided this update on Wednesday during his opening address at the 2025 Insurance Directors’ Conference held in Lagos.
NAICOM directed insurance companies to submit their recapitalisation plans by September 30, 2025.
The recapitalisation plans are expected to detail strategies (e.g., mergers, acquisitions, capital injections), timelines, board approvals, and financial projections.
This followed the signing of the Nigeria Insurance Industry Reform Act 2025, which mandated new minimum capital requirements for players in the sector.
Speaking at the Directors’ conference, Omosehin said, “The Commission has embarked on a recapitalisation exercise for all insurance and Reinsurance companies, as mandated by NIIRA 2025. This exercise is aimed at strengthening the financial soundness, stability, and competitiveness of the insurance sector in Nigeria. Institutions have submitted recapitalisation plans as of the September 30th deadline for submission.
“Under the leadership of President Bola Ahmed Tinubu, GCFR, Nigeria is undergoing a bold economic transformation aimed at achieving a $1tn economy by 2030. The insurance industry is expected to play a pivotal role in this journey, serving as both a shock absorber and a growth catalyst.
“Insurance must move from the margins to the mainstream of economic planning. By unlocking its potential, we can provide long-term capital, mitigate risk, and offer financial security to individuals and enterprises, thereby contributing significantly to our nation’s GDP.”
The recapitalisation of the insurance sector commenced with the assent of President Bola Tinubu on July 31, 2025, and underwriters have a 12-month deadline ending July 31, 2026, to meet the new MCR.
The PUNCH
