Capital Express Indemnity Insurance bolsters regulatory standing with N1.517bn statutory deposit
Capital Express Indemnity Insurance Limited
Nike Popoola
As the July 31, 2026 deadline approaches for insurance companies in Nigeria to conclude all statutory requirements for recapitalisation, Capital Express Indemnity Insurance Limited has strengthened its position with an additional ₦517 million, making a total statutory deposit of ₦1.517 Billion as at 15th July, 2026. The move, the company said, brings it into regulatory alignment with Nigeria’s sweeping insurance recapitalisation reforms and reinforces its position in the non-life insurance market.
The company’s Managing Director and Chief Executive Officer, Mr. Adewale Koko, described the payment as a significant milestone in the insurer’s efforts to meet the requirements introduced by the Nigerian Insurance Industry Reform Act, 2025, which raised capital thresholds across the sector.
The deposit, lodged in the Central Bank of Nigeria account designated for insurance statutory deposits, addresses an outstanding requirement under the recapitalisation framework for non-life insurers. It follows the company’s disclosure that it has already exceeded the ₦15 billion minimum capital threshold prescribed for existing operators in the segment.
According to Koko, the statutory deposit payment reflects disciplined execution of the company’s strategy and underscores its commitment to regulatory compliance.
“The payment of the additional statutory deposit is another important milestone in our recapitalisation programme and a reflection of our determination to ensure full compliance with regulatory requirements,” Koko said. “It also underscores the confidence of our shareholders, the strength of our governance structure and the discipline of our management team in executing our long-term strategic objectives.”
He added that the company’s stronger capital and compliance position would enhance its ability to support policyholders, deepen market confidence and deliver value to stakeholders.
“By meeting both the capital threshold and the statutory deposit requirement, we are reinforcing our capacity to operate as a financially stronger, more resilient and customer-focused institution,” he said.
Beyond the recapitalisation milestone, Koko said customers can use the firm’s online channel, www.ceiil.ng, to access a wide range of general insurance services, including travel, marine, builders’ and occupiers’ liability insurance, fire and special perils, and group personal accident cover. He said the platform reflects a broader push to widen access, modernise distribution and reinforce the company’s customer-service agenda.
Through the platform, clients are assured of a more seamless and user-friendly experience, supported by technology and trained personnel deployed to improve turnaround time on customer queries and enquiries. Koko said the website is designed not only to simplify access to the company’s products but also to strengthen service delivery by ensuring prompt responses, clearer communication and efficient support across customer touchpoints. This, he noted, is in line with the company’s commitment to improving customer experience and creating value for policyholders and other stakeholders.
The recapitalisation drive is among the most consequential changes in Nigeria’s insurance industry in years. Regulators and market participants say the reforms are intended to strengthen insurers’ financial capacity, improve consumer confidence and expand the sector’s ability to underwrite larger and more complex risks.
For Capital Express Indemnity, meeting the minimum capital benchmark and completing the statutory deposit obligation positions the company to pursue growth with a stronger balance sheet, improved service capacity and greater operational resilience. The company said it would continue to focus on corporate governance, risk management, regulatory compliance and customer-focused innovation as it seeks to broaden its footprint in Nigeria’s insurance market.
