Insurance sector raises N1.079tn in recapitalisation exercise— NAICOM

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The Nigerian insurance industry raised N1.079tn during the recapitalisation exercise that ended in July, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has said.

Omosehin disclosed this on Friday during a press briefing in Lagos, where he gave an update on the just-concluded recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025 (NIIRA).

He said the exercise had been successfully completed in line with the Minimum Capital Requirements (MCR) guidelines issued for the process.

According to him, 48 insurance companies and two reinsurance companies scaled the recapitalisation hurdle and had been appropriately relicensed.

“We’ve handed over their new licenses to them, and they’ve since renewed their strength in protecting and providing resilience to the Nigerian people,” he said.
However, the commissioner disclosed that six insurance licences had been cancelled following the exercise.

The affected companies are Nicon Insurance, Nigeria Reinsurance Corporation, Goldlink, Staco Insurance, Royal Exchange Prudential Insurance and Universal Insurance.

Omosehin also disclosed that the Nigerian Agricultural Insurance Corporation (NAIC) could not meet the requirement for general insurance business.
He said the corporation’s licence to underwrite general insurance business had consequently been withdrawn.

NAIC, which had previously been underwriting agricultural schemes as well as general insurance business, would, however, continue to underwrite agricultural schemes in line with its traditional mandate.

“However, they can no longer write general insurance business, i.e. Motor, Fire, the rest of them, and the host of them. That license has been withdrawn, but they will continue to write agric schemes in line with their original mandate,” the commissioner said.