Recapitalisation: NAICOM clears 48 insurers, 2 reinsurers as Goldlink, Staco, five others fail requirements
National Insurance Commission NAICOM
Nike Popoola
The National Insurance Commission (NAICOM) has confirmed seven additional insurance companies as compliant with the new minimum capital requirements under the Nigeria Insurance Industry Reform Act (NIIRA) 2025, bringing the total number of verified compliant insurers to 48 and two reinsurers.
The latest companies cleared by the regulator are EmPLE General Insurance Limited, EmPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc.
NAICOM disclosed this in a notice to the general public signed by its management and dated August 13, 2026.
The development confirms an exclusive report by Daily Economy earlier in the week that five companies had successfully scaled the verification process while three others were undergoing verification.
The seven companies had submitted evidence of compliance shortly before the July 31, 2026 deadline.
With NAICOM’s latest announcement, the verification process for the seven affected insurers has been formally concluded.
The commission stated that the seven companies had been “confirmed and verified” as compliant with the minimum capital requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines.
With the latest additions, NAICOM said 48 insurance companies and two reinsurance companies had now been confirmed and verified as compliant.
The regulator said the development marked the successful conclusion of the Nigerian insurance industry’s recapitalisation exercise.
Seven insurance companies and one reinsurance company did not meet the recapitalisation requirements under NIIRA 2025 and were therefore not included among the companies verified as compliant.
The seven companies that did not make the first and second recapitalisation compliance lists are Goldlink Insurance Plc, African Alliance Insurance Plc, Royal Exchange Prudential Life Plc, Staco Insurance Plc, Universal Insurance Plc, NICON Insurance and Nigerian Reinsurance Corporation.
Meanwhile, Nigerian Agricultural Insurance Corporation (NAIC) was not included in the the first and second lists. As the only non-private underwriter and a company wholly owned by the Federal Government, its regulatory and ownership status remains subject to the government’s decisions regarding its operating licence.
The conclusion of the exercise marks a major milestone in NAICOM’s implementation of the higher capital thresholds introduced under NIIRA 2025, which was enacted in 2025 as part of efforts to strengthen the financial capacity, resilience and competitiveness of Nigeria’s insurance industry.
The regulator had required insurers to meet revised minimum capital requirements and subsequently subjected companies that submitted evidence of compliance to a verification process before they could be officially recognised as compliant.
NAICOM’s latest confirmation therefore provides formal regulatory backing to the seven companies that had been awaiting completion of the verification process.
43 companies initially verified
Before the latest seven confirmations, NAICOM had initially verified 43 insurance companies and two reinsurance companies as compliant with the new capital requirements.
The 43 insurance companies are:
Composite Insurance Companies: Leadway Assurance Company Limited; AIICO Insurance Plc; Cornerstone Insurance Plc; AXA Mansard Insurance Plc; LASACO Assurance Plc; Fortis Global Insurance Plc; Industrial and General Insurance Plc; and Great Nigeria Insurance Plc.
Life Insurance Companies: Custodian Life Assurance Limited; CHI Life Assurance Limited; Heirs Life Assurance Limited; Prudential Zenith Life Insurance Limited; Stanbic IBTC Insurance Limited; Sanlam-Allianz Life Insurance Nigeria Limited; Capital Express Life Assurance Limited; Mutual Benefits Life Assurance Limited; Enterprise Life Assurance Company (Nigeria) Limited; and Coronation Life Assurance Limited.
Non-Life Insurance Companies: Zenith General Insurance Company Limited; Custodian and Allied Insurance Limited; NEM Insurance Plc; Heirs General Insurance Limited; Fin Insurance Company Limited; Mutual Benefits Assurance Plc; Tangerine General Insurance Limited; Capital Express Indemnity Insurance Limited; Sanlam-Allianz General Insurance Nigeria Limited; Consolidated Hallmark Insurance Limited; Sterling Assurance Nigeria Limited; Unitrust Insurance Company Limited; NSIA Insurance Limited; Rex Insurance Limited; Linkage Assurance Plc; Anchor Insurance Company Limited; Sunu Assurances Nigeria Plc; KBL Insurance Limited; International Energy Insurance Plc; Veritas Kapital Assurance Plc; NPF Insurance Company Limited; Coronation Insurance Plc; and Prestige Assurance Plc.
Reinsurance Companies: Continental Reinsurance Plc and FBS Reinsurance Limited.
The completion of the verification process represents a significant stage in the implementation of NIIRA 2025 and is expected to reshape the capital strength and competitive capacity of Nigeria’s insurance industry.
