Recapitalisation: NAICOM to clear Regency Alliance, Sovereign Trust, Tangerine Life, emPLE Life & General as verification continues for three others
National Insurance Commission NAICOM
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The National Insurance Commission (NAICOM) has completed the recapitalisation verification of five out of eight insurance companies that submitted evidence of compliance shortly before the July 31, 2026 deadline, Daily Economy exclusively reveals.
Findings by Daily Economy showed that Regency Alliance Insurance Plc, Sovereign Trust Insurance Plc, Tangerine Life Insurance Nigeria Limited, emPLE Life Assurance Limited and emPLE General Insurance Limited have successfully scaled the verification process and are expected to be formally listed among the companies that met the new minimum capital requirements.
Stakeholders in the affected companies are expressing excitement and relief following the development, as they await the official announcement by NAICOM.
The five companies are among the eight insurers that were subjected to final verification after the Commission published its initial list of 43 insurance and reinsurance companies that had successfully met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
NAICOM, in its July 31, 2026 announcement, said the 43 companies had been verified as compliant with the provisions of NIIRA 2025 and other applicable insurance laws and guidelines.
The Commission also disclosed that eight insurance companies that submitted evidence of compliance shortly before the statutory deadline were undergoing final verification and regulatory review, which was expected to be concluded within 14 days.
Findings by Daily Economy revealed that Guinea Insurance Plc, one of the eight companies undergoing verification, had earlier announced that it surpassed the ₦15 billion minimum capital requirement for non-life insurance companies through a successful hybrid capital-raising exercise. The company is therefore expected to join the league of recapitalised insurers once its verification is concluded and formally cleared by NAICOM.
Meanwhile, Nigerian Agricultural Insurance Corporation (NAIC) was not included in the initial list of 43 recapitalised companies. 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.
African Alliance Insurance Plc, which was also not included in the initial list, is undergoing verification. In June 2026, NAICOM had transferred operational control of the company to a newly constituted board nominated by its shareholders following the conclusion of a regulatory intervention that commenced in October 2024. The regulatory intervention could affect the timing of the company’s recapitalisation verification.
Similarly, A&G Insurance Company Limited, undergoing verification, which was not among the initial 43 companies, had notified NAICOM before the deadline that it complied with the recapitalisation requirements.
In another major development arising from the exercise, NAICOM has appointed liquidators for non-compliant companies. It withdrew the operating licence of Nigeria Reinsurance Corporation after the company failed to meet the statutory minimum capital requirement, paving the way for the commencement of its liquidation.
The recapitalisation exercise followed the enactment of NIIRA 2025, which introduced higher minimum capital requirements for insurance and reinsurance companies.
With five of the eight companies now cleared, attention has shifted to the remaining three as stakeholders await the Commission’s final announcement and the publication of an updated list of licensed insurance companies.
Daily Economy observed that NAICOM had temporarily removed the list of licensed insurance companies from its website, with an updated list expected after the completion of the outstanding verification exercise.
The successful conclusion of the recapitalisation programme is expected to strengthen the financial capacity and resilience of Nigeria’s insurance industry, improve policyholder protection, deepen financial inclusion and enhance the sector’s ability to mobilise long-term capital for economic development.
