By Niyi Jacobs
The National Insurance Commission (NAICOM) has confirmed that eighteen insurance companies have indicated their readiness to undergo capital verification, marking a significant step forward in the regulator’s ongoing recapitalisation drive for Nigeria’s insurance sector.
Speaking at the EY Insurance Summit 2025, NAICOM’s Commissioner for Insurance, Olusegun Omosehin—represented by Deputy Commissioner (Technical), Dr. Usman Jankara—described the level of engagement from operators as highly encouraging. He noted that the participating companies represent a substantial portion of the market and reflect growing alignment with the Commission’s reform agenda.
Omosehin explained that NAICOM has implemented a robust capital verification framework designed to ensure transparency and credibility throughout the recapitalisation process. To further strengthen the exercise, the Commission is collaborating with global audit firms, including EY, to independently verify each insurer’s compliance with the revised minimum capital thresholds. He emphasized that this partnership is expected to boost investor confidence and reinforce trust in the sector.
According to the Commission, insurers submitted their recapitalisation plans by September 30, 2025, with the capital verification phase scheduled to run from November 2025 to June 2026. The final compliance deadline is set for July 30, 2026. Only insurers that successfully meet the new capital requirements within this timeframe will retain their operating licences.
At the summit, Ben Afudego, Partner and Consulting Leader for West Africa at EY, stressed that sustained collaboration among regulators, operators, and professional bodies is vital to building a stronger, more competitive insurance industry. He noted that the recapitalisation initiative should act as a catalyst for sector growth and improved service delivery.
NAICOM’s recapitalisation programme is designed to strengthen insurers’ solvency, enhance claims-settlement capacity, attract fresh investment, and reposition the industry for long-term stability. The initiative follows the Commission’s decision in August to significantly raise the minimum capital requirements for underwriters, aiming to boost their risk-bearing capacity and better protect policyholders.
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