The National Insurance Commission (NAICOM) has set the stage for a major shake-up in Nigeria’s insurance sector with the inauguration of its 2025 Recapitalisation Committee.
Chaired by Mrs. Oluwatoyin Charles, Director of Supervision, the 11-member team will implement the recapitalisation programme mandated by the Nigeria Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu.
At the inauguration ceremony in Abuja on August 12, 2025, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, stressed that recapitalisation is not just a compliance exercise but a crucial step toward stabilising the industry and boosting its contribution to Nigeria’s $1 trillion economy target. He urged members to deliver with professionalism, integrity, and diligence, promising them the Commission’s full support.
Mandate Highlights:
- Draft a detailed recapitalisation roadmap for NAICOM and operators.
- Issue guidelines and circulars to guide the process.
- Recommend new minimum capital requirements.
- Identify incentives and concessions from other regulators.
The committee will provide monthly progress reports to NAICOM management and quarterly updates to the Governing Board and stakeholders.
This initiative marks a decisive move to strengthen the industry’s financial base, improve transparency, and position Nigeria’s insurance sector for global competitiveness. NAICOM is banking on this process to deliver a stronger, more resilient market that aligns with the government’s economic growth vision.
@2025 The Ameh News: All Rights Reserved
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