NAICOM Gets CAC’s Backing on 12-Month Recapitalization Push

The push for a stronger, more resilient insurance sector in Nigeria gained momentum as the Corporate Affairs Commission (CAC) pledged full support to the National Insurance Commission (NAICOM) in implementing the 12-month recapitalization timeline mandated by the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

The assurance came during a courtesy visit by NAICOM’s leadership to the Registrar General of CAC, Barr. Hussaini Magaji SAN, at the Commission’s headquarters in Abuja.

Speaking at the meeting, the Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, expressed deep appreciation to the Registrar General and the CAC team for their consistent collaboration. He underscored the importance of synergy between both agencies, noting that NIIRA 2025 introduces far-reaching reforms that require seamless coordination, particularly the recapitalization exercise which must be concluded within 12 months.

Omosehin explained that recapitalization is pivotal to strengthening the financial capacity of insurers, boosting public confidence, and aligning the Nigerian insurance sector with international best practices. He stressed that the backing of CAC would be vital in ensuring operators meet the deadline without unnecessary bottlenecks.

In his response, Barr. Magaji reaffirmed CAC’s readiness to stand behind NAICOM in delivering President Bola Ahmed Tinubu’s economic vision of building a more competitive and stable financial services sector. He acknowledged the longstanding partnership between CAC and NAICOM in supporting corporate governance and economic growth.

The Registrar General outlined specific measures CAC will implement to support the reform process, including:

• Issuing guidelines to fast-track the recapitalization process
• Enhancing data exchange mechanisms between CAC and NAICOM
• Granting concessions and expedited clearances where necessary to ease compliance

Magaji assured that CAC would provide all necessary support to minimize regulatory hurdles and ensure that the insurance industry is well-positioned to contribute meaningfully to Nigeria’s economic transformation.

The high-level engagement between both agencies signals a united front in driving insurance industry reforms, reinforcing investor confidence, and strengthening the foundation for sustainable economic growth.