Nigeria’s insurance sector reform programme has entered a critical stage as the National Insurance Commission (NAICOM) announced that 20 insurance companies are currently undergoing verification as part of the recapitalisation process under the Nigerian Insurance Industry Reform Agenda (NIIRA) 2025.
The disclosure was made during a media interactive session held on Wednesday at the Radisson Blu Hotel Ikeja, where the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, briefed journalists and stakeholders on the progress of the reform initiative.
Omosehin explained that the verification exercise is a key component of the recapitalisation programme aimed at strengthening the financial capacity of insurance companies and restoring public confidence in the sector.
According to him, twenty insurance firms are currently undergoing the verification process, while several others are working round the clock to ensure they enter the verification stage shortly after the completion of the ongoing first batch.
He revealed that the verification process is expected to last three weeks, during which independent auditors will examine the financial records and capital positions of the companies before submitting their reports to the Commission.
The NAICOM boss called for the cooperation and support of industry operators to enable regulators and auditors carry out a thorough and credible exercise.
Omosehin further stressed that the Commission remains committed to transparency, fairness, and regulatory discipline throughout the recapitalisation process, noting that July 31, 2026, remains the deadline for companies to meet the new capital requirements.
Despite concerns in some quarters about the potential impact of the exercise, he reassured operators and stakeholders that the reform programme has been carefully designed to protect policyholders.
“No policyholder will suffer as a result of the NIIRA implementation exercise,” he assured.
The media engagement forms part of NAICOM’s strategic stakeholder-communication initiatives aimed at keeping the public informed about developments within the insurance sector.
Earlier, the Head of Corporate Affairs at NAICOM, Abba Halil Inuwa, said the session was organised to provide an opportunity for dialogue with the media and highlight the progress already recorded in implementing NIIRA 2025.
“This engagement will provide a valuable opportunity to interact on developments within the insurance sector and highlight the progress made in the implementation of NIIRA 2025,” he said.
Industry analysts believe the recapitalisation exercise could reshape Nigeria’s insurance landscape through mergers, acquisitions, and fresh capital injections, ultimately leading to stronger and more resilient insurance companies capable of underwriting major risks in sectors such as energy, aviation, and infrastructure. With the verification process now underway and the July 31, 2026 compliance deadline drawing closer, industry stakeholders believe the recapitalisation exercise could trigger mergers, acquisitions, and fresh capital injections into the sector. The outcome, analysts say, may reshape Nigeria’s insurance landscape and produce stronger institutions better positioned to support the country’s long-term economic development.
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