NAICOM Confirms 43 Insurers Meet New Capital Requirements
The National Insurance Commission (NAICOM) has announced that 43 insurance and reinsurance companies have met the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, bringing the country’s year-long recapitalisation exercise to a successful close.
In a statement released on Saturday, the Commission said the recapitalisation process was conducted over a 12-month period in accordance with Section 15 and other relevant provisions of NIIRA 2025, which was signed into law by President Bola Tinubu on July 31, 2025.
According to NAICOM, the completion of the exercise represents a significant milestone in the ongoing reform of Nigeria’s insurance industry, positioning the sector to become stronger, more resilient, and better capitalised to support economic growth and meet the evolving needs of policyholders.
Blessing Anolaba
Editorial & Creative Correspondent
A storyteller and journalist passionate about telling stories for policy change and impact.
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