BY NKECHI NAECHE-ESEZOBOR—Policarp Didam, former Managing Director of Royal Exchange Prudential Life Plc, has applauded the leadership of the National Insurance Commission,(NAICOM), led by Mr. Olusegun Ayo Omosehin, for a successfully conclusion of the insurance industry recapitalisation exercise.
In an exclusive chat with BusinessTodayNG, Didam , noted that the recapitalisation was the best thing that has happened to the industry.
He also, aligned with former Commissioner for Insurance, Mohamed Kari, asserting that politics must be kept out of regulatory matters.
His words”I totally align myself with the wise counsel of Mohamed Kari, our former Commissioner. We should not bring politics into what are purely regulatory issues.
“We, as operators in the insurance industry, welcome these recapitalization efforts as vital steps toward repositioning the sector so it can take its proper place in our nation’s economic development.
“The Ministry of Finance would do well to stop interfering in the exercise. Any firm that has issues with the regulator’s actions should seek remedy in court.”
NAICOM on August 2, 2026, announced the successful completion of the twelve-month insurance sector recapitalization exercise undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.
The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.
According to the commission it represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilize long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.
Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.
To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria.
The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.
Through a comprehensive process of review, verification, and validation, the recapitalization exercise has delivered a major boost to the Nigerian insurance industry.
It has enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence.
The first batch of verified outcome of the exercise indicates that Forty-three insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements.
However, the commission announced that Eight insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within fourteen days.
On August 13th, the commission released the final list of seven as verified insurance companies who have met the minimum capital requirements, this being the total number of insurance underwriting firms to 48 and two reinsurance companies.
