BY NKECHI NAECHE-ESEZOBOR —Cornerstone Insurance Plc on Monday said it has sufficient capital to meet the July 31 recapitalisation deadline set by the Nigerian Insurance Industry Act 2025, without the need for additional funding or mergers.
The Group Managing Director, Stephen Alangbo, disclosed this on the sidelines of the company’s annuity forum held in Ikeja. He said the company has already met the recapitalisation requirements, subject to verification by the National Insurance Commission (NAICOM).
“Subject to NAICOM’s verification, we have met the recapitalisation requirement without sourcing additional capital or entering into any merger,” Alangbo said.
He further revealed that the company’s subsidiaries—FIN Insurance Limited and Hilal Takaful Nigeria Limited—have also met the minimum capital base prescribed by the regulator.
“Cornerstone Insurance Plc has two subsidiaries: FIN Insurance Limited, a specialist general insurance company, and Hilal Takaful Nigeria Limited, which operates under the Islamic insurance model. We own 96 per cent of FIN Insurance and 99 per cent of Hilal Takaful,” he explained.
According to him, Hilal Takaful Nigeria Limited currently has sufficient capital to operate in line with NAICOM’s regulatory requirements.
On FIN Insurance, Alangbo said the company, subject to NAICOM verification, has capital in excess of ₦15 billion and has already paid the required capital to the Central Bank of Nigeria to demonstrate its capacity to operate independently, without a merger or business combination.
Speaking on the parent company, he noted that Cornerstone Insurance Plc, as a composite insurance firm, is also adequately capitalised.
“Cornerstone, being a composite company, has more than enough capital to meet NAICOM’s requirements, subject to verification of our accounts. We are not seeking additional capital or considering a merger. Rather, we are fully positioned to acquire insurance companies that are unable to recapitalise,” he said.
