BY NKECHI NAECHE-ESEZOBOR—The Nigerian insurance industry have collectively raised N1.079 trillion ant the just concluded recapitalization exercise that ended 31st of July, 2026.
The Commissioner for Insurance and Chief Executive officer, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, disclosed this today during a press conference in Lagos.
According to him the fund achieved mark a landmark achievement in the regulator’s push to build up the sector’s financial muscle.
He pointed out that wrapping up the exercise successfully gives underwriters firmer financial footing to take on bigger risks, honour claims to customers more reliably, and play a fuller role in national economic development.
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 verified outcome of the exercise indicates that 48 insurance and two reinsurance companies successfully met the prescribed Minimum Capital Requirements.
The Commission reassures policyholders, investors, insurance operators, development partners, and the general public that, as the implementation of NIIRA 2025 continues alongside the modernization of Nigeria’s insurance ecosystem through innovation, technology, and digitization, the Commission will continue to strengthen consumer protection, promote sound market conduct, and accelerate insurance penetration across the country.
