BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission, (NAICOM) on Friday said it will release statutory deposit with the Central Bank of Nigeria to insurance companies by 30th of September, 2026.
The Commissioner for Insurance and Chief Executive officer, Mr. Olusegun Ayo Omosehin, disclosed this today during a press conference in Lagos.
”However, we will keep our binoculars open to see where those monies will be deployed to, because we have oversight over how they move those funds. But by ending of September, the money will be released through the entities. I think that was the last question.
The statutory deposit is a regulatory safeguard, not working capital. Under Nigerian insurance law, every registered insurer must deposit a fixed sum with the CBN as a condition of holding its license.
It’s separate from — and in addition to — the insurer’s minimum capital requirement (MCR); the MCR is the overall capital base a company must hold, while the statutory deposit is a specific, mandated slice of that capital lodged with the CBN as a form of security.
