This is contained in notice to Nigerian Stock Exchange limited and to investing public that the deal will see FPNG acquire a 50.1% majority stake in the insurance firm upon completion.

The announcement comes in response to inquiries from NGX Regulation Limited (NGX RegCo) following media reports regarding the National Insurance Commission’s (NAICOM) ongoing recapitalization exercise.

According to a regulatory filing signed by Company Secretary Chinedu Onyilimba, the fresh capital will enable Universal Insurance to comfortably exceed NAICOM’s mandatory regulatory requirements while maintaining a robust solvency margin.

The transaction has already cleared key internal hurdles, receiving full approval from both the Board of Directors and the Company’s shareholders.

Management is currently progressing with regulatory engagements involving NAICOM, the Nigerian Exchange Limited (NGX), and other relevant authorities to finalize the process.

Universal Insurance assured its shareholders and the investing public that it remains committed to regulatory compliance and will disclose further material developments as the recapitalization process unfolds.

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With NAICOM verification now completed, the non-life insurer plans to deploy its strengthened capital position toward underwriting larger corporate risks, expanding digital infrastructure, and competing more aggressively for market leadership within Nigeria’s financial ecosystem.

A statement released by the insurer noted that, recapitalisation is not the destination. It is the platform for growth.

The statement further said is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:

“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience.

It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

According to the Company, the objective is clear: to turn capital strength into market strength.

Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.

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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.

The post NAICOM Recapitalisation: Policarp Didam Commends NAICOM, Warns Ministry of Finance Against Interference appeared first on Business Today NG.

This feat has reinforced the Company’s financial strength and commitment to long-term growth.

The achievement marks another significant milestone in the Company’s journey of building a stronger, more resilient and future-ready insurance business, while positioning it to take advantage of emerging opportunities within Nigeria’s evolving insurance market.

Commenting on the development, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, said the Company’s achievement reflects the confidence of its shareholders and stakeholders in its strategic direction and growth prospects.

in his words, “Meeting the new recapitalisation requirement is a significant milestone for Sovereign Trust Insurance Plc. It demonstrates the strength of our business, the confidence of our shareholders and our commitment to maintaining the highest standards of financial capacity and corporate governance.”

“We remain focused on delivering sustainable value to our policyholders, shareholders, brokers, agents and other stakeholders, while leveraging technology, innovation and customer-centric solutions to deepen insurance penetrationacross Nigeria.”

The Company noted that the recapitalisation milestone provides a stronger platform to support its strategic ambitions, enhance underwriting capacity and participate more effectively in opportunities across key sectors of the Nigerian economy.

According to the MD/CEO, the Company’s focus will remain on sustainable growth, prudent risk management, operational efficiency, digital transformation and superior customer experience, while maintaining a strong commitment to regulatory compliance. The achievement also underscores Sovereign Trust Insurance Plc’s confidence in the future of the Nigerian insurance industry and its determination to contribute meaningfully to the development of a stronger, more inclusive and resilient insurance sector.

Sovereign Trust Insurance Plc has over the years demonstrated an uncompromising stance on professionalism providing a broad range of general insurance solutions to individuals, businesses and institutions. The Company is committed to delivering innovative, reliable and customer-focused insurance solutions while creating sustainable value for all its stakeholders.

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This final batch of approvals formally completes the nation’s insurance recapitalization exercise, bringing the total roster of fully capitalized operators in Nigeria to 48 insurance companies and two reinsurance companies.

See details below:

List of Additional Insurance Companies that Complied with the MCR Prescribed by NIIRA 2025

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In an open letter addressed to the Minister, Kari warned that granting special concessions or allowing the Ministry to act as an informal court of appeal for distressed entities undermines NAICOM’s statutory authority, degrades market discipline, and penalizes law-abiding operators that have taken significant financial steps to comply with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Highlighting the specific cases of legacy institutions like NICON Insurance and Nigeria Reinsurance Corporation—both of which he previously led—Kari expressed dismay that these entities continue to rely on political influence to bypass regulatory requirements rather than recapitalising.

He noted that over 90 percent of the market has diligently followed statutory requirements by injecting fresh capital, depositing escrow reserves with the Central Bank of Nigeria (CBN), and meeting verification criteria. Kari emphasized that neither NICON nor Nigeria Re currently poses a “too big to fail” systemic risk to the broader economy.

Shielding chronic defaulters from enforcement, he cautioned, distorts fair competition, deters patient foreign investment, and leaves policyholders exposed to unmitigated risk.

He also called for total commitment to a level playing field across the Nigerian insurance industry.

Drawing on his extensive background as a former Managing Director of both Nigeria Reinsurance Corporation and NICON Insurance, as well as his tenure as the industry’s chief regulator, Kari cautioned that political intervention in purely regulatory matters threatens market discipline.

He specifically highlighted efforts by legacy institutions to bypass statutory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and NAICOM’s Minimum Capital Requirement Guidelines by seeking executive waivers from the Finance Ministry.

Kari stressed that with over 90% of operators diligently complying with recapitalisation directives, granting special carve-outs to chronic defaulters creates an uneven market, discourages investment, and exposes policyholders to unmitigated risk.

He urged the Ministry of Finance to respect NAICOM’s statutory mandate and refuse to act as an informal court of appeal, noting that upholding equal regulatory enforcement is the only way to build lasting global confidence in Nigeria’s financial sector.

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According to statement released today the umbrella body led by it’s chairman, Mrs. Ebelechukwu Nwachukwu commended NAICOM’s  transparent approach, highlighting how clear guidelines, systematic verification, and rigorous supervisory oversight provided a reliable framework for operators.

Celebrating the milestone outcome, she noted that a well-capitalized market significantly strengthens the financial bedrock of the sector, elevating consumer trust and expanding the industry’s overall contribution to the national economy.

She explained that the milestone is further marked by 43 insurance and reinsurance companies successfully meeting the new statutory threshold, a feat the NIA praised as a major win for policyholders, investors, and the broader business community.

Expressing solidarity with an additional eight companies currently undergoing final regulatory review, Mrs. Nwachukwu who also is the Managing director/ CEO of REX Insurance Limited,  reassured the public that the Nigerian insurance industry emerges from this exercise substantially stronger and more resilient.

She reaffirmed the Association’s commitment to serving as a robust platform for advocacy and constructive regulatory engagement, ensuring the sector remains fully prepared to underwrite complex risks and drive long-term national economic growth.

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12th August 2026

Federal Ministry of Finance

Abuja, Nigeria

Enforcing a level playing field in the Nigerian Insurance Industry and supporting Statutory regulatory mandates

Dear Honourable Minister,

I write this as an open letter to you, deliberately choosing a public medium in the interest of total transparency. The matters surrounding regulatory compliance, market capitalisation, and financial stability in the Nigerian insurance sector affect not just a few boardroom executives, but the entire economic architecture of our nation. By placing these arguments in the public domain, it is my intention to ensure that National Insurance Commission (NAICOM) as the statutory regulator, the broad community of insurance operators, international reinsurers, and most importantly, the insuring public are fully aware of the principles at stake. Transparency is the bedrock of market discipline, and public scrutiny remains the best antidote to regulatory compromise.

I have had the unique privilege of serving as Managing Director of Nigeria Reinsurance Corporation (Nigeria Re.), Managing Director of NICON Insurance (NICON) and subsequently as the Commissioner for Insurance and Chief Executive of NAICOM. Having sat on both sides of the table; first leading these two flagship institutions and later regulating the entire sector; I possess a unique, deep, and unbiased vantage point on the structural mechanics of Nigerian insurance. It is precisely because of this singular background, free from commercial bias or political expedience, that I feel duty-bound as a deeply concerned stakeholder to address you directly on what the Insurance industry needs most: a truly level playing field.

If Nigeria is to refine and strengthen its insurance sector to compete globally, it needs more than just passing a piece of legislation, the market must operate under fair, transparent, and equal rules for every player. Regrettably, the current landscape is being distorted once more by a troubling and re-occurring pattern. As NAICOM enforces critical statutory reforms to strengthen the industry’s financial bedrock, NICON and Nigeria Re have once again approached your Ministry seeking political intervention to bypass regulatory requirements.

This resort to executive lobbying creates an uneven playing field. It penalises law-abiding operators while granting preferential exceptions to legacy institutions that have failed to adapt.

From pillars of capacity to a divided playing field

To understand why a fair market structure is essential, one must look at how these entities began. Established by the Federal Government in 1969 and 1977 respectively, NICON and Nigeria Re were created as the bedrock for domestic capacity. They were mandated to retain premium capital within Nigeria, underwrite public assets, build local expertise, and cushion the economy against systemic risk, which they did effectively.

Indeed, virtually most of the first, second, and third generations of insurance practitioners in Nigeria and to a large extent West Africa, either worked in these pioneer organisations or were directly trained by them. They served as the premier institutions of excellence and professional development for the entire industry. It is precisely because of this glorious legacy that it pains the industry so deeply today to watch these same organisations continue to retard the progress of the Nigerian Insurance industry.

Following the privatisation exercise of the mid-2000s, this proud heritage was severely eroded. Transferred under controversial circumstances to core investors associated with weak governance and excessive leverage, both entities gradually lost their market leadership. Over time, persistent governance failures, balance-sheet overhangs and unpaid claims fractured their operations, which required intervention at various intervals by NAICOM and Asset Management Corporation of Nigeria (AMCON),

Rather than allowing the market to refine itself through equal competition, legacy status has repeatedly been used as a shield against the very standards required of everyone else.

Equal rules for a maturing industry

Building a self-reliant, highly capitalised Nigerian insurance market requires consistent standards. Under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and NAICOM’s Minimum Capital Requirement Guidelines, the regulator established a framework to ensure all operators hold genuine financial backing to protect policyholders.

The central issue here is not whether statutory requirements feel inconvenient or demanding to any individual operator; financial regulations, by their very nature, impose rigorous demands. The fundamental question is simply this: are the rules applicable to everybody?

In a healthy market, the answer must be an unequivocal yes. The response from the broader industry demonstrates that compliance is achievable. Over 90% of operators have diligently followed the statutory process raising fresh capital, depositing required reserves in the Central Bank on Nigeria (CBN), undergoing verification, and settling regulatory fees, as required by the law. These institutions did not seek special exemptions; they invested heavy resources to comply with the law and earn their place in a modern financial sector.

In contrast, NICON and Nigeria Re continue to seek special dispensation through political channels, petitioning your Ministry to suspend regulatory directives, capital checks, and escrow requirements. When compliance is treated as mandatory for 90% of the market but optional for a selective few, the concept of statutory regulation collapses into favouritism. Allowing a handful of operators to play by a separate set of rules undermines the principles of fair competition and discourages the very investment needed to refine the market.

What obtains in other sectors: The precedent of regulatory discipline

Honourable Minister, one must ask a fundamental question: where else in Nigeria’s financial ecosystem does this happen? At no time do we witness such unhealthy behaviour in other regulated sub-sectors. When the CBN or the Pension Commission (PENCOM) announces recapitalisation deadlines or statutory capital increases for their regulated entities, we never see their executives running to the Federal Ministry of Finance to lodge complaints or seek political interventions to weaken the regulator’s hand. Those operators understand that financial discipline is non-negotiable and that statutory requirements are enforced by the regulatory authority established by law, not negotiated through political patronage.Those models are best for financial regulation.

Why then should insurance operators treat regulatory compliance as a matter open to political lobbying? Why should the Ministry of Finance be patronised to intervene in pure regulatory enforcement? Allowing insurance companies to treat the Ministry as an informal court of appeal against NAICOM degrades the stature of Commission, promotes regulatory arbitrage, and projects an image of an industry that refuses to mature. This is one reason why I felt in the Insurance industry had been short-changed, by giving the Ministry a regulatory rolein the previous insurance laws.

Honourable Minister, the NIIRA 2025 has provided very clearly in Section 8(6) & (9) the procedure to follows if an operator’s license is cancelled, and no mention of the Ministry of Finance is made, so why should the Ministry breach the law of the Federal Republic by entertaining such overture andeven overruling the regulator?

Why executive intervention harms fair competition

Honourable Minister, despite the section referred to above, it is globally accepted that a government may occasionally intervene to rescue or support a consequential player in the financial sector, strictly where its distress poses a genuine “too big to fail” systemic risk whose collapse would trigger a wider economic catastrophe.

However, one must examine the reality of the two institutions in question today. These are no longer the market giants they once were decades ago. Having suffered years of steep decline, loss of market share, and severe operational shrinkage, their current market footprint is virtually insignificant. Their failure or strict regulatory discipline poses absolutely zero systemic risk to the Nigerian financial system or the broader economy.

Why then should government intervene to shield operators whose distress carries no systemic consequence whatsoever? Rescuing or granting regulatory concessions to insignificant, chronic defaulters cannot be justified under any sound macroeconomic policy.

When political intervention steps in to shield such non-systemic entities from standard regulatory checks, the equilibrium of the market breaks down:

• It creates unfair advantage: Operators that meet compliance targets, carry the full cost of regulatory fidelity, while non-compliant firms that secure political exemptions operate with an artificial cost advantage.

• It disincentivises real capacity building: When political lobbying becomes an alternative to recapitalisation, companies are discouraged from making the hard structural choices necessary to refine their balance sheets and operations.

• It distorts investor confidence: Both domestic and international investors look for predictable, transparent environments. A playing field where rules can be bent for select players frightens away patient capital.

• It weakens policyholder protection: Regulatory standards exist primarily to guarantee that when disaster strikes, claims are paid promptly. Shielding insolvent entities directly exposes policyholders to unmitigated risk.

The path forward: Restoring global confidence

Honourable Minister, Nigeria’s insurance sector has enormous untapped potential, but it can only realise that potential if the government allows a level playing field to flourish. The Federal Government must resist the urge to grant special carve-outs or act as an informal court of appeal for failing operators. NAICOM is the state’s empowered regulator; it must be permitted to apply the law equally to every company, whether privately owned, historically state-created, or under asset management control.

I trust that it is through this uncompromising stance that the Federal Ministry of Finance, which bears the ultimate responsibility for managing Nigeria’s economy, will give the right impression to investors, insurers, and reinsurers the world over. By upholding regulatory integrity and refusing to shield non-compliant operators, your Ministry will demonstrate that Nigeria is serious about financial discipline, thereby building lasting global confidence in the Nigerian insurance sector.

Please accept this as a plea from many that cannot voice their frustrations.

Yours sincerely,

Alh. Mohamed Kari (Wazirin Bauchi)
Former Managing Director, Nigeria Re
Former Managing Director, NICON

Former Commissioner for Insurance / CEO, NAICOM

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The insurer in a statement released recently disclosed this known following the successful completion of its recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA)

According to statement released by the insurer, that is accelerating a transformation built for the next decade, one that places digital-first service delivery, expanded capacity, and long-term policyholder commitment at the centre of its next growth trajectory.

For Leadway, meeting the National Insurance Commission’s (NAICOM) revised minimum capital requirements affirms that its business is structurally strong, its strategy is resilient, and its obligation to customers extends well beyond any regulatory cycle.

The strengthened capital base now positions Leadway to underwrite larger and more complex risks, champion financial inclusion at scale, and play an active role in Nigeria’s ambition to build a US$1 trillion economy.

According to the insurer its post-recapitalisation roadmap is anchored on three distinct but interconnected growth opportunities.

The first is the high net worth individual and premium segment, where growing personal wealth, asset complexity, and lifestyle sophistication are driving demand for tailored, relationship led insurance solutions. Leadway’s deepened capital position enables it to underwrite larger individual exposures and deliver the bespoke service this segment demands.

The second is critical sector and infrastructure coverage, encompassing major public and private sector projects, energy, manufacturing, and large-scale enterprise risk. With greater underwriting capacity, Leadway is now equipped to anchor complex risk programmes across Nigeria’s most strategically significant industries, serving as the risk backbone for the country’s most consequential investments.

The third is Nigeria’s next generation and a growing population of digitally native, entrepreneurially minded young Nigerians and small business owners who are redefining what they expect from financial services. Leadway is meeting that expectation head on.

For Nigeria’s next generation, it means accessible, mobile-led entry points into insurance for a demographic that expects digital as a baseline.

For HNIs and corporate clients, it means seamless, data-driven service with the depth and sophistication their portfolios require. For SMEs and agricultural businesses, it opens a path to affordable, appropriately structured coverage. Leadway’s digital focus is also directly aligned with the NAICOM Implementation Working Group’s vision of accelerating digitalisation and deepening financial inclusion across the Nigerian insurance sector, a vision Leadway is not merely endorsing but actively building.

Speaking on the above its managing Director/ CEO of Leadway Assurance, Gboyega Lesi, said, “We have spent the last several years building a business that is technically stronger, digitally tuned, and strategically positioned to serve Nigeria at a level this industry has not seen before. What recapitalisation gives us is the impetus to pursue that ambition at full scale, underwriting the risks that matter to Nigeria’s biggest enterprises, to design products that speak to a generation that will drive this economy for the next generation, and to honour every commitment we have made to our policyholders with the full weight of a well-capitalised institution behind us. Leadway is not entering a new chapter because a regulator asked us to; we are entering it because we are ready.”

“We commend NAICOM for providing a clear, forward-looking regulatory framework, welcome the discipline it demands and the confidence it instils across the market.”

Leadway’s expanded capacity also positions it as a natural partner for national development. With the ability to anchor major risk programmes, support infrastructure projects, and deepen enterprise coverage across finance, energy, agriculture, and technology, Leadway is building the institutional strength required to serve as Nigeria’s insurance backbone as the economy grows. Across every segment it serves, individual, commercial, and institutional, the message is consistent: the company is here for the long term, and the long term starts now.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s leading insurance companies, with over 55 years of experience delivering a comprehensive range of financial protection services, including life insurance, general insurance, and diversified financial solutions.

A member of the Leadway Group, the company is committed to innovation, superior service, and long-term value creation for customers, partners, and stakeholders across Nigeria and beyond.

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The cancellation, which took effect on Plc August 3, 2026, The regulator also ordered the immediate winding up of the firm’s operations.

The action was executed under the legal powers granted to the regulatory authority by the Nigerian Insurance Industry Reform Act (NIRA) 2025.

According to a notice signed by Deputy Commissioner (Technical) Decent Jankara, titled “Notice Of Cancellation Of Certificate Of Registration Of Royal Exchange Prudential Life Insurance Plc”, the regulator appointed Titilayo Akinlawon (SAN)as Receiver and Provisional Liquidator to oversee the winding up of its affairs.

The notice added that “The appointed Receiver is mandated to take control of the company’s affairs, liquidating its assets and settling its outstanding liabilities in strict accordance with NIRA 2025 regulations and extant insurance guidelines.”

“Relevant stakeholders and financial institutions have been instructed to cooperate fully with the Receiver during the official takeover and winding-up proceedings.”

This development comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.

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