The confirmation follows the successful completion of the insurance industry’s recapitalisation exercise and represents a significant milestone strengthening its  long-term growth journey.

The achievement, according to the company reflects the confidence and continued support of the Company’s shareholders and investors, as well as the strategic direction provided by the Board and the commitment of Management and employees towards building a stronger, more resilient and future-ready insurance institution.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, said: “The successful completion of our recapitalisation journey and NAICOM’s confirmation of our compliance with the prescribed minimum capital requirements represent an important milestone for Veritas Kapital Assurance.

She noted that the achievement reflects the confidence of our shareholders and investors, the strategic guidance of our Board, and the dedication and resilience of our Management and employees.

She emphasized that with a strengthened capital base, Veritas Kapital is well positioned to pursue sustainable growth, enhance its capacity to underwrite larger and more complex risks, deepen customer confidence, and create greater value for our customers, brokers, business partners, shareholders and other stakeholders.”

Dr. Nwakuche noted that the milestone marks the beginning of a new phase in the Company’s growth journey and reinforces its commitment to delivering innovative insurance solutions, improving customer experience, strengthening operational excellence and supporting Nigeria’s economic development.

“As the insurance industry enters a new era of stronger capitalisation and enhanced resilience, our focus will remain on disciplined growth, sound risk management, service excellence and the delivery of dependable protection to our customers.

“We are committed to leveraging our strengthened position to support businesses, protect assets and contribute meaningfully to the growth and development of the Nigerian economy.”

The recapitalisation exercise was undertaken pursuant to the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and was designed to strengthen the financial capacity, resilience and long-term sustainability of insurance and reinsurance companies operating in Nigeria.

Veritas Kapital Assurance’s successful compliance further reinforces its position as a trusted non-life insurance provider, with the capacity and ambition to support the evolving needs of individuals, businesses and institutions across key sectors of the economy.

As the Company enters this new phase, it remains committed to prudent financial management, strong corporate governance, innovative solutions, efficient claims service and the delivery of sustainable value to all stakeholders.

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Veritas Kapital Assurance Plc has announced that it has already fulfilled its regulatory compliance ahead of the upcoming statutory deposit deadlines.

Speaking on the sidelines of the recently concluded African Insurance Organisations (AIO) conference in Cairo, Egypt, the Managing Director and Chief Executive Officer of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, confirmed that the firm proactively met its statutory deposit obligations with the Central Bank of Nigeria (CBN) well ahead of the May 30 timeline.

“Veritas has already done that, I mean, a long while ago,” Dr. Nwakuche stated. “We’re working towards it, and by July 31, Veritas is one of the companies that will be counted.”

The ongoing recapitalization exercise in Nigeria’s insurance sector is designed to structurally reset the industry by expanding balance sheet liquidity. According to industry leaders, a highly capitalized insurance sector is the only structural antidote to the persistent “flight of capital”—a trend where large-scale local risks, particularly in specialized fields like oil and gas, aviation, and major infrastructure, are routinely ceded to foreign international mega-insurers due to low local capacity.

The real essence of this recapitalization is to be able to equip more insurance companies in terms of liquidity,” Nwakuche explained. “If you have solid insurance companies that are liquid and able to take on bigger risk… we’re going to save more capital here instead of the flight of capital, particularly on special risks. We’re going to have to retain more in the local industry instead of having to cede them out.”

By trapping these premium volumes within the domestic financial ecosystem, the local underwriting industry expects to materially boost its aggregate contribution to Nigeria’s Gross Domestic Product (GDP).

The post #AIOCAIRO2026: Recapitalization: Veritas Kapital Positions for Big-Ticket Risks as July 31 Deadline Approaches appeared first on Business Today NG.