Forty-three Nigerian insurance and reinsurance companies have met the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a major milestone in the industry’s recapitalisation exercise. The National Insurance Commission (NAICOM) announced that the exercise, carried out under reforms signed into law by President Bola Tinubu in 2025, is […]
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Forty-three Nigerian insurance and reinsurance companies have met the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a major milestone in the industry’s recapitalisation exercise.
The National Insurance Commission (NAICOM) announced that the exercise, carried out under reforms signed into law by President Bola Tinubu in 2025, is aimed at strengthening the financial capacity and resilience of Nigeria’s insurance sector.
NAICOM also disclosed that eight insurance companies which submitted evidence of compliance shortly before the July 31 deadline are still undergoing final verification and regulatory review. The Commission expects the process to be completed within 14 days.
Before the recapitalisation exercise, Nigeria had about 60 licensed insurance and reinsurance companies. Under the new requirements, life insurance companies must maintain a minimum capital base of ₦15 billion, non-life insurers ₦25 billion, and reinsurance companies ₦45 billion.
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