The National Insurance Commission has reported a positive initial response to its recapitalization drive, with 18 insurance companies formally indicating their readiness to proceed with capital verification.
The CEO Olusegun Omosehin, speaking at the EY Insurance Summit 2025, described the industry’s engagement in the process as encouraging.
“Let me say that the industry’s response has been encouraging, with a very significant number of insurers who have indicated their readiness for capital verification. As we speak, we have about 18 companies that have indicated their readiness for capital verification,” Omosehin said.
Omosehin, represented by Deputy Commissioner Dr. Usman Jankara, stated that NAICOM has created a capital verification framework to ensure transparency and credibility.
“We’ve also put in place a capital verification framework, which is aimed at guaranteeing the integrity of the process. To this end, we are partnering with the Big Four audit firms, including EY, for independent verification of compliance with the minimum capital that is required,” he stated.
He further noted that partnering with international audit firms will bolster investor confidence and strengthen the program’s credibility.
NAICOM has established the following recapitalization timeline.
Only companies that meet the minimum capital requirements by the deadline will have their operating licenses renewed.
Meanwhile, Partner and Consulting Leader West Africa at EY, Ben Afudego stressed that collective action from all stakeholders is crucial to strengthen the industry.
“The summit became important for stakeholders to discuss what we can do together collectively to push the agenda, to shape the future of insurance confidently, such that we can see the growth that is expected of the sector, and that this can be the catalyst that will actually contribute to our country,” Afudego said.
By combining NAICOM’s robust verification framework with global audit partnerships, the recapitalization program is set to strengthen solvency, attract fresh investment, and position the Nigerian insurance industry for sustainable, long-term growth.
