The National Insurance Commission has ruled out any extension of the ongoing insurance recapitalisation exercise, with the Commissioner for Insurance, Olusegun Omosehin, stressing that “the 31 July deadline is sacrosanct.”

Speaking at a high-level media briefing in Lagos, Omosehin expressed concern over the slow pace of compliance by several firms, describing the industry’s response as “quiet” despite the urgency of the 2026 target deadline.

“It is embedded in the law, and as a regulator, we do not have the powers to alter a date set by an Act of the National Assembly,” he explained, noting that the timeline is a statutory requirement under the Nigeria Insurance Industry Reform Act of 2025.

“We would not be drawn into a last-minute rush or entertain pleas for extensions,” Omosehin cautioned.

Omosehin emphasised that any adjustment to the timeline would require a formal amendment of the Act by the National Assembly, followed by presidential assent, adding that the Commission is not prepared to pursue such a course.

“We would not be drawn into a last-minute rush or entertain pleas for extensions,” Omosehin cautioned, emphasising that any adjustment to the schedule would require a formal amendment of the Act by the National Assembly and subsequent presidential assent, a path he stated the Commission is not prepared to take.

“Capital alone is not the goal; it is about the capability to underwrite large risks,” he reiterated, while urging operators who may lack the “stand-alone stamina” to meet the new requirements to consider mergers and acquisitions immediately rather than waiting.

“We warn against ‘emergency marriages’ concluded at the eleventh hour, as such ad hoc arrangements often lead to lingering liabilities and post-merger integration crises,” Omosehin remarked, confirming that the Commission is currently scanning all operating firms and will soon make the results of this regulatory assessment public,” he said.