African Alliance Insurance Plc says it has submitted its recapitalisation plan to the National Insurance Commission and is awaiting further regulatory directives before beginning implementation.

The insurer disclosed this in a market update filed with the Nigerian Exchange on Tuesday in response to an enquiry by NGX Regulation Limited following media reports identifying insurers that had met NAICOM’s recapitalisation requirements.

According to the company, it remained under a regulatory order until June 16, 2026, when control of the insurer was officially handed back to its shareholders.

The company said its board and management engaged with NAICOM immediately after the handover to advance its recapitalisation programme.

“As part of this process, the company has submitted its capital raising plan to NAICOM and is currently awaiting further regulatory directives to enable the implementation of the proposed recapitalisation,” the statement indicated.

African Alliance Insurance said it remains committed to complying with all regulatory requirements and will continue to engage with NAICOM as it advances its recapitalisation programme.

The insurer also assured shareholders, the Nigerian Exchange and the investing public that it would provide timely updates on any material developments in accordance with the NGX Issuers’ Rules and other applicable regulatory requirements.