The National Insurance Commission has urged newly licensed insurance companies to deploy their recapitalisation funds prudently and strengthen policyholder protection as they commence operations under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).

The Commissioner for Insurance, Olusegun Ayo Omosehin, issued the directive following the licensing of additional insurance companies that were verified to have met the minimum capital requirements under NIIRA 2025.

Omosehin advised the companies to deploy their capital effectively to support sustainable business growth, while avoiding investments or practices that could weaken their financial position and impair their ability to meet obligations to policyholders.

He further urged the newly licensed insurers to distance themselves from past unethical practices and uphold higher standards of corporate governance, transparency and accountability.

According to the commissioner, the success of the ongoing reforms would depend on the collective commitment of all stakeholders to building a stronger, more credible and resilient insurance industry.

He stressed that insurance companies must consistently meet their obligations and honour their commitments to policyholders to strengthen public trust and confidence in the sector.

NAICOM said the additional licences were issued after the companies’ compliance with the minimum capital requirements under NIIRA 2025 was confirmed and verified.