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The National Insurance Commission (NAICOM) has confirmed that seven additional insurance companies have met the minimum capital requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The latest verification increases the number of compliant insurance and reinsurance companies to 50, up from the 43 firms earlier cleared by the Commission following the conclusion of the industry-wide recapitalisation exercise.
NAICOM disclosed this in a statement issued on Thursday in Abuja.
What they are saying
The Commission said seven of the eight insurance companies that were previously undergoing final verification and regulatory review have now been confirmed as compliant with the new capital thresholds.
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The newly verified companies are:
- General Insurance Limited (Non-Life)
- Life Assurance Limited (Life)
- Sovereign Trust Insurance Plc (Non-Life)
- Tangerine Life Insurance Limited (Life)
- Alliance & General Insurance Plc (Non-Life)
- Guinea Insurance Plc (Non-Life)
- Regency Alliance Insurance Plc (Non-Life)
The latest approvals follow the Commission’s earlier announcement that 43 insurance and reinsurance firms had successfully met the July 31, 2026 recapitalisation deadline.
Get up to speed
NAICOM had previously announced the completion of the insurance sector recapitalisation exercise introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, confirming 43 compliant insurers and reinsurers.
The exercise marked the end of a 12-month compliance period granted to operators following the enactment of the new insurance law signed by President Bola Tinubu on July 31, 2025.
In announcing the completion of the exercise, the Commission described the recapitalisation programme as a major milestone in the transformation of Nigeria’s insurance industry.
The initiative was designed to strengthen the financial capacity of insurers, improve their ability to absorb risks, enhance claims-paying capacity, and position the industry to support broader economic growth.
Capital raise
Several of the newly verified companies had earlier disclosed that they had completed capital-raising programmes and were awaiting final regulatory clearance.
- Guinea Insurance Plc announced that it raised N12.6 billion through a hybrid offer comprising a rights issue and private placement, while Regency Alliance Insurance Plc disclosed that it raised N6.04 billion through a combination of a rights issue and private placement.
- Sovereign Trust Insurance had also maintained that it met the minimum capital threshold and was awaiting final verification by the regulator.
The latest approvals suggest that NAICOM has substantially concluded the verification process for firms that submitted evidence of compliance close to the July 31 deadline.
What you should know
The insurance recapitalisation exercise comes months after Nigeria’s banking sector completed its own recapitalisation programme, which raised about N4.66 trillion from 33 banks over a 24-month period.
Attention is now shifting to the pension industry, where operators are expected to meet new capital requirements set by the National Pension Commission (PenCom) before the December 31, 2026 deadline.
Industry stakeholders believe stronger capital buffers across the financial services sector will improve resilience, support larger transactions, and enhance confidence among investors and consumers.
