In a bid to stabilise and strengthen Nigeria’s insurance industry, the National Insurance Commission (NAICOM) and the Corporate Affairs Commission (CAC) have sealed a partnership to fast-track the sector’s recapitalisation under the newly signed Nigeria Insurance Industry Reform Act (NIIRA) 2025.
At a high-level meeting in Abuja, CAC Registrar-General, Barr. Hussaini Magaji (SAN), pledged the commission’s full support in driving the recapitalisation process, promising swift approvals, concessions, and real-time data sharing to ease compliance for insurance operators.
Magaji said the CAC was committed to aligning with President Bola Tinubu’s economic reform agenda, adding that the agency’s collaboration with NAICOM would help deliver a stronger, more transparent financial sector.
On his part, Commissioner for Insurance, Olusegun Ayo Omosehin, underscored the urgency of the reform, noting that the NIIRA 2025 gives insurers just 12 months to recapitalise. He stressed that seamless coordination with the CAC was vital to prevent market disruption and to maintain investor confidence.
According to NAICOM, discussions centred on strengthening regulatory synergy, issuing clear guidelines for operators, and ensuring that the transition is both smooth and timely.
The recapitalisation drive is seen as a critical step towards boosting the resilience of Nigeria’s insurance sector, improving policyholder protection, and attracting new investment into the economy.
