African Alliance Insurance Plc says it has submitted its recapitalisation plan to the National Insurance Commission (NAICOM) and is awaiting regulatory approval to begin implementing the proposed capital-raising programme.
The insurer disclosed the development in a market update filed with the Nigerian Exchange (NGX) on Tuesday in response to an enquiry from NGX Regulation Limited following recent reports identifying insurance companies that had met the industry’s revised capital requirements.
According to the company, its recapitalisation efforts gained momentum after regulatory control of the insurer was formally returned to its shareholders on 16 June 2026, ending a period during which it operated under a NAICOM regulatory order.
African Alliance said its board and management commenced discussions with the insurance regulator immediately after the handover to chart a path toward meeting the industry’s recapitalisation objectives.
“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 company said in its filing.
The insurer reaffirmed its commitment to complying with all regulatory requirements and pledged to maintain close engagement with NAICOM throughout the process.
It also assured shareholders, investors and the Nigerian Exchange that it would disclose any material developments as required under the NGX Issuers’ Rules and other applicable regulatory obligations.
The update comes as Nigeria’s insurance sector undergoes sweeping reforms following NAICOM’s recapitalisation programme, which has prompted operators to strengthen their capital bases in a bid to improve underwriting capacity, enhance financial resilience and position the industry for sustainable growth.
Market participants are closely monitoring the progress of companies that are still completing regulatory processes, with expectations that additional insurers will secure approval to implement their recapitalisation plans in the coming months.
