The Corporate Affairs Commission (CAC) and the Securities and Exchange Commission (SEC) have pledged full support to the National Insurance Commission (NAICOM) as the regulator drives the industry toward a 12-month recapitalisation deadline under the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
At separate meetings in Abuja, CAC Registrar General, Barr. Hussaini Magaji, and SEC Director-General, Mr. Emomotimi Agama, assured NAICOM of their agencies’ commitment to ensuring a seamless implementation of the reform.
Commissioner for Insurance, Mr. Segun Omosehin, who led the NAICOM delegation, stressed that strong inter-agency collaboration would be crucial to achieving the recapitalisation target within the tight timeline set by NIIRA.
“The 12-month recapitalisation window is ambitious, but with the support of CAC and SEC, we are confident that operators will have the necessary guidance and an enabling environment to meet the new capital thresholds,” Omosehin said.
Magaji, in response, reaffirmed CAC’s alignment with President Bola Tinubu’s economic agenda and described the reform as essential to strengthening Nigeria’s financial services sector. He pledged CAC’s support through expedited approvals, streamlined guidelines, and enhanced data sharing with NAICOM.
Both regulators noted that the reform, which raises minimum capital requirements for insurers and reinsurers, is expected to reshape the market by driving stronger balance sheets, improved risk management, and renewed investor confidence in the sector.
Industry analysts say the recapitalisation push, alongside the transition to a risk-based capital framework, could trigger mergers, acquisitions, and fresh capital inflows as firms race to meet the July 2026 compliance deadline.
