The National Insurance Commission has reaffirmed that the July 30, 2026 deadline for insurance industry recapitalisation remains unchanged, dismissing speculation about a possible extension.
Speaking at a media briefing in Lagos, the Commissioner for Insurance, Olusegun Ayo Omosehin, expressed concern over the slow pace of compliance among some operators, describing the industry’s response as lacking urgency despite the statutory timeline.
Omosehin stressed that the deadline is backed by law under the Nigeria Insurance Industry Reform Act, noting that the Commission does not have the authority to alter it.
“The timeline is embedded in law, and any adjustment would require an amendment by the National Assembly and presidential assent,” he said, adding that the regulator would not entertain last-minute appeals for extensions.
According to him, about 20 insurance firms have commenced capital verification processes with leading international audit firms, commonly referred to as the “Big Four.” However, he noted that overall industry momentum remains insufficient relative to regulatory expectations.
The Commissioner emphasized that the recapitalisation exercise is aimed at strengthening the industry’s capacity to underwrite large-scale risks and support Nigeria’s broader economic ambitions, including its aspiration toward a $1 trillion economy.
He also advised companies unable to meet the new capital requirements independently to consider mergers and acquisitions early, warning against rushed, last-minute deals.
“Emergency mergers often result in unresolved liabilities and integration challenges,” Omosehin cautioned, adding that NAICOM is currently reviewing the financial positions of all operators and will publish its findings in due course.
