The Securities and Exchange Commission (SEC) has called on insurance companies to leverage opportunities in the capital market to meet their recapitalisation requirements, mirroring the banking sector’s ongoing N3 trillion fundraising exercise.
SEC Director-General, Dr. Emomotimi Agama, made the appeal during the Insurers’ Committee meeting in Lagos at the weekend. He assured operators that the Commission would work to minimise costs associated with raising funds at the Exchange.
Agama emphasised that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 should not be viewed merely as a mandate but as an opportunity to transform the insurance landscape. He disclosed that a 14-day processing window would be introduced to fast-track fundraising approvals.
He also commended the National Insurance Commission (NAICOM) for strengthening collaboration with the SEC, describing the relationship as the most robust in recent history. He urged insurance operators to deepen awareness efforts to drive market growth.
Speaking earlier, Commissioner for Insurance, Olusegun Omosehin, welcomed SEC’s commitment to supporting the sector. He reiterated NAICOM’s determination to harness untapped opportunities in the industry and charged operators to adhere strictly to recapitalisation guidelines to achieve the set objectives.
Omosehin also praised insurers for the prompt settlement of two major claims and commended the Nigerian Council of Registered Insurance Brokers (NCRIB) for its swift response to recent grievances raised by musician Yinka Ayefele.
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