Nigeria's NAICOM urges insurers to prioritize recapitalization deadline

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has issued a firm warning to insurance operators regarding the impending July 31 deadline for recapitalization. Speaking at the investiture ceremony for the 53rd President of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Akinjide Orimolade, Omosehin emphasized that the deadline must be treated with the utmost urgency it deserves.

While commending the efforts of several operators who have already engaged investors, improved governance, and submitted to verification processes, Omosehin made it clear that the deadline is not merely symbolic. "The deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves," he stated. He affirmed NAICOM's commitment to a transparent, fair, and firm process, expecting all operators to demonstrate readiness, financial soundness, and full compliance.

“

We commend this seriousness of purpose. However, we must be clear: the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves.

Omosehin articulated the vision behind the recapitalization: a stronger capital base translating into superior service delivery, prompt claims settlement, and robust consumer protection, ultimately fostering a market that Nigerians can trust. He noted that these reforms aim to strengthen institutions and operators, with their success measured by how effectively insurance delivers on its core promises of protection, resilience, confidence, and economic stability. He also highlighted that achieving this vision requires a collective commitment from regulators, operators, professional bodies, academia, policymakers, and development partners.

“

These reforms are designed to strengthen institutions and operators, but their true measure will be the extent to which insurance delivers on its core promise: protection, resilience, confidence, and economic stability