The National Insurance Commission (NAICOM) has said that the deadline of 31 July 2026 for insurance entities to recapitalise their operations would not be postponed.
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, told the local media that he did not have the authority to change the deadline. This is because it is stipulated by the Nigeria Insurance Industry Reform Act (NIIRA 2025) that the deadline cannot be shifted by any authority except by amending the law.
He added that at least 20 insurance companies have written to NAICOM, giving an update on their recapitalisation efforts and stating that they were ready for NAICOM to verify their new capital position. NAICOM officials have been assigned to vet their books.
NAICOM announced a new capital regime for the insurance sector in August 2025, following the passage of the NIIRA 2025.