The National Insurance Commission (NAICOM) has inaugurated the 2025 Recapitalisation Committee, marking a major step towards overhauling Nigeria’s insurance industry just a week after President Bola Tinubu signed the Nigeria Insurance Industry Reform Act (NIIRA) 2025 into law.
The latest push comes five years after a 2020 recapitalisation drive was stalled by legal actions from industry operators. This time, NAICOM appears determined to see the process through. Chaired by the Director of Supervision, Mrs. Oluwatoyin Charles, the committee is tasked with implementing the recapitalisation programme, ensuring compliance with revised capital requirements, and promoting transparency in sourcing and verifying capital inflows.
Commissioner for Insurance and NAICOM Chief Executive, Mr. Olusegun Omosehin, highlighted the critical role of recapitalisation in stabilising the sector and boosting its contribution to Nigeria’s target of a $1 trillion economy. Speaking at the inauguration in Abuja, Omosehin urged the 11-member team to demonstrate professionalism, diligence, and dedication to the common good, assuring them of the commission’s full support in executing their mandate.
