African Alliance Insurance Plc has announced that it has submitted its recapitalisation plan to the National Insurance Commission (NAICOM) and is awaiting regulatory approval to begin implementation.
The insurer disclosed this in a market update filed with the Nigerian Exchange (NGX) on Tuesday. The statement followed an enquiry by NGX Regulation Limited after media reports listed insurers that had met NAICOM’s recapitalisation requirements.
According to the company, it remained under a regulatory order until June 16, 2026, when control of the insurer was officially returned to its shareholders.
Following the handover, the board and management said they immediately began discussions with NAICOM to advance the company’s recapitalisation programme.
The company stated that it had already submitted its capital raising plan to the insurance regulator and is now waiting for further directives to commence the proposed exercise.
African Alliance Insurance reaffirmed its commitment to meeting all regulatory requirements throughout the recapitalisation process.
The insurer also assured shareholders, the Nigerian Exchange and the investing public that it would continue to provide timely updates on any material developments in line with the NGX Issuers’ Rules and other applicable regulatory obligations.
