Five insurance companies have provided updates on their recapitalisation efforts, outlining varying stages of compliance with the National Insurance Commission’s (NAICOM) new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025.
The updates come after NAICOM announced that 43 insurers had met the recapitalisation requirements, while eight other operators were still undergoing verification and regulatory review.
Staco Insurance Plc said it remained actively engaged with NAICOM throughout the recapitalisation process and had kept the regulator informed of measures being taken to meet the required capital threshold.
The insurer disclosed that it recently received approval for its 2024 audited financial statements from NAICOM and had submitted the accounts to the Financial Reporting Council of Nigeria.
Staco said it would convene its Annual General Meeting after obtaining the FRCN’s letter of no objection. At the meeting, shareholders will consider the audited accounts and proposed funding options to support the company’s recapitalisation.
The insurer also said it had received the Central Bank of Nigeria account details required for the statutory capital deposit and would continue working with the relevant regulators until the process is completed.
African Alliance Insurance Plc said it had submitted its capital-raising plan to NAICOM and was awaiting further regulatory directives to commence implementation.
The insurer explained that it only resumed shareholder control on June 16, 2026, after operating under a regulatory order.
According to the company, its board and management immediately began engagements with NAICOM regarding the recapitalisation exercise following the return of shareholder control.
Regency Alliance Insurance Plc, meanwhile, said it had completed both its rights issue and private placement in July, raising about N6.04 billion.
The company said the fresh capital, combined with its existing admissible assets less liabilities, places it above the N15 billion minimum capital requirement for non-life insurers.
Regency Alliance added that the funds had been transferred to the dedicated CBN account after receiving the necessary regulatory approvals, while verification by NAICOM remains ongoing.
Guinea Insurance Plc also announced that it had concluded its rights issue and private placement, raising approximately N12.6 billion.
The insurer said the additional capital, together with its existing paid-up capital, places it above the minimum capital requirement for general insurers, subject to NAICOM’s final verification.
It added that the allotment results from the capital-raising exercise would be published in line with regulatory requirements.
Sovereign Trust Insurance Plc said it had met NAICOM’s recapitalisation deadline as of July 31 but was awaiting final verification by consultants Ernst & Young in conjunction with the insurance regulator.
The company disclosed that its rights issue raised more than N6.6 billion, increasing total equity to over N22 billion.
Sovereign Trust said its admissible assets over liabilities stood at about N10.89 billion as of December 31, 2025, adding that the additional capital had taken it above the statutory minimum requirement.
The insurer described the ongoing verification as a standard administrative process and expressed confidence that it would soon receive final clearance from NAICOM.
The updates reflect the final stages of Nigeria’s insurance industry recapitalisation exercise, with several insurers awaiting regulatory verification before joining the list of companies that have fully complied with the new capital regime.
NAICOM on Monday announced the successful completion of the 12-month insurance sector recapitalisation exercise, describing the achievement as a pivotal step that “signals the beginning of a new era for insurance in the country.”
The regulator said an additional eight insurance operators that submitted evidence of compliance shortly before the statutory deadline were undergoing final verification and regulatory review.
NAICOM said the outcomes of the verification process were expected within 14 days.
The recapitalisation exercise is aimed at strengthening the financial capacity and resilience of insurance companies while improving their ability to underwrite larger risks and support Nigeria’s broader economic development.
