The National Insurance Commission (NAICOM) has constituted a Recapitalisation Committee, following President Bola Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
The 11-member committee, chaired by the commission’s Director of Supervision, Mrs. Oluwatoyin Charles, has been tasked with overseeing the implementation of the industry’s recapitalisation programme.
This includes ensuring compliance with revised capital requirements, as well as promoting transparency and integrity in sourcing and verifying capital inflows.
Speaking during the inauguration in Abuja yesterday, the Commissioner for Insurance, Olusegun Ayo Omosehin, stressed the crucial role of recapitalisation in stabilising the sector, and supporting the Federal Government’s ambition of building a $1 trillion economy.
He urged the members to discharge their duties with professionalism, diligence, and commitment to the common good, pledging NAICOM’s full support throughout the process.
Key responsibilities of the committee include developing a comprehensive recapitalisation roadmap, issuing guidelines and circulars for implementation, recommending the composition of minimum capital requirements, and identifying incentives or concessions from other regulatory bodies to ease compliance.
The panel is to submit monthly progress reports to management and provide quarterly updates to its governing board and industry stakeholders.
