The National Insurance Commission (NAICOM) has inaugurated the 2025 Recapitalisation Committee, following President Bola Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
In a statement issued in Abuja on Tuesday, NAICOM said the 11-member committee will oversee the implementation of the industry’s recapitalisation programme, ensure compliance with revised capital requirements, and promote transparency in sourcing and verifying capital inflows.
Commissioner for Insurance, Olusegun Omosehin, emphasised the importance of recapitalisation in stabilising the sector and supporting the Federal Government’s $1 trillion economy target. He urged the committee, chaired by Mrs Oluwatoyin Charles, NAICOM’s Director of Supervision, to carry out its mandate with professionalism and diligence.
The committee’s terms of reference include developing a recapitalisation roadmap, drafting guidelines and circulars, setting minimum capital thresholds, and proposing incentives and concessions. It will provide monthly progress reports to NAICOM’s management and quarterly updates to the governing board and stakeholders.
Omosehin said NAICOM is confident in the committee’s ability to deliver on its mandate, positioning the insurance industry for greater transparency, innovation, and global competitiveness.
“With the NIIRA 2025, we aim to shape a stronger, more competitive insurance sector that aligns with the Federal Government’s vision of a $1 trillion economy,” he stated.
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