By Boluwatife Oshadiya | July 27, 2026
Key Points
- More than 70% of Nigerian insurance companies have completed NAICOM’s recapitalisation verification exercise ahead of the July 31 deadline
- Insurers have made statutory deposits with the Central Bank of Nigeria (CBN) and submitted monthly capital position updates since December 2025
- NAICOM says the July 31 recapitalisation deadline remains final, with operators expected to meet new capital requirements or face regulatory sanctions
Main Story
More than 70 per cent of insurance companies in Nigeria have completed the independent verification exercise required under the ongoing recapitalisation programme ahead of the July 31 deadline, according to the Nigerian Insurers Association (NIA).
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday, NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the industry-wide exercise had entered its final stage, with most operators making significant progress in meeting the National Insurance Commission’s (NAICOM) new capital requirements.
“More than 70 per cent of the companies have completed the verification exercise,” Nwachukwu said, adding that insurers had complied with the regulatory processes, including making statutory deposits representing 10 per cent of the minimum capital requirement with the Central Bank of Nigeria (CBN).
According to her, insurance companies have been submitting monthly updates on their capital positions to NAICOM since December 2025, allowing the regulator to monitor changes resulting from business operations, claims settlements, and asset acquisitions or disposals throughout the recapitalisation period.
As part of the verification process, NAICOM appointed the four largest global audit firms—KPMG, PwC, Deloitte and EY—to independently verify the capital positions of insurance companies.
Nwachukwu expressed confidence that the recapitalisation programme had progressed smoothly and said the industry now awaits NAICOM’s final announcement after the July 31 deadline.
She added that the regulator had continued engaging operators facing capital shortfalls to facilitate orderly mergers, acquisitions, or other restructuring measures where necessary, while protecting policyholders’ interests.
The recapitalisation exercise is expected to produce a stronger and better-capitalised insurance industry with greater underwriting capacity, improved financial resilience and stronger public confidence, she said.
What’s Being Said
“More than 70 per cent of the companies have completed the verification exercise. We have all paid for these processes, and my company has been verified,” said Mrs Ebelechukwu Nwachukwu, Chairman, Nigerian Insurers Association (NIA).
Separately, NAICOM Commissioner for Insurance, Mr Olusegun Omosehin, has maintained that the July 31, 2026 deadline is final, stressing that operators that fail to meet the revised minimum capital requirements will face appropriate regulatory action.
What’s Next
- NAICOM is expected to announce the outcome of the recapitalisation exercise after the July 31, 2026 deadline.
- Insurance companies that fail to meet the minimum capital threshold could face regulatory measures, including possible mergers, acquisitions, or other supervisory interventions.
- The industry will closely watch whether the recapitalisation exercise results in further consolidation and stronger balance sheets across the insurance sector.
The Bottom Line: With most insurers reportedly completing the verification stage before the deadline, Nigeria’s insurance recapitalisation exercise appears to be approaching its final phase. The regulator’s post-deadline decisions will determine whether the exercise delivers a stronger, more resilient insurance market or triggers another round of industry consolidation.
