Nigeria’s insurance recapitalisation deadline is entering its final stretch, with NAICOM insisting there will be no extension despite mounting pressure from operators struggling to raise fresh capital before July 31.
Sources told Daily Sun that only 25 of the country’s 58 licensed insurers have begun the capital verification process, with eight approaching capital markets and others pursuing mergers to avoid losing their licences. Industry estimates suggest insurers need over ₦1 trillion combined.
Under the Nigerian Insurance Industry Reform Act 2025, life insurers must raise minimum capital from ₦2 billion to ₦10 billion, non-life insurers to ₦15 billion, and reinsurers to ₦35 billion. NAICOM CEO Olusegun Omosehin called the deadline “regulatory, not symbolic,” warning that non-compliant firms face regulatory consequences once the window closes.
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