Ebere Nwoji posits that the successful conclusion of the recapitalisation exercise in the insurance sector, after years of failed attempts, is a plus for the National Insurance Commission The National Insurance Commission (NAICOM), on Friday August 13th 2026, concluded the 12 months long recapitalisation exercise in insurance industry, which it commenced in July 2025. The commission concluded the recapitalisation amidst opposition and allegations of unlawful demand of shareholders 1 per cent fund, illegal transfer of N50 billion as well as payment of N180 million recapitalisation fee to the commission by the owner of NICON Insurance Limited and Nigeria Reinsurance Corporation. The allegations, which would have again truncated the success of the recapitalisation exercise were reminiscent of various allegations in the past years that had always annulled several initiatives by different commissioners for insurance. But thanks to the NIIRA 2025, which instituted this edition of the recapitalisation strongly backed by law, empowerment of the regulator and the determination of the present commissioner for Insurance, Mr Olusegun Ayo Omosehin to see the success of the exercise at all cost. Otherwise, the NICON and Nigeria Re owner’s opposition and his open letter to the president published in front pages of daily Newspapers would have again foiled the success of the exercise. Successful firms Get New licenses Following the compliance of many operators to the recapitalisation requirements, NAICOM has issued new operating licenses to the successful companies thus reducing the number of insurance and reinsurance companies in the country from 60 to 50, comprising of 48 primary insurance companies and two reinsurance firms. The following are names of licensed insurance companies in the country which met the recapitalisation requirements: Zenith General Insurance Company Limited, Leadway Assurance Company Limited, Custodian Life Assurance Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, AIICO Insurance Plc, CHI Life Assurance Limited, Heirs General Insurance Limited, Fin Insurance Company Limited, Cornerstone Insurance Plc, Mutual Benefits Assurance Plc, Heirs Life Assurance Limited, Tangerine General Insurance Limited, Capital Express Indemnity Insurance Limited, Continental Reinsurance Plc, FBS Reinsurance Limited, Sanlam-Allianz General Insurance Nigeria Limited. Others are: Prudential Zenith Life Insurance Limited, Consolidated Hallmark Insurance Limited, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Sterling Assurance Nigeria Limited, AXA Mansard Insurance Plc, Unitrust Insurance Co. Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Limited, NSIA Insurance Limited, Rex Insurance Limited, LASACO Assurance Plc, Linkage Assurance Plc, Anchor Insurance Company Limited Enterprise Life Assurance Company (Nigeria) Limited, Sunu Assurances Nigeria Plc, KBL Insurance Limited, International Energy Insurance Plc and Veritas Kapital Assurance Plc. NPF Insurance Company Limited, Fortis Global Insurance Plc, Coronation Life Assurance Limited, Industrial and General Insurance Plc, Coronation Insurance Plc, Prestige Assurance Plc and Great Nigeria Insurance Plc, emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance plc, Tangerine Life Insurance Limited, Alliance &General Insurance Plc, Guinea Insurance Plc, and Regency Alliance Insurance Plc, also made it. Pruning Operating firms The recapitalisation exercise followed the enactment of NIIRA 2025, which introduced higher minimum capital requirements for insurance and reinsurance companies. NIIRA directed that Life insurance firms should upgrade their capital from N2 billion to N10 billion, General Business underwriters from N3 billion to N15 billion, composite firms from N5 billion to N25 billion while Reinsurers upgrade from N10 billion to N35 billion. But Nigerian Agricultural Insurance Corporation (NAIC) the only insurance company, which specialised and pioneered Agric insurance underwriting in Nigeria was not included in the list of successful companies despite that it is owned by Federal Government. Also, African Alliance Insurance Plc did not make the list. In June 2026, NAICOM had transferred operational control of the company to a newly constituted board nominated by its shareholders following the conclusion of a regulatory intervention that commenced in October 2024. The non-inclusion of Universal Insurance into the list of successful companies was what sent shocks to the spine of Nigerian public because going by its activities the company was doing very well. But THISDAY gathered that the company suffered last minute disappointment by another company it almost c
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