The National Insurance Commission (NAICOM) announced that the insurance sector raised a total of N1.079 trillion during its recently concluded recapitalisation exercise. The Commissioner for Insurance, Mr. Ayo Omosehin, disclosed this while providing an update to the media over the weekend. He noted that the exercise was successfully concluded in line with the Minimum Capital Requirements guidelines and the Nigerian Insurance Industry Reform Act (NIIRA 2025). According to Omosehin, 48 insurance companies and two reinsurance companies met the recapitalisation requirements and have been appropriately relicensed, with 24 of them raising funds through various capital raising options.
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