The ongoing recapitalisation of Nigeria's insurance industry, being implemented under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, has triggered a fresh dispute between the National Insurance Commission (NAICOM) and two major industry operators, Nicon Insurance Limited and Nigeria Reinsurance Corporation. The recapitalisation is aimed at strengthening the financial capacity of insurance and reinsurance companies, improving their ability to meet obligations to policyholders and enhancing the resilience of the sector. As part of the process, companies have been required to meet prescribed capital requirements and comply with regulatory verification and documentation procedures. NICON and Nigeria Re have petitioned the Economic and Financial Crimes Commission (EFCC), alleging unlawful 1% levy, non-remittance to TSA, 100% capital demand and N180m consultant fees.
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