Insurers Await Release of N300bn as CBN Commences Due Diligence

Insurers are awaiting the release of N300 billion in their escrow account as the Central Bank of Nigeria commences due diligence following the conclusion of the recapitalisation process. The National Insurance Commission (NAICOM) said it has formally instructed the apex bank to release the funds. The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, had told the media at a press briefing in Lagos that insurers would receive their funds by the end of September. The Chairman of the Nigerian Insurers Association, Mrs. Ebelechukwu Nwachukwu, assured operators that the funds were expected to be fully returned within October once the CBN completes its verification.

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