The National Insurance Commission (NAICOM) has constituted a 2025 Recapitalization Committee, following President Bola Ahmed Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
Chaired by Mrs. Oluwatoyin Charles, Director of Supervision, the Committee’s primary responsibility is to oversee the implementation of the recapitalisation program which includes ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasised the critical role of recapitalisation in stabilising the industry and contributing to Nigeria’s $1 trillion economy vision during the Committee’s inauguration in Abuja. He urged the 11-member Committee to approach their task with professionalism, diligence, and commitment to the common interest, assuring them of necessary support.
Some of the Key Terms of Reference for the Committee include: Developing a Recapitalisation Roadmap that will create a detailed plan for the Commission and the insurance industry; Develop guidelines and circulars on recapitalisation; Recommending the composition of Minimum Capital Requirements; and Identifying incentives and concessions that may be obtained from other regulatory authorities.
A statement by NAICOM disclosed that the Committee will submit monthly progress reports to its Management and provide quarterly updates to the Governing Board and stakeholders.
The statement also assed that the Committee’s success is vital to the industry’s stability and growth, and NAICOM looks forward to collaborating with all stakeholders to achieve this objective. With the NIIRA 2025, NAICOM aims to position the insurance industry for greater transparency, innovation, and global competitiveness, aligning with the Federal Government’s vision of achieving a $1 trillion economy.
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