NAICOM Seeks CAC Support to Meet 12-Month Recapitalization Deadline

By Oluwakemi Kindness

The National Insurance Commission (NAICOM) has secured the commitment of the Corporate Affairs Commission (CAC) to support the implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, particularly the law’s 12-month recapitalization timeline.

Speaking during a courtesy visit to the CAC Registrar General in Abuja, the Commissioner for Insurance (CFI), Olusegun Omosehin, emphasized the urgency of the recapitalization exercise and the need for smooth inter-agency collaboration to ensure compliance and stability in the insurance sector.

According to a statement released by NAICOM on Wednesday, Omosehin stressed that aligning regulatory actions with the provisions of NIIRA 2025 is critical to safeguarding the industry’s financial health.

He also commended the CAC for its role in promoting corporate governance and advancing business reforms in Nigeria.

In his response, CAC Registrar General, Hussaini Magaji (SAN), pledged full support for the reforms.

He assured NAICOM of expedited clearances, enhanced data-sharing mechanisms, and the issuance of enabling guidelines to facilitate the recapitalization process.

The engagement marks a united regulatory approach in advancing President Bola Tinubu’s economic agenda and driving sustainable growth in Nigeria’s insurance industry.