No Extension for July 30, 2026 Recapitalisation Deadline – NAICOM
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has declared that there will be no extension of the July 30, 2026 recapitalisation deadline for insurance companies operating in Nigeria. The Commissioner for Insurance, Olusegun Ayo-Omosehin, stated this on Tuesday in Abuja while speaking at a seminar for insurance journalists. He was represented at the event […]
FG Backs NIIRA 2025 Implementation, Sets July 2026 Recapitalization Deadline
By Oluwakemi Kindness The Federal Government has reaffirmed its commitment to the full implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, as part of sweeping reforms to reposition Nigeria’s insurance sector for growth, innovation, and global competitiveness. Declaring open the 2025 Insurance Directors’ Conference in Lagos on Wednesday, the Minister of State for […]
NAICOM, FRSC Launch Joint Committee to Enforce Compulsory Motor Insurance
By Oluwakemi Kindness The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have inaugurated a Joint Committee on the Enforcement of Compulsory Third-Party Motor Insurance, a key step toward implementing the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The inauguration, held at NAICOM Headquarters in Abuja on Wednesday, underscores both agencies’ commitment […]
NAICOM, FRSC, NHIA Collaborate to Boost Road Safety, Insurance Compliance
By Oluwakemi Kindness The National Insurance Commission (NAICOM), Federal Road Safety Corps (FRSC), and National Health Insurance Authority (NHIA) have agreed to integrate data systems. They also agreed to launch joint public campaigns, and set up an enforcement committee to strengthen road safety and insurance compliance under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. […]
Nigeria Leads Regional Push for Climate-Resilient Insurance Framework
By Oluwakemi Kindness Nigeria is taking the lead in reshaping how West Africa uses insurance to confront the growing threat of climate change. At the opening of the 2025 West African Insurance Companies Association (WAICA) Conference on Monday in Lagos, the Commissioner for Insurance, Olusegun Ayo Omosehin, urged insurers across the region to move beyond […]
NAICOM Partners with SDGs Initiative to Promote Youth Insurance Awareness
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has pledged to collaborate with the SDGs Synergy Initiative to raise awareness on insurance and strengthen youth involvement in achieving the Sustainable Development Goals (SDGs) in Nigeria. This is as the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, highlighted the Commission’s ongoing partnership with […]
NAICOM, NESG Unite to Drive Insurance Reform under NIIRA 2025
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has spotlighted the newly enacted Nigeria Insurance Industry Reform Act (NIIRA) 2025 as a game changer for the nation’s financial services sector. NAICOM also described it as the foundation for growth, transparency, and consumer protection. Commissioner for Insurance, Olusegun Ayo-Omosehin, made this known on Tuesday while receiving […]
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 […]
NAICOM Begins Recapitalisation as NIIRA 2025 Increases Capital Floor
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has announced the commencement of a sweeping recapitalisation exercise for insurance and reinsurance companies in Nigeria. This follows the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu on July 31, 2025. Under the new law, the Minimum […]
NAICOM Grants Two New Licenses, Seeks Better Corporate Governance
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd. Commissioner for Insurance, Olusegun Ayo Omosehin, emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. According to a statement in Abuja on […]