Mariam Sanni
National Insurance Commission has inaugurated a committee to oversee the sector’s recapitalisation programme, a week after President Bola Tinubu assented to the Nigerian Insurance Industry Reform Act 2025.
In a statement released, the commission announced that the committee was inaugurated in Abuja, and it is chaired by Mrs Oluwatoyin Charles, Director of Supervision at NAICOM.
It said the committee’s primary responsibility is to oversee the implementation of the recapitalisation programme. This includes ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows.
The Commissioner for Insurance, Mr Olusegun Omosehin, was said to have emphasised the critical role of recapitalisation in stabilising the industry and contributing to Nigeria’s $1tn 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”, read part of the statement.
Some of the key terms of reference for the committee include, “Develop a recapitalisation roadmap: Create a detailed plan for the commission and the insurance industry. Guidelines and circulars: Develop guidelines and circulars on recapitalisation. Minimum Capital Requirements: Recommend the composition of minimum capital requirements. Incentives and Concessions: Identify incentives and concessions that may be obtained from other regulatory authorities”.
The regulator added that “The committee will submit monthly progress reports to management and provide quarterly updates to the Governing Board and stakeholders.
NAICOM is confident that the committee will successfully deliver on its mandate, shaping the future of Nigeria’s insurance sector. 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”.
