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NAICOM Announces Successful Completion of Insurance Sector Recapitalization Exercise

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The National Insurance Commission,(NAICOM),  today announced the successful completion of the twelve-month insurance sector recapitalization exercise.

In pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, a as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.

The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.

It represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilize long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.

Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.

To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria. The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.

Through a comprehensive process of review, verification, and validation, the recapitalization exercise has delivered a major boost to the Nigerian insurance industry. It has enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence.

The verified outcome of the exercise indicates that Forty-three (43) insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements. However, Eight (8) insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within fourteen days.

Nigeria’s insurance industry is now entering a new phase of development founded on stronger capital, improved financial resilience, and enhanced capacity to underwrite larger and more sophisticated risks across strategic sectors of the economy.

The increase in minimum capital will improve insurers’ ability to honour policyholder obligations promptly, absorb emerging risks, support infrastructure and other long-term investments, and compete more effectively within regional and global insurance markets.

The recapitalization exercise also provides a stronger foundation for enhanced risk-based supervision by the Commission, ensuring that regulatory capital remains appropriately aligned with the nature, scale, complexity, and risk profile of each licensed operator.

The Commission reassures policyholders, investors, insurance operators, development partners, and the general public that, as the implementation of NIIRA 2025 continues alongside the modernization of Nigeria’s insurance ecosystem through innovation, technology, and digitization, the Commission will continue to strengthen consumer protection, promote sound market conduct, and accelerate insurance penetration across the country.

Our unwavering commitment remains to build a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy.

The Commission will continue to engage stakeholders and provide regular updates on post-recapitalization supervisory actions, companies undergoing final verification, industry restructuring developments, implementation of the Risk-Based Capital Framework, and other strategic initiatives designed to deepen insurance penetration and strengthen confidence in the Nigerian insurance industry.

The National Insurance Commission expresses its profound appreciation to the Federal Government, regulatory and supervisory partners, shareholders, investors, operators, professional bodies, development partners, and all stakeholders whose cooperation and commitment contributed to the successful completion of this historic exercise. The Commission looks forward to even stronger collaboration as Nigeria enters a new era of insurance.

The successful completion of this recapitalization exercise is not the destination but the foundation. It marks the beginning of a new era in which stronger institutions, stronger governance, and stronger public confidence will make insurance work better for every Nigerian.

The post NAICOM Announces Successful Completion of Insurance Sector Recapitalization Exercise appeared first on Business Today NG.

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Police Arrest of Five Suspected Telecommunication Vandals, Recovery of Truckload of Suspected Stolen Iron Rods

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BY SUNDAY SAMUEL—The Lagos State Police Command has arrested five (5) suspected telecommunication vandals and recovered a truckload of suspected stolen iron rods in the Ibeju-Lekki axis of the State, as part of its intensified efforts to curb the vandalism and theft of critical infrastructure across Lagos.

The suspects, namely Mohammed Shaibu, ‘m’, 26 years; Musa Zakari, ‘m’, 29 years; Abdullahi Bala, ‘m’, 22 years; Salisu Musa, ‘m’, 18 years; and Yahuza Bala, ‘m’, 20 years, were allegedly caught stealing iron poles meant for the construction of telecommunication masts. They were subsequently arrested while conveying the allegedly stolen iron rods in a truck.

The suspects are currently in Police custody, while the case is being investigated at the State Criminal Investigation Department (SCID), Yaba. Discreet investigation is ongoing to apprehend other fleeing suspects and unravel the full extent of their activities.

The Command appreciates the 81 Division, Nigerian Army, for its robust synergy and cooperation, which contributed significantly to the successful operation and arrest of the suspects.

The Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips, has reiterated the Command’s resolve to protect critical infrastructure and bring perpetrators of vandalism to justice. He also urged residents to promptly provide credible information on suspicious activities within their communities.

Members of the public are encouraged to report emergencies and suspicious activities through the Lagos State Police Command emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, 08080193432 (Marine), and 09168630929.

The post Police Arrest of Five Suspected Telecommunication Vandals, Recovery of Truckload of Suspected Stolen Iron Rods appeared first on Business Today NG.

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CPPE backs FG reforms, urges shift from economic stability to productivity

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The Centre for the Promotion of Private Enterprise (CPPE) has backed the Federal Government’s economic reform programme, saying the measures have produced measurable improvements in Nigeria’s fiscal and macroeconomic position.

The group, however, said the gains would have limited meaning unless they translate into higher productivity, increased investment, more jobs and improved living standards for Nigerians.

The CPPE made the position known in a statement issued by its Chief Executive Officer, Muda Yusuf, on Sunday, five days after the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the Federal Government’s economic reform scorecard.

The scorecard, presented on 19 August in Abuja, assessed the benefits, costs and potential harms prevented by the reforms introduced by President Bola Tinubu’s administration.

The reforms, which include the removal of the petrol subsidy and changes to the foreign exchange market, have significantly altered Nigeria’s fiscal and economic landscape since June 2023.

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While the government said the measures have strengthened public finances, improved foreign exchange stability, and restored investor confidence, they have also increased the cost of living and of doing business, with Nigerians continuing to contend with high food, energy, and financing costs.

Mr Yusuf said the government’s disclosure of the reform outcomes was important because transparency was necessary to build public confidence in the measures.

“Such transparency is critical to reform credibility,” he said, while welcoming what he described as the minister’s balanced acknowledgement of both the gains and adjustment costs of the reforms.

‘Stability must translate to better lives’

According to the CPPE, the reforms have delivered improvements in government revenue, foreign exchange market stability, external reserves, trade balance and investor confidence.

It noted that Nigeria’s real Gross Domestic Product growth strengthened to 3.89 per cent in the first quarter of 2026, from 3.13 per cent in the corresponding quarter of 2025.

However, Mr Yusuf said improved economic indicators should not become the ultimate measure of the reforms.

“Macroeconomic stability is a means, not an end.”

“The real test is whether stability translates into higher productivity, stronger investment, more jobs, lower poverty and improved living standards.”

He added that the transition remained incomplete, noting that households continued to face pressure on their purchasing power while businesses were dealing with high energy, financing, logistics and regulatory costs.

The CPPE therefore urged the government to make productivity and competitiveness the focus of the next phase of its reform programme.

The call comes against the background of the government’s own admission that household welfare remains an unfinished aspect of the reforms.

At the presentation of the scorecard, the minister acknowledged that the reforms had imposed high costs on Nigerians, including higher petrol prices and interest rates.

He said the Monetary Policy Rate had risen from 18.5 per cent in May 2023 to 26.5 per cent, while petrol prices increased from about N185 per litre before subsidy removal to between N1,100 and N1,400.

He also noted that poverty and household welfare recovery remained areas where the government could not yet claim victory.

States must show what higher revenues are achieving

The CPPE also raised concerns about how the increased fiscal resources available to state governments are being utilised.

It said the reforms had substantially expanded the fiscal space of state governments through increased statutory allocations and, in some cases, stronger internally generated revenue.

Mr Yusuf noted that the additional resources should result in visible improvements in public services.

“Citizens should demand measurable outcomes in roads, healthcare, public transportation, education, agricultural infrastructure, security, power and enterprise support,” he said.

He warned that higher revenues should not simply finance increased recurrent expenditure and prestige projects.

“Higher revenues must produce a visible development and welfare dividend.”

In its reform scorecard, the Federal Government said N15.8 trillion in subsidy savings accrued to the Federation between June 2023 and December 2025.

Of that amount, N5.4 trillion went to the Federal Government, while state and local governments shared N10.4 trillion.

The CPPE said the increased fiscal space should therefore be reflected in better development outcomes at the subnational level.

Electricity, logistics, and financing remain major obstacles

Mr Yusuf said the government’s next reform priority should be the supply side of the economy, particularly the structural constraints that continue to make production expensive in Nigeria.

He identified electricity, logistics, insecurity, agricultural productivity, infrastructure, regulatory costs and access to affordable capital as major constraints to businesses.

The CPPE pointed to the contraction of the electricity sector by 15.3 per cent in the first quarter of 2026, compared with growth of 3.29 per cent in manufacturing and 3.15 per cent in agriculture.

It said stronger growth in the productive sectors would require a deliberate reduction in the cost of these critical inputs.

The group also called for a trade policy that protects industries and agricultural producers with genuine local capacity from unfair import competition, while ensuring that producers can access critical inputs that are not sufficiently available locally.

Mr Yusuf also raised concerns about the prevailing high-interest-rate environment.

He said that as inflation moderates, stronger coordination between fiscal and monetary authorities should create room for a gradual reduction in financing costs without undermining macroeconomic stability.

CPPE warns against reversing reforms

Despite its concerns about the costs and implementation of the reforms, the CPPE said reversing them would be damaging to the economy.

READ ALSO: Tinubu’s reforms yielding results, GDP rises to $375bn — Yilwatda

Mr Yusuf said abandoning the reform trajectory could undermine investor confidence, weaken fiscal stability and destabilise the foreign exchange market.

“Reversing the reforms would be profoundly damaging to the economy.”

He, however, called for the government to continuously adjust the reform instruments based on evidence, implementation experience and their impact on businesses and households.

“The reform trajectory should therefore be sustained, while implementation is continuously refined in response to emerging realities,” he said.

According to the CPPE, the next phase of the reforms should move decisively from economic stabilisation to productivity, while ensuring that higher government revenues translate into better development outcomes and that improving macroeconomic indicators eventually result in higher incomes, more jobs and better living standards.


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