Business

NAICOM Announces Successful Completion of Insurance Sector Recapitalization Exercise

Published

2 months ago

August 3, 2026

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.

Related Topics:Announces Completion Exercise Insurance NAICOM Recapitalization Sector successful

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Nigeria’s business activity expands as household confidence weakens

Published

2 days ago

October 3, 2026

PlateauReports

Nigeria’s business activity strengthened in September 2026, but households became more pessimistic about economic conditions, finances and prices, according to new reports by the Central Bank of Nigeria (CBN).

The CBN’s September Purchasing Managers’ Index (PMI) showed that overall economic activity expanded for the fourth consecutive month, with the Composite PMI rising to 53.0 points from 52.7 points in August.

The survey, conducted between 7 and 11 September among 1,900 purchasing and supply executives across the Industry, Services and Agriculture sectors, showed that 23 of the 32 subsectors surveyed recorded expansion, while nine declined.

The improvement was supported by stronger industrial activity, with the Industry PMI rising to 52.0 points in September from 50.6 points in August, marking a second consecutive month of expansion.

The sector’s Output Index also rose to 53.2 points, supported by increases in new orders and employment, while the Raw Materials Inventory Index returned to expansion at 51.1 points from 49.4 points in August.

The Services sector remained in expansion at 53.2 points, compared with 53.3 points in August, while the Agriculture PMI eased slightly to 53.1 points from 53.4 points.

The regulatory body said agriculture had now recorded 26 consecutive months of expansion.

However, the improvement in business activity was accompanied by renewed pressure on input prices.

The Composite input price index increased by 0.8 points in September, while the output price index declined by 0.5 points.

CBN said the September PMI pointed to a “broadening recovery” in economic activity, although the renewed increase in input price pressures warranted close monitoring.

Household expectations

Meanwhile, the picture was less positive among households. In a separate report, CBN’s September Household Expectations Survey, it was revealed that the Overall Consumer Sentiments Index fell sharply to -18.7 points from -9.9 points in August, indicating increased pessimism about the economy.

The Economic Conditions Index stood at -21.5 points, while the Family Financial Situation Index was -23.9 points and the Family Income Sentiments Index stood at -10.5 points.

This indicates a pessimistic outlook on current economic conditions among households and regarding their family financial situation.

Also, the report showed that Nigerian households also reported stronger concerns about prices.

The average price sentiment index rose to 33.5 points from 23.0 points in August, indicating that respondents perceived prices as remaining high. Among the selected items, households reported the lowest perceptions of price changes for food and telecommunication services.

The Central Bank said households expected price pressures to remain elevated over the next three and six months, with the price outlook indices standing at 29.7 and 28.4 points, respectively.

Meanwhile, Nigeria’s headline inflation eased marginally to 15.39 per cent in August 2026 from 15.43 per cent in July, according to the National Bureau of Statistics (NBS), while month-on-month inflation fell more sharply to 0.71 per cent from 1.57 per cent.

CBN said the respondents’ cautious mood was also reflected in household spending intentions, with food remaining the dominant expenditure priority, followed by transportation, other household goods, education, and electricity and water.

It said households remained particularly reluctant to make major purchases. The sentiment indices for house purchases, motor vehicles, investments and consumer durables were all negative, at -68.2, -67.3, -50.7 and -49.5 points, respectively.

Buying conditions also remained weak, with the index for consumer durables at 24.8 points and that for motor vehicles and buildings and landed properties at 24.2 points, all below the 50-point threshold.

The survey further showed that 61.1 per cent of respondents believed faster price increases would weaken the Nigerian economy, while 62.2 per cent preferred lower lending rates.

However, 45.1 per cent favoured higher interest rates when they were presented as a means of containing inflation, while 44.8% preferred lower interest rates, even at the cost of rising inflation.

READ ALSO: CBN urges Nigerians to handle Naira with care

Despite the weak September sentiment, households expected confidence to improve gradually, with the Overall Consumer Sentiments Index projected at -8.7 points next month, -0.4 points over the next three months and 7.1 points over the next six months.

The contrasting findings suggest that while business conditions continued to improve in September, households remained under pressure from high prices, interest rates and concerns about their finances.

The regulatory body said households remained cautious during the month, with subdued buying conditions and purchase intentions pointing to persistent concerns about household finances and economic conditions.

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Ondo Police Arrest Two Suspected Armed Robbers in Akure, Recover Revolver

Published

2 days ago

October 3, 2026

PlateauReports

The Ondo State Police Command unde the leadership of CP Felix Ohagwu psc, mnips, mspsp has recorded another significant breakthrough in its ongoing efforts to combat armed robbery and other violent crimes in the state, following the arrest of two suspected members of an armed robbery syndicate and the recovery of a locally made revolver and other incriminating exhibits in Akure.

The arrests were made on 27th September 2026 by operatives of the Violent Crime Response Unit (VCRU), Ondo State Command, acting on credible intelligence. The suspects, identified as Isreal Abakah, male; 35 years old and Gbene Emmanuel, male; 37 years old, were apprehended at different locations within Akure metropolis following intelligence-led operations.

Preliminary investigations revealed that the suspects allegedly belong to an armed robbery syndicate suspected of terrorising residents of Akure and its surrounding communities. In the course of the operation, operatives conducted a raid on the gang’s hideout in the Olufoam area of Akure, where a locally made revolver capable of holding four rounds of ammunition was recovered.

Other exhibits recovered during the operation include suspected criminal charms, a laptop, motorcycle mirrors and a number plate. The suspects have confessed to their involvement in several armed robbery operations within Akure metropolis and its environs. Their alleged confessions and the recovered exhibits are currently being subjected to further investigation to establish the full extent of their criminal activities and deligent prosecution.

The Command has intensified efforts to apprehend the remaining members of the syndicate who are currently at large and to identify individuals and communities that may have been affected by the gang’s alleged criminal activities. The ongoing investigation is also aimed at recovering additional exhibits and establishing the possible involvement of the suspects in other reported cases of armed robbery.

The Commissioner of Police, Ondo State Command, CP Felix Ohagwu, psc, mnips, mspsp, commended the operatives for their professionalism and swift response to credible intelligence. He reiterated the Command’s determination to dismantle criminal networks and ensure that individuals involved in violent crimes are brought to justice in accordance with the law.

The Commissioner further urged residents to remain vigilant and promptly report suspicious movements and activities to the nearest police station or through established police communication channels. He emphasised that timely and credible information from members of the public remains essential to the successful prevention and detection of crime.

The Ondo State Police Command assures residents that it will sustain its intelligence-led operations and other proactive security measures to safeguard lives and property across the state.

The post Ondo Police Arrest Two Suspected Armed Robbers in Akure, Recover Revolver appeared first on Business Today NG.