The National Insurance Commission (NAICOM) has confirmed that seven more insurance companies have met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The latest approvals bring the number of insurance and reinsurance companies cleared by the regulator to 50, up from the 43 firms previously confirmed as compliant.
NAICOM disclosed this in a statement issued on Thursday in Abuja.
According to the Commission, seven of the eight companies that had remained under final verification and regulatory review have now been confirmed to have met the new capital thresholds.
The newly cleared companies are:
- emPLE General Insurance Limited – Non-Life
- emPLE Life Assurance Limited – Life
- Sovereign Trust Insurance Plc – Non-Life
- Tangerine Life Insurance Limited – Life
- Alliance & General Insurance Plc – Non-Life
- Guinea Insurance Plc – Non-Life
- Regency Alliance Insurance Plc – Non-Life
The approvals follow NAICOM’s earlier confirmation that 43 insurance and reinsurance companies had met the July 31, 2026 deadline for recapitalisation.
The latest approvals indicate that NAICOM has substantially completed its verification of companies that submitted evidence of compliance around the deadline.
The recapitalisation exercise was introduced under the Nigerian Insurance Industry Reform Act 2025, which was signed into law by President Bola Tinubu on July 31, 2025.
Operators were given a 12-month compliance period to meet the new capital requirements.
NAICOM said the exercise was aimed at strengthening insurers’ financial capacity, improving their ability to absorb risks and pay claims, and positioning the industry to support Nigeria’s broader economic growth.
Several of the newly cleared companies had previously announced capital-raising exercises as they worked to meet the regulator’s requirements.
Guinea Insurance Plc, for instance, raised ₦12.6 billion through a combination of a rights issue and private placement.
Regency Alliance Insurance Plc also disclosed that it raised ₦6.04 billion through a rights issue and private placement.
Sovereign Trust Insurance had similarly stated that it had met the required capital threshold and was awaiting final regulatory verification.
With seven more companies now cleared, only one of the eight firms previously undergoing final verification remains outstanding, based on NAICOM’s latest announcement.
The insurance recapitalisation follows a similar exercise in Nigeria’s banking industry.
The Central Bank of Nigeria previously said 33 banks met their recapitalisation targets, with about ₦4.66 trillion raised during the 24-month exercise.
Attention is now turning to the pension industry, where operators are expected to meet new capital requirements set by the National Pension Commission before the December 31, 2026 deadline.
The broader recapitalisation drive across Nigeria’s financial services sector is intended to strengthen institutions, improve their capacity to handle larger transactions and enhance confidence among investors and consumers.
