NAICOM inaugurates 2025 recapitalisation committee to drive industry stability

BY MOTOLANI OSENI

The National Insurance Commission (NAICOM) has inaugurated an 11-member 2025 Recapitalisation Committee to oversee the implementation of the newly approved Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu.

Chaired by Mrs. Oluwatoyin Charles, NAICOM’s Director of Supervision, the Committee is tasked with ensuring compliance with revised capital requirements, promoting transparency in sourcing and verifying capital inflows, and delivering a detailed recapitalisation roadmap for the insurance industry.

Speaking at the inauguration in Abuja on August 12, 2025, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described recapitalisation as a critical step in strengthening the sector and supporting the Federal Government’s ambition of building a $1 trillion economy.

He urged members to discharge their duties with professionalism, diligence, and commitment to the industry’s stability and growth.

The Committee will provide monthly progress reports to NAICOM’s management and quarterly updates to the Governing Board and stakeholders. Its mandate also includes drafting guidelines and circulars, recommending the composition of minimum capital requirements, and identifying incentives or concessions from other regulatory authorities to support the process.

NAICOM expressed confidence in the Committee’s ability to deliver on its mandate, emphasising that the NIIRA 2025 positions the insurance sector for greater transparency, innovation, and global competitiveness.

The Commission pledged to work closely with all stakeholders to ensure a smooth and successful recapitalisation that reinforces investor confidence and drives sustainable growth in the Nigerian insurance industry.