NAICOM, CAC Partner on 12-Month Recapitalization Timeline

By LOVETH AZODO,  Lagos

The National Insurance Commission (NAICOM) and the Corporate Affairs Commission (CAC) have pledged closer collaboration to ensure the smooth implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

During a courtesy visit to CAC headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin stressed the need for CAC’s support in meeting the 12-month recapitalization deadline outlined in the Act.

Registrar General of the CAC, Barr. Hussaini Magaji (SAN), assured NAICOM of full support, noting that both agencies share a long-standing partnership in driving economic reforms. He pledged to issue guidelines, fast-track clearances, and enhance data exchange to ease the recapitalization process.

The engagement signals a united front by NAICOM and CAC in strengthening Nigeria’s insurance industry and supporting President Bola Tinubu’s broader economic agenda.