NAICOM Kickstarts Insurance Sector Recapitalisation Process, Inaugurates Committee With Terms Of Reference

By LOVETH AZODO,  Lagos

The National Insurance Commission (NAICOM) has inaugurated an 11-member 2025 Recapitalisation Committee to steer the implementation of sweeping reforms under the newly signed Nigeria Insurance Industry Reform Act (NIIRA) 2025.

The Committee, chaired by Mrs. Oluwatoyin Charles, NAICOM’s Director of Supervision, is tasked with guiding the insurance industry through a major capital restructuring process aimed at strengthening financial capacity, boosting investor confidence, and positioning the sector for global competitiveness.

Speaking at the inauguration ceremony in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described recapitalisation as “critical to the stability of the industry and the attainment of the Federal Government’s $1 trillion economy vision.”

He urged members to carry out their mandate with “professionalism, diligence, and unwavering commitment to the common good,” assuring them of NAICOM’s full support.

Under its terms of reference, the Committee will develop a comprehensive recapitalisation roadmap, draft guidelines and circulars for implementation, recommend the composition of revised minimum capital requirements, and identify incentives or concessions from other regulatory authorities to ease compliance.

The Committee is expected to submit monthly progress reports to NAICOM’s management and quarterly updates to the Governing Board and industry stakeholders.

Mrs. Charles, in her acceptance remarks, pledged that the Committee would approach its assignment with transparency and integrity, stressing that the recapitalisation process would be conducted in a manner that ensures compliance and credibility in verifying capital inflows.

NAICOM believes the reforms under NIIRA 2025 will reshape Nigeria’s insurance sector, fostering innovation, transparency, and stronger market discipline. The recapitalisation programme is also seen as a catalyst for attracting new investments, expanding insurance penetration, and aligning the industry with international best practices.

“With the NIIRA 2025, we have a once-in-a-generation opportunity to transform our insurance industry into a more robust, competitive, and globally respected sector,” Omosehin said.

The inauguration of the Committee marks a pivotal step in Nigeria’s journey towards building a sustainable and growth-oriented insurance market capable of playing a stronger role in the nation’s economic aspirations.