Nigeria's insurance industry secures N1.079 trillion in recapitalisation
The Nigerian insurance sector raised over 84 billion USD, marking a historic capital injection under new regulatory rules.
Nigeria's insurance industry has attracted N1.079 trillion in fresh capital during a recently concluded recapitalisation exercise. The National Insurance Commission (NAICOM) disclosed the figure as it prepared to release escrow funds lodged by insurers with the Central Bank of Nigeria. Olusegun Ayo Omosehin, commissioner for Insurance and CEO of NAICOM, stated the sum represents one of the largest injections of capital into the sector in recent years. The 12-month drive aimed to strengthen balance sheets and address weaknesses in retaining large corporate and infrastructure risks. Operators now possess a stronger financial base to underwrite larger projects and compete for major contracts. The funds deposited in escrow accounts will be released before September 30, 2026, following verification. Omosehin confirmed no policyholder would suffer financial loss from firms that failed to meet the regulatory mandate during this process.
