Many Nigerian insurance companies have succeeded in escaping the hammer of the Nigerian Insurers Association (NIA) over a fixed recapitulation deadline.
The Chairman of the Nigerian Insurers Association (NIA), Mrs Ebelechukwu Nwachukwu puts the percentage to over 70, saying these have been able to complete the verification exercise ahead of the July 31 recapitalisation deadline.
Nwachukwu, who spoke with News Agency of Nigeria in Abuja, also said that the insurance industry’s recapitalisation exercise had entered its final phase.
She said the exercise was introduced by the National Insurance Commission (NAICOM) to strengthen the financial capacity of insurance companies.
She added that the exercise had followed a structured implementation framework that clearly outlined capital requirements and compliance expectations.
According to her, since December 2025, insurance companies have continued to submit monthly updates on their capital positions to NAICOM.
“The submission reflects changes arising from business activities, claims settlements, and asset acquisitions or disposals,” she said.
She explained that the periodic reporting was designed to enable the regulator to monitor companies’ progress throughout the recapitalisation process.
“As part of the exercise, insurers made statutory deposits with the Central Bank of Nigeria (CBN), representing 10 per cent of the minimum capital requirement.
“Majority of member companies has fulfilled this obligation and submitted evidence of payment to the regulator.
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“Another critical stage of the recapitalisation programme involved an independent verification of companies’ capital positions.
“The regulator appointed auditors from the Big Four audit firms, KPMG, PwC, Deloitte and EY to conduct the verification exercise.
“We have all paid for these processes, and my company has been verified. More than 70 per cent of the companies have completed the verification exercise,” she said.
Nwachukwu assured that the recapitalisation process had progressed smoothly, adding that NAICOM was expected to announce the outcome after the deadline.
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