Recapitalisation: NAICOM approves 26 Insurance Firms

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Further to the circular issued by National Insurance Commission (NAICOM) on May 20, 2019 increasing the paid-up share capital of Insurers and reinsurers in Nigeria and, the subsequent directives to companies to submit their recapitalization plans by August 20, 2019 the Commission hereby notifies all insurance stakeholders that it received plans  of Forty-Seven (47) insurers and two (2) reinsurers.

In keeping with the recapitalization roadmap, the Commission has concluded the review of the submissions and have communicated individual companies on their positions as detailed below:

  • Twenty-six (26) companies have been granted “No Objection “ to proceed with their plans;
  • The plans of 17 companies were corrected and have been advised  to resubmit their new plans using paid-up capital and not shareholders fund;
  • Four (4) companies do not have the requisite 2018 financial statements and are thus, advised  to review their plans of using IPO;
  • One (1) company has litigation issues and has been advised to resolve them as soon as possible to enable its progress;
  • One (1) company’s submission was noted to have met the necessary requirements,
  • The review of submissions from two (2) companies is an ongoing while,
  • Three (3) companies are yet to submit their recapitalization plans.
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The National Insurance Commission (NAICOM) is resolved to adhere to the recapitalization roadmap towards achieving its desired objectives in the best interest of all stakeholders.