Following President Bola Tinubu’s recent assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025, the National Insurance Commission (NAICOM) has constituted a 2025 Recapitalization Committee.
The 11-member Committee Chaired by Mrs. Oluwatoyin Charles, Director of Supervision, was shouldered with the responsibility of overseeing the implementation of the recapitalization program.
This, according to the Commission, includes ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasized the critical role of recapitalization in stabilizing the industry and contributing to Nigeria’s $1 trillion economy vision during the Committee’s inauguration in Abuja today, August 12, 2025.
He urged the Committee to approach their task with professionalism, diligence, and commitment to the common interest, assuring them of necessary support.
Some of the Key Terms of Reference for the Committee include: Developing a Recapitalization Roadmap, Guidelines and Circulars, Minimum Capital Requirements, Incentives and Concessions.
NAICOM, in a statement on Tuesday said, the Committee would submit monthly progress reports to Management and provide quarterly updates to the Governing Board and stakeholders.
The Commission expressed confidence that the Committee would successfully deliver on its mandate, shaping the future of Nigeria’s insurance sector.
It said the Committee’s success is vital to the industry’s stability and growth, therefore, looks forward to collaborating with all stakeholders to achieve the objective.
“With the NIIRA 2025, NAICOM aims to position the insurance industry for greater transparency, innovation, and global competitiveness, aligning with the Federal Government’s vision of achieving a $1 trillion economy,” the statement said.
