Abuja: The Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has issued a stern warning to insurance companies that have not yet met the new minimum capital requirements, emphasizing that the July 31 recapitalisation deadline is mandatory and not merely symbolic. Omosehin delivered this message during the investiture of Mr. Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of the Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos on Friday.
According to News Agency of Nigeria, Omosehin urged operators who have not complied to act swiftly to meet the regulatory requirements. He highlighted the recapitalisation exercise as an essential part of NAICOM’s ongoing reforms to build a stronger, more resilient, and consumer-oriented insurance industry. The new minimum capital requirement aims to boost insurers’ claims-paying capacity, strengthen balance sheets, increase domestic risk retention, and prepare the industry for a risk-based capital regime.
Omosehin acknowledged the progress made by some operators in raising capital, engaging investors, strengthening governance, and submitting for the Commission’s verification process. However, he reiterated that the deadline is regulatory and must be treated with urgency. He assured stakeholders of a transparent, fair, and firm verification process, emphasizing the need for operators to demonstrate financial soundness, regulatory compliance, and operational readiness.
He further explained that stronger capitalisation should lead to prompt claims settlement, improved consumer protection, better service delivery, and increased public confidence in the insurance industry. Omosehin also noted the Nigerian Insurance Industry Reform Act (NIIRA 2025) provides a stronger legal framework for a more resilient and responsive insurance market.
Omosehin stressed that professionalism is the foundation of a trusted insurance market. He stated that industry growth relies not only on adequate capital and effective regulation but also on ethics, competence, innovation, and public confidence. He commended the outgoing CIIN President, Mrs. Yetunde Ilori, for her leadership and contribution to professional excellence and stakeholder engagement and congratulated Orimolade on his election.
Omosehin urged the new CIIN president to focus on enhancing professionalism and ethical standards, developing a sustainable talent pipeline through mentorship, and stronger engagement with tertiary institutions. He also encouraged the promotion of innovation in underwriting, claims management, cybersecurity, and technology-driven insurance services.
The commissioner reaffirmed NAICOM’s commitment to working with the institute, emphasizing the need for collaboration among regulators, operators, professionals, academia, and development partners to build a vibrant, trusted, inclusive, and globally competitive insurance industry.
Meanwhile, the Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Ahmadu Jaha, reaffirmed the National Assembly’s commitment to strengthening Nigeria’s insurance industry through legislation. Jaha stated that this would improve regulation, consumer protection, and insurance penetration while supporting legislative initiatives that promote innovation, attract investment, and enhance public confidence in the insurance sector.
Jaha urged the new CIIN president to prioritize initiatives that expand insurance awareness, embrace digital transformation, strengthen professional education, empower young insurance practitioners, and promote research on emerging risks, emphasizing the importance of visionary leadership in bridging tradition with innovation while maintaining the highest standards of professionalism and integrity.