Nigeria's National Insurance Commission has constituted a 2025 Recapitalization Committee following presidential assent to the Nigeria Insurance Industry Reform Act 2025, tasking it with overseeing the recapitalization programme and compliance with revised capital requirements. The mandate also covers promoting transparency and integrity in the sourcing and verification of capital inflows. The 11-member committee is chaired by Mrs. Oluwatoyin Charles, Director of Supervision. Its terms of reference include developing a recapitalization roadmap for the Commission and the insurance industry, drafting recapitalization guidelines and circulars, recommending the composition of minimum capital requirements, and identifying incentives and concessions that may be obtained from other regulatory authorities. The committee will submit monthly progress reports to NAICOM management and provide quarterly updates to the Governing Board and stakeholders.
Nigeria National Insurance Commission 2025-08-14
Nigeria's National Insurance Commission establishes 2025 recapitalization committee to implement revised capital requirements
Nigeria's National Insurance Commission has formed a 2025 Recapitalization Committee to oversee the recapitalization programme and ensure compliance with revised capital requirements under the Nigeria Insurance Industry Reform Act 2025. Chaired by Mrs. Oluwatoyin Charles, the committee will develop a roadmap, draft guidelines, and recommend minimum capital requirements while promoting transparency in capital inflows. Regular progress reports will be submitted to NAICOM management and stakeholders.