The National Insurance Commission has declared that it has no plans to extend the 31 July 2026, deadline for the ongoing insurance industry recapitalisation exercise, asserting that the date is firmly rooted in the new Insurance Act.
Speaking at the investiture of Mr Akinjide Oluwarotimi-Orimolade as the 53rd President of the Chartered Insurance Institute of Nigeria in Lagos, the Commissioner for Insurance, Olusegun Omosehin, emphasised that the exercise remained central to building a resilient market.
With less than two weeks left before the window closes, the regulator commended operators making steady progress but stressed that the timeline must be treated with absolute urgency. Omosehin said, “A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust. “The industry’s future will be determined by the quality of leadership, depth of competence, and discipline in serving the public interest.”
The ongoing exercise follows the historic signing of the Nigeria Insurance Industry Reform Act by President Bola Tinubu, which effectively repealed the outdated 2003 Insurance Act. Under the new framework, the sector is transitioning from a static baseline model to a dynamic risk-based capital structure. This regulatory shift aims to fortify operators against systemic economic shocks and better position the industry to contribute significantly to the Federal Government’s target of a $1tn economy.
Consequently, the exercise requires a massive capital lift across the board, pushing life underwriters from N2bn to N10bn, non-life operators from N3bn to N15bn, and reinsurers from N10bn to N35bn. The push comes amid strong legislative alignment, with the National Assembly pledging its full backing to ensure these reforms translate into deeper market penetration.
Also speaking at the event, the Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Ahmadu Jaha, reaffirmed the parliament’s dedication to providing the necessary legal frameworks to drive sector growth.
Jaha said, “As Chairman of the House Committee on Insurance and Actuarial Matters, I wish to reaffirm the unwavering commitment of the House of Representatives to supporting legislative initiatives that will strengthen the insurance industry, improve regulatory effectiveness, enhance consumer protection and promote wider insurance penetration across Nigeria.
“The National Assembly recognises the critical role of the insurance industry in mobilising long-term capital, financing infrastructure development, protecting businesses and households against unforeseen risks, promoting financial stability and driving sustainable economic growth.”
Responding to the charge, the newly inaugurated CIIN President, Akinjide Orimolade, stated that his administration would aggressively protect the public interest by advancing the core mandates of the institute. Orimolade promised “to build on the programmes of my predecessors while evolving new ideas that can further increase insurance education, awareness and acceptance across the country.”