The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Mr Olusegun Omosehin, has revealed that the commission has completed its review of the recapitalisation plans submitted by insurance companies.

Omosehin provided this update on Wednesday during his opening address at the 2025 Insurance Directors’ Conference held in Lagos.

The recapitalisation plans are expected to detail strategies (e.g., mergers, acquisitions, capital injections), timelines, board approvals, and financial projections.

This followed the signing of the Nigeria Insurance Industry Reform Act 2025, which mandated new minimum capital requirements for players in the sector.

Speaking at the Directors’ conference, Omosehin said, “The Commission has embarked on a recapitalisation exercise for all insurance and Reinsurance companies, as mandated by NIIRA 2025.

Meanwhile, this exercise is aimed at strengthening the financial soundness, stability, and competitiveness of the insurance sector in Nigeria. Institutions have submitted recapitalisation plans as of the September 30th deadline for submission.

“Reviews of the plans have been completed, and the Commission will commence official communication to each company, indicating the outcome of the review of the Progress Report and also provide guidance and maintain open communication with operators to ensure smooth implementation of the recapitalisation exercise.

“Under the leadership of President Bola Ahmed Tinubu, GCFR, Nigeria is undergoing a bold economic transformation aimed at achieving a $1tn economy by 2030. The insurance industry is expected to play a pivotal role in this journey, serving as both a shock absorber and a growth catalyst.

“Insurance must move from the margins to the mainstream of economic planning. By unlocking its potential, we can provide long-term capital, mitigate risk, and offer financial security to individuals and enterprises, thereby contributing significantly to our nation’s GDP.” Omosehin said.

The recapitalisation of the insurance sector commenced with the assent of President Bola Tinubu on July 31, 2025, and underwriters have a 12-month deadline ending July 31, 2026, to meet the new MCR.

Omosehin added that a dedicated committee is overseeing this process, with responsibilities including developing a comprehensive roadmap, issuing guidelines and circulars, recommending MCR composition and identifying regulatory incentives.

Speaking to the boards and directors, the CFI said that they were critical to the implementation of the NIIRA 2025.

“As Directors, your leadership is central to the successful implementation of these reforms and indeed of NIIRA 2025. You are the custodians of governance, ethics, and strategic foresight. Your role is not only to oversee financial performance but also to champion innovation, compliance, and resilience.

“It’s also imperative to highlight that boards must be proactive, inquisitive, and courageous. Boards must recognise that good governance is not just a regulatory expectation, it is a moral duty. As leaders, you must hold yourselves to the highest standards of integrity and accountability.” he said.

He also highlighted some inter-agency collaborations aimed at driving NIIRA 2025 implementation, including, signing of a Memorandum of Understanding with the Nigerian Data Protection Commission on Data Protection specific to insurance operators and prioritising the enforcement of compulsory insurance with collaborations with the Federal Road Safety Corps and the Nigeria Police Force.