By Onu Okorie

National Insurance Commission (NAICOM) has issued new licences to additional insurance companies confirmed and verified to have met the minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).
The development marks another milestone in ongoing efforts to strengthen confidence, improve financial stability and promote professionalism in Nigeria’s insurance industry.
Speaking on the issuance of the licences, the Commissioner for Insurance (CFI) urged the newly licensed companies to ensure prudent and effective utilisation of their capital to support sustainable growth and enhance protection for policyholders.
The Commissioner also charged the companies to move away from unethical practices and embrace the highest standards of corporate governance, transparency and accountability in their operations.
According to the CFI, the successful implementation of reforms in the insurance sector requires the collective commitment of all industry stakeholders to building a stronger, more credible and resilient industry.
He stressed the need for insurance companies to consistently fulfil their obligations and deliver on their promises, noting that doing so would help restore and deepen public trust and confidence in the sector.
The latest licensing exercise is part of broader regulatory efforts to ensure that insurance companies operating in Nigeria have the financial capacity and institutional strength required to meet their obligations and contribute meaningfully to the growth of the industry.