Nigeria’s National Insurance Commission says activities for the first phase of the recapitalisation process will commence from the 30th of this month with the submission of a monthly recapitalization progress reports by both insurance and reinsurance providers. In a circular unveiling the guidelines, NAICOM noted that the minimum paid-up share capital would be through any or a combination of either existing paid-up share capital, cash payment for new shares, retained earnings, or capitalisation of undistributed profits. Vincent Okoukoni, Manager at Andersen Tax Nigeria joins CNBC Africa for more.