Tag: nigeria’s national insurance commission
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.
As Nigerian Insurer’s race towards increasing their capital base before the June 2020 deadline set by the industry regulator, shareholders are seeking for an extension to the deadline. Meanwhile, Nigeria’s National Insurance Commission (NAICOM) has confirmed three mergers within the industry. Joshua Ojo, Partner at Deloitte Nigeria joins CNBC Africa to assess Nigeria’s insurance recapitalisation drive.
Nigeria’s National Insurance Commission (NAICOM), has approved the recapitalisation work plans of 26 insurance companies attempting to raise funds to meet the mandatory June 2020 recapitalisation deadline issued by the regulator. NAICOM stated that four companies do not have the required 2018 financial statements and have been advised to review their plans of using IPO. For a focus on Nigeria’s Insurance sector, Research Analyst at Meristem, Akinyele Ahmed joins CNBC Africa for more.