Tag: nigeria’s national insurance commission

Insurance recapitalisation race heats up as NAICOM confirms 3 mergers

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.

NAICOM approves recapitalisation work plan of 26 companies

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.
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