With barely 15 days to the July 31, 2026, deadline for insurance companies to meet new minimum capital requirements, pressure is mounting across Nigeria’s insurance industry as several operators race against time to complete capital-raising programmes, secure regulatory approvals and satisfy independent verification processes.
The countdown has shown the widening gap between insurers that have already recapitalised and those still in the market seeking fresh funds, raising concerns that some operators could struggle to meet the deadline set by the National Insurance Commission (NAICOM).
A senior official at the Nigerian Insurers Association (NIA), who requested anonymity, said, “I am aware that many of the insurance companies have met the capital requirement and will be announced once the deadline expires.”
The executive added that a few other insurers are pursuing internal measures, which they have kept under wraps, but noted that the regulator would have the final say.
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