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…Number of verified companies now 50
From Adanna Nnamani and Henry Uche
The National Insurance Commission (NAICOM) has approved seven more insurance companies as having met the new minimum capital requirements, bringing Nigeria’s insurance industry recapitalisation exercise to an end.
The latest approval brings the number of companies cleared by the regulator to 50; 48 insurance companies and two reinsurance companies.
In a notice issued on Thursday, August 13, 2026, NAICOM said the seven companies had been verified and confirmed to have met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, as well as other applicable laws and regulatory guidelines.
The newly approved companies are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc.
Four of the companies operate in the non-life insurance business, while three are life insurers.
The non-life companies are emPLE General, Sovereign Trust, Alliance & General, Guinea Insurance and Regency Alliance, while emPLE Life and Tangerine Life operate in the life insurance segment.
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The latest approvals add to the 41 insurers and two reinsurers previously cleared by NAICOM after the regulator reviewed their recapitalisation efforts. However, some companies did not make the final list, including Universal Insurance, Staco Insurance, Nigeria Re, NICON and Goldlink.
The conclusion of the exercise marks a major step in NAICOM’s effort to strengthen the financial capacity of insurance companies and enable them to take on bigger risks.
The recapitalisation programme was designed to raise the amount of capital available to insurers and make the sector stronger and better able to meet its obligations to policyholders.
With the exercise now concluded, companies that failed to meet the required capital thresholds are expected to face regulatory consequences in line with the applicable rules.
NAICOM said the latest confirmation means 48 insurance companies and two reinsurance companies have now been verified as compliant with the new capital requirements.
The regulator’s action is expected to leave the industry with a smaller but better-capitalised group of companies capable of supporting larger businesses and risks in the Nigerian economy.
