The Securities and Exchange Commission (SEC) has established a dedicated desk to expedite approval processes related to the ongoing recapitalisation of the insurance sector, committing to deliver decisions within 14 days of receiving complete applications.
This was revealed in Lagos at the conclusion of the 19th Insurers’ Committee meeting, by Ebelechukwu Nwachukwu, Head of the Committee’s Communication and Stakeholders Management Sub-Committee.
The announcement comes on the heels of the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Tinubu, which includes sweeping reforms—most notably, a significant increase in minimum capital requirements for insurers.
According to Nwachukwu, SEC Director-General Dr. Emomotimi Agama addressed the committee, outlining a series of concessions and collaborative measures between SEC and NAICOM (the National Insurance Commission) aimed at strengthening and modernising the insurance industry.
“There’s no better ally to the capital market than the insurance industry,” Nwachukwu quoted Agama as saying. “He noted that this is the first time SEC and NAICOM are working together at this level, and it’s a strong and strategic collaboration.”
She explained that the dedicated SEC desk would handle all recapitalisation-related applications for insurance companies, and approvals would be granted within 14 working days, provided all necessary documentation is submitted promptly.
As part of efforts to ease the recapitalisation process, SEC has offered around nine concessions, including reduced processing fees. Dr. Agama reportedly highlighted investor appetite in Nigeria’s capital market, referencing over ₦3 trillion recently raised by the banking sector, and encouraged insurers to prepare themselves to attract similar investment inflows.
Also speaking at the meeting, the Commissioner for Insurance, Olusegun Omosehin, urged industry players to see recapitalisation not merely as a financial compliance task, but as a strategic opportunity to restructure, enhance corporate governance, and rebuild public trust in the insurance industry.
