NAICOM grants fresh licences to capital-compliant Insurance firms

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The National Insurance Commission (NAICOM) has granted fresh operating licences to additional insurance companies that have successfully met the minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).

The commission said the approval followed the verification of the companies’ compliance with the recapitalisation requirements, describing it as a key step in strengthening the insurance sector’s financial resilience and public confidence.

Read also:Tax Ombud, OGFZA collaborate to deepen investor confidence, attract FDI

Commissioner for Insurance, Olusegun Ayo Omosehin, urged the newly licensed firms to deploy their capital responsibly to support long-term growth and improve protection for policyholders.

He also called on the companies to uphold sound corporate governance, transparency and accountability, stressing that the industry must move away from unethical practices and work towards building a more credible and resilient insurance market that inspires greater trust among Nigerians.

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