Universal Insurance Plc has approached the Federal High Court in Lagos to challenge the purported cancellation of its operating licence by the National Insurance Commission (NAICOM) and the appointment of a receiver/manager. The company disclosed this in a statement signed by its company secretary, Chinedu Onyilimba, on Tuesday, August 25, 2026, notifying shareholders and the …
The National Insurance Commission (NAICOM) has concluded Nigeria's insurance industry recapitalisation exercise, clearing an additional seven companies and bringing the total number of compliant firms to 50. This was confirmed in a statement released by NAICOM on Thursday, August 13. The statement contains a list of seven more companies that have met the new minimum …
A Lagos-based business with 20 staff on its payroll recently lost a staff member after a brief illness. The family of the deceased staff member approached the company and asked for the payment of life assurance by the company. The company had no active policy in place and simply replied that they have no insurance …
The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have introduced tough new measures to force employers into complying with pension and insurance laws. Both regulators now require insurance companies to only work with employers that comply with pension deductions and employee life insurance contributions. In a joint circular issued on Wednesday, PenCom …
The National Insurance Commission (NAICOM) has said that regional insurance collaboration is needed to bridge the climate finance gap in West Africa. The Commission's Chief Executive Officer, Olusegun Omosehin, made the call while delivering a keynote address at the 2025 West Africa Insurance Companies Association (WAICA) Education Conference in Lagos on Monday, October 13. He …
The National Pension Commission (PenCom) has raised the minimum capital requirement for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to ₦20 billion from ₦2 billion. It said the revised capital requirements are to take effect immediately for new licences, while existing operators have until December 31, 2026, to comply. The commission announced the …
The National Insurance Commission (NAICOM) has directed all insurance companies (insurers) to submit their recapitalisation plans on or before September 30, 2025. The directive is contained in guidelines on the minimum capital requirement (MCR), according to a circular on Monday, September 8, by the Director of the Supervision Directorate, Oluwatoyin Charles. It said the framework …
