The stage is now set to key in the first set of insurers and reinsurers who have met preliminary requirements of the recapitalisation exercise to go through the scan set to disclose if all the requirements outlined to be cleared have been complied with.
The exercise which will take about three weeks is being handled by the big four accounting firms, KPMG, PricewaterhouseCoopers PwC, Ernst & Young (EY), and Deloitte.
The Commissioner for Insurance, National Insurance Commission NAICOM, Olusegun Omosehin, who disclosed this mid week in Lagos, said the 20 companies that have written to the Commission about their readiness shall pay mandatory verification and processing fees.
He said companies that are not showing traction on the recapitalisation exercise will soon be invited to know what the issues are and get up to date briefing on the foot dragging this is in addition to the regular recapitalisation reports submitted by companies.
His updates, “We receive updates from companies in terms of where they are. We receive monthly recapitalisation reports from companies. The last update on February is currently being reviewed and we are satisfied with what we have. For those we have not seen enough traction, we might be compelled to invite the executive and non executive directors to have a one-on-one. That exercise will happen by the end of this month. so we will be clear in terms of where they are and what they want to do.”
Putting the interest of policyholders first in the recapitalisation process the CFI said, “the interest of policyholders must not be compromised in any form. Our responsibility is to ensure that no policyholder suffers in the process. That is very important to us.”
Focused on recapitalisation timetable outlined in the NIIRA, Omosehin said the July 31 2026, closing date for the recapitalisation is fixed by law and compliance cannot be reset. Those entities that fell in the process of lifting above the hurdles would either have their licence cancelled which he described “as the easiest way” or follow the route of merger which at present is not gaining traction, or encourage companies to merge.
“It’s our role to encourage merger if companies are interested, and we created platforms and opportunities to advice entities. Usually at the beginning of exercise like this people will have the mind that hey can make it,” however, certain dictates he said, cause a reset of initial willingness.
When willingness to follow through successfully is stuck in failed cash inflow, the CFI said the option available is to see if the window of merger will accommodate the laggards. Confidently, he said there would be mergers, “except that it will be at the dying minute.”
He explains more, “These late mergers have implications, it means you may be going to bed with a strange bedfellow that you are not comfortable with because at that time you are left with no option.”

































