Omo, make we gist una wetin happen for insurance world as NAICOM don drop bombshell o! Dem talk say dem no go fit extend the recapitalisation deadline wey dey waka go July 30, 2026. Dr. Usman Jankara, wey represent NAICOM boss, Mr. Olusegun Omosehin, yarn this one for seminar wey happen for Abuja. E say na law wey dey ground am, so dem no fit just change am anyhow.

According to Dr. Jankara, if dem want change deadline, e mean say dem go need to carry matter go National Assembly come dey look for presidential assent before any gree. Na wa o! E no be child’s play, but na beta move to ensure say only serious operators go fit balance di new capital wey dey required.

The new minimum capital na N15 billion for non-life insurers, N10 billion for life insurance firms, and N35 billion for reinsurance. Dr. Jankara make am clear say this money no be joke, and no be pronouncement wey fit just dey rearranged because of any comedian operators.

He stress we go see better and stronger insurance loka after di deadline, when di players don meet up. NAICOM dey run this exercise to clean di market, uprooting di weak operators wey no fit carry di wahala of insurance financial roles.

As e dey go now, plenty companies dey work on dia recapitalisation plans, and dem don set up in-house committee to monitor di whole movement. Na only companies wey fit prove dem don follow di guidelines go collect any jackpot.

To back up di whole gist of transparency, NAICOM don join hands with di Big Four auditing firms (KPMG, Deloitte, EY, and PwC) to verify di capital positions of these companies. Dem go involve plenty checking and validations to make sure say no one dey slip through di fingers. No matter your size, all operators go face di same compliance checks, period!

Jankara also yan about di Insurance Policyholders Protection Fund (IPPF), wey go dey protect policyholders in case any insurance company seize to dey stand strong. This fund go act like banker for policyholders, moving di needed fast cash if insurance wahala kari dem reach di brink!

Dem go collect 0.25% of di gross premium income from insurance firms annually to build this fund, and when di fund reach 25% of di total gross premium of di industry, dem go cut down further contributions. Dis fund na industry matter, not be something wey NAICOM dey control as dem dey only represent as member in di management committee.

All dis na part of the plan to ensure say we fit boost insurance trust for Nigeria. Na jawe korokoro, di new laws dey serious about claims, and if any company no settle dem matter on time, penalties go dey hit am hard. If una like e or not, all these new rules dey lined up to protect di public. Jankara don assure everybody say by di time dem don finish dis recapitualisation, we go see new insurance companies wey dey stand gaint, ready to perform for di people.

So make we watch as dis drama dey unfold because we dey expect say plenty strong companies go dey turn up after di whole hustle and bustle of dis recapitalisation wahala. Wetin una go do? Just stay tuned for more gist on top dis!