44 Insurance Firms Get No Objection On Recapitalisation Plan

Insurance firms are racing to meet the June 30, 2020 deadline for Insurance companies to recapitalise.
The National Insurance Commission (NAICOM) has granted no objection to 44 insurance companies to proceed with their recapitalisation plan.
The Acting Commissioner of NAICOM, Olorundare Thomas, made this known during an interactive session with shareholders in Lagos.
Thomas represented by the Director, Policy and Regulation Directorate, Mr. Pius Agboola, revealed that two companies have concluded plans to merge.
He disclosed that 10 insurance firms were yet to get the no objection approval to continue with their recapitslisation plans.
Out of the 10 companies yet to have a plan approved by the commission, two have not submitted, another two have their plans under review while 6 were turned back by the regulator to rework their plan, he said.
NAICOM had, in a circular issued on Monday, May 20, 2019, announced increase in the paid-up share capital of life companies from N2 billion to N8 billion; General Business from N3 billion to N10 billion; Composite Business from N5 billion to N18 billion; and Reinsurance Companies from N10 billion to N20 billion.
FBN Insurance said it had enough money in its reserve to meet up with the June 2020 recapitalisation deadline given to all insurance companies by the National Insurance Commission (NIACOM).
Managing Director/Chief Executive Officer (CEO), FBN Insurance, Mr Valentine Ojumah disclosed this in Lagos last Monday.
“As at the end of December 2018, we already had more money in our reserve to recapitalise FBN Insurance.
“As at that time, we already had over N5 billion capitalised, so all we need is just about N3 billion, which is not a problem at all.
“We are just waiting for the deadline, the money is on ground and even the regulators and the entire insurance market is aware that we have the money,”he said.