The Nigerian Insurers Association has said that it would be setting up a recapitalisation help desk for its members as the deadline for the process enters the last seven-month stretch.
This was disclosed in the New Year message from the chairman of the NIA, Kunle Ahmed, addressed to chief executive officers of member companies of the association.
Following the signing of the Nigeria Insurance Industry Reform Act 2025, the operators have been mandated to increase their minimum capital requirement with a deadline of July 2026.
Ahmed said, “In 2025, the Nigeria Insurance Industry Reform Act was signed into law, creating a stronger framework for insurance penetration, governance, and sustainable growth. As 2026 begins, the priority is its effective implementation through collaboration among companies, regulators, and stakeholders. The NIA has pledged continued support via advocacy, guidance, capacity-building, and plans to establish a recapitalisation help desk to assist members during the transition.”
Reflecting on the past year, the NIA chairman said, “The past year was transformative for the NIA, marked by initiatives that deepened the market, boosted public confidence, and strengthened stakeholder engagement.
Key achievements included the launch of the NIA Innovation Lab, sustained advocacy on compulsory insurance, constant engagements with our regulator, leading to improvements in issued circulars, and broader engagements with agencies like the National Assembly, EFCC, and sister associations to foster a more conducive business environment.
“We also rejuvenated our media strategy, amplified the industry’s voice, and continued capacity-building programmes to equip professionals for an evolving marketplace. With support from the Africa Re Foundation, we commenced the development of a Mortality Rate Table for Nigeria, a project that will add significant value to the life insurance market.”
On the new year, Ahmed called for cooperation, transparency, and shared responsibility to consolidate the gains of 2025 and usher in a new era of growth and public trust.
He also mourned the erstwhile MD/CEO of STACO Insurance Plc, Dr Wale Banmore, who died on 27 Dec 2025, saying, “On behalf of the NIA, I convey our sincere condolences to the board, management, and staff of the organisation. The late Dr Wale Banmore was a distinguished industry leader whose contributions to insurance practice will be fondly remembered. May his soul rest in peace.”
