Five insurance companies have provided updates on their recapitalisation efforts, outlining varying stages of compliance with the National Insurance Commission’s new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025.

The updates come after NAICOM announced that 43 insurers had met the recapitalisation requirements, while a handful of firms were still undergoing verification or implementing capital-raising plans.

Staco Insurance Plc said it remained actively engaged with NAICOM throughout the recapitalisation process and had been keeping the regulator informed of measures being taken to meet the required capital threshold.

The company disclosed that it recently received approval for its 2024 audited financial statements from NAICOM and had submitted them to the Financial Reporting Council of Nigeria. It said it would convene its Annual General Meeting after obtaining the FRCN’s letter of no objection, where shareholders would consider the audited accounts and proposed funding options to support its recapitalisation.

Staco added that it had also received the Central Bank of Nigeria account details required for the statutory capital deposit and pledged to continue working with regulators until the process is completed.

African Alliance Insurance Plc said it had submitted its capital-raising plan to NAICOM and was awaiting further regulatory directives to commence implementation.

The insurer explained that it only resumed shareholder control on 16 June 2026, after operating under a regulatory order, adding that its board and management immediately began engagements with NAICOM on the recapitalisation exercise.

On its part, Regency Alliance Insurance Plc said it had completed both its rights issue and private placement in July, raising a total of about N6.04bn.

According to the company, the fresh capital, combined with its existing admissible assets less liabilities, places it above the N15bn minimum capital requirement for non-life insurers.

It added that the funds had been transferred to the dedicated CBN account after receiving the necessary regulatory approvals, while verification by NAICOM is ongoing.

Similarly, Guinea Insurance Plc announced that it had concluded its rights issue and private placement, raising about N12.6bn.

The insurer said the new capital, together with its existing paid-up capital, places it above the minimum capital requirement for general insurers, subject to NAICOM’s final verification. It added that the allotment results of the capital raising would be published in line with regulatory requirements.

Sovereign Trust Insurance Plc, on the other hand, said it had met NAICOM’s recapitalisation deadline as of 31 July but was awaiting final verification by consultants Ernst & Young in conjunction with the insurance regulator.

The company disclosed that its rights issue raised more than N6.6bn, increasing total equity to over N22bn. It added that its admissible assets over liabilities stood at about N10.89bn as of 31 December 2025, noting that the additional capital had taken it above the statutory minimum requirement.

The insurer described the ongoing verification as a standard administrative process and expressed confidence that it would soon receive final clearance from NAICOM.

The updates reflect the final stages of the industry’s recapitalisation exercise, with several insurers awaiting regulatory verification before joining the list of companies that have fully complied with the new capital regime.

On Monday, NAICOM announced the successful completion of the country’s 12-month insurance sector recapitalisation exercise, describing the accomplishment as a pivotal step that “signals the beginning of a new era for insurance in the country.”

The regulator noted that an additional eight insurance operators, which submitted evidence of compliance shortly before the statutory deadline, are currently undergoing final verification and regulatory review, with outcomes expected within 14 days.