Nigerian insurers miss IFRS 17 implementation deadline

Several insurance companies operating in Nigeria have missed the deadline set by the National Insurance Commission (NAICOM) for the full implementation of the new IFRS 17 accounting standard.

Insurers were required to adopt the new accounting framework by 31 December 2023.

According to industry professionals, the non-compliant companies could ask for an extension of the deadlines.

No official statement has been made by NAICOM, which according to market expectations could either grant an extension of the deadlines or impose sanctions.