Deadline extension of capital increase for Nigerian insurers

After the Progressive Shareholders Association of Nigeria and the Constance Shareholders Association of Nigeria, have put pressure on the NAICOM, the supervisory authority has decided to extend by six months the deadline for increasing the paid-up capital of Nigerian insurance companies. The new deadline is therefore set to December 31st, 2020 instead of June 30th, 2020.

This extension shall be beneficial for the companies facing difficulties to raise a capital. Microinsurance and takaful activities are not subject to this minimum paid-up capital requirement.

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