Recapitalization deadline for Nigerian insurers and reinsurers will not be extended

The Nigerian National Insurance Commission (NAICOM) has confirmed that no extension will be granted to insurance and reinsurance companies to comply with the minimum capital requirements.

According to NAICOM, the deadline of 30 July 2026 is stipulated under the applicable law and cannot be amended.

Nigerian insurers and reinsurers must therefore meet the following minimum capital requirements by 30 July 2026:

• 15 billion NGN (9.8 million USD), instead of 3 billion NGN (2 million USD), for non-life insurers
• 10 billion NGN (6.5 million USD), instead of 2 billion NGN (1.3 million USD), for life insurers
• 35 billion NGN (22.8 million USD), instead of 10 billion NGN (6.5 million USD), for reinsurers