The National Insurance Commission "NAICOM" has approved the recapitalization plans of 44 Nigerian insurers and asked six others to make some amendments. The regulator has also said that two other files are being processed and that two companies have not yet submitted their programs.
It should be remembered that the last deadline to comply with the new capital requirements [4] is June 30, 2020. Submission of recapitalization plans remains open until August 20 of the same year.
According to NAICOM, six insurers have expressed particular interest in mergers and acquisitions proposals. The rest of the companies prefer to raise funds through rights issues and initial public offerings (IPO). Another important information is that the share of foreign investors in the capital of Nigerian companies cannot in any way exceed 30%.