The Securities and Exchange Commission (SEC) has called on Nigerian insurance companies to seize opportunities in the capital market to raise funds for their ongoing recapitalisation exercise. The regulator’s appeal comes as the insurance sector works to strengthen its financial base, similar to the N3 trillion already raised by banks under their recapitalisation drive.
Speaking at the Insurers’ Committee meeting in Lagos over the weekend, SEC’s Director-General, Dr. Emomotimi Agama, assured operators that the commission would help reduce the cost of raising funds at the Nigerian Exchange. He emphasized that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 should be seen not merely as a requirement but as a chance to transform and reposition the insurance industry for long-term growth.
Agama further revealed that the SEC will provide a 14-day window for insurers to complete all fundraising requirements at the Exchange, creating a faster and more efficient process. He commended the National Insurance Commission (NAICOM) for its collaboration with the SEC, describing the relationship between the two regulators as stronger than ever.
On his part, the Commissioner for Insurance, Mr. Olusegun Omosehin, thanked the SEC for pledging support to the insurance industry. He stated that NAICOM would continue driving initiatives aimed at harnessing untapped insurance opportunities across the country, as well as deepening awareness of insurance among Nigerians.
Both regulators also encouraged insurance operators to strictly adhere to the recapitalisation framework to achieve its objectives. Industry stakeholders were commended for promptly settling two large insurance claims recently and for addressing public concerns swiftly, including those raised by musician Yinka Ayefele, which helped protect the industry’s image.
source: leadership