…as Staco, Universal others miss in the list
The National Insurance Commission (NAICOM) has confirmed seven additional insurance companies as having met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, effectively bringing the industry’s long-running recapitalisation exercise to a close.
With these seven the number of firms conformed comes to 50, including48 insurance companies and two reinsurance companies.
In a notice to the general public dated August 13, 2026, the commission said the seven insurers had been confirmed and verified as compliant with the minimum capital requirements prescribed under NIIRA 2025 and applicable insurance laws and guidelines.
The newly cleared companies are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc.
Of the seven companies, four are non-life insurers, while three operate in the life insurance segment. The commission listed emPLE General, Sovereign Trust, Alliance & General, Guinea Insurance and Regency Alliance under the non-life category, while emPLE Life and Tangerine Life were listed as life insurers.
With the latest confirmation, NAICOM said a total of 48 insurance companies and two reinsurance companies have now been confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025 and the commission’s applicable laws and guidelines.
Those that did not make it include Universal Insurance, Staco Insurance, Nigeria Re, NICON, Goldlink.
The regulator described the development as bringing the Nigerian insurance industry’s recapitalisation exercise to a successful conclusion.
The conclusion marks the latest stage in the regulatory drive to strengthen the capital base of Nigeria’s insurance industry and improve the capacity of insurers to underwrite larger risks.
The seven companies join the 41 insurers and two reinsurers previously confirmed by NAICOM as having successfully met the new capital thresholds following the verification of their recapitalisation efforts.
The commission’s notice, signed by management represents the latest official update on the compliance status of insurers under the NIIRA 2025 recapitalisation framework.
The completion of the exercise is expected to leave the industry with a more clearly defined group of adequately capitalised insurers, while companies that failed to meet the prescribed requirements face the consequences of non-compliance under the regulatory framework.
Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.
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