SEC Tap into Capital Market for Recapitalisation

The Securities and Exchange Commission (SEC) has called on insurance companies to leverage capital market opportunities to raise funds for the ongoing recapitalisation exercise, positioning the industry for stronger financial capacity and greater contribution to the Nigerian economy.

Speaking at the Insurers’ Committee meeting in Lagos, SEC director-general, Dr. Emomotimi Agama, assured underwriters of a supportive and cost-friendly fundraising process, noting that a 14-day window would be provided to expedite approvals at the Exchange. He encouraged operators to view the Nigerian Insurance Industry Reform Act (NIIRA) 2025 not just as regulation but as a platform to transform the sector and deepen public trust.

Dr. Agama commended the National Insurance Commission (NAICOM) for fostering a robust partnership with SEC, describing the collaboration as unprecedented in the history of the industry. He also urged insurers to intensify awareness efforts to expand insurance penetration across the country.

Commissioner for Insurance, Olusegun Omosehin, praised SEC’s commitment to supporting the industry and reaffirmed NAICOM’s resolve to drive recapitalisation efforts. He highlighted the prompt settlement of recent large claims as proof of insurers’ growing reliability, adding that such strides boost public confidence in the sector.

With recapitalisation, industry leaders believe insurers will not only strengthen their balance sheets but also be better positioned to support businesses, protect citizens, and contribute to national development.