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NAICOM suspends insurance industry recapitalisation

The National Insurance Commission (NAICOM) has complied with court order to suspend the ongoing insurance industry’s recapitalisation. The spokesperson for NAICOM, Rasaaq Salami, said: “You are aware that the issue is in court and there is an interim order of the court.

NAICOM been a responsible and law abiding organisation and will respect the order of the court.” Salami also noted that NAICOM had responded to the letter written by the NIA where the association sought clarifications on uncertainties surrounding the ongoing recapitalisation.

The NIA had, in a letter entitled: Segmentation of Minimum Paid Up Share Capital of Insurance Companies in Nigeria: Appeal For Waiver of December 2020 Milestone, signed by its Director- General, Mrs. Yetunde Ilori, implored NAICOM to respond to its request for waiver of the December 2020 deadline for first phase of the recapitalisation exercise.

The association posited that the continued silence by the commission on its position is of serious concern to operators. “This is underscored by a fast-approaching deadline and everybody is being kept in a suspense, which is not helping the market at the moment,” it said.

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