Insurance

Suspension of recapitalisation good, insurers shouldn’t relent – shareholders

From left: Chairman, Nigerian Insurers Association, Ganiyu Musa and Commissioner for Insurance, Sunday Thomas at an event in Abuja.

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Chuks Udo Okonta

Shareholders have shared their opinions on suspension of insurance industry’s recapitalisation, while a group believed that the suspension is a mark that the National Insurance Commission (NAICOM) respects the law, others said it is not yet uhuru for operators as suspension does not amounts to cancellation.

Managing Director Lancelot Ventures Limited, Adebayo Adeleke, who is also a prominent member of Independent Shareholders Association of Nigeria (ISAN), charged insurance operators not to relent as suspension is not cancellation, stressing that the court case could turn in favour of NAICOM.

He urged operators to continue with their fund drive, adding that they really need funds to underwrite high tickets risks.

Financial analyst and Shareholder, Nona Awo, said the suspension is in order, stressing that with the COVID-19 Pandemic and #EndSARS, this is not the best time to undertake an effective recapitalisation.

He urged NAICOM, Insurance operators and other stakeholders to work together and be on the same page on how to determine the type of capital the industry needs.

NAICOM) yesterday said it had complied with court order to suspend the industry’s recapitalisation.

The spokesperson of NAICOM, Rasaaq Salami, in a telephone conversation with this medium said:

“You are aware that the issue is in court and there is an interim order of the Court. NAICOM being a responsible and law abiding organisation will respect the order of the court.”

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