NAICOM engages PwC, KPMG, EY, Deloitte for capital verification in recapitalisation exercise
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Chuks Udo Okonta
The National Insurance Commission (NAICOM) in order to protect the integrity of the recapitalisation, has resolved to utilize the big four auditing firms – PwC (PricewaterhouseCoopers); KPMG; EY (Ernst & Young) and Deloitte for the capital verification exercise, in order to leverage on the collective expertise, capacity, experience and reputation, so that every company that is so adjudged as having fulfilled the Minimum Capital Requirement (MCR) will be so indeed.
Inspenonline gathered that NAICOM is specifically partnering with these four firms to conduct independent verification of the capital and compliance of insurance companies in Nigeria, leveraging their significant expertise and market share, as these firms collectively hold over 99 per cent of the audit market share from top listed companies in the country.
The Deputy Commissioner Technical NAICOM Dr. Usman Jankara, at the Continental Reinsurance Roundtable held in Lagos, said: “In order to protect the integrity of the recapitalisation exercise, the Commission has resolved to utilize the Big 4 Auditing Firms for the capital verification exercise, in order to leverage on the collective expertise, capacity, experience and reputation, so that every company that is so adjudged as having fulfilled the MCR will be so indeed.”
He submitted that recapitalisation is the foundation for growth, not the finish line, adding that it strengthen solvency and underwriting capacity thereby enabling insurers to write bigger tickets and retain more risk locally; build public and investor confidence thus attracting capital and partnerships, encourage mergers and acquisitions thereby fostering scale and operational efficiency and position Nigerian insurers for regional competitiveness, especially under the African Continental Free Trade Area (AfCFTA).
Dr. Usman submitted that NAICOM has also set very clear compliance timelines: 30th September 2025: Submission of recapitalisation plans; 10 working days after month-end: Monthly progress reports; November 2025 – June 2026 for Capital verification and 30th July 2026 as the final compliance deadline and issuance of licence to companies that have complied with the MCR.
He maintained that NAICOM stands ready to facilitate the journey through guidance, engagement, and collaboration, whilst urging every stakeholder to embrace this moment, not as a regulatory burden, but as a strategic opportunity to redefine the industry’s future.
“Together, let us move beyond solvency to resilience, beyond compliance to competitiveness, and beyond borders to continental leadership, and above all, beyond MCR to RBC,” he posited.
