Recapitalisation: NAICOM wets grounds for possible companies registration at CAC

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Chuks Udo Okonta

The Management of National Insurance Commission (NAICOM) paid a courtesy visit to the Registrar General of the Corporate Affairs Commission (CAC), Barr. Hussaini Magaji SAN, at his office in Abuja.

The meeting centered on discussing the implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, with a focus on collaborative efforts to ensure a smooth transition.

The Commissioner for Insurance (CFI) expressed gratitude to the Registrar General for the warm reception and acknowledged the CAC’s management for their ongoing support and collaboration.

He highlighted key provisions of NIIRA 2025, emphasizing the importance of CAC’s support in meeting the 12-month timeline for recapitalisation stipulated in the Act.

In response, the Registrar General thanked the CFI and reaffirmed his commitment to supporting President Bola Tinubu’s vision for a robust economy.

He noted the long-standing partnership between CAC and NAICOM in promoting the growth of the Nigerian economy.

The Registrar General assured the CFI of CAC’s support for the insurance industry reforms, pledging to collaborate with NAICOM to:

– Issue guidelines to facilitate the recapitalisation process
– Enhance data exchange between the two agencies
– Provide concessions and expedited clearance where necessary.

This visit underscores the commitment of both agencies to work together in driving the growth and development of the insurance industry in Nigeria.