NICON, Nigeria Re and insurance recapitalization

The National Insurance Corporation of Nigeria (NICON) and the Nigeria Reinsurance Corporation (Nigeria Re) on Thursday confronted the National Insurance Commission (NAICOM) over alleged breaches of procedures in the implementation of the just concluded insurance sector recapitalization exercise.

The two insurance companies, in statements released by their executives, specifically accused NAICOM of attempting to divert public attention from substantive issues raised against it, which were evaded in its rejoinder dated September 10, 2026.

“Rather than respond to the specific allegations contained in the petition before the EFCC, NAICOM has remained conspicuously silent on crucial issues of law, liability and management of shareholder funds.

“We expect answers, not deflections,” they said.

The petition against NAICOM to the EFCC on the implementation of the recapitalization process according to the executives of the aggrieved companies, is mainly based on four issues: demand for 1% of shareholders funds, illegal remittance of 1% to the Treasury Single Account (TSA), demand for 100% recapitalization fund and $180 million raised without verification exercise by any consultant.

“NAICOM obtained several million naira from insurance companies under the guise of hiring consultants.

“For example, NAICOM requested and received a total sum of 180 million naira from NICON Insurance Ltd and Nigeria Reinsurance Corporation, without sending any consultant for the verification exercise but instead sent its own personnel,” they said.

In the statement they further stated that on the illegal remittance of 1% to TSA, the funds collected by NAICOM were not remitted to TSA but paid into NAICOM’s account.

The companies also questioned the regulator’s role in determining the legality of their disputed claims.