By Nkechi Eze
The Corporate Affairs Commission (CAC) has pledged its full support for the National Insurance Commission’s (NAICOM) 12-month recapitalization programme, assuring stakeholders of a smooth transition in line with the Federal Government’s economic reform agenda.
This assurance was given during a strategic meeting between the Registrar-General of CAC, Barr. Hussaini Magaji, SAN, and the Commissioner for Insurance (CFI), Mr. Segun Omosehin, at the CAC headquarters in Abuja. The meeting focused on deepening institutional collaboration to ensure the recapitalisation exercise strengthens the insurance sector and boosts investor confidence.
Mr. Omosehin commended CAC for its warm reception and consistent partnership, stressing that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 highlights CAC’s critical role in achieving the recapitalisation milestones within the stipulated 12-month period. He underscored that the recapitalisation exercise is a transformative step designed to build a stronger, more resilient insurance industry capable of contributing significantly to Nigeria’s economy.
In his response, Barr. Magaji reaffirmed CAC’s commitment to President Bola Ahmed Tinubu’s vision for a robust and diversified economy, assuring that the long-standing synergy between CAC and NAICOM would be strengthened further in the months ahead.
“The CAC stands ready to provide every necessary support for the smooth execution of the recapitalisation programme. We will issue guidelines, fast-track approvals, enhance data exchange between our agencies, and grant concessions where necessary to ensure the process is seamless,” Magaji assured.
He noted that the recapitalisation timeline was achievable with the right level of cooperation across institutions, adding that CAC would continue to support all initiatives that promote transparency, accountability, and sustainable growth within the insurance sector.
With this renewed commitment, industry players can look forward to a streamlined process that not only drives compliance but also positions the Nigerian insurance sector for global competitiveness.
