By Rosemary Iwunze

The National Pension Commission (PenCom) has threatened to sanction  Pension Fund Administrators (PFAs) that fail to meet prescribed targets under the ongoing Retirement Savings Account (RSA) data recapture exercise.

PenCom, in its first-quarter 2026 report, disclosed that only 17.03 per cent of the industry’s legacy RSA holders had completed the mandatory data recapture exercise.

According to the report, 58,220 RSAs were recaptured during the quarter, bringing the cumulative number of recaptured accounts to 1,485,052 out of an estimated 8,722,609 legacy accounts.

The Commission warned that, at the current rate, completing the outstanding recapture exercise would take more than 25 quarters.

It therefore said the exercise must move from being PFA-driven to a Commission-led process, with quarterly targets and performance reports to be introduced.

“PenCom will introduce PFA-level quarterly recapture targets, publish quarterly progress reports, and impose regulatory sanctions on operators that materially under-perform against target during 2026,” it stated.

Norrenberger Pensions led the industry during the first quarter with 17,157 recaptures, representing 29.47 per cent of total Q1’26 activity. 

Stanbic IBTC followed with 10,963 recaptures, while Veritas Glanvills recorded 6,328.

Guaranty Trust Pensions and FCMB Pensions completed the top five with 3,918 and 3,888 recaptures respectively.

The data recapture exercise, introduced by PenCom in August 2019, requires RSA holders to update and validate their personal and biometric information with their PFAs.

Meanwhile, PenCom said Katsina State’s amendment of its pension law to adopt the Contributory Pension Scheme (CPS) increased the number of states with CPS legislation to 25 from 24.

Eight states are fully compliant, having enacted the required legislation and commenced implementation through licensed PFAs, while 17 others have enacted legislation but are yet to commence implementation.

By Emma Ujah & Rosemary Iwunze

The National Insurance Commission (NAICOM) has announced seven more insurance companies that have scaled the recapitalization hurdle, following a 14-day period granted to eight insurance companies for final verification and regulatory review

With this development, forty-eight (48) insurance companies and two (2) reinsurance companies have been confirmed and verified as compliant with the Minimum Capital Requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines issued by the Commission.

The regulatory agency said in a statement in yesterday that with the latest announcement, the Nigerian insurance industry recapitalization exercise had been concluded.

The latest to be cleared were: emPLE General Insurance Limited; emPLE Life Assurance Limited; Sovereign Trust Insurance Plc; Tangerine Life Insurance Limited; Alliance & General Insurance Plc; Guinea Insurance Plc; and Regency Alliance Insurance Plc.

The commission was silent on the fate of NICON Insurance and Nigeria Reinsurance Corporation.

Meanwhile, the Nigerian Insurers Association, NIA, has thrown its weight behind the National Insurance Commission, NAICOM, on the recapitalisation exercise.

NIA maintained that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.

Chairman of NIA, Mrs. Ebelechukwu Nwachukwu, in a statement yesterday, noted that the exercise underscores the importance of an orderly and clearly defined regulatory process and represents an important milestone in strengthening the financial capacity and stability of the sector, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector. She assured the apex regulator of the Association’s continued support and constructive engagement in leveraging the gains of the recapitalisation process to drive sustainable industry growth, enforce high market conduct standards, elevate consumer trust, and expand the sector’s contribution to the national economy.

She said: “The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors, and the wider Nigerian economy. A well-capitalized insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth.”

By Rosemary Iwunze

Prestige Assurance Plc has successfully completed its recapitalization programme, marking a defining milestone in its corporate evolution and reinforcing its position as one of Nigeria’s financially resilient and forward-looking insurance companies.

The achievement, accomplished in compliance with the recapitalisation requirements of the National Insurance Commission (NAICOM), substantially strengthens the Company’s capital base, expands its underwriting capacity and enhances its ability to serve customers across an increasingly sophisticated risk environment.

Capital is to an insurance company what a deep foundation is to an enduring structure, rarely noticed, yet indispensable to strength, stability and longevity. Prestige Assurance’s successful recapitalization therefore represents more than regulatory compliance, it demonstrates strategic foresight, prudent corporate stewardship and confidence in the future of Nigeria’s insurance industry.

Commenting on the milestone, the Managing Director of Prestige Assurance Plc, Mr. Umesh Rathod, described the successful exercise as a collective achievement made possible by the enduring confidence of customers, brokers, shareholders, business partners and other stakeholders.

“This milestone reinforces our financial strength and significantly expands our capacity to underwrite larger and more complex risks while delivering faster claims settlement, innovative insurance solutions and exceptional customer service. Above all, it reflects our enduring commitment to those who have placed their confidence in our institution over the years.”

Rathod expressed profound appreciation to all stakeholders whose loyalty and support have contributed to the Company’s sustained growth and success. He noted that the stronger capital structure provides greater financial resilience, operational flexibility and capacity to respond effectively to the evolving needs of businesses and individuals.

As Nigeria’s economy continues to evolve, with growing investments in infrastructure, manufacturing, energy, aviation, agriculture and other strategic sectors, well-capitalised insurers are expected to play an increasingly important role in supporting economic growth.

Prestige Assurance’s strengthened financial structure positions the Company to participate more robustly in underwriting major risks while maintaining high standards of governance, operational excellence and integrity. The recapitalisation also reinforces the Company’s conviction that trust remains the true currency of insurance.

While financial capital provides institutional strength, confidence sustains enduring customer relationships. Prestige Assurance remains committed to preserving both through professionalism, transparency, responsiveness, innovation and prompt claims settlement.

As the Company enters this new phase of growth, it does so with renewed purpose, stronger capacity and a clear vision, to remain a dependable partner in protecting lives, safeguarding businesses and enabling prosperity across Nigeria.

Prestige Assurance thanked all stakeholders for their continued confidence and reaffirmed its commitment to delivering value-driven insurance solutions that consistently exceed expectations.