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.

By Babajide Komolafe

AG Mortgage Bank Plc has significantly bolstered its liquidity position after investors completely snapped up its N3.97 billion Series 2 and 3 Commercial Paper (CP) issuance.

By achieving a 100 percent subscription rate, the bank has secured critical, cost-effective short-term funding that will enable it to scale its mortgage financing operations and accelerate its real estate pipeline.

The successful issuance marks another major milestone for the mortgage lender, signaling strong institutional trust in the bank’s financial health and strategic growth trajectory.

The Series 2 and Series 3 commercial paper notes were issued under AG Mortgage Bank Plc registered N5 billion Commercial Paper Programme. By pulling in N3.97 billion through these combined series, the bank successfully raised the vast majority of its total approved programme limit in one sweep. The successful commercial paper issuance of N3.97billion opened on June 10 and closed on June 18. With a tenor of 270 days and 364 days, the Series 2 and 3 CPs were issued at gross implied yield of between 22.5 percent and 24 percent. The Lead Arranger is FSDH Capital Limited, while the Joint Arrangers are Pathway Advisors Limited, AIICO Capital Limited, and ARM Capital Limited. The net proceeds from the commercial papers issuance will be used to support AG Mortgage Bank Plc short-term working capital and funding requirements.

While commenting on the fully subscribed Series 2 and Series 3 commercial paper notes, Mr. Ngozi Anyogu, Managing Director and Chief Executive Officer of AG Mortgage Bank Plc (AGMB) said, “The successful subscription of our commercial paper issuance reflects the confidence that investors have in AG Mortgage Bank, our governance standards, and our long-term vision for expanding access to housing finance. It reinforces our position as a trusted institution within Nigeria’s mortgage and capital markets.”

Speaking further, he said “The proceeds from this issuance will strengthen our liquidity position and support our short-term funding requirements, enabling us to deepen mortgage financing and accelerate the delivery of affordable, accessible, and available housing solutions for Nigerians. We remain committed to driving innovation in housing finance and creating sustainable value for our customers, investors, and the broader economy”