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News
NAICOM: Insurance Sector Raised Additional N1.079tn During Recapitalisation Exercise
16+ hour, 19+ min ago (562+ words) The National Insurance Commission (NAICOM), has said that the insurance sector raised a total of N1.079 trillion during the recently concluded recapitalisation exercise. The Commissioner for Insurance, Mr Ayo Omosehin, stated this while giving an update of the recapitalisation exercise in…...
NAICOM, NCAA Sign MoU to Tighten Aviation Insurance Oversight
4+ day, 10+ hour ago (416+ words) streamlinefeed.co.ke The National Insurance Commission and the Nigeria Civil Aviation Authority signed a memorandum of understanding on Wednesday, September 9, at the NCAA headquarters in Abuja, tightening oversight of aviation insurance compliance and establishing a Joint Technical Committee on…...
Nigeria targets 10% insurance penetration by 2031 as ISSP launches five-year plan
5+ day, 2+ hour ago (473+ words) Nigeria’s insurance sector is set for a five-year strengthening programme aimed at raising insurance penetration from 0.5 percent of gross domestic product (GDP) to 10 percent by 2031 and expanding coverage to more than 55 million beneficiaries. The initiative, known as the Insurance Sector…...
CTP compliance concentrated at one insurer in SIRA’s Q4 update
5+ day, 4+ hour ago (585+ words) The State Insurance Regulatory Authority (SIRA) has published its quarterly regulatory update for the period ending June 30, 2026 – and a single insurer’s compliance record is the standout finding. For context, SIRA’s December 2025 quarterly update recorded three CTP remediation plans commencing across…...
NICON INSURANCE We are in Business: NAICOM The Insurance Regulator is under EFCC for Fruaudulent Recapitalisation
6+ day, 13+ hour ago (18+ words) Ondo Events...
Nigeria’s biggest insurance firm, NICON, loses licence – What it means for policyholders, creditors, other stakeholders
6+ day, 12+ hour ago (491+ words) The National Insurance Commission, NAICOM, Nigeria’s insurance regulatory body, has revoked the operational licence of the National Insurance Corporation of Nigeria, NICON. NICON, Nigeria’s biggest insurance company, was established in 1969 by Decree 2 and owned by the federal government. NAICOM revoked…...
NAICOM Revokes NICON Insurance Licence, Appoints Receiver
6+ day, 21+ hour ago (592+ words) The National Insurance Commission (NAICOM) has revoked the operating licence of NICON Insurance Limited, bringing to an end the operations of one of Nigeria’s oldest and historically significant insurance companies. The regulatory action followed the company’s failure to satisfy prescribed…...
Cameroon Warns 20 Insurance Brokers Over Regulatory Breaches
6+ day, 13+ hour ago (267+ words) Cameroon’s Finance Ministry has formally warned 20 insurance brokerage firms and their executives over regulatory breaches, less than three months after authorities withdrew the licenses of 31 other brokers as part of tighter oversight of the industry. Finance Minister Louis Paul Motazé…...
Nigeria’s Largest Insurance Coy, NICON, Loses Licence, Taken Over By Receiver Manager
1+ week, 3+ hour ago (526+ words) Nigeria’s largest insurance firm, National Insurance Corporation of Nigeria, NICON, has finally lost its operational licence and has been taken over by a Receiver Manager. The operational licence of NICON – owned by the Federal Government and established in 1969 by Decree…...
NICON Insurance Licence Revoked as NAICOM Appoints Receiver Manager
1+ week, 5+ hour ago (218+ words) Nigeria’s National Insurance Corporation of Nigeria (NICON), long regarded as one of the country’s major insurance firms, has lost its operating licence. The National Insurance Commission (NAICOM) has revoked the company’s certificate of registration and placed it under the control…...