NIGERIAN RECAPITALISATION BOOSTS CAPITAL BASE TO 30BN NAIRA

The Nigerian National Insurance Commission has closed its recapitalisation exercise, having earlier this week unofficially extended the deadline for those insurers that had yet to meet the new requirements. With the recapitalisation, 107 insurers have officially met the new requirements, bringing the capital base of the industry to more than 30bn naira. The new capitalisation standards require than composite insurers have 350m naira of capital and that non-life players’ capital is at least 250m naira.