Economy
NAICOM Extends Recapitalisation Deadline for Insurers to September 2021
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has set a September 2021 deadline for insurance companies across the country to complete their recapitalization process.
The commission made this known in circular numbered; NAICOM/DPR/CIR/25-04/2020, dated Wednesday, June 3, 2020, and sent to all insurance and reinsurance companies.
In the notice signed by its Director, Policy and Regulation, Mr Pius Agboola, entitled Segmentation of Minimum Paid-Up Share Capital Requirement for Insurance and Reinsurance Companies in Nigeria, NAICOM noted that the COVID-19 pandemic has affected the previous deadline of December 2020.
As a result, there have been a review of the recapitalisation deadline in order to mitigate likely negative consequences of the pandemic on the exercise.
The commission also segmented the ongoing recapitalisation process for insurers and reinsurers, directing them to meet 50 and 60 percent respectively of their minimum paid-up share capital by December 31, 2020, and complete the process by September 30, 2021.
This means NAICOM has extended and segmented the recapitalisation process into two phases which allowed 50 percent of the minimum paid-up capital for insurance and 60 percent for reinsurance to be met by December 31, 2020, while the operators are to fully comply with the approved minimum paid-up not later than September 30, 2021.
NAICOM maintained that insurance companies that fail to satisfy the required minimum paid-up capital by the end of December 31, 2020 may be restricted on the scope of business they will be allowed to transact afterwards.
The commission then tasked the insurance and reinsurance firms to ensure they fully comply with the approved minimum paid-up capital by September 30, 2021.
In 2019, NAICOM introduced new capital for insurance and reinsurance companies, which directed life insurance companies’ to bump up their capital from N2 billion to N8 billion.
General companies got a raise from N3 billion to N10 billion, while composite insurance companies’ capital was raised from N5 billion to N18 billion.
The regulator also increased the capital of reinsurance companies from N10 billion to N20 billion.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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