Nigeria: SEC Establishes Help-Desk to Support Insurers in Capital Raising Drive

The Securities and Exchange Commission (SEC) has introduced a dedicated help-desk to streamline processes for insurance operators seeking to raise funds through the capital market in compliance with new recapitalisation requirements.

Speaking at the 19th Insurers’ Committee meeting in Lagos, SEC Director-General Dr. Emomotimi Agama assured industry leaders that the Commission would fast-track all documentation and approvals for insurers and reinsurers looking to leverage the capital market. He noted that the help-desk will ensure that applications are processed within 14 days, providing operators with the speed and certainty needed to meet regulatory timelines.

Agama emphasized that the recapitalisation exercise should not be viewed merely as a fundraising effort, but as a strategic reform to reposition the Nigerian insurance sector for big-ticket transactions and stronger financial stability.

Under the Nigerian Insurance Industry Reform Act (NIIRA), new minimum capital thresholds have been prescribed:

• ₦15 billion for non-life insurers

• ₦10 billion for life insurers

• ₦35 billion for reinsurance firms

Operators are expected to meet these requirements within one year of the Act’s commencement. Contrary to fears of industry consolidation, Agama described the reform as a growth catalyst that would enhance competitiveness and investor confidence.

Providing updates on the meeting’s resolutions, Mrs. Ebelechukwu Nwachukwu, Chairperson of the Communication and Stakeholders Engagement Sub-Committee, disclosed that SEC had granted nine concessions to facilitate the recapitalisation process. She added that the National Insurance Commission (NAICOM) has already circulated draft guidelines on the new capital requirements for industry review, with feedback from stakeholders submitted and final rules expected soon.

The creation of the SEC help-desk is expected to ease regulatory bottlenecks, encourage market-based capital raising, and strengthen insurers’ ability to mobilize funds efficiently as the industry embarks on this critical reform journey.