By 
African Alliance Insurance Plc has announced that it has submitted its recapitalisation plan to the National Insurance Commission (NAICOM) and is awaiting further regulatory approval to commence implementation.
The disclosure was made in a market update filed with the Nigerian Exchange (NGX) in response to an enquiry from NGX Regulation Limited following recent media reports identifying insurance companies that had successfully met NAICOM’s recapitalisation requirements.
According to the insurer, it remained under a regulatory management order until 16 June 2026, when control of the company was officially returned to its shareholders.
Company begins recapitalisation process
African Alliance Insurance stated that following the restoration of shareholder control, its board and management immediately commenced engagements with NAICOM to advance the company’s recapitalisation programme in line with the regulator’s requirements.
The company confirmed that it has now submitted its capital raising proposal to the Commission and is awaiting further regulatory directives before proceeding with implementation.
“As part of this process, the company has submitted its capital raising plan to NAICOM and is currently awaiting further regulatory directives to enable the implementation of the proposed recapitalisation,” the company stated.
Commitment to regulatory compliance
The insurer reaffirmed its commitment to meeting all applicable regulatory requirements throughout the recapitalisation process.
It also pledged to maintain close engagement with NAICOM as the exercise progresses, underscoring its commitment to strengthening its capital position in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the Commission’s recapitalisation framework.
African Alliance further assured shareholders, the Nigerian Exchange and the investing public that it would continue to disclose all material developments in accordance with the NGX Issuers’ Rules and other applicable regulatory obligations.
The company’s latest update highlights the ongoing emphasis on regulatory compliance, corporate governance and financial resilience within Nigeria’s insurance sector as operators work to strengthen their capital base and enhance long-term market stability under NAICOM’s evolving regulatory framework.
Comments