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No Extension: NAICOM Stands Firm On July 2026 Insurance Recapitalisation Deadline.
According to Nivo News, the National Insurance Commission (NAICOM) has firmly ruled out any extension of the July 30, 2026 recapitalisation deadline for insurance operators, insisting that the timeline is entrenched in law and cannot be altered without legislative action.....KINDLY READ THE FULL STORY HERE▶
The Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, disclosed this on Tuesday in Abuja while representing the Commissioner for Insurance and Chief Executive of NAICOM, Mr. Olusegun Omosehin, at a media seminar on the NIIRA 2025 framework. He explained that the recapitalisation deadline is a statutory requirement rather than an administrative benchmark that can be adjusted at discretion.
Dr. Jankara stressed that shifting the deadline would require a return to the National Assembly for amendments to the relevant Act, followed by presidential assent. He maintained that NAICOM has no intention of pursuing such a process, reiterating that the recapitalisation date remains sacrosanct.
He expressed confidence that serious and compliant operators would meet the new capital thresholds within the stipulated timeframe, noting that the exercise is designed to produce a stronger, more resilient, and better-governed insurance sector. Under the revised requirements, non-life insurers are expected to maintain a minimum capital base of ₦15 billion, life insurance companies ₦10 billion, and reinsurance firms ₦35 billion.
According to NAICOM, the revised capital regime became necessary due to inflationary pressures and the sharp depreciation of the naira, which significantly eroded the real value of previous capital requirements. Dr. Jankara observed that capital thresholds once considered substantial have become inadequate in today’s economic environment.
He explained that the recapitalisation programme is already underway, with an internal committee established, guidelines issued, and operators mandated to submit recapitalisation plans alongside monthly progress reports. The current phase, he said, involves verification of claims by companies that assert they have met the new capital requirements.
To ensure transparency and credibility, NAICOM has engaged four global audit firms—KPMG, Deloitte, EY, and PwC—to independently verify the capital positions of insurance companies, after which the Commission conducts its own secondary validation. He noted that no operator has yet been officially confirmed as compliant, emphasising that all firms will be subjected to the same verification standards.
Dr. Jankara also highlighted the role of the Insurance Policyholders Protection Fund, describing it as a safety mechanism designed to protect policyholders in cases of insurer insolvency or financial distress. He said the fund operates in a manner similar to the NDIC in the banking sector, with the added ability to intervene before a company collapses.
He explained that insurance firms are required to contribute 0.25 per cent of their gross premium income annually to the fund until it reaches 25 per cent of industry gross premiums, after which contributions will be suspended. Any financial support extended to distressed insurers, he added, would be treated as a recoverable loan.
On claims settlement, Dr. Jankara warned that the NIIRA framework imposes strict penalties for failure or undue delay in paying legitimate claims, including fines and compound interest calculated at prevailing bank rates. He said the provision is intended to enforce discipline and reinforce claims settlement as a core obligation of insurers.
He further noted that the new sanctions regime under NIIRA replaces rigid penalties with a flexible system that allows sanctions to reflect the severity and financial benefit of regulatory breaches, including the recovery of unlawfully gained profits.
Dr. Jankara expressed optimism that the recapitalisation exercise, combined with stronger regulatory enforcement and policyholder protection mechanisms, would reposition the Nigerian insurance industry for growth, stability, and renewed public confidence.
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‘He Refused To Step Aside’ – Orji Kalu Recalls Obasanjo’s Alleged One-Term Promise.
Former Abia State Governor, Orji Uzor Kalu, has revealed the circumstances that led to the breakdown of his relationship with former President Olusegun Obasanjo.....KINDLY READ THE FULL STORY HERE▶
Kalu said their disagreement stemmed from an alleged agreement that Obasanjo would serve only one term as president before handing over power to former military Head of State, General Ibrahim Babangida.
He explained that the understanding was reached among himself, Babangida and Obasanjo before the latter was supported to become Nigeria’s president.
Kalu made the disclosure during an appearance on Arise Television, where he spoke about his political relationship with the former president.
According to him, the arrangement was for Obasanjo to serve a single four-year term from 1999 to 2003 before transferring power to Babangida.
He said, “I had a very good relationship with President Obasanjo, and it went sour. And it didn’t go sour because I wanted what I wanted to have as a person. It’s because I wanted something for all of us Nigerians.
“Because most of the things we discussed, he didn’t do. We discussed that he would be president for four years. We discussed that he would only do four years and leave, and another person would take over. We helped him a lot when he came out of prison. We maintained our support to make sure that he succeeded.”
The former governor further explained that Obasanjo was expected to hand over power to another political bloc after completing his first term.
He noted that Obasanjo’s emergence as president in 1999 was partly aimed at addressing the political grievances of the South-West following the annulment of the June 12, 1993 presidential election and the death of its presumed winner, Chief MKO Abiola.
Kalu added that the arrangement was also expected to sustain the rotation of power, with the presidency eventually returning to the North.
However, he said he could not confirm reports that Babangida had considered making him vice president under the proposed political arrangement.
“Whether he had given IBB to make me vice president, I don’t know. Man, I never thought about that. But the one you’re certain about is what I was certain about,” he added.
Reflecting on the disagreement, Kalu said he was much younger at the time but had since grown older and become more conscious of the importance of honouring political agreements.
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‘I Danced With Tinubu’ – APC Chairman Responds To Questions About President’s Health.
The National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, has urged Nigerians to support President Bola Tinubu’s re-election bid, insisting that the President is physically fit to continue leading the country.....KINDLY READ THE FULL STORY HERE▶
Yilwatda made the appeal on Monday night while appearing on Channels Television’s Politics Today.
He argued that Tinubu’s recent visits to Akwa Ibom and Rivers States on Friday demonstrated his physical fitness and ability to handle the demands of the presidency.
Speaking during the programme, Yilwatda said he personally witnessed the President dancing during his visit to Akwa Ibom.
“Did you watch him (Tinubu) dance in Akwa Ibom? I was there live and I danced with him, he danced to the music of the people,” he said.
The APC chairman maintained that Tinubu’s schedule during the visit showed that he was capable of handling demanding engagements.
“Tinubu is fit to go. He was in Akwa Ibom, he had a dinner, town hall meeting with the people that same Friday, he engaged the people late in the night after the dinner and the next morning he was in Rivers.
“And if someone is not fit, he will do 48 hours of non-stop engagements and trips at the same time? Bring another complaint,” Yilwatda added.
He also explained that the APC had arranged Tinubu’s campaign schedule in a way that would prevent governance from suffering.
According to him, the President would spend two days campaigning and three days attending to official duties, with visits to Jigawa and Jos also scheduled.
Yilwatda further disclosed that the Senate President and Speaker of the House of Representatives had advised against participating in every campaign activity to ensure that the National Assembly continued its work.
He said the party had equally staggered the activities of members of its National Working Committee to prevent its operations from being disrupted by the campaign.
The APC chairman questioned whether governance, the National Assembly and the party should be shut down simply because of the election campaign, describing such a suggestion as unreasonable.
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‘How Did She Win?’ – OK Movement Questions Natasha’s Kogi Central Mandate.
The Obi-Kwankwaso Movement has responded to Senator Natasha Akpoti-Uduaghan, representing Kogi Central, following her criticism of the group’s call for an investigation into her distribution of millions of naira to constituents.....KINDLY READ THE FULL STORY HERE▶
News reports that Akpoti-Uduaghan had criticised the Movement for urging the Economic and Financial Crimes Commission (EFCC) to investigate her cash empowerment programme, which she claimed was funded through a Federal Government budgetary allocation.
However, speaking in an interview with Punch, the Director-General of the Obi-Kwankwaso Movement, John Ughulu, said the senator’s response failed to address the concerns raised by the group.
Ughulu maintained that elected public officials needed continuous orientation on their constitutional duties, ethical responsibilities and accountability to the people.
He said the widely discussed cash distribution had raised concerns about the possible misuse of public office and the integrity of Nigeria’s electoral process.
According to him, if investigations establish that the money was distributed to influence voters ahead of an election, the action could amount to advance vote buying and should be examined under relevant electoral laws.
Ughulu stated:
“What Nigerians witnessed in the widely discussed money distribution incident raises serious questions about the abuse of public office and the integrity of our electoral process.
“If the circumstances establish that the money was distributed to influence voters ahead of an election, the matter could amount to advance vote buying and should be investigated under the relevant provisions of Nigerian electoral law.”
The movement’s director-general also challenged Akpoti-Uduaghan to clarify whether similar cash distributions formed part of her election campaigns, arguing that the circumstances surrounding her emergence as a senator also warranted scrutiny.
He said:
“The election that brought Senator Natasha into the National Assembly was decided by the people. Therefore, an important question must be asked: Was the same practice of distributing money to influence voters involved in securing her electoral victory?
“That question deserves a factual answer, not an emotional reaction.”
The group further rejected suggestions that its criticism was politically motivated, insisting that its position on electoral accountability applied to politicians across party lines, including candidates of the Nigeria Democratic Congress (NDC).
Ughulu stressed that the movement would not overlook alleged electoral misconduct involving individuals within its political camp while condemning similar actions by members of other parties.
He added:
“We cannot condemn alleged electoral malpractice under the present administration while appearing to tolerate similar conduct from individuals within our own political space. The same standards of integrity, transparency and accountability must apply to everyone.
“The OK Movement will not make exceptions for anyone. This applies equally to NDC candidates and candidates of every other political party. Anyone involved in electoral manipulation, vote buying, result falsification or any attempt to undermine the will of the electorate should expect lawful scrutiny and accountability.”
Ughulu also warned that the movement would explore legal options to demand accountability if the EFCC or other relevant agencies failed to investigate credible allegations.
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