Key Takeaways
- The Ministry of Finance has directed NAICOM to suspend enforcement of disputed recapitalisation fees and escrow transfer directives against NICON Insurance and Nigeria Reinsurance.
- This suspension follows a petition from the two firms, alleging NAICOM demanded illegal charges and unconstitutional full-capital escrow transfers.
- NICON and Nigeria Re claim NAICOM sought a one per cent capital injection fee, processing fees, and an N180 million 'recapitalisation regulation fee'.
- The firms assert they met the July 31, 2026, recapitalisation deadline, injecting funds exceeding adjusted capital requirements.
- The Ministry has requested NAICOM provide a detailed response and legal justification for the issues raised.
Nigeria's Ministry of Finance has intervened in a contentious dispute within the insurance sector, directing the National Insurance Commission (NAICOM) to suspend enforcement of disputed recapitalisation fees and escrow transfer directives.