The Securities and Exchange Commission (SEC) has urged listed insurance companies to take advantage of opportunities in the capital market to raise the needed funding for the ongoing recapitalisation exercise, just like banks raised N3 trillion in their ongoing banking recapitalisation exercise.
The director-general of the SEC, Dr. Emomotimi Agama, addressed insurance operators at the recent Insurers’ Committee meeting in Lagos at the weekend and pledged to ensure underwriters don’t incur huge costs when raising funds at the Exchange.
While advising insurance operators not to consider the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a privilege to raise money but as an opportunity to transform the insurance industry, he disclosed that a 14-day window would be opened for companies to process all fundraising requirements at the Exchange.
Commending the National Insurance Commission (NAICOM) for the robust relationship it has created with the SEC, he added that both parties have never enjoyed such collaboration before, urging operators to intensify efforts in creating insurance awareness.
Earlier, the commissioner for Insurance, Olusegun Omosehin, appreciated SEC management’s pledged support to the insurance industry, noting that NAICOM would continue to drive the industry towards harnessing all insurance opportunities in the country.
Charging insurance operators to adhere strictly to the recapitalisation frameworks to ensure the set objectives are met as stipulated, he commended insurance companies for the prompt settlement of two large claims that were recently settled, while
applauding the Nigerian Council of Registered Insurance Brokers (NCRIB) for its swift response to the recent misgivings by a renowned musician, Yinka Ayefele.
