Nigeria TV Info

SEC Creates Fast-Track Desk for Insurance Recapitalisation, Pledges 14-Day Approval

LAGOS — The Securities and Exchange Commission (SEC) has established a dedicated desk to expedite approvals related to insurance sector recapitalisation, with a commitment to deliver decisions within 14 days of complete submissions.

The development was announced at the end of the 19th Insurers’ Committee meeting in Lagos by the Head of the Communication and Stakeholders Management Sub-Committee, Ebelechukwu Nwachukwu.

The move comes after President Bola Tinubu signed the Nigerian Insurance Industry Reform Act 2025 into law, which introduced sweeping reforms, including a significant increase in the minimum capital requirements for insurance firms.

Nwachukwu revealed that the Director-General of SEC, Dr. Emomotimi Agama, made a presentation during the meeting, stressing that the initiative was part of a broader collaboration between the capital market and insurance regulators to transform the industry.

She added that the fast-track desk was designed to ease compliance and ensure that insurance operators can meet the new capital requirements efficiently and within stipulated timelines.

Industry analysts have welcomed the initiative, describing it as a major step toward stabilising and strengthening Nigeria’s insurance sector.