Insurance recapitalisation: Oyedele queries NAICOM over fees, escrow funds
The ministry also directed the commission to suspend enforcement of the contested processing fees, one per cent Capital Injection Fee and full capital escrow transfer directive against NICON and Nigeria Re pending the determination of their petitions.
The two firms also opposed NAICOM’s directive requiring existing and operational insurance companies to transfer their entire capital injection funds into an escrow account at the CBN, arguing that Section 16(3) of the Nigeria Insurance Industry Reform Act, NIIRA, 2025, prescribes a 10 per cent statutory deposit.
They specifically questioned the one per cent Capital Injection Fee, as well as processing and verification fees contained in NAICOM’s Minimum Capital Requirement Guidelines, amounting to N305 million for NICON and N375 million for Nigeria Re.
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