Insurance recapitalisation: Oyedele queries NAICOM over processing fee, payment into escrow account
The two companies also opposed the directives of the Commission requiring existing operational insurance entities to transfer their entire capital injections funds into an escrow account at the Central Bank of Nigeria as against the 10 percent statutory deposit requirement prescribed under Section 16 (3) of the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
In addition the Commission was also directed to transfer entire capital injection funds into the CBN escrow account and to suspend the enforcement of the contested Processing Fees, 1% Capital Injection Fee, and full capital escrow account transfer directives against NICON and Nigeria Re, pending the determination of the petition.
Issues raised by the petitioners against NAICOM were: the assessment and demand for 1% Capital Injection Fee, alongside additional Processing and Verification Fees as contained in the commission’s Minimum Capital Requirement Guidelines amounting to N305 million for NICON and N375 million for Nigeria Re.
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