Insurance recapitalisation: Oyedele queries NAICOM over fees, escrow funds

By Emma Ujah, Abuja Bureau Chief
ABUJA — The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has queried the National Insurance Commission, NAICOM, over the imposition of a one per cent Capital Injection Fee and other charges on insurance companies undergoing recapitalisation.
The query followed petitions by NICON Insurance Limited and Nigeria Reinsurance Corporation, which challenged the fees and NAICOM’s directive requiring insurers to transfer their entire capital injection funds into an escrow account with the Central Bank of Nigeria, CBN.
In a memo referenced F/LEG/0608/2026/22, dated August 6 and signed by the Permanent Secretary, Ministry of Fi...