African Alliance Insurance Plc has disclosed that it has submitted its recapitalisation plan to the National Insurance Commission (NAICOM) and is awaiting further regulatory directives, following its exclusion from the list of 43 insurers that met the Commission’s new minimum capital requirements.
The disclosure was made in a filing to the Nigerian Exchange Limited (NGX), signed by the company’s secretary, Azeezat Ogunsola, in response to an enquiry by NGX Regulation Limited (NGX RegCo) after the publication of NAICOM’s list of compliant insurance companies.
According to the company, its absence from the list was due to the regulatory intervention that placed it under NAICOM’s control until June 16, 2026, when management of the insurer was formally returned to its shareholders.
The company said that immediately after the handover, its board and management commenced discussions with NAICOM on its recapitalisation programme.
“In this regard, the Company has submitted its capital raising plan to NAICOM and is currently awaiting further regulatory directives to enable the implementation of the proposed recapitalisation,” the filing stated.
African Alliance said it remains committed to meeting all regulatory requirements and will continue to work closely with the insurance regulator on the next steps in its recapitalisation process.
The insurer also assured shareholders and the investing public that it would continue to provide updates on any material developments in compliance with the Nigerian Exchange’s listing rules and other applicable regulatory requirements.
NAICOM recently announced that 43 insurance companies had successfully met the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The Commission also disclosed that eight insurers that submitted evidence of compliance shortly before the July 31 deadline remain under verification.
Business A.M. had earlier reported that NAICOM formally handed back the management of African Alliance Insurance Plc to its shareholders, ending a regulatory intervention that began in October 2024 to prevent the company from sliding into insolvency.
The return of the company to its shareholders paved the way for a new board and management team to begin efforts to restore the insurer’s financial position and pursue recapitalisation in line with the Commission’s requirements.
