African Alliance Submits Recapitalisation Plan to NAICOM
African Alliance Insurance Plc has submitted its recapitalization plan to the National Insurance Commission (NAICOM) following the restoration of control to its shareholders. The company is currently awaiting regulatory directives to proceed with its capital-raising efforts.
Why it matters
This move is a critical step for the insurer to meet regulatory standards and stabilize its financial position within the Nigerian insurance market.
National Insurance Commission. Photo: NAICOM
African Alliance Insurance Plc has disclosed that it has submitted its recapitalisation plan to the National Insurance Commission and is awaiting further regulatory directives to commence implementation.
The insurer made the disclosure in a market update issued to the Nigerian Exchange on Tuesday following an enquiry by NGX Regulation Limited after media reports on insurers that had met NAICOM’s recapitalisation requirements.
According to the company, it remained under a regulatory order until 16 June 2026, when control of the insurer was formally returned to its shareholders.
The company said its board and management began discussions with NAICOM immediately after the handover to advance its recapitalisation programme.
“As part of this process, 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 statement indicated.
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