Insurers struggle to access N300bn held by CBN pending verification

About N300 billion raised by 24 insurance companies during the recapitalisation remains in escrow at the Central Bank of Nigeria (CBN) pending checks on the source of the funds. The National Insurance Commission (NAICOM) has approved their release, but insurers must still meet the CBN’s stricter verification criteria. Ebelechukwu Nwachukwu, chair of the Nigeria Insurers Association, said companies are working to secure access by the end of the month. Total industry capital reached N1.079 trillion after the recapitalisation exercise, which ended on July 31, 2026.