Wednesday, October 15, 2025
24.8 C
Lagos

‘NAICOM Should Extend Recapitalisation Deadline to 2021’

Mr. Tope Smart

Chairman

Nigerian Insurers Association

An operator in the insurance industry has enjoined the National Insurance Commission (NAICOM) to extend the deadline given the market to recapitalise from December 31, 2020 to 2021 in view of the market disruptions and uncertainties created by the coronavirus crisis in Nigeria and around the world.

He said the prevailing situation has made all the recapitalisation strategies and game-plans by operators unrealistic and largely overtaken by events of the moment.

The operator told Business Journal thus: “It is important for the market to appeal to NAICOM to extend the recapitalisation deadline from December 31, 2020 to 2021 because of this coronavirus issue. If the COVID-19 problem does not go away by the third quarter of 2020, it would be rather difficult for many operators to meet the December 31, 2020 recapitalisation deadline set by NAICOM. The reality is that the current situation is adversely affecting all our strategies and plans to recapitalise on or before the deadline. I believe that if the market decides to approach the regulator on this issue as a body, something positive could be done.”

spot_img
spot_img
spot_img

Hot this week

Team Nova Triumphs at Innovista Hackathon 1.0 with Game-Changing HealthTech App

The curtain has officially closed on the inaugural Innovista...

New Energy Solar Redefines Solar Installation Business in Nigeria

With many years of experience as a Solar energy...

Zenith Bank Marks Successful Public Offer, Achievement of Recapitalisation at NGX

Zenith Bank Plc yesterday marked a significant milestone with...

Fela’s Afrobeat Rebellion Aligns with Ecobank’s Commitment to Promoting African Heritage

Ecobank Nigeria says the ongoing “Fela Kuti: Afrobeat Rebellion”...

Topics

Five Tips for Success by Africa’s Top Young Entrepreneurs

The Anzisha Prize Being a young entrepreneur is difficult, no matter where you are from. But in Africa, the challenges are often far more emphasised. Resources, financing, mentorship and supporting services are even scarcer. Yet despite this, the continent’s youth unemployment is higher than elsewhere, and for many young Africans, entrepreneurship is less of a choice, and more of a requisite for survival.Last year the Anzisha Prize, Africa’s premier award for entrepreneurs between the ages of 15-22, identified a handful of young entrepreneurs who are making it in Africa.

NCC: Inside the N150bn Spectrum Haul in 5 Months

The Nigerian Communications Commission (NCC) has exceeded its...

Osinbajo Pledges Slots for Editors on NIPSS Course

The Nigerian Guild of Editors (NGE), the umbrella professional organisation...

Stanbic IBTC Set to Host 2022 Africa-China Trade Expo

Stanbic IBTC Holdings Plc, a member of Standard Bank...

NIMC DG: Birth, NIN Registration will Shape Nigeria’s Digital Identity

The DG/CEO of NIMC, Engr Abisoye Coker-Odusote, has stressed...

Wema Bank: 5for5 Promo Season 2 Grand Finale Enters Final Countdown

The second edition of the ALAT 5for5 promo, a...

NAICOM, Estate Valuers Seek Collaboration on Insurance of Public Buildings

The President and Chairman of Council of the Nigerian...

The Bloody News from South Africa

When apartheid ended in 1994, the ANC promised to make black South Africans richer (Black Economic Empowerment). The lot of poorer blacks, however, has not improved much. Many are frozen out of the workplace altogether. The unemployment rate among blacks is 28.5%, compared with 5.6% for whites. If those who want work but have given up looking for it are included, the jobless rate is a whopping 41.6% for blacks compared with 7.5% for whites. The Economist, April 27, 2013.
spot_img

Related Articles

Popular Categories

spot_imgspot_img