African Alliance submits recapitalisation plan to NAICOM after handover

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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.

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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.

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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.

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The company said its board and management began discussions with NAICOM immediately after the handover to advance its recapitalisation programme.

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“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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African Alliance Insurance said it remains committed to complying with all regulatory requirements and will continue to engage with NAICOM as it progresses with the recapitalisation exercise.

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The insurer also assured shareholders, the Nigerian Exchange and the investing public that it would provide updates on any material developments in line with the NGX Issuers’ rules and other applicable regulatory obligations.

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