The National Insurance Commission, NAICOM, has issued fresh operating licences to additional insurance companies in Nigeria.

NAICOM says the companies have been confirmed and verified as compliant with the new minimum capital requirements under the Nigerian Insurance Industry Reform Agenda, NIIRA 2025.

‎The Commission describes the development as another major step toward strengthening confidence and financial stability in the insurance sector.

Speaking on the issuance, the Commissioner for Insurance urged the newly licensed firms to use their capital prudently.

He said the funds should be deployed to support sustainable growth and to strengthen protection for policyholders across the country.

The CFI also charged the companies to abandon unethical practices of the past and embrace high standards of corporate governance.

He stressed the need for transparency and accountability as key to building public trust in insurance services.

The Commissioner concluded that all stakeholders must work together to build a stronger, more credible and resilient insurance industry that delivers on its promises to Nigerians.