Nigeria: Recapitalisation - NAICOM Vows to Checkmate Injection of Illicit Funds

20 August 2019

The National Insurance Commission, NAICOM, has said that it will not allow insurance companies to recapitalise with illicit funds in their bid to meet the new minimum paid-up capital requirement.

NAICOM officeNAICOMNAICOM also said that fixed assets like buildings will not be accepted as part of the capital structure of an insurance company except the company converts the structure to cash and inject the funds into its capital base.

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