NAICOM has to pay 401 million USD to NIA

The Chairman of the Nigeria Insurance Association (NIA) has claimed from NAICOM the payment of 50 billion NGN (401 million USD) frozen in a bank account as a guarantee for the recapitalisation process.

As far as NIA is concerned, the said amount is designed to consolidate the integration and the development of the companies following their recapitalisation.

The sector's restructuring process, initiated by NAICOM, has resulted in the decline of the market operators down from 168 to 71 companies.