L-R: Managing Director of Capital Express Indemnity Insurance Limited (CEIIL), Mr. Adewale Koko; Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Commissioner for Insurance, NAICOM, Olusegun Ayo Omosehin; Deputy Commissioner for Insurance (Finance & Administration) NAICOM, Mr. Ekerete Ola Gam-Ikon; and Managing Director/Chief Executive Officer, Capital Express Life Assurance Limited, Mr. Mathew Ogwezhi
Capital Express Life Assurance Limited and Capital Express Indemnity Insurance Limited successfully met the new minimum capital requirements set by the Nigerian Insurance Industry Reform Act (NIIRA) 2025, following the industry’s recapitalisation, as announced by the National Insurance Commission (NAICOM).
This milestone highlights both companies’ dedication to regulatory compliance, financial stability, and the long-term sustainability of Nigeria’s insurance industry. It also indicates investor and shareholder confidence in the Capital Express Insurance Group’s vision, governance, and growth plans.
Achieving the new capital base enables companies to expand their market presence, foster innovation, increase insurance access, and create sustainable value for customers, shareholders, intermediaries, and stakeholders.
The increased capital offers a strong foundation for investing in product innovation, digital transformation, operational efficiency, enhancing customer experience, and expanding nationwide distribution.
Mr Mathew Ogelenya Ogwezhi, Managing Director and CEO of Capital Express Life Assurance Limited, remarked: “This milestone marks a new chapter for us. It not only meets regulatory standards but also demonstrates our readiness to compete in a dynamic insurance market and our commitment to enhancing our life insurance services. With a stronger capital base, we can improve our underwriting, develop innovative risk solutions, and better serve individuals, businesses, and institutions. We remain committed to operational excellence, prudent risk management, and creating long-term value for our stakeholders.”
Mr Adewale Koko, Managing Director/CEO of Capital Express Indemnity Insurance Limited, remarked: “This is an important moment for us. It shows what can be achieved through focus, discipline, and shared commitment to building a stronger institution. The recapitalization positions the company to underwrite larger, more complex risks across key sectors of the economy and pursue strategic partnerships to increase insurance coverage in Nigeria, while reenforcing its ability to settle claims promptly, invest in technology, and deliver innovative insurance solutions.”
Both companies continue to grow their market share by offering innovative, customer-centric solutions in areas like life insurance, savings, investments, general insurance, and specialised sectors such as engineering, marine, motor, aviation, and oil and gas, catering to both individuals and businesses.
This successful recapitalisation highlights the Capital Express Insurance Group’s commitment to establishing strong institutions that foster Nigeria’s economic development and boost insurance coverage through innovation, technology, and excellent service.
Backed by a robust capital base, disciplined governance, and a defined strategy, Capital Express Life Assurance Limited and Capital Express Indemnity Insurance Limited are well-equipped to drive sustainable growth, boost stakeholder confidence, enhance financial inclusion, and significantly contribute to transforming Nigeria’s insurance sector within the NIIRA 2025 framework.