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IPOB shutdown southeast, Awka, Onitsha, Nnewi residents shuns businesses on Monday in compliance with sit-at-home order

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September 13, 2021

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The Indigenous People of Biafra (IPOB) may have shut down southeast Nigeria despite the government’s suppression of the group. The weekly sit-at-home order proclaimed by the group is rapidly becoming a religion in the Igbo land every Monday.

Residents of Awka, Onitsha and Nnewi on Monday joined their kinsmen in other states of the southeast to stay away from their businesses and commercial activities in observance of the Monday sit-at-home order proclaimed by the IPOB. The Onitsha Main Market, the ever-busy business community in Nnewi, and Awka were shut down as people remained in their homes this Monday. Economic and commercial activities were paralyzed as usual.

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"We have all paid for these processes, and my company has been verified. More than 70 per cent of the companies have completed the verification exercise," she said. The recapitalisation programme, introduced by NAICOM under the Nigerian Insurance Industry Reform Act, 2025, is designed to strengthen the financial health of insurance companies by raising minimum capital requirements. Regulators believe the initiative will improve insurers' ability to settle claims promptly, underwrite larger risks, and restore public confidence in Nigeria's insurance industry. Monthly Capital Monitoring Nwachukwu explained that since December 2025, insurance companies have been submitting monthly capital position reports to NAICOM, reflecting changes arising from underwriting activities, claims payments, investments, and asset transactions. The reports, she noted, have enabled the regulator to closely monitor each company's compliance journey ahead of the July 31 deadline. In addition, insurers were required to lodge statutory deposits with the Central Bank of Nigeria (CBN) amounting to 10 per cent of the revised minimum capital requirement. According to the NIA chairman, most member companies have complied with the statutory deposit requirement and have submitted evidence of payment to NAICOM. She added that the capital verification exercise is being conducted by independent auditors from the global accounting firms KPMG, PwC, Deloitte, and EY, while the insurance regulator is expected to announce the final outcome of the recapitalisation exercise after the compliance deadline. Industry Poised for Transformation Nwachukwu said NAICOM has continued engaging insurers still facing capital shortfalls in a bid to ensure an orderly transition that safeguards policyholders and preserves financial stability within the sector. She expressed optimism that the exercise would ultimately produce a stronger, more resilient insurance industry capable of supporting Nigeria's growing economy. The recapitalisation drive has already encouraged several companies to raise fresh capital through rights issues, private placements, mergers, acquisitions, and strategic partnerships. One of the latest companies to achieve compliance is Linkage Assurance Plc, which announced on Monday that it had successfully completed a ₦16.2 billion Rights Issue, enabling it to meet NAICOM's revised capital threshold ahead of the deadline. Industry analysts expect more consolidation across the sector, with financially weaker operators likely to pursue mergers or acquisitions rather than lose their operating licences. NAICOM Rules Out Deadline Extension NAICOM has consistently maintained that the July 31, 2026 deadline remains non-negotiable, dismissing speculation that operators would be granted additional time to comply. 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