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Kanye West to pay $200k per month in child support

Published

4 years ago

on

November 30, 2022

By

Feyijimi Emmanuel

The marriage of former celebrity couple, Kim Kardashian and Kanye West, is finally over as they finalised child custody and property sharing.

According to TMZ, Kim and Kanye will get joint custody with “equal access” to their four children.

Even with equal access to the children, Kanye will pay Kim $200,000 a month in child support as his share of the upkeep for their children. In addition, he’s responsible for 50% of their children’s educational expenses, including tuition. He’s also responsible for 50% of their children’s security expenses.

Kim filed for divorce in February 2021 after seven years of marriage. The court ended their marriage in March 2022 with both custody and property to be resolved at a later date, which has now been sorted.

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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. Earlier this year, the Commissioner for Insurance, Olusegun Omosehin, assured stakeholders that while the commission remains committed to protecting policyholders and preventing the collapse of licensed insurers, companies must meet the revised capital requirements under the new regulatory framework. The new capital thresholds represent one of the most significant reforms in Nigeria's insurance sector in decades. Under the Nigerian Insurance Industry Reform Act, 2025: Non-life insurance companies are required to increase their minimum capital from ₦3 billion to ₦15 billion. Life insurance companies must raise their capital base from ₦2 billion to ₦10 billion. Reinsurance companies are expected to increase minimum capital from ₦10 billion to ₦35 billion. Experts: Stronger Insurers, Better Protection for Policyholders Insurance and financial market experts say the recapitalisation programme could reshape Nigeria's insurance landscape by producing fewer but stronger operators capable of competing regionally and globally. Financial analyst Johnson Chukwu said stronger capitalisation would improve insurers' ability to absorb shocks arising from large claims and catastrophic events while enhancing confidence among corporate and retail customers. According to him, better-capitalised insurance companies are also more attractive to international investors and reinsurers, creating opportunities for increased foreign investment and improved underwriting capacity. Insurance consultant Dr. Pius Apere noted that consolidation through mergers and acquisitions should not be viewed negatively, arguing that it would produce healthier institutions with stronger governance structures and improved operational efficiency. He added that the reform could also accelerate innovation in insurance products, digital transformation, and risk management practices, enabling insurers to serve a broader segment of the Nigerian economy. However, experts caution that recapitalisation alone will not solve the industry's longstanding challenges. They argue that regulators and operators must also intensify efforts to improve insurance penetration, strengthen consumer education, enforce compulsory insurance policies, deepen technology adoption, and ensure prompt settlement of claims if the industry is to fully realise the benefits of the capital reform. With only days remaining before the regulatory deadline, the coming weeks are expected to determine which insurers emerge independently, which pursue strategic alliances, and how the recapitalisation exercise ultimately reshapes Nigeria's insurance industry for the next decade.

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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. Earlier this year, the Commissioner for Insurance, Olusegun Omosehin, assured stakeholders that while the commission remains committed to protecting policyholders and preventing the collapse of licensed insurers, companies must meet the revised capital requirements under the new regulatory framework. The new capital thresholds represent one of the most significant reforms in Nigeria's insurance sector in decades. Under the Nigerian Insurance Industry Reform Act, 2025: Non-life insurance companies are required to increase their minimum capital from ₦3 billion to ₦15 billion. Life insurance companies must raise their capital base from ₦2 billion to ₦10 billion. Reinsurance companies are expected to increase minimum capital from ₦10 billion to ₦35 billion. Experts: Stronger Insurers, Better Protection for Policyholders Insurance and financial market experts say the recapitalisation programme could reshape Nigeria's insurance landscape by producing fewer but stronger operators capable of competing regionally and globally. Financial analyst Johnson Chukwu said stronger capitalisation would improve insurers' ability to absorb shocks arising from large claims and catastrophic events while enhancing confidence among corporate and retail customers. According to him, better-capitalised insurance companies are also more attractive to international investors and reinsurers, creating opportunities for increased foreign investment and improved underwriting capacity. Insurance consultant Dr. Pius Apere noted that consolidation through mergers and acquisitions should not be viewed negatively, arguing that it would produce healthier institutions with stronger governance structures and improved operational efficiency. He added that the reform could also accelerate innovation in insurance products, digital transformation, and risk management practices, enabling insurers to serve a broader segment of the Nigerian economy. However, experts caution that recapitalisation alone will not solve the industry's longstanding challenges. They argue that regulators and operators must also intensify efforts to improve insurance penetration, strengthen consumer education, enforce compulsory insurance policies, deepen technology adoption, and ensure prompt settlement of claims if the industry is to fully realise the benefits of the capital reform. With only days remaining before the regulatory deadline, the coming weeks are expected to determine which insurers emerge independently, which pursue strategic alliances, and how the recapitalisation exercise ultimately reshapes Nigeria's insurance industry for the next decade.

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