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Kefas felicitates with T.Y. Danjuma @ 86

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3 years ago

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December 11, 2023

By

Sunday Odibashi

Kefas felicitates with T.Y. Danjuma @ 86

Governor Agbu Kefas of Taraba State has expressed felicitation with Lieutenant General Theophilus Yakubu Danjuma on his 86th birthday.
The Taraba State Governor in a statement, asserted:
Agbu Kefas ⏩
@GovAgbuKefas
The Great ‘TY’ is 86!

“We are blessed to have a National Treasure and Hero in our State – the Great TY Danjuma.

READ ALSO: Akpabio @61, an extraordinary man, uncommon in our generation – Remi Tinubu

“Today, Taraba celebrates a great Statesman, Ex-Military Chief, Philanthropist and Father of all – Gen. Theophilus Yakubu Danjuma(Rtd.) as he marks his 86th birthday Anniversary.

“We pray for God’s grace with long life and good health.

“Happy Birthday, Sir.”

Related Topics:@GovAgbuKefas T.Y. Danjuma

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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. 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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. 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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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