When Nigeria’s insurance regulator announced fourfold increases in minimum capital requirements in July 2025, the market response told two contradictory stories simultaneously. Regency Assurance surged 150%, Sovereign Trust climbed 124%, and Mutual Benefits defied gravity with a 248% rally. Yet Consolidated Hallmark shed 23% of its value, and the aggregate market capitalisation managed a tepid 0.91% gain. Investors, it seems, are

A fourfold capital hike promises sector transformation. The evidence suggests something messier.

When Nigeria’s insurance regulator announced fourfold increases in minimum capital requirements in July 2025, the market response told two contradictory stories simultaneously. Regency Assurance surged 150%, Sovereign Trust climbed 124%, and Mutual Benefits defied gravity with a 248% rally. Yet Consolidated Hallmark shed 23% of its value, and the aggregate market capitalisation managed a tepid 0.91% gain. Investors, it seems, are