The companies told the Ministry that they had already met the July 31, 2026 recapitalisation deadline. AdvertisementNICON said it injected N420 billion, while Nig Re injected N30 billion into Mudaraba Term Deposit accounts with Lotus Bank Limited. The companies maintained that the amounts exceeded their adjusted recapitalisation requirements of N16 billion and N28 billion, respectively. The companies also disclosed that they had made initial payments of N480 million and N75 million, respectively, in fees. The Finance Ministry’s directive effectively places the disputed charges and escrow requirement on hold while NAICOM is expected to justify the legal and regulatory basis for its actions.