NAICOM Revokes Nigeria Reinsurance Licence, Appoints Liquidator
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement. the insurance...
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement.
the insurance regulator also appointed a Senior Advocate of Nigeria, Dr Muiz Banire, as Receiver and Provisional Liquidator to take charge of the company and wind up its affairs.
The appointment took effect on August 3, 2026, following the cancellation of the corporation’s certificate of registration.
Banire announced the development in a public notice dated August 4, saying NAICOM exercised its statutory powers in appointing him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation, with registration number RR-002.
According to the notice, the corporation lost its operating licence after failing to comply with the Minimum Capital Requirement applicable to its category of business within the stipulated period.
The action was taken pursuant to the Nigerian Insurance Industry Reform Act 2025 and other relevant laws, regulations and regulatory guidelines.
The statutory capital requirement is intended to ensure that insurance and reinsurance companies maintain sufficient financial capacity to meet their obligations to policyholders and other stakeholders.
Banire said his appointment empowered him to immediately trace, recover, secure and take possession of all assets belonging to the corporation.
He will also collate and settle the company’s liabilities in accordance with the law, liaise with NAICOM on matters connected with the liquidation and submit periodic reports to the commission.
The liquidation process is expected to involve the identification and realisation of assets, verification of valid claims and liabilities and the orderly winding up of the corporation’s operations.
The receiver also announced the immediate freezing of all bank accounts belonging to Nigeria Reinsurance Corporation pending further instructions from his office.
He warned banks, financial institutions, policyholders and members of the public against carrying out transactions relating to the company based on instructions issued by unauthorised persons.
“Members of the general public, banks and financial institutions in Nigeria are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except those that I issue as the Receiver/Provisional Liquidator,” the notice stated.
Banire said any unauthorised transaction would be carried out at the risk of the parties involved.
The receiver said only instructions bearing his official seal and stamp as a legal practitioner, or those issued by persons expressly authorised by him, would be recognised during the liquidation exercise.
The public notice serves as formal notification to creditors, policyholders, banks and other stakeholders that all dealings involving the corporation must now be channelled through the Receiver and Provisional Liquidator.
