BY NKECHI NAECHE-ESEZOBOR—For not meeting the statutory Minimum Capital Requirement as stipulated by the Nigerian Insurance Industry Reform Act 2025, the National Insurance Commission (NAICOM), has withdrawn the operating licence of Nigeria Reinsurance Corporation.
The commission has also appointed Dr Muiz Banire, SAN, as receiver and provisional liquidator which took effect on 3 August 2026.
According to notice dated 4 August, Banire confirmed he was empowered by NAICOM to oversee the receivership and liquidation of the company (registration number RR-002).
The withdrawal of authorization followed the organization’s failure to meet mandatory capital baselines before the statutory deadline.
The appointed liquidator is tasked with tracing and securing assets, auditing liabilities, coordinating with regulatory authorities, and submitting progress reports.
He ordered an immediate freeze on all corporate bank accounts, instructing financial institutions, clients, and the public to ignore commands unless issued directly by him or certified representatives.
Regulators framed this measure as essential to uphold financial standards, protect consumers, and maintain sector stability.
All involved parties must channel future transactions exclusively through the liquidator while assets are realized and operations are systematically terminated.
