Home Business Insurance World NAICOM Revokes Nigeria Reinsurance Licence Over Minimum Capital Deficit
Insurance World

NAICOM Revokes Nigeria Reinsurance Licence Over Minimum Capital Deficit

Share
Share

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as stipulated by the Nigerian Insurance Industry Reform Act 2025, the National Insurance Commission (NAICOM), has withdrawn the operating licence of Nigeria Reinsurance Corporation.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.

Share
Related Articles

WAICA Relocates Secretariat to New Office in Accra

The West African Insurance Companies Association (WAICA) has announced the relocation of...

AIICO Pays ₦68.1bn in Claims, Benefits in 2025, Supports Over 28,000 Annuitants

BY NKECHI NAECHE-ESEZOBOR—AIICO Insurance Plc has reaffirmed its commitment to helping retirees...

Insurance Sector Holds Biggest Untapped Opportunities in Nigeria’s Economy — Akinwunmi

*Insurance Sector Has Biggest Untapped Opportunities In Nigeria’s Economy, Says Akinwunmi* Investment...

LASU Insurance Graduate Clinches Veritas Kapital Assurance ₦500,000 Gift Reward

BY NKECHI NAECHE-ESEZOBOR—As part of efforts to encourage Nigerian Youth to take...