The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory minimum capital requirement prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The regulator also directed that all bank accounts belonging to the company be frozen and appointed Muiz Banire as Receiver and Provisional Liquidator to oversee the winding up of the company’s affairs.
The action comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that complied with the July 31, 2026 recapitalisation deadline.
What they are saying
Speaking to journalists on Wednesday, Banire said his appointment became effective on August 3, 2026, following the cancellation of the company’s certificate of registration.
According to him, NAICOM exercised its statutory powers under the new insurance reform framework after Nigeria Reinsurance Corporation failed to meet the minimum capital requirement applicable to its licence category.
“The company’s licence is revoked after it failed to comply with the prescribed minimum capital requirement,” Banire said.
He explained that the enforcement action was taken in accordance with the provisions of the NIIRA 2025 and other relevant insurance regulations.
Banire stated that his appointment empowers him to recover, secure and take possession of all assets belonging to the company, while overseeing the identification and settlement of its liabilities in line with the law and providing periodic reports to NAICOM.
He also directed banks, financial institutions, policyholders and members of the public not to act on any instruction relating to the company unless such directives originate from his office.
According to Banire, only instructions bearing his official seal and stamp, or those issued by persons duly authorised by him, will be recognised, warning that any unauthorised transactions would be undertaken at the risk of the parties involved.
