NAICOM revokes Nigeria Reinsurance’s licence, cites failure to meet capital requirement

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory minimum capital requirement (MCR).

The insurance regulator also appointed Muiz Banire, a senior advocate of Nigeria (SAN), as receiver/provisional liquidator to oversee the company’s liquidation, according to a public notice dated August 4.

In the public notice, Banire said his appointment took effect on August 3, 2026, following the cancellation of the corporation’s certificate of registration by the insurance regulator.

The appointment, he said, was in exercise of NAICOM’s statutory powers to take charge of the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

He said the commission revoked the licence after Nigeria Reinsurance failed to comply with the prescribed minimum capital requirement applicable to its category of licence within the stipulated compliance period under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations, and guidelines.

Banire said his appointment empowers him to immediately trace, recover, secure, and take possession of all assets belonging to the company, collate and settle its liabilities in accordance with NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the commission.

He also directed banks, financial institutions, insurance policyholders, and members of the public not to honour any instruction relating to Nigeria Reinsurance except those issued by him or persons expressly authorised by him.

The liquidator disclosed that all bank accounts belonging to the company have been frozen “with immediate effect”, pending further directives from his office.

“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 reads.