The National Insurance Commission (NAICOM) has revoked Nigeria Reinsurance Corporation’s operating licence after the company failed to meet the Minimum Capital Requirement for its licence category.
NAICOM appointed Senior Advocate of Nigeria (SAN), Dr Muiz Banire, as Receiver/Provisional Liquidator to oversee the company’s affairs after cancelling its certificate of registration on August 3, 2026.
Banire said he would take control of the company’s assets, review its liabilities and manage the liquidation process under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a notice announcing his appointment, Banire directed banks, financial institutions and other stakeholders to stop processing transactions linked to Nigeria Reinsurance unless they receive instructions 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,” Banire said.
He also ordered the freezing of Nigeria Reinsurance’s bank accounts pending further directives from his office.
NAICOM’s decision came after the company failed to meet the new capital requirements introduced under the insurance industry recapitalisation programme. The regulator had set higher capital thresholds for insurance operators to strengthen their financial capacity.
Nigeria Reinsurance Corporation becomes the first major insurance operator to lose its licence after NAICOM enforced the new capital rules.
The Receiver/Provisional Liquidator will now handle the company’s assets, liabilities and outstanding obligations during the liquidation process.
