NAICOM Revokes NICON Insurance Licence; Court Hearing Set

The National Insurance Commission (NAICOM) revoked the operating licence of NICON Insurance Limited on August 3, 2026, after the company failed to meet minimum capital requirements mandated by a nationwide recapitalisation exercise. Following this revocation, a winding-up petition was filed on August 12, 2026, by Chukwuma-Machukwu Ume, SAN, who has been appointed as Receiver and Provisional Liquidator.

The Federal High Court in Abuja, presided over by Justice Chigozie Sergius Onah, scheduled a hearing for September 21, 2026. Ume indicated that the revocation eliminated NICON's legal capacity to operate as an insurer and that the petition is based on statutory provisions rather than insolvency.

NICON's liabilities reportedly amount to hundreds of billions of naira, affecting numerous creditors and policyholders. The court has also issued an order to freeze NICON's assets to protect stakeholders during the pending proceedings.