NAICOM Revokes Nigeria Reinsurance Licence Over Capital Issues

The National Insurance Commission (NAICOM) revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR). This action was formalized on August 3, 2026, when NAICOM appointed Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to oversee the winding up of the company’s affairs.

Following the cancellation of the company’s certificate of registration, Banire announced on August 4, 2026, that he would manage the receivership and liquidation process in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025. His responsibilities include tracing and recovering the company’s assets, settling its liabilities, and liaising with NAICOM.

All bank accounts belonging to Nigeria Reinsurance Corporation have been frozen, and Banire instructed that no financial transactions should occur without his authorization. This action reflects NAICOM's commitment to enforcing capital adequacy in the insurance sector.