NAICOM Revokes Nigeria Reinsurance Licence, Appoints Provisional Liquidator
The National Insurance Commission (NAICOM) has withdrawn the operating licence of Nigeria Reinsurance Corporation due to its failure to satisfy the statutory Minimum Capital Requirement.
The revocation became effective on August 3, 2026, after the corporation’s certificate of registration was cancelled.
Banire announced the decision in a public notice dated August 4, stating that NAICOM exercised its statutory authority to appoint him as receiver and provisional liquidator for Nigeria Reinsurance Corporation (registration number RR-002).
According to the notice, the licence was cancelled because the company did not meet the Minimum Capital Requirement applicable to its business class within the required timeframe.
The action was carried out under the Nigerian Insurance Industry Reform Act 2025 and other relevant laws, regulations and regulatory guidelines.
The statutory capital requirement is designed to ensure that insurance and reinsurance firms retain sufficient financial capacity to honour obligations to policyholders and other stakeholders.
Banire said his appointment empowers him to immediately trace, recover, secure and take possession of all assets belonging to the corporation.
He will also collate and settle the company’s liabilities in accordance with the law, liaise with NAICOM on liquidation matters and submit periodic reports to the commission.
The liquidation process will involve identifying and realising assets, verifying valid claims and liabilities, and winding up the corporation’s operations in an orderly manner.
The receiver announced the immediate freezing of all bank accounts held by Nigeria Reinsurance Corporation pending further instructions from his office.
He warned banks, financial institutions, policyholders and the public not to act on any instructions concerning the company unless issued by him or his authorised representatives.
“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 stated.
Banire added that any unauthorised transaction would be undertaken at the risk of the parties involved.
He clarified that only instructions bearing his official seal and stamp as a legal practitioner, or those issued by persons expressly authorised by him, would be recognised during the liquidation exercise.
The public notice serves as formal notification to creditors, policyholders, banks and other stakeholders that all dealings involving the corporation must now be channeled through the Receiver and Provisional Liquidator.
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