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The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation after the company failed to meet the statutory Minimum Capital Requirement (MCR), appointing Senior Advocate of Nigeria, Dr. Muiz Banire (SAN), as Receiver and Provisional Liquidator to wind up its affairs.
The appointment took effect on August 3, 2026, following the cancellation of the reinsurer’s certificate of registration by the insurance regulator.
In a public notice issued on August 4, Banire said NAICOM exercised its statutory powers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to place Nigeria Reinsurance Corporation (RR-002) into receivership and liquidation.
According to the notice, the company’s licence was withdrawn after it failed to comply with the minimum capital requirement applicable to its category of licence within the stipulated deadline, contrary to the provisions of the NIIRA 2025 and other relevant laws and regulations.
Banire said his mandate includes tracing, recovering, securing and taking possession of all assets belonging to the company, verifying and settling liabilities in line with the law, liaising with NAICOM throughout the liquidation process, and submitting periodic reports to the Commission.
He directed banks, financial institutions, insurance policyholders, creditors and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
As part of the receivership process, Banire announced the immediate freezing of all bank accounts belonging to Nigeria Reinsurance Corporation, warning that any transaction carried out without his authorisation would be invalid and undertaken at the parties’ own risk.
“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.
He added that only directives bearing his official seal and stamp as a legal practitioner, or those issued by individuals duly authorised by him, would be recognised throughout the liquidation exercise.
The action represents one of NAICOM’s strongest regulatory enforcement measures under the NIIRA 2025 and signals the Commission’s determination to ensure insurers and reinsurers maintain statutory capital levels aimed at protecting policyholders and preserving the financial stability of the insurance industry.
NAICOMThe liquidation process will involve the recovery and realisation of the company’s assets, verification and settlement of valid claims and liabilities, and the orderly winding up of its operations in accordance with the law. NAICOM’s notice also serves as formal notification that all future dealings relating to Nigeria Reinsurance Corporation must be conducted exclusively through the Receiver and Provisional Liquidator until the process is concluded.
