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 prescribed under the Nigerian Insurance Industry Reform Act 2025.
The revocation paves the way for the liquidation of the reinsurance company, with the commission appointing Muiz Banire as receiver and provisional liquidator to oversee the winding up of its affairs.
Banire’s appointment took effect on August 3, 2026, following the revocation of Nigeria Reinsurance Corporation’s certificate of registration.
In a public notice, Banire said NAICOM had mandated him to manage the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002) in accordance with the powers vested in the commission by law.
The regulator revoked the company’s licence after it failed to comply with the minimum capital requirement applicable to its category of licence within the timeframe prescribed by the Nigerian Insurance Industry Reform Act 2025 and other relevant laws, regulations and regulatory guidelines.
The development comes shortly after the conclusion of the insurance industry’s recapitalisation exercise, through which NAICOM required operators to strengthen their capital bases to meet new statutory thresholds.
As receiver and provisional liquidator, Banire said his responsibilities include identifying, recovering, securing and taking custody of all assets belonging to the company, as well as determining and settling its liabilities in accordance with applicable laws.
He is also expected to maintain communication with NAICOM throughout the liquidation process and submit periodic reports to the commission on the progress of the exercise.
As part of the process, Banire directed banks, other financial institutions, policyholders and members of the public to disregard any instructions concerning the affairs of Nigeria Reinsurance Corporation unless such instructions are issued by him or persons expressly authorised to act on his behalf.
He also announced the immediate freezing of all bank accounts belonging to the company until further notice.
According to the notice, “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 warned that any transaction carried out without his approval would be undertaken at the risk of the parties involved.
He added that only directives bearing his official seal and the stamp of a legal practitioner, or those issued by persons authorised by him, would be recognised during the liquidation process.
The revocation marks a significant enforcement action by NAICOM following the conclusion of the industry-wide recapitalisation exercise, which was designed to strengthen the financial capacity and resilience of insurance and reinsurance operators.
The action also underscores the commission’s position that operators that fail to meet the new statutory capital requirements will not be allowed to continue operating without meeting the prescribed regulatory conditions.
NAICOM’s enforcement of the new capital regime is expected to further reshape the industry as the regulator moves beyond the recapitalisation exercise to monitor the financial strength, governance and operational resilience of licensed insurers and reinsurers.
