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) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The regulator has also appointed Dr. Muiz Banire (SAN) as Receiver and Provisional Liquidator to oversee the company’s liquidation.
According to a public notice issued by the Receiver, the appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by NAICOM. The liquidation process is expected to be conducted in accordance with the provisions of the NIIRA 2025 and other applicable insurance regulations.
As Receiver and Provisional Liquidator, Banire has been empowered to immediately take possession of the company’s assets, recover outstanding assets where necessary, verify and settle liabilities, liaise with NAICOM throughout the liquidation process, and submit periodic reports to the insurance regulator.
The Receiver also directed banks, financial institutions, policyholders, creditors, and members of the public not to honour any instructions issued on behalf of Nigeria Reinsurance Corporation except those authorised by his office. In addition, all bank accounts belonging to the company have been frozen pending the completion of the liquidation process. Any unauthorised transaction involving the company will not be recognised.
NAICOM said the regulatory action reflects its commitment to enforcing capital adequacy standards across Nigeria’s insurance industry. The Commission noted that maintaining the required capital base is essential for protecting policyholders, strengthening market stability, and ensuring that insurers and reinsurers remain financially capable of meeting their obligations.
Industry analysts say the decision marks one of the most significant regulatory enforcement actions under the NIIRA 2025. They believe the move sends a strong signal that operators who fail to comply with recapitalisation requirements risk losing their licences, while also reinforcing confidence in the long-term stability and credibility of Nigeria’s insurance sector.
