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.

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Insurance industry stakeholders have called for comprehensive policy reforms to make insurance a central component of Nigeria’s housing development strategy, warning that billions of naira invested in residential and commercial real estate remain vulnerable to disasters without adequate insurance protection. They argue that stronger insurance policies are essential for safeguarding property investments and improving confidence in the housing sector.

Experts noted that recurring incidents of building collapse, flooding, fire outbreaks, and other natural disaster continue to expose homeowners, developers, financial institutions, and investors to significant financial losses. They stressed that expanding insurance coverage would improve resilience and support sustainable growth in the real estate industry.

According to industry leaders, Nigeria’s housing sector requires policy incentives that encourage developers and property owners to obtain comprehensive insurance coverage throughout the construction and occupancy phases. They also advocated stricter enforcement of compulsory building insurance provisions already contained in existing laws to improve compliance nationwide.

Stakeholders further recommended stronger collaboration between government agencies, insurance companies, mortgage institutions, and real estate developers to create innovative insurance products tailored to affordable housing projects. They believe such partnerships would reduce investment risks, improve access to housing finance, and strengthen confidence among local and foreign investors.

The experts maintained that insurance should be viewed as an essential pillar of housing development rather than an optional financial product. They argued that integrating insurance into national housing policies would help minimise economic losses, accelerate post-disaster recovery, and enhance the long-term sustainability of Nigeria’s property market.

They also urged policymakers to review existing regulations and introduce incentives that promote wider insurance adoption, noting that a stronger risk management framework would support housing delivery, infrastructure development, and overall economic growth.

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The National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) have endorsed the Lagos State Government’s compulsory Building Insurance Scheme, describing it as a major step toward protecting lives, properties, and investments against risks such as fire, flooding, and building collapse. The initiative is expected to strengthen compliance with existing insurance laws while improving public confidence in the insurance sector.

Speaking at the launch of the scheme in Lagos, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said effective implementation would help reduce financial losses arising from disasters and ensure that affected property owners receive timely compensation. He stressed that insurers must prioritise prompt claims settlement to build public trust and encourage wider adoption of building insurance.

The compulsory insurance scheme combines digital technology, geospatial building intelligence, and enforcement mechanisms to improve compliance and ensure that buildings meet insurance requirements under Nigerian law. Stakeholders believe the initiative will enhance risk management and contribute to safer urban development across Lagos State.

The Nigerian Insurers Association also expressed support for the programme, noting that compulsory building insurance provides financial protection for property owners while promoting resilience in the built environment. The association added that stronger collaboration between regulators, insurers, developers, and government agencies will be essential to the scheme’s success.

Industry experts believe the initiative could serve as a model for other states seeking to strengthen building safety, improve disaster preparedness, and expand insurance penetration in Nigeria. They also noted that effective enforcement and public awareness campaigns will be critical to achieving the programme’s objectives.

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