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.
The insurance regulator also appointed Senior Advocate of Nigeria (SAN), Dr. Muiz Banire, as Receiver and Provisional Liquidator to oversee the company’s assets and supervise the winding-up process.
The decision became effective on August 3, 2026, following the cancellation of the corporation’s certificate of registration.
In a public notice dated August 4, Banire disclosed that NAICOM exercised its statutory authority to appoint him as Receiver and Provisional Liquidator for Nigeria Reinsurance Corporation, registered under RR-002.
According to the notice, the company lost its licence after failing to comply with the minimum capital requirement applicable to its category of insurance business within the prescribed timeframe.
NAICOM said the action was taken in line with the provisions of the Nigerian Insurance Industry Reform Act 2025, alongside other relevant laws, regulations and regulatory guidelines.
The capital requirement is designed to ensure insurance and reinsurance firms maintain adequate financial strength to fulfil their obligations to policyholders and other stakeholders.
As Receiver and Provisional Liquidator, Banire said he has been empowered to immediately identify, recover, secure and take possession of all assets belonging to the corporation.
His responsibilities also include verifying and settling liabilities in accordance with the law, liaising with NAICOM throughout the liquidation process, and submitting periodic reports to the commission.
The liquidation exercise will involve identifying and realising the company’s assets, verifying legitimate claims and liabilities, and ensuring an orderly closure of its operations.
Banire further directed the immediate freezing of all bank accounts belonging to Nigeria Reinsurance Corporation until further notice.
He cautioned banks, financial institutions, policyholders and the general public against acting on any instructions relating to the company from unauthorised individuals.
According to the notice, only directives issued by Banire in his capacity as Receiver and Provisional Liquidator—or by persons expressly authorised by him—will be recognised during the liquidation process.
He warned that any transaction carried out based on unauthorised instructions would be at the risk of those involved.
The public notice serves as formal notification to creditors, policyholders, financial institutions and other stakeholders that all future dealings concerning Nigeria Reinsurance Corporation must be conducted exclusively through the Receiver and Provisional Liquidator.