The National Insurance Commission has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act 2025.
In a public notice dated August 4, NAICOM said it cancelled the company’s certificate of registration and appointed Muiz Banire, a Senior Advocate of Nigeria, as receiver and provisional liquidator effective August 3, 2026.
Banire said his mandate includes tracing and securing all company assets, collating and settling liabilities in line with NIIRA 2025, liaising with NAICOM, and submitting periodic reports.
He also ordered an immediate freeze on all of Nigeria Reinsurance’s bank accounts and directed banks, financial institutions, policyholders and the public not to honour any instruction from the company except those issued by him or persons he expressly authorises and bears his official seal.
The action comes days after NAICOM announced the conclusion of the insurance sector recapitalisation, in which 43 insurers met the new capital threshold while eight others await final verification.
The commission had warned that firms that failed to comply would face regulatory action, and Nigeria Reinsurance is now the first to lose its licence under the new capital regime.
