NAICOM revokes Nigeria Re’s licence, appoints liquidator
National Insurance Commission
Nike Popoola
The National Insurance Commission (NAICOM) has withdrawn the operating licence of Nigeria Reinsurance Corporation after the company failed to meet the statutory minimum capital requirement, paving the way for the commencement of its liquidation.
The insurance regulator has appointed Senior Advocate of Nigeria (SAN), Dr Muiz Banire, as receiver and provisional liquidator to oversee the winding up of the company’s affairs. His appointment became effective on August 3, 2026, following the revocation of the corporation’s certificate of registration.
In a public notice dated August 4, 2026, Banire disclosed that NAICOM mandated him to manage the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002) in accordance with the powers conferred on the commission by law.
According to the notice, the company’s operating licence was revoked because it did not comply with the Minimum Capital Requirement applicable to its category of licence within the timeframe prescribed under the Nigerian Insurance Industry Reform Act 2025, as well as other relevant laws, regulations and regulatory guidelines.
Banire explained that his responsibilities include identifying, recovering, securing and taking custody of all assets belonging to the company, determining and settling its liabilities in line with legal provisions, maintaining communication with NAICOM throughout the liquidation process and submitting periodic reports to the commission.
He further directed banks, other financial institutions, policyholders and members of the public to disregard any instruction relating to Nigeria Reinsurance Corporation unless it is issued directly by him or by individuals expressly authorised to act on his behalf.
The receiver also announced the immediate freezing of all bank accounts belonging to the company until further notice, warning that any transaction conducted without his approval would be at the risk of the parties involved.
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 added that only directives carrying his official seal and legal practitioner’s stamp, or those issued by persons authorised by him, would be recognised during the liquidation exercise.
NAICOM’s action forms part of its regulatory enforcement measures aimed at ensuring compliance with statutory capital requirements, strengthening the financial stability of the insurance sector and safeguarding the interests of policyholders.
The liquidation process will involve the recovery and disposal of the company’s assets, verification and settlement of legitimate claims and liabilities, and the orderly conclusion of its operations in line with the provisions of the law.
