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), appointing Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to oversee the winding up of its affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him under its statutory powers to manage the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

According to the notice, the company’s licence was withdrawn after it failed to comply with the prescribed Minimum Capital Requirement applicable to its licence category within the stipulated compliance period, in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other applicable laws, regulations and guidelines.

As Receiver/Provisional Liquidator, Banire is empowered to immediately trace, recover, secure and take possession of the company’s assets, verify and settle its liabilities in accordance with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

He directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Banire also announced the immediate freezing of all bank accounts belonging to Nigeria Reinsurance Corporation pending further directives from his office.

He warned that any transaction carried out without his authorisation would be deemed invalid and undertaken at the risk of the parties involved.

“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,” the notice stated.

He added that only instructions bearing his official seal and stamp, or those issued by individuals duly authorised by him, would be recognised throughout the liquidation process.

NAICOM’s decision underscores its commitment to enforcing capital adequacy requirements in Nigeria’s insurance industry and ensuring that only financially sound insurers and reinsurers remain in operation.

The liquidation process is expected to involve the recovery and realisation of the company’s assets, verification and settlement of valid liabilities, and the orderly winding up of its affairs in accordance with the law.