NAICOM revokes Nigeria Reinsurance licence, appoints Banire liquidator

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The National Insurance Commission has revoked the operating licence of Nigeria Reinsurance Corporation due to its failure to meet the statutory minimum capital requirement and appointed Senior Advocate of Nigeria, Dr Muiz Banire (SAN), as receiver/provisional liquidator to wind up the company’s affairs.

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

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Banire disclosed this in a public notice dated August 4, 2026, stating that NAICOM appointed him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002) in line with its statutory powers.

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According to the notice, the commission revoked the company’s licence after it failed to comply with the prescribed Minimum Capital Requirement for its category of licence within the stipulated compliance period under the Nigerian Insurance Industry Reform Act 2025 and other applicable laws, regulations and guidelines.

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Banire said his appointment authorises him to trace, recover, secure and take possession of all assets belonging to the company, collate and settle its liabilities in accordance with the law, liaise with NAICOM on matters relating to the liquidation and submit periodic reports to the commission.

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

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

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

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The notice read, “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.”

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

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The regulatory action is one of NAICOM’s enforcement measures aimed at ensuring compliance with statutory capital requirements and strengthening the stability of the insurance industry while protecting policyholders’ interests.

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

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