The National Insurance Commission (NAICOM) has cancelled the operating licence of Nigeria Reinsurance Corporation, citing the company's failure to meet the minimum capital threshold required for reinsurers operating in the country. The revocation took effect on August 3, 2026, and Senior Advocate of Nigeria Muiz Banire has been appointed receiver and provisional liquidator to oversee the company's wind-down.
Regulator Enforces Recapitalisation Deadline
NAICOM invoked its powers under the Nigerian Insurance Industry Reform Act 2025 after the company did not meet the statutory recapitalisation deadline set by the regulator. The cancellation of its certificate of registration became effective on August 3, 2026, according to a public notice.
The licence withdrawal is part of NAICOM's broader enforcement of financial standards introduced under the Insurance Industry Reform Act. The regulator has made clear that insurance operators unable to satisfy the required capital thresholds will not be permitted to continue doing business in the sector.
Liquidator Appointed to Oversee Process
Senior Advocate of Nigeria, Muiz Banire, has been named receiver and provisional liquidator to manage the company's wind-down. In a public notice, Banire confirmed that his appointment also took effect on August 3, 2026, the same day NAICOM cancelled the company's registration, Punch reports.
Banire said he has been authorised to take custody of Nigeria Reinsurance Corporation's assets, recover property belonging to the insurer, verify and settle legitimate liabilities, and provide regular progress reports to NAICOM throughout the liquidation.
Bank Accounts Frozen
He directed banks, financial institutions, policyholders and other stakeholders to act only on instructions that originate directly from him or from individuals holding his written authorisation. All bank accounts linked to the company have been frozen pending further directions from his office.
Banire also issued a clear warning that any person conducting financial transactions on behalf of the company without his approval would do so entirely at their own risk. Only documents carrying his official seal as receiver, or those issued by representatives he has formally authorised, will be recognised during the process.
Orderly Winding Up Expected
The liquidation is expected to involve securing and, where necessary, disposing of the company's assets, settling valid claims, and ensuring the reinsurer's affairs are closed in an orderly manner under Nigerian law.
This development follows a similar regulatory action by the Central Bank of Nigeria (CBN), which revoked the operating licence of Goldman Microfinance Bank Limited for failing to meet regulatory requirements. The CBN's action was announced in a statement signed by Hakama Sidi-Ali, Acting Director of Corporate Communications, on June 30, 2026.
The apex bank said the revocation was approved by the CBN governor, Olayemi Cardoso, in line with the provisions of Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
